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Report No. : |
354605 |
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Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
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Name : |
SANJITA POLYMET LTD. |
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Registered Office : |
Unit 1405-1406, 14/F., Beverley Commercial Building, 87 Chatham Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.08.2013 |
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Com. Reg. No.: |
61876989 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of PVC pipes and other products. |
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No. of Employee : |
3 |
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 : |
Business is Under Development |
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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 |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 12.5% 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 |
SANJITA POLYMET LTD.
ADDRESS: Unit 1405-1406, 14/F., Beverley
Commercial Building, 87 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not available
Managing Director: Mr.
Sidhant Gupta
Incorporated on: 12th
August, 2013.
Organization: Private
Limited Company.
Issued Share Capital: HK$125,000.00
Business Category: Importer, Exporter and Wholesaler.
Total Income of Parent: INR 6,634.44 Lacs (Year ended 31-03-2014)
Employees:
3.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory
SANJITA POLYMET
LTD.
ADDRESS:
Registered
Head Office:-
Unit 1405-1406, 14/F., Beverley Commercial
Building, 87 Chatham Road, Tsimshatsui, Kowloon, Hong Kong.
Holding
Company:-
Sanco Industries Ltd., India.
Associated
Companies:-
Sanco Enterprises Pvt. Ltd., India.
Superlink Polyfeb Ltd., India.
61876989
1951307
Managing Director: Mr. Sidhant Gupta
HK$125,000.00
(As per registry dated 14-04-2015)
|
Name |
|
No.
of shares |
|
Sanco Industries Ltd. D-161, Surajmal Vhar, 110092 New Delhi,
India. |
|
125,000 ====== |
(As per registry dated 12-08-2014)
|
Name (Nationality) |
Address |
|
Sidhant GUPTA |
C-56 Surajmal Vihar Delhi-92-110092,
India. |
(As per registry dated 11-12-2014)
|
Name |
Address |
Co.
No. |
|
Make My Financial Plan Ltd. |
Shop 83A, 6/F., Chungking Mansion, |
1830283 |
The subject was incorporated on 12th August,
2013 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room
2103-04, 21/F., Wing On Centre, 111 Connaught Road Central, Hong Kong, moved to
the present address with effect from 11th December, 2014.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: PVC
pipes and other products.
Employees: 3.
Commodities Imported: India, other Asian countries.
Markets: Hong
Kong, other Asian countries.
Total Income of Parent: INR 4,019.24 Lacs (Year ended 31-03-2012)
INR 5,858.49
Lacs (Year ended 31-03-2013)
INR 6,634.44
Lacs (Year ended 31-03-2014)
Terms/Sales:
L/C, T/T.
Terms/Buying: L/C,
T/T, D/P
Issued Share Capital: HK$125,000.00
Total Profit After Tax of Parent:-
INR 227.98
Lacs (Year ended 31-03-2012)
INR 299.56
Lacs (Year ended 31-03-2013)
INR 140.17
Lacs (Year ended 31-03-2014)
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met
trade commitments as required.
Commercial Morality: Satisfactory
Banker:
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 125,000 ordinary shares of
HK$1.00 each, Sanjita Polymet Ltd. is wholly owned by Sanco Industries Ltd.
[Sanco] which is an India-based company.
The subject moved to the present address in
December 2014.
The shares of Sanco have been listed with
NSE Emerge Stock Exchange.
Belonging to Sanco Group, the subject is
trading in the same commodities as Sanco.
Sanco Group offers customers with the
following products: Rigid PVC Conduit Pipes, PVC Casings and Capping, PVC/PP-R
Plumbing Pipes, PVC Insulated Domestic Wires and Cables and Copper Wire Rod.
Established in 1986, Sanco is an ISO
9001:2008 certified company. It is led
under the guidance of Mr. Sanjay Gupta and Mr. Anurag Gupta.
The subject is marketing the following
commodities:-
PVC Conduit Pipes;
PVC Casings and Capings;
PVC Insulated Wires and Cables;
LED Lights;
PVC Resin;
Copper Wire Rod; &
Calcium Carbonate.
The total income of Sanco for the year end
31st March, 2014 was INR 6,634.44 Lacs (2013: INR 4,019.24 Lacs), profit after
tax in the year was INR 140.17 Lacs (2013: INR 299.56 Lacs). Sanco made less profit in FY 2014 as its
overhead charges increased substantially in the year.
The subject is fully supported by
Sanco. History in Hong Kong is just over
a year and ten months. However, its
trading history is just over six months.
The subject is still recruiting staff
members in Hong Kong.
On the whole, since the history of the
subject is short in Hong Kong, consider it good for normal credit requirements
on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
HKD |
1 |
Rs.8.66 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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Report Prepared
by : |
TRU |
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.