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Report No. : |
337180 |
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Report Date : |
20.08.2015 |
IDENTIFICATION DETAILS
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Name : |
SANAMAN INTERNATIONAL LTD. |
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Registered Office : |
Unit 3112, 31/F., Entertainment Building, 30 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.10.2010 |
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Com. Reg. No.: |
53702025 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is importer and exporter of building materials, machinery and equipment for building and construction, iron & steel, coal, mineral & ores |
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No. of Employee : |
4 |
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 Company |
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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) |
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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 12.5% 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 |
SANAMAN
INTERNATIONAL LTD.
Unit 3112, 31/F.,
Entertainment Building, 30 Queen’s Road Central, Hong Kong.
(Formerly
located at: c/o Apple Commodities Ltd. Unit 1113A & 1115, 11/F., Grand
Millennium Plaza, Cosco Tower, 183 Queen’s Road Central, Hong Kong.)
PHONE: 852-2451 9055
FAX: 852- 2451 9066
Managing
Director: Mr. Ashish Narendra Garg
Incorporated on : 26th October, 2010.
Organization : Private Limited Company.
Issued Share
Capital :
HK$7,800,000.00
Business Category :
Importer and Exporter.
Employees : 4.
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation : Satisfactory.
Registered Office:-
Unit 3112, 31/F., Entertainment
Building, 30 Queen’s Road Central, Hong Kong.
Associated Companies:-
Apple Group of Companies
Apple Alloys Pvt.
Ltd., India.
Apple Buildtech
Ltd., India.
Apple Carbon Pvt.
Ltd., India.
Apple Commodities
Ltd., Hong Kong.
Apple Commodities
Pvt. Ltd., India.
Apple Industries
Ltd., India.
Apple Insurance
Brokers Pvt. Ltd., India.
Apple Minerals
Pvt. Ltd., India.
Apple Nature
Resources Pvt. Ltd., India.
Apple Power Ltd.,
India.
Apple Rolling
Mills Pvt. Ltd., India.
Apple Sponge &
Power Ltd., India.
P.T. Apple Coal,
Indonesia.
Pacific Mining
Products Pvt. Ltd., India.
Promart Retail
India Pvt. Ltd., India.
Zync Global Pvt.
Ltd., India.
53702025
1520105
Managing
Director: Mr. Ashish Narendra GARG
HK$7,800,000.00
(As
per registry dated 26-10-2014)
|
Name |
|
No.
of shares |
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Ashish Narendra GARG |
|
7,800,000 ======= |
(As
per registry dated 26-10-2014)
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Name (Nationality) |
Address |
|
Ashish Narendra
GARG |
F-22, Model Town II, Delhi-110009, India. |
(As
per registry dated 26-10-2014)
|
Name |
Address |
Co.
No. |
|
HKBSS
Ltd. |
5/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong. |
0838155 |
The
subject was incorporated on 26th October, 2010 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Global Land Enterprises Ltd., name
changed to the present style on 11th August, 2014.
Formerly
the subject was located at c/o HKBSS Ltd., Unit 3B, 20/F., Far East Consortium
Building, 121 Des Voeux Road Central, Hong Kong, moved to Unit 1113A &
1115, 11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road
Central, Hong Kong in October 2011. It
further moved to the present address in early August, 2015.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities : Importer and Exporter.
Lines : Building materials, machinery and equipment
for building and construction, iron & steel, coal, mineral & ores.
Employees :
4.
Commodities
Imported : China, Japan, Europe, North America
Markets : India, other Asian countries
Terms/Sales :
L/C or as per contracted.
Terms/Buying :
As per contracted.
Issued Share
Capital : HK$7,800,000.00
Profit or Loss
: Keeping a balance account in
Hong Kong.
Condition :
Business is improving.
Facilities :
Adequate for current running.
Payment : Met trade commitments as contracted.
Commercial
Morality : Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing : Small.
Having
issued 10,000 ordinary shares of HK$1.00 each, Sanaman International Ltd. was
wholly owned by Amul Mohan Mittal who was an Indian. On 6th June, 2014, A M Mittal transferred all
his shares to Ashish Narendra Garg who is also an India merchant. Now, the subject has increased its issued
share capital to HK$7.8 million. All the
shares are owned by A N Garg. He is an
India passport holder and does not have the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
Formerly
the subject did not have its own operating office. Its registered office was in a Hong
Kong-registered firm Unit 1113A & 1115, 11/F., Grand Millennium Plaza,
Cosco Tower, 183 Queen’s Road Central, Wanchai, Hong Kong known as Apple
Commodities Ltd. [ACL] which had handled its correspondences and
documents. It moved to the present
address in early August, 2015. Ashish
Narendra Garg is also the managing director of ACL.
The
subject is trading in the following commodities:-
·
Building and Construction Materials;
·
Iron & steel;
·
Coal. Minerals and Ores;
·
Decoration Materials; &
·
Machinery and Equipment.
Commodities
are chiefly sourced from China. It also
imports commodities from Japan, Europe, North America, etc. Prime markets are India and the other Asian
countries.
The
subject’s business in Hong Kong is improving.
History in Hong Kong is over four years and nine months.
ACL
is a member of the Apple Group of Companies which is one of the leading
conglomerates of India and is also establishing its footholds in other parts of
the world. It is trading in various
forms of Iron & Steel, Coal & Iron Ore.
The
Apple Group is engaged in diversified economy such as steel, coal, iron ore,
mining, insurance, power & energy, commodities trading, activated carbon,
etc. The Group is also engaged in
building and construction, technology transference, retailing, real estate
investment, etc.
The
subject is also a member of the Apple Group.
Now,
the network of the Group covers India, China, Hong Kong, Indonesia, Africa,
etc.
On
the whole, consider the subject good for normal credit requirements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.25 |
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|
1 |
Rs.102.25 |
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Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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.