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MIRA INFORM REPORT
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Report No. : |
483798 |
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Report Date : |
04.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SINO WINNING LIMITED |
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Registered Office : |
Flat 8, 7/F., Wai Tak Building, 414-430 Lockhart Road,
Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.11.2000 |
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Com. Reg. No.: |
31496284 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and
Wholesaler of Rayon yarns, CVC yarns, Polyester yarns |
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No. of Employees : |
2 |
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 : |
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 (30.06.2017) |
Current Rating (30.09.2017) |
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Hong Kong |
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 |
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 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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.
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Source
: CIA |
Company
name and address
SINO WINNING
LIMITED
ADDRESS: Flat
8, 7/F., Wai Tak Building, 414-430 Lockhart Road, Wanchai, Hong Kong.
PHONE: 852-2562
3041
MANAGEMENT: Managing
Director: Mr. Lu Jui Wei
SUMMARY
Incorporated on: 22nd November, 2000.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 2.
Main Dealing Banker: Taiwan
Shin Kong Commercial Bank Co. Ltd., Hong Kong Branch.
Banking Relation: Satisfactory
ADDRESS:
Registered Head Office:-
Flat 8, 7/F., Wai Tak Building, 414-430 Lockhart Road,
Wanchai, Hong Kong.
Associated Companies:-
Guangzhou Yaoxiong Trading Co. Ltd., China.
Jiangxi Sino Winning Textile Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
31496284
COMPANY
FILE NUMBER
0738663
MANAGEMENT
Managing Director:
Mr. Lu Jui Wei
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry dated 22-11-2017)
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Name |
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No. of shares |
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LU Jui Wei |
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8,000 |
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LU Gaoxia |
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2,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 22-11-2017)
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Name (Nationality) |
Address |
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LU Gaoxia |
Room 1004, Building No. S2, No 432 Chebei Road, Tianhe
District, Guangzhou City, China. |
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LU Jui Wei |
Flat A, 5/F., 509 Nathan Road, Yau Ma Tei, Kowloon,
Hong Kong. |
SECRETARY
LU Jui Wei (As per registry dated 22-11-2017)
HISTORY
The subject was incorporated on 22nd November, 2000 as a
private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Rayon yarns, CVC yarns, Polyester
yarns, etc.
Employees: 2.
Commodities
Imported: China, etc.
Markets: Other
Asian countries, Europe, Middle East, etc.
Terms/Sales: L/C,
T/T, etc.
Terms/Buying:
Various terms.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Made
small profits in past years.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Slow but Correct.
Commercial Morality:
Satisfactory.
Banker: Taiwan Shin Kong
Commercial Bank Co. Ltd., Hong Kong Branch.
Standing: Small.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each,
Sino Winning Limited is jointly owned by Mr. Lu Jui Wei, holding 80% interests,
and Ms. Lu Gaoxia, holding 20%.
They are also directors of the subject.
Mr. Lu Jui Wei is a Taiwan merchant holding a Taiwan passport.
The registered address of the subject is located at ‘Flat
8, 7/F., Wai Tak Building, 414-430 Lockhart Road, Wanchai, Hong Kong’ which is
in a residential building.
The subject is trading in yarns and knitted wear fabrics,
etc.
The subject has had an associated company in China known
as Jiangxi Sino Winning Textile Co. Ltd.
Its brief information is as follow:
Name: Jiangxi Sino
Winning Textile Co. Ltd. [JSWT]
Address: Fengxin
Industial Area, Fengxin Town, 330700 Yichun City, Jiangxi Province, China.
Tel.:
+86-795-4509956
Fax:
+86-795-4509626
Mobile Phone:
+86-18979530033
E-mail: sinowinning@163.com
Year of Incorporation:
July 2011
Legal Status:
Limited Liability Company
Registered Capital:
US$28.8 million
Legal Representative:
Mr. Lu Jui Wei
JSWT is a Taiwanese-founded company. It is located in one of the largest
Industrial Park in Jiangxi Province---Fengxin Fengtian Industial Park.
JSWT is the largest enterprise engaged in air-jet
spinning in China. It occupies an area
of 66,000 square meters and owns more than 300 workers, including 52 senior
technicians, R&D, and management staff.
Currently, JSWT has been equipped with 30 units of Murata
Jet Spinner of Japan. It is specialized
in producing rayon yarns, CVC yarns, pure polyester yarns, etc. which are
widely used in high-end knitwear. The
monthly production capacity is 500 tonnes.
Meanwhile its Rotor Spinning production line has an
output of 500 tonnes of cotton yarns or T/C yarns every month.
Its products are marketed in China, exported to Taiwan,
other Asian countries, Europe, the United States, etc. Business is normal.
The subject has had another associated company Guangzhou
Yaoxiong Trading Co. Ltd., a China-based company trading in all kinds of
high-end fashions.
The business of the subject is handled by Mr. Lu Jui Wei
himself. History in Hong Kong is over 17
years and a months.
On the whole, consider it good for normal
credit requirements
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.48 |
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1 |
INR 86.41 |
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Euro |
1 |
INR 76.54 |
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HKD |
1 |
INR 8.11 |
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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DIV |
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Report Prepared
by : |
KET |
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
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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.