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MIRA
INFORM REPORT
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Report No. : |
497439 |
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Report Date : |
15.03.2018 |
IDENTIFICATION DETAILS
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Name : |
SUNSAK INTERNATIONAL LIMITED |
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Registered Office : |
Unit 913, 9/F., Hung Hom Commercial Centre, Block A, 37-39 Ma Tau Wai
Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.11.2015 |
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Com. Reg. No.: |
65469299 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Diamond Trader of all kinds of diamonds and gem stones |
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No. of Employees : |
5. |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
Very Small Company |
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Payment Behaviour : |
Slow |
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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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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, 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
SUNSAK INTERNATIONAL
LIMITED
ADDRESS: Unit 913, 9/F., Hung Hom Commercial
Centre, Block A, 37-39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2365
6311
FAX: 852-2365 6212
E-MAIL: hk@hvkonline.com
MANAGEMENT:
Managing Director:
Mr. Hirenkumar Bharatbhai Sonani
SUMMARY
Incorporated on: 17th November, 2015.
Organization: Private Limited Company.
Issued Share Capital: HK$100,000.00
Business Category: Diamond
Trader.
Employees: 5. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit 913, 9/F., Hung Hom Commercial Centre, Block A,
37-39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Leo Diam FZC, United Arab Emirates.
Associated Company:-
Sunsak HK Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
65469299
COMPANY FILE NUMBER
2308195
MANAGEMENT
Managing Director:
Mr. Hirenkumar Bharatbhai Sonani
ISSUED SHARE CAPITAL
HK$100,000.00
SHAREHOLDER
(As per registry dated 17-11-2017)
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Name |
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No. of shares |
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Leo Diam FZC P.O. Box 51758, Hamriyah Free Zone-Sharjah, United Arab
Emirates. |
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100,000 ====== |
DIRECTOR
(As per registry dated 17-11-2017)
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Name (Nationality) |
Address |
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Hirenkumar Bharatbhai SONANI |
Flat H, 3/F., Tower 6, Laguna Verde, 8 Laguna Verde
Avenue, Hunghom, Kowloon, Hong Kong. |
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Suken Ramesh MEHTA |
Flat H, 3/F., Tower 6, Laguna Verde, 8 Laguna Verde
Avenue, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 17-11-2017)
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Name |
Address |
Co. No. |
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C K Registrations Ltd. |
Workshop P, 17/F., Block 2, Kin Ho Ind’l Building,
14-24 Au Pui Wan Street, Fotan, Shatin, New Territories, Hong Kong. |
0803965 |
HISTORY
The subject was incorporated on 17th November, 2015 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: Diamond
Trader.
Lines: All kinds of diamonds and gem
stones.
Employees: 5. (Including associates)
Commodities
Imported: India,
Thailand, etc.
Markets: Hong
Kong, Japan, US, Middle East, Europe, etc.
Terms/Sales: CAD,
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, Prepayment, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$100,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is improving.
Facilities: Adequate for current running.
Payment: Slow .
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 100,000 ordinary shares of HK$1.00 each,
Sunsak International Limited is wholly-owned by Leo Diam FZC [Leo Diam] which
is registered in the United Arab Emirates.
The subject has had an associated company Sunsak HK Ltd.,
a Hong Kong-registered company located at the same address.
The subject is a diamond trader. Leo Diam is in Sharjah Airport International
Free Zone, the United Arab Emirates. The
owner is Mr. Sanjay Chandy who is also the managing partner of HK Shenzhen Jewellery
Manufacturing Co. Ltd., a jewellery manufacturing company in Shenzhen Special
Economic Zone, China.
The directors of the subject are Mr. Hirenkumar
Bharatbhai Sonani [H B Sonani] and Mr. Suken Ramesh Mehta [S K Mehta], both are
India merchants. They are Hong Kong ID
Card holders and have got the right to reside in Hong Kong.
Business commenced in November 2015, the subject is a
diamond trader. Its main products are
the followings:
Peridot, amethyst, aquamarine, citrine, emerald, garnet,
lapis-lazuli, tourmaline, turquoise, chrome diopside and single cut diamond,
14K, 18K, 10K gold and 925 silver jewellery, etc.
The subject is also significant for its loose diamonds
and natural coloured diamonds.
Some of the jewellery products are provided by the Shenzhen
jewellery manufacturing company.
The subject’s business is chiefly handled by H B Sonani
and S K Mehta. Business keeps on
improving. The history of the subject is
just over two years and three months.
On the whole, since the history of the subject is short,
consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.99 |
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1 |
INR 90.83 |
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Euro |
1 |
INR 80.58 |
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HKD |
1 |
INR 8.29 |
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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PRA |
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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.