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Report Date : |
27.10.2014 |
IDENTIFICATION DETAILS
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Name : |
SUNNY PROJECT LTD |
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Registered Office : |
2/F., Tai Tam Gardens, 11 Tai Tam Road |
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Country : |
Hongkong |
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Date of Incorporation : |
14.01.2005 |
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Com. Reg. No.: |
35303053 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is a commercial service provider. It offers clients with all kinds of consultancy
services, including documents translation. |
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No. of Employees : |
No employees in Hong Kong NOTE : It is to
be noted that the company does not have its own operating office in Hong Kong.
The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Business |
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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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Hongkong |
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 |
HONGKONG - 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 |
SUNNY PROJECT
LTD.
Registered
Office:-
2/F., Tai Tam Gardens, 11 Tai Tam Road, Hong Kong.
(Formerly located
at:
c/o W.L. Ho & Co.
Room 501, 5/F., Wayson Commercial Building,
29 Connaught Road West, Sheung Wan, Hong Kong.)
35303053
0945779
14th January, 2005.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry
dated 14-01-2014)
|
Name |
Occupation |
No. of share |
|
Celine Danielle P. CRUICKSHANKS |
Merchant |
1 = |
(As per registry
dated 14-01-2014)
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Name (Nationality) |
Address |
|
Celine Danielle P. CRUICKSHANKS |
2/F., Tai Tam Gardens, 11 Tai Tam Road, Hong Kong. |
(As per registry dated
14-01-2014)
|
Name |
Address |
Co. No. |
|
Standard Authorised Associates |
Room 2502, 25/F., 148 Electric Road, North Point, Hong Kong. |
- |
The subject was incorporated on 14th January, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 501, 5/F.,
Wayson Commercial Building, 29 Connaught Road West, Sheung Wan, Hong Kong where
was the operating office of an accountant company W.L. Ho & Co. It has moved to the present address in recent
years.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Sunny Project Ltd. was incorporated in January 2005 as a private limited
liability company.
Having issued just one ordinary share of HK$1.00, the subject is
wholly-owned by Celine Danielle P. Cruickshanks who is a foreigner. He is a Hong Kong ID holder and has got
the right to reside in Hong Kong permanently.
He is also the only director of the subject.
The subject’s registered office is in a residential building located at
2/F., Tai Tam Gardens, 11 Tai Tam Road, Hong Kong where is the Hong Kong
residence of Celine Danielle P. Cruickshanks.
Cruickshanks is a translator working in Consulate General of Belgium in
Hong Kong and Macau. He is responsible
for the translation of documents from English to French or from French to
English.
The subject has no employees in Hong Kong. The residential building is not trespassed by
outsiders.
The subject is a commercial service provider. It offers clients with all kinds of
consultancy services, including documents translation.
The subject’s business in Hong Kong is not active. History in Hong Kong is over nine years and
nine months.
The business of the subject is chiefly handled by Cruickshanks himself.
Since the registered office and operating office of the subject is in a
residential building, consider it good for normal business engagements on L/C
basis.
NOTE:
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.77.97 |
INFORMATION DETAILS
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Analysis Done by
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SUB |
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Report Prepared
by : |
NIT |
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 |
-- |
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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.