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Report No. : |
314855 |
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Report Date : |
08.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
SYNERGIES HONG KONG
LTD. |
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Registered Office : |
c/o Steed
(Nominees) Ltd., Room 502, 5/F., Golden
Gate Commercial Building, 136-138 Austin Road, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.11.2002 |
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Com. Reg. No.: |
33168893 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employee : |
Not Available 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
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong
|
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
SYNERGIES HONG
KONG LTD.
Registered Office:-
c/o Steed (Nominees) Ltd.
Room 502, 5/F., Golden Gate Commercial
Building, 136-138 Austin Road, Kowloon, Hong Kong.
Holding Company:-
Synergies
Development Ltd., Isle of Man.
Associated Companies:
Synergies
Development & Sourcing Pvt. Ltd., India.
Synergies Home
LLC, US.
[Also known as Synergies Worldwide LLC, US.]
Synergies Sourcing Bangladesh, Bangladesh.
Synergies Sourcing
Pakistan (Pvt) Ltd., Pakistan.
Synergies Sourcing
Spain S.L., Spain.
Synergies Textra
(Pvt) Ltd., Pakistan.
33168893
0821023
8th November,
2002.
HK$250,000.00
(As
per registry dated 08-11-2014)
|
Name |
|
No.
of shares |
|
Synergies Development Ltd. P. O. Box 118,
Chesterfield Suite Chesterfield House, Victoria Street, Douglas, Isle of Man
1M 2LR. |
|
2,499 |
|
Khawaja Munir MASHOOQULLAH |
|
1 |
|
|
|
––––– |
|
|
Total: |
2,500 ===== |
(As
per registry dated 08-11-2014)
|
Name (Nationality) |
Address |
|
Zeelaf Butt
MUNIR |
26-G/II, 4th Gizri Lane, Phase IV, Defence
Housing Authority, Karachi-75500, Pakistan. |
|
Abdul HAMEED |
Flat No. 1, 1st Floor, Plot No.54-C, 22nd
Commercial Street, Phase 2 Extension, Defence Housing Authority,
Karachi-South, Pakistan. |
|
Khawaja
Munir MASHOOQULLAH |
26-G/II, 4th Gizri Lane, Phase IV, Defence
Housing Authority, Karachi-75500, Pakistan. |
(As
per registry dated 08-11-2014)
|
Name |
Address |
Co.
No. |
|
Steed
(Nominees) Ltd. |
Room 502, 5/F., Golden Gate Commercial Building, 136-138 Austin Road,
Kowloon, Hong Kong. |
0052644 |
Synergies
Hong Kong Ltd. was incorporated on 8th November, 2002 as a private limited
liability company under the Hong Kong Companies Ordinance.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at ‘Room
502, 5/F., Golden Gate Commercial Building, 136-138 Austin Road, Kowloon, Hong
Kong’ known as ‘Steed (Nominees) Ltd.’ which is handling its correspondences
and documents. This nominee company is
also the corporate secretary of the subject.
The
subject has no employees in Hong Kong.
According
to the Companies Registry of Hong Kong, the subject has issued 2,500 ordinary
shares of HK$100.00 each of which are almost wholly owned by Synergies
Development Ltd., a Isle of Man-registered company.
The
other shareholder of the subject Mr. Khawaja Munir Mashooqullah is a Pakistan
merchant.
The
directors of the subject are Mr. Khawaja Munir Mashooqullah, Mr. Zeelaf Butt
Munir and Mr. Abdul Hameed. All are
Pakistan passport holders and do not have the right to reside in Hong Kong
permanently.
The
subject belongs to the Synergies Sourcing Group of companies [Synergies
Sourcing] which has had associated companies in the United States, Bangladesh,
India, Pakistan and Spain.
According
to the subject, Synergies Sourcing is a global apparel sourcing agent and
supply chain management company with over 20 offices in more than 10 countries,
from Bangladesh to the United States.
Synergies Sourcing provides low cost sourcing in apparel, home textiles,
fashion accessories, footwear, decorative accessories, and other goods for
companies in the fashion and hospitality industries.
Synergies
Sourcing has developed relationships with manufacturers and quality suppliers
throughout the world. Since its
establishment in 1987, Synergies Sourcing has grown to a team of more than 500
strategic sourcing professionals, and currently its annual turnover is over
US$300 million. Its products are sold to
over 75 of the world’s significant fashion and apparel brands.
The
subject has set up offices in Guangzhou City, Guangdong Province and Ningbo
City, Zhejiang Province, China.
Mr.
Khawaja Munir Mashooqullah founded Synergies Worldwide (also known as Synergies
Home LLC) in 1987 and serves as its President.
This company is in the United States.
Mr.
Mashooqullah has been a Director for National Foods since 2007. He has served as the Chairman of Korangi
Industrial Association (KATI) and on the Executive Committee of KCCI &
FPCCI, and was also the Founding Trustee of the Institute of Business
Management (IOBM). He has been awarded
the ‘Outstanding 50 Asian Americans in Business Award’ by the Asian American
Business Development Center. Mr.
Mashooqullah has got an MBA degree from Olin Business School, Washington
University in St. Louis.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over twelve years and five months.
Since the subject does not
have its own operating office and has no employees in Hong Kong, consider it
good for 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.62.33 |
|
|
1 |
Rs.92.83 |
|
Euro |
1 |
Rs.68.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.