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MIRA INFORM REPORT
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Report No. : |
501106 |
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Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SINO STERLING |
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Registered Office : |
C/o WinGate
Business Ltd., Room 2305A, 23/F., World-Wide House, 19 Des Voeux Road Central |
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Country : |
Hongkong |
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Date of Incorporation : |
18.06.2010 |
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Com. Reg. No.: |
52468739-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Diamonds. |
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No. of Employees : |
1 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Small Concern |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
D |
HONGKONG - 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
SINO STERLING
ADDRESS: C/o WinGate Business Ltd.
Room
2305A, 23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong.
PHONE: Not available
MANAGEMENT
Manager: Ms. Kanya Chauhan
SUMMARY
Established on:
18th June, 2010
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer,
Exporter and Wholesaler.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Office:-
C/o WinGate Business Ltd.
Room 2305A, 23/F., World-Wide House, 19 Des Voeux Road
Central, Hong Kong.
BUSINESS REGISTRATION NUMBER
52468739-000-06
MANAGEMENT
Manager: Ms. Kanya Chauhan
SOLE PROPRIETOR
Name: Ms. Kanya CHAUHAN
Residential Address: Flat
A, 8/F., Ashley Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon,
Hong Kong.
HISTORY
The subject was
established on 18th June, 2010 as a Sole Proprietorship concern owned by Ms.
Kanya Chauhan under the Hong Kong Business Registration Regulations.
At the very
beginning, the subject’s registered address was located at Room 2301, 23/F.,
World-Wide House, 19 Des Voeux Road Central, Hong Kong where was the old
operating address of a commercial service provider WinGate Business Ltd.
[WinGate]. WinGate moved to
Room 2305A of the same building in February 2013, so did the subject.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds.
Employee: 1.
Commodities Imported: India,
Europe, etc.
Markets: Hong Kong, India, other Asian
countries, Europe, etc.
Terms/Sales: CAD, L/C or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL INFORMATION
Capital: Not
disclosed.
Profit or Loss: Made very small profits in past four
years.
Condition: Business is normal.
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.
GENERAL
Sino Sterling is a
sole proprietorship set up and owned by Ms. Kanya Chauhan [K Chauhan] who is an
Indian businesswoman. Being manager of
the subject, she is a Hong Kong ID holder and has got the right to reside in
Hong Kong.
K Chauhan has been in
Hong Kong for a very long time as she has got her Hong Kong ID before
setting up the subject.
The subject commenced
business in June 2010.
The subject’s
registered office is in a commercial service firm located at Room 2305A,
23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong known as
WinGate Business Ltd. which is handling its correspondences and documents.
The subject’s
operating office is in the Hong Kong residence of Ms. K Chauhan. She operates her business in her residence
located at Flat A, 8/F., Ashley Mansion, 10-14 Ashley Road, Tsimshatsui,
Kowloon, Hong Kong. She has been
residing at this address since the establishment of the subject.
According to the
subject, it is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds.
It is trading in the
following commodities:
Single-Cut Diamond,
Fullcut Loose Diamond, Carat Size Diamonds, etc.
Most of the
commodities are imported from India.
Prime markets are Hong Kong, China, India and the other Asian
countries. Business is normal. Its working capital is able to support its
current operating level.
The subject’s
business is chiefly handled by K Chauhan herself. History is just over seven years and nine
months.
On the whole, since
the subject is just a small trading company, consider it good for business
engagements in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.93 |
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1 |
INR 91.50 |
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Euro |
1 |
INR 79.69 |
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HKD |
1 |
INR 8.27 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.