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Report No. : |
354292 |
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Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SINOTRADE GLOBAL LTD. |
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Registered Office : |
C/o Prima Secretaries Ltd., Suite 605, 6/F., China Insurance Group Building,
141 Des Voeux Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.09.2004 |
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Com. Reg. No.: |
34918706 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in trading of leather chemicals, consumer electronics, textile products, fabrics, silk yarn, cotton yarn, furniture, textile products, garments, gifts, novelties, tableware, hotel ware, iron ore, cement/clinker |
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No. of Employee : |
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 : |
Ca |
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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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 |
SINOTRADE GLOBAL
LTD.
C/o Prima
Secretaries Ltd., Suite 605, 6/F., China Insurance Group Building, 141 Des
Voeux Road Central, Hong Kong.
Associated Companies:-
Feather Touch
Ltd., Hong Kong.
Sinotrade
International Ltd., China.
Finkotech Ltd.,
Hong Kong.
34918706
0922746
Managing
Director: Mr. Anand Kumar Damani
HK$3,900,000.00
(As
per registry dated 15-09-2015)
|
Name |
|
No.
of shares |
|
Anand Kumar DAMANI |
|
3,900,000 ======= |
(As
per registry dated 15-09-2015)
|
Name (Nationality) |
Address |
|
Anand Kumar
DAMANI |
Block A, 23D, Regal Court, 75 Longkou Xi
Road, Guangzhou, Guangdong Province, China. |
(As
per registry dated 15-09-2015)
|
Name |
Address |
Co.
No. |
|
Prima
Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central, Hong Kong. |
0569406 |
The
subject was incorporated on 15th September, 2004 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at Suite 1402, 14/F., 1 Duddell Street, Central, Hong
Kong where was the operating office of Prima Secretaries Ltd., Prima
Secretaries Ltd. moved to the present address with effect from
28th September, 2009.
The
subject has increased its issued share capital from HK$780,000.00 to
HK$3,900,000.00 in October 2014.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
US$464,310.45
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 15-09-2015)
See attachment
Having
issued 3.9 million ordinary shares of HK$1.00 each, Sinotrade Global Ltd. is
wholly owned by Mr. Anand Kumar Damani who is an Indian. He is an India passport holder
Formerly
the directors of the subject were Mr. Indra Kumar Bagri and
Mr. Anand Kumar Damani, but now the former has outgone. A K Damani is the only director of the
subject who is residing in Guangzhou, Guangdong Province, China.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at Suite
605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Hong
Kong known as Prima Secretaries Ltd. [Prima] which is handling its
correspondences and documents. This firm
is also the corporate secretary of the subject.
Formerly Prima was located at Suite 1402, 14/F., 1 Duddell Street,
Central, Hong Kong, moved to the present address with effect from
28th September, 2009.
The
subject has no employees in Hong Kong.
To
our knowledge, the subject has had an associated company in Hong Kong known as
Feather Tough Ltd. [Feather Tough] which is also located at the operating
office of Prima. The operations of
Feather Tough is also in Guangzhou, Guangdong Province, China. The subject and Feather Tough are engaged in
the same lines of business.
The
subject is trading in the following commodities:
Leather
chemicals, consumer electronics, textile products, fabrics, silk yarn, cotton
yarn, furniture, textile products, garments, gifts, novelties, tableware, hotel
ware, iron ore, cement/clinker.
Most
of the products are sourced from China.
However, garments, yarns and light industrial products trading are the
main lines of business of the subject.
Prime markets are India, other Asian countries, Australia, Germany,
the United Kingdom, other European countries, and North America.
The
subject has had another associated company bearing the name of Sinotrade
International Ltd.[China Sinotrade] in Guangzhou, Guangdong Province,
China. It is reprorted that China
Sinotrade was set up in 1997.
Most
of the time, A K Damani is residing in Guangzhou, Guangdong Province,
China. The business of China Sinotrade
in China is satisfactory.
The
history of the subject in Hong Kong is over eleven years and a month.
The
subject also has had an associated firm in India.
It
has been banking with Bank of Baroda, Hong Kong Branch.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, on the whole, consider it good for business engagements on L/C basis.
|
Date |
Particulars |
Amount |
|
13-05-2011 |
Instrument: Memorandum Property: Distinctive 91210300004225 22-07-2010 US$211,000.00 22-07-2011 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
16-09-2011 |
Instrument: Memorandum Property: Distinctive 91210300004968 26-05-2011 US$ 40,000.00 28-11-2011 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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.66.79 |
|
|
1 |
Rs.101.37 |
|
Euro |
1 |
Rs.73.46 |
|
HKD |
1 |
Rs.8.63 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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|
Report Prepared
by : |
TRU |
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 |
|
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 |
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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 |
|
<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.