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Report No. : |
335340 |
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Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
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Name : |
SANSING LTD. |
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Registered Office : |
26/F., Wanchai Central Building, 89 Lockhart 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 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
SANSING LTD.
ADDRESS: 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
MANAGEMENT:
Managing Director: Mr. Simon
Woolf
Incorporated on: 15th February, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 10.
Main Dealing Banker: The Hong
Kong & 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
HK$10,000.00
(As per registry dated 15-02-2015)
|
Name |
|
No. of shares |
|
Walter Reid |
|
4,100 |
|
Simon WOOLF |
|
2,900 |
|
Shraga Cohen |
|
1,000 |
|
PI Siu Ping |
|
100 |
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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 22-07-2015)
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Name (Nationality) |
Address |
|
CHO Ka Fai |
Flat D, 1/F., Block 4, Green Park Villa, Fanling,
New Territories, Hong Kong. |
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PI Siu Ping |
Flat D, 17/F., Tower 2, 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 15-02-2015)
|
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.
Markets: United
Kingdom, Italy, other European countries.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$10,000.00
Indebtedness: HK$45,940,881.66
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 15-02-2015)
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 three years.
Condition: Business
is normal.
Facilities: Adequate
for current running.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hong Kong & 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%, and 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.
The subject is a renowned supplier to a wide range of industries with
principle customers engaged in: automotive, construction, ship-building,
agriculture, food and drinks packaging.
It provides both its customers and suppliers with a range of services
including storage, logistics, global market intelligence, risk management and
financing.
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 subject’s total amount outstanding registered with the Companies
Registry as at mid-February, 2015 amounted to HK$45.9 million (in mid-February,
2014 amounted to HK$139.6 million).
The history of the subject is over seven years and five months in Hong
Kong.
On the whole, in view of the subject’s background, consider it good for
normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
|
|
1 |
Rs.98.93 |
|
Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
|
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.