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MIRA INFORM REPORT
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Report No. : |
504927 |
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Report Date : |
27.04.2018 |
IDENTIFICATION DETAILS
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Name : |
FINEMASTER INTERNATIONAL TRADERS LIMITED |
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Registered Office : |
16/F., China Minmetals Tower, 79 Chatham Road South, Tsimshatsui East,
Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
19.01.2001 |
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Com. Reg. No.: |
31463986 |
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Legal Form : |
Non-Hong Kong Company |
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Line of Business : |
Importer and exporter of electronics, household electric appliances,
furniture, fixtures, hardware, fittings, garments, textile products,
footwear, plastic products, premium,
novelties, gift items. |
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No. of Employees : |
22. (Including Associates) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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
FINEMASTER
INTERNATIONAL TRADERS LIMITED
ADDRESS: 16/F.,
China Minmetals Tower, 79 Chatham Road South, Tsimshatsui East,
Kowloon, Hong Kong.
PHONE: 852-2722
2333, 2722 2357~9
FAX: 852-2314 3871,
2314 1524, 2721 5577
E-MAIL: general@sunrich-hk.com
marketing@finemaster-inter.com
MANAGEMENT
Managing Director:
Mr. Jairam Mangharam Gidwani
SUMMARY
Registered in Hong Kong on: 19th January, 2001.
Organization: Registered
Non-Hong Kong Company
Capital: Authorised:
US$100,000.00
Issued
& Paid Up:US$100,000.00
Business Category: Sundry Product Trader.
Employees: 22. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Office:-
Suite 410, 4/F., Barkly Wharf, Le Caudan, Waterfront Port
Louis, Mauritius.
Head Office &
Principal Place of Business in Hong Kong:-
16/F., China Minmetals Tower, 79 Chatham Road South,
Tsimshatsui East, Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 90162, Tsim Sha Tsui Post Office, Kowloon, Hong
Kong.
Affiliated
Companies:-
Brody Ltd., Hong Kong.
[Dissolved]
Khalid A. AL Sanea Trading Agencies Est., Saudi Arabia.
Legend Zona Libre S.A., Panama.
Pacific Excel Ltd., China.
Region Hotels (Luton) Ltd., U.K.
Solar Exports Ltd., Hong Kong.
Solar Time Ltd., Hong Kong
Sonex China Ltd., Hong Kong. [Dissolved]
Sonex Electronics Ltd., Hong Kong. [Dissolved]
Sonex Impex Ltd., UK.
Sonex Ltd., Hong Kong. [Dissolved]
Sonex Overseas Ltd., Hong Kong. [Dissolved]
Sonex Pacific Ltd., Hong Kong. [Dissolved]
Sonex Taiwan Ltd., Hong Kong. [Dissolved]
Sonex Traders Ltd., Hong Kong. [Dissolved]
Sunrich Taiwan Ltd., Taiwan.
Sunrich Traders Ltd., Hong Kong.
Tonald Investment Ltd., Hong Kong. [Dissolved]
etc.
BUSINESS REGISTRATION NUMBER
31463986
COMPANY FILE NUMBER
F0010890
MANAGEMENT
Managing Director:
Mr. Jairam Mangharam Gidwani
Contact Person: Mr. Haresh U. Daswani
AUTHORISED REPRESENTATIVES IN HONG KONG
(As per registry dated 19-01-2018)
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Name |
Address |
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Jairam Mangharam GIDWANI |
30 La Salle Road, Kowloon Tong, Kowloon, Hong Kong. |
CAPITAL
Authorised Share Capital: US$100,000.00
Issued & Paid Up Capital: US$100,000.00
DIRECTORS
(As per registry dated 19-01-2018)
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Name (Nationality) |
Address |
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Jairam Mangharam GIDWANI |
30 La Salle Road, Kowloon Tong, Kowloon,
Hong Kong. |
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Dinesh GIDWANI |
30 La Salla Road, Kowloon Tong, Kowloon,
Hong Kong. |
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Milana Ajay MIRPURI |
30 La Salle Road, Kowloon Tong, Kowloon,
Hong Kong. |
SECRETARY
(As per registry dated 19-01-2018)
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Name |
Address |
Co. No. |
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Harris Secretaries Ltd. |
8/F., Hong Kong Trade Centre, 161-167 Des Voeux Road
Central, Hong Kong. |
0031138 |
HISTORY
The subject was
incorporated in Mauritius as a limited company.
It has established a principal place of business in Hong Kong and
was registered on 19th January, 2001 as an oversea company under Part XI of the
Hong Kong Companies Ordinance. The
subject has become a registered non-Hong Kong company since 14th December,
2007.
Originally the
subject was registered under the name of Finemaster Ltd., name changed to
Sunlic Traders Ltd. on 4th June, 2001, and further changed to the present style
on 8th June, 2001.
Formerly the subject
was located at Room 1501-1507, 15/F., AIA Tower, New World Centre, 20 Salisbury
Road, Tsimshatsui, Kowloon Hong Kong where is the operating address of Sonex
Traders Ltd., an associate of the subject.
