MIRA INFORM REPORT
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Report Date : |
15.11.2014 |
IDENTIFICATION DETAILS
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Name : |
BIG SUN DEVELOPMENT LIMITED |
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Registered Office : |
Room 301, Kam On Building, 176A Queen’s Road
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.04.2012 |
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Com. Reg. No.: |
1722079 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available Subject does not have business entity in
Hong Kong. |
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No of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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11-25 |
Ca |
Adverse factors are apparent. Repayment of interest and principal sums
in default or expected to be in default upon maturity |
Limited with
full security |
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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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Litigation : |
Clear |
NOTES :
Any query related to this report can be made on
e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONG KONG - ECONOMIC OVERVIEW
Hong Kong has a free market
economy, highly dependent on international trade and finance - the value of
goods and services trade, including the sizable share of re-exports, is about
four times GDP. Hong Kong has no tariffs on imported goods, and it levies excise
duties on only four commodities, whether imported or produced locally: hard
alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or
dumping laws. Hong Kong's open economy left it exposed to the global economic
slowdown that began in 2008. Although increasing integration with China,
through trade, tourism, and financial links, helped it to make an initial
recovery more quickly than many observers anticipated, its continued reliance
on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. The Hong Kong
government is promoting the Special Administrative Region (SAR) as the site for
Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to
establish RMB-denominated savings accounts; RMB-denominated corporate and
Chinese government bonds have been issued in Hong Kong; and RMB trade
settlement is allowed. The territory far exceeded the RMB conversion quota set
by Beijing for trade settlements in 2010 due to the growth of earnings from
exports to the mainland. RMB deposits grew to roughly 12% of total system
deposits in Hong Kong by the end of 2013. The government is pursuing efforts to
introduce additional use of RMB in Hong Kong financial markets and is seeking
to expand the RMB quota. The mainland has long been Hong Kong's largest trading
partner, accounting for about half of Hong Kong's total trade by value. Hong
Kong's natural resources are limited, and food and raw materials must be imported.
As a result of China's easing of travel restrictions, the number of mainland
tourists to the territory has surged from 4.5 million in 2001 to 34.9 million
in 2012, outnumbering visitors from all other countries combined. Hong Kong has
also established itself as the premier stock market for Chinese firms seeking
to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4%
of the Exchange's market capitalization. During the past decade, as Hong Kong's
manufacturing industry moved to the mainland, its service industry has grown
rapidly. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. Lower and middle income segments of the population are increasingly
unable to afford adequate housing. Hong Kong continues to link its currency
closely to the US dollar, maintaining an arrangement established in 1983. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
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Source
: CIA |
Contact Points
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Company Name (in Chinese): |
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Company Name (in English): |
BIG SUN DEVELOPMENT LIMITED |
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Supplied Name: |
BIG SUN DEVELOPMENT LIMITED |
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Supplied Address: |
301, Kam on Building, 176A Queens Road Central Hong Kong |
Note: The exact name is
as above and the supplied address belongs to subject’s corporate secretary.
Special Note
We made an on-site visit to the supplied address, but we did not find subject.
The company’s (Multi-Chain Limited) relevant staff based on the supplied address introduced that her company is engaged in providing registered and accounting service and subject is one of her company’s customers. But she declined to disclose any information about subject citing the grounds of company’s confidentiality.
We did not find any operation or valid contact
information of subject in Hong Kong according to the supplied name and address
from public files.
As subject’s registered address is that of a
secretary corporate (Multi-Chain Limited), based on subject’s registered files
and our investigation, we consider subject as an offshore company.
We found subject’s registered files from local
registry, supplying as following for reference.
Company Identification Details
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Registered Name: |
|
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Registered Address: |
Room 301, Kam On Building, 176A Queen’s Road
Central, Hong Kong |
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Date of Registration: |
2012-4-1 |
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Registered Number: |
1722079 |
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Business Registration No.: |
59575610 |
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Registered Capital: |
HKD 10,000 (USD ,290) (As of 2014.11, 1 HKD = 0.1290 USD) |
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Paid-up Capital: |
HKD 1 (USD 0.129) = 1 Shares@ HKD 1 |
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Legal Form: |
Private Limited Liability Company |
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Listed at Stock Exchange: |
No |
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Date of Last Annual Return: |
2013-4-1 |
History
Subject was incorporated on 2012-4-1 with the
registered number 1722079 as Private Limited Liability Company in Hong Kong.
Transfer of Shares:
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2012-6-28 |
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Transferred From |
No. of Shares Transferred |
Transferred To |
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GNL12 Limited |
1 |
Mr. Sharma Ravi |
Corporate Structure
Subject did not register any
subsidiaries or branches, from other source we can not obtain the relevant
information, either.
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
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Mr. Sharma Ravi |
1 |
100% |
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Total |
1 |
100% |
Major Shareholder Information:
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Name: |
Mr. Sharma Ravi |
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Address: |
G-6, Baheti Marg Kabir, Marg Bani Park
Jaipur, Rajasthan, India |
Former Shareholders Information:
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Name: |
GNL12 Limited |
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Address: |
14/F., Chun Wo Commercial Centre, 25 Wing Wo
Street, Central, Hong Kong |
Management Information
Core Management
Detailed Information of Directors:
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1 |
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Name: |
Mr. Sharma Ravi |
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Address: |
G-6, Baheti Marg Kabir, Marg Bani Park
Jaipur, Rajasthan, India |
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Position: |
Director |
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Passport Number: |
G4026461 |
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Issuing Country: |
India |
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2 |
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Name: |
Multi-Chain Limited |
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Address: |
Room 301, Kam On Building, 176A Queen’s Road
Central, Hong Kong |
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Position: |
Corporate Secretary |
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Registered Number: |
209214 |
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E-mail: |
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Operation Information
Subject does not have business entity in Hong
Kong.
Financial Information
The subject has no
obligation to supply its financial statement to the third party according to
the relevant policy in Hong Kong and the only source from which we can obtain
the information is the subject itself.
Subject does not have business entity in Hong
Kong, thus we cannot obtain the relevant information.
Public
Mortgage Record
No mortgage record of subject was found.
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
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High Court Action: |
Clear |
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High Court Baukufty Bankruptcy Proceedings: |
Clear |
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High Court Commercial Action: |
Clear |
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High Court Construction & Arbitration
Proceedings: |
Clear |
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High Court Companies Winding-Up: |
Clear |
Attachment
Kam on Building, 176A Queens Road Central Hong Kong
301, Kam on Building, 176A Queens Road Central Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.65 |
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|
1 |
Rs.96.54 |
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Euro |
1 |
Rs.76.70 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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71-85 |
Aa |
Possesses adequate working capital. No caution needed for credit
transaction. It has above average (strong) capability for payment of interest
and principal sums |
Large |
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56-70 |
A |
Financial & operational base are regarded healthy. General unfavourable
factors will not cause fatal effect. Satisfactory capability for payment of
interest and principal sums |
Fairly Large |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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11-25 |
Ca |
Adverse factors
are apparent. Repayment of interest and principal sums in default or expected
to be in default upon maturity |
Limited with full security |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SC’s
credit risk and to set the amount of credit to be extended. It is calculated
from a composite of weighted scores obtained from each of the major sections of
this report. The assessed factors and their relative weights (as indicated
through %) are as follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend (10%) Operational size
(10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.