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Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SANSING LTD. |
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Registered Office : |
Room 1707, 17/F., Tai Yau Building, 181 Johnston Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.02.2008 |
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Com. Reg. No.: |
38955990 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF ALL KINDS OF METAL
SCRAPS |
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No. of Employees : |
10 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
|
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
|
Source
: CIA |
SANSING LTD.
26/F., Wanchai Central
Building, 89 Lockhart Road, Wanchai, Hong Kong.
PHONE: 852-2573 2080, 2573 2082
FAX: 852-2573 2231
E-MAIL: info@sansinghk.com
hongkong@sansinghk.com
Managing
Director: Mr. Simon Woolf
Incorporated on: 15th February, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 10.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SANSING LTD.
Registered
Head Office:-
Room 1707, 17/F.,
Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong.
Associated
Companies:-
Sansing Ltd., UK.
The Remet Co. Ltd., UK.
The Remet Property Co. Ltd., UK.
38955990
1211461
Managing
Director: Mr. Simon Woolf
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As
per registry dated 15-02-2014)
|
Name |
|
No.
of shares |
|
Walter
Reid |
|
4,100 |
|
Simon
Woolf |
|
2,900 |
|
Shraga
Cohen |
|
1,000 |
|
PI
Siu Ping |
|
100 |
|
Fyshbowl Ltd. 10 Hazel Close, Shefford, Bedfordshire, SG17 5YE, England. |
|
1,900 |
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|
|
––––– |
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Total: |
10,000 ===== |
(As
per registry dated 15-02-2014)
|
Name (Nationality) |
Address |
|
CHO Ka Fai |
Flat D, 1/F., Block 4, Green Park Villa,
Fanling, New Territories, Hong Kong. |
|
PI Siu Ping |
Flat D, 18/F., Block 1, Park Towers, 1
King’s Road, North Point, Hong Kong. |
|
Simon WOOLF |
Apartment A&B, 20/F., Block 5, The Lustre,
Chianti, Discovery Bay, Lantau Island, Hong Kong. |
(As
per registry dated 25-06-2014)
|
Name |
Address |
Co.
No. |
|
Keyway
Management & Secretarial Services Ltd. |
31/F., Chinachem Century Tower, 178 Gloucester Road, Wanchai, Hong
Kong. |
0069796 |
The
subject was incorporated on 15th February, 2008 as a private limited liability
company under the Hong Kong Companies Ordinance.
The
subject moved to Room 1707, 17/F., Tai Yau Building, 181 Johnston Road,
Wanchai, Hong Kong in July 2010 and further to the present address in
January 2013.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of metal scraps.
Employees: 10.
Commodities Imported: Europe, Asian countries, etc.
Markets: United Kingdom, Italy, other European countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Indebtedness: HK$139,550,398.88 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 15-02-2014)
Mortgage or Charge:-
Date of Debenture constituting a fixed and/or floating charge over all the assets of the company: 14-08-2008
Amount: All monies and liabilities
Property: (a) by way of first fixed charge (b) by way of floating charge all the undertaking of the Company and all its property
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Made small profits in past two years.
Condition: Business is normal.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong
Standing: Normal.
Having
issued 10,000 ordinary shares of HK$1.00 each, Sansing Ltd. is jointly owned by
Mr. Walter Reid, holding 41% interests; Mr. Simon Woolf, holding 29%; Fyshbowl
Ltd., a UK-based company holding 19%; Mr. Shraga Cohen, 10%, Mr. Pi
Siu Ping, 1%.
The
subject was established in March 2008 by Simon Woolf and Stewart Graham Armitage
who was the former shareholder, with the supporting of The Remet Company
located in the United Kingdom.
The
subject has an associated company in the United Kingdom known as The Remet Co.
Ltd. [Remet]. Walter Reid and
Shraga Cohen are the Chairman and Director of Remet respectively.
Simon
Woolf, started his career in the secondary metal industry in 1988 by joining
Mountstar Metal Corporation as a trainee.
In 1993 he became group senior trader and in 2001, he became the board
of directors.
The
subject is trading in non-ferrous secondary metal products. It handles all major grades of scrap and
recycled non-ferrous metals including aluminium, copper, lead, nickel and zinc.
Prime
markets are Asian countries, the United Kingdom, Italy, other European countries,
etc. The subject also has had agents or
offices in Europe, the Middle East, Africa and North America. However, the prime market of the subject is
Asia Pacific region.
Most
of the subject’s products are in conformity of ISRI specifications which include
copper brass and aluminium.
The
subject is ISO 9001:9008 certified and AQSIA registered.
The
management of the subject is experienced in the field of scrap metals. The history of the subject is over six years
and eight months in Hong Kong.
The
subject’s total amount outstanding registered with the Companies Registry as at
mid-February, 2014 amounted to HK$139.6 million.
On
the whole, in view of the subject’s background, consider it good for normal
business engagements in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.30 |
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|
1 |
Rs.99.16 |
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Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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 |
-- |
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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.