It moved to ‘Block A, 8/F., New Mandarin Plaza, 14 Science Museum Road,
Tsimshatsui East, Kowloon, Hong Kong’ in September 2009 and further to the
present address in August 2015.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: Electronics,
household electric appliances, furniture, fixtures, hardware, fittings, garments, textile products, footwear, plastic
products, premium, novelties, gift items.
Employees: 22.
(Including associates)
Commodities Imported: Bought
in Hong Kong or from China and other Asian countries.
Markets: Latin America, South America, Middle
East, Africa, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various
terms.
FINANCIAL INFORMATION
Authorised Share Capital: US$100,000.00
Issued & Paid Up Capital: US$100,000.00
Profit or Loss: Business is profitable.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking
facilities.
Payment: So far so good.
Commercial Morality:
Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
GENERAL
Finemaster
International Traders Limited is a registered non-Hong Kong company in Hong
Kong while its registered office is located at Le Caudan, Waterfront Port
Louis, Mauritius.
Business commenced in
January 2001 in Hong Kong, the subject is controlled by an Indian family
bearing the surname Gidwani.
The subject is a
member of Sunrich Group of companies.
The holding company Sunrich Ltd. is not a Hong Kong-registered company.
The subject is
trading in the following commodities:
Jacket - Men
(Excluding Ski-Jacket), Jacket - Ladies (Excluding Ski-Jacket), Children's
Wear, Jeans, Trousers, Tee & Sweat Shirts, Underwear - Men's, Underwear - Women's,
Underwear - Silk, Handbags, Travel Bags & Luggage, Wallets , Purses &
Small Leather Goods, Battery Operated Toys, Dolls, Flowers & Plants ,
Artificial, Bathroom Fittings & Sanitary Wares, Locks, Bed Linen, other
Textile Products, etc.
Commodities are
acquired in Hong Kong and imported from China, the Philippines, Taiwan,
Thailand, Indonesia, India, etc.
Commodities are exported or re-exported to Panama, Chile, Argentina,
Paraguay, Brazil, Peru, Ecuador, Colombia, Mexico, Venezuela, Bolivia, Curacao,
the United States, Canada, Angola, Malawi, Ivory Coast, Central & West
Africa, Saudi Arabia, Bangladesh, India, etc.
Famous trademarks carried are “Legend”, “Muzzo Surf”,
etc.
In order to approach
more suppliers in China, the subject takes part in China Import & Export
Fair which is held in Guangzhou City, Guangdong Province, China biannually.
The subject is mainly
controlled by Mr. Jairam Mangharam Gidwani [J M Gidwani], an Indian merchant
who has been in Hong Kong for a very long time. He is a Hong Kong ID holder.
The subject has got
an associated company Sunrich Traders Ltd. [Sunrich] located at its operating
address. Incorporated on 11th April,
2001, Sunrich is trading in garments, underwear, handbags, wallets, toys,
dolls, bathroom fittings, etc. This firm
is also controlled by Mr. J M Gidwani.
Another associate
Solar Exports Ltd., located at a different address, is also operated by J M
Gidwani. Solar Exports is a member of
The Indian Chamber of Commerce Hong Kong, Hong Kong. This company is trading in the following
commodities:
· Audio & Video Products;
· Electrical & Electronic Products, n.e.s;
· Footwear;
· Garments & Accessories;
· Miscellaneous;
· Plastic Products;
· Premium, Novelties & Gift Items;
· Textile Goods;&
· Watches, Clocks & Components.
Formerly, the subject
had a number of firms bearing the initial of Sonex. Sonex was a group of companies known as
“Sonex Group of companies” which were also controlled by J M Gidwani. The Sonex Group included a number of firms
while most of them were in Hong Kong.
However, all the companies bearing the initial “Sonex” have been
dissolved in Hong Kong.
Besides, J M Gidwani
is operating another company known as Region Hotels (Luton) Ltd. This company is operating a hotel in the
United Kingdom.
The annual sales turnover
of the subject and its associates ranges from US$200 to 300 million. Making a
small profit every year.
The history of the
subject in Hong Kong is over 17 years and three months.
On the whole,
consider it good for normal business engagements.
REMARKS
Property
information of affiliates:-
1. Property
Location: 15/F. and Car Parking
Space No. 5 on Basement, Kowloon Centre, 33 Ashley Road, Kowloon, Hong Kong.
Owner: Solar Time
Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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30-05-2000 |
- |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Mortgage to secure general banking facilities |
2. Property
Location: Shop No. 57B on 1/F.,
Chungking Mansion, 40 Nathan Road, Kowloon, Hong Kong.
Owner: Solar Time
Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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16-02-1989 |
- |
Wayfoong Credit Ltd., Hong Kong. |
Mortgage to secure general credit facilities |
3. Property
Location: Shop No. 64 on 1/F.,
Chungking Mansion, 40 Nathan Road, Kowloon, Hong Kong.
Owner: Solar Time
Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:
(Under the same mortgage deed as Property 2)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.83 |
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1 |
INR 93.17 |
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Euro |
1 |
INR 81.38 |
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HKD |
1 |
INR 8.50 |
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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NIS |
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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
·
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.