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MIRA INFORM REPORT
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Report No. : |
501661 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
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Name : |
SINO PROMISE CHINA LIMITED |
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Registered Office : |
Unit 7, 9/F., Fu Hang Industrial Building, 1 Hok Yuen Street East,
Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
18.11.2008 |
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Com. Reg. No.: |
50091639 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Diamonds, Fine Jewellery, Gemstones, Jade. |
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No. of Employees : |
8 |
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 : |
Moderate |
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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 PROMISE CHINA
LIMITED
ADDRESS: Unit 7, 9/F., Fu Hang
Industrial Building, 1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2773
9196, 2773 1862
FAX: 852-2773
9390
MANAGEMENT
Managing Director:
Mr. Chau Yat Wai, Edmond
SUMMARY
Incorporated on: 18th November, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$100.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Unit 7, 9/F., Fu Hang Industrial Building, 1 Hok Yuen
Street East, Hunghom, Kowloon, Hong Kong.
(Formerly located at:
Unit 915, 9/F., Fu Hang Industrial Building,
1 Hok Yuen Street East, Hunghom, Kowloon, Hong Kong.)
Holding Company:-
Conpello Ltd., Cyprus.
BUSINESS
REGISTRATION NUMBER
50091639
COMPANY
FILE NUMBER
1287832
MANAGEMENT
Managing Director:
Mr. Chau Yat Wai, Edmond
ISSUED
SHARE CAPITAL
HK$100.00
SHAREHOLDER
(As per registry dated 18-11-2017)
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Name |
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No. of shares |
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Conpello Ltd. Arch, Makariou III, 80 Panou, Englezou Building, 5/F.,
Flat/Office 500, P.C. 1077, Nicosia, Cyprus. |
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100 === |
DIRECTOR
(As per registry dated 18-11-2017)
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Name (Nationality) |
Address |
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CHAU Yat Wai |
Room D, 3/F., Kalam Court, 9 Grampain Road, Kowloon
City, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 18-11-2017)
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Name |
Address |
Co. No. |
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Dormark Secretary Ltd. |
Room 614, 6/F., Chevalier Commercial Centre, 8 Wang Hoi
Road, Kowloon Bay, Kowloon, Hong Kong. |
0759189 |
HISTORY
The subject was
incorporated on 18th November, 2008 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly the subject
was located at ‘Unit 915, 9/F., Fu Hang Industrial Building, 1 Hok Yuen Street
East, Hunghom, Kowloon, Hong Kong’, moved to the present address in May 2015.
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, fine jewellery, gemstones, jade.
Employees: 8.
Commodities Imported: India,
Europe, etc.
Markets: Hong
Kong, Western and Eastern Europe, other Asian countries, etc.
Terms/Sales: CAD, L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$100.00
Profit or Loss: Made small profits in past years.
Condition: Business
is normal.
Facilities: Making
rather active use of general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 100
ordinary shares of HK$1.00 each, Sino Promise China Limited is wholly owned by
Conpello Ltd. [Conpello] which is a Cyprus‑registered firm. Formerly the holding company of the subject
was L.L.D. (Asia) Ltd. [LLD] which was a Hong Kong-registered firm. LLD transferred all its shares to Conpello on
21st December, 2011.
Now, LLD still exists
but located at a different address. The
owner is Mr. Moshe Hallak.
The director of the
subject Mr. Chau Yat Wai is a Hong Kong merchant who is currently residing in
Hong Kong. He is the actual controller
of the subject.
The subject is
trading in all kinds of diamonds, fine jewellery, imitation jewellery,
gemstones, jade, gem-set, gold jewellery, etc.
Loose and cut diamonds are chiefly imported from India. It also imports commodities from LLD which
has had affiliated manufacturers in Russia.
The subject’s
products, chiefly diamond jewellery, are marketed in Hong Kong, China and exported
to the other Asian countries, Western and Eastern Europe, etc.
The subject was able
to make small profits in past years.
Business is normal.
The subject’s
business is chiefly handled by Chau Yat Wai himself. History is over nine years and four months.
On the whole,
consider it good for normal business engagements in small to moderate 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 65.13 |
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1 |
INR 92.52 |
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Euro |
1 |
INR 80.59 |
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HKD |
1 |
INR 8.33 |
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
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
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.