MIRA INFORM REPORT

 

 

Report Date :           

16.12.2011

 

IDENTIFICATION DETAILS

 

Name :

PS  EXIM  (HK)  LTD.

 

 

Registered Office :

c/o Crisp Business Services (HK) Ltd., 9/F., Bel Trade Commercial Building, 3 Burrows Street, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

22.04.2009

 

 

Com. Reg. No.:

50629523

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Iron Ore and Iron and Steel Materials Trader

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

Limited with full security

 

Status :

No operating Office

Payment Behaviour :

Unknown

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Company name

 

PS  EXIM  (HK)  LTD.

 

 

Company ADDRESS

 

Registered Office:-

c/o Crisp Business Services (HK) Ltd.

9/F., Bel Trade Commercial Building, 3 Burrows Street, Wanchai, Hong Kong.

[Tel:      2574 5135

Fax:      3909 0568

E-mail:  asim@pseximhk.com]

 

Associated Companies:-

PEC Ltd., India.

Pisces Exim Ltd., India.

 

 

BUSINESS REGISTRATION NUMBER

 

50629523

 

 

COMPANY FILE NUMBER

 

1333704

 

 

DATE OF INCORPORATION

 

22nd April, 2009.

 

 

CAPITAL

 

Nominal Share Capital:   HK$6,000,000.00 (Divided into 6,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$6,000,000.00

 

 

SHAREHOLDER  

(As per registry dated 22-04-2011)

 

Name

 

No. of shares

Soumit Ranjan JENA

 

6,000,000

=======

 

 

DIRECTOR    

(As per registry dated 22-04-2011)

 

Name

(Nationality)

 

Address

Soumit Ranjan JENA

Building A-1, Rane Sadan, Natarwar Nagar, Road No. 5, Jogeshwari East Mumbai, Mumbai-400060, India.

 

 

SECRETARY 

(As per registry dated 22-04-2011)

 

Name

Address

Co. No.

Crisp Business Services (HK) Ltd.

9/F., Bel Trade Commercial Building, 3 Burrows Street, Wanchai, Hong Kong.

1147350

 

 

MORTGAGE OR CHARGE

 

(See attachment)

 

 

GENERAL

 

PS Exim (HK) Ltd. was incorporated on 22nd April, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at 9/F., Bel Trade Commercial Building, 3 Burrows Street, Wanchai, Hong Kong known as Crisp Business Services (HK) Ltd. which is handling its correspondences and documents.  Crisp Business Services (HK) Ltd. is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject has issued 6 million ordinary shares of HK$1.00 each of which are wholly owned by Mr. Soumit Ranjan Jena who is an Indian.  He is an India passport holder and does not have the right to reside in Hong Kong permanently.  Jena is also the only director of the subject.

To our knowledge, the subject is an iron ore and iron and steel materials trader.

The subject is an associated company of Pisces Exim Ltd. [Pisces Exim] which is also an iron ore trader.

Currently, the following firms are the main customers of Pisces Exim:-

Durga Ispat Ltd.

Global Hi-Tech Industries Ltd.

Goa Sponge Power & Steel Ltd.

Kutch Steel Pvt. Ltd.

Mysore Minerals Ltd.

Navkaar Ispat Ltd.

NSIl Exports Ltd.

Orissa Sponge Iron Ltd.

Sponge Iron India Ltd.

Welspun Power & Steel Ltd.

Jena currently is exporting iron ore and iron ore fines to the Middle East and China through his PEC Ltd. and have successfully exported 250,000 metric tons of iron ore.

Jena set up the subject in order to have proximity with the foreign buyer and is trying to export sugar, coal, pulses, etc. to the other countries.

Jena is considered to be a rather rich merchant in India.

The subject’s business in Hong Kong is not very active.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.

 

REMARKS:

 

Court Cases:      None per our.

 

Property information of the company:-

Property Location:              Flat H on 21/F. of Tower 10 of Carmel Cove and Carparking Space No. C245 at Basement 1 of Phase VI, Caribbean Coast,
1 Kin Tung Road, Tung Chung, Lantau Island, Hong Kong.

Owner:     PS Exim (HK) Ltd.

Date of Purchase:  n.a.

Purchased Price:  n.a.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

06-12-2010

-

Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.

Mortgage to secure general banking facilities

 

 

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

01-11-2010

Instrument:      Charge on Cash Deposit to secure Liabilities of the Depositor

Property:

1)   By way of first fixed charge and agreement to charge: the Deposit and all right, title and interest of the Company

2)   By way of set-off: any sum standing to the credit of any one or more of the accounts of the Company with the Bank

Mortgagee:      DBS Bank (Hong Kong) Ltd., Hong Kong.

All sums of money and liabilities

06-12-2010

Instrument:      Mortgage

Property:

94/428,830th parts or shares of and in Tung Chung Town Lot No. 5 [Flat H on 21/F. of Tower 10 of Phase III (now known as Carmel Cove) and Carparking Space No. C245 at Basement 1 of Phase VI of Caribbean Coast, 1 Kin Tung Road, Tung Chung, Lantau Island, Hong Kong.]

Mortgagee:      Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.

To secure all moneys in respect of banking facilities

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.46.13

UK Pound

1

Rs.75.52

Euro

1

Rs.66.53

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.