MIRA INFORM REPORT

 

 

Report Date :           

11.07.2011

 

IDENTIFICATION DETAILS

 

Name :

ELEMENT  RESOURCES  LTD

 

 

Registered Office :

Room 2807, 28/F., South Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

18.10.2010

 

 

Com. Reg. No.:

53122574

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Base metals, ferroalloys, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate          

 

 

Payment Behaviour :

No Complaints

 

 

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 – March 31st, 2011

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

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

 

ELEMENT  RESOURCES  LTD.

 

 

Company ADDRESS

 

Room 2807, 28/F., South Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            2620 6530

FAX:                 3542 5655

E-MAIL:            element@elementcommodities.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Gregor Theiser

 

 

SUMMARY

 

Incorporated on:             18th October, 2010.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$1,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   8.  (Including associates)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Room 2807, 28/F., South Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.

 

Holding Company:-

Element Commodities Ltd., Hong Kong.  (Same address)

 

Associated Companies:-

Element Commodities Asia Ltd., Hong Kong.  (Same address)

Element Funds Ltd., Overseas.

Element Group Ltd., Hong Kong.  (Same address)

 

 

BUSINESS REGISTRATION NUMBER

 

53122574

 

 

COMPANY FILE NUMBER

 

1516262

 

 

MANAGEMENT

 

Managing Director:  Mr. Gregor Theiser

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,000.00

 

 

SHAREHOLDERS

(As per registry dated 18-10-2010)

 

Name

 

No. of shares

Element Commodities Ltd., Hong Kong.

 

670

HOON Woei Sheng

 

330

 

 

–––––

 

Total:

1,000

====

 

 

DIRECTORS

(As per registry dated 20-06-2011)

 

Name

(Nationality)

 

Address

Gregor THEISER

House 22, 56 Repulse Bay Road, Hong Kong.

 

HOON Woei Sheng

62 Truro Road, Singapore 217606.

 

 

SECRETARY 

(As per registry dated 18-10-2010)

 

Name

Address

Co. No.

Pinnacle Consultant Co. Ltd.

Room 1109, 11/F., Dominion Centre, 43-59 Queen’s Road East, Wanchai, Hong Kong.

0662165

 

 

HISTORY

 

The subject was incorporated on 18th October, 2010 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:                           Base metals, ferroalloys, etc.

 

Employees:                   8.  (Including associates)

 

Commodities Imported:   China, Europe, South America, etc.

 

Markets:                       China, Hong Kong, other Asian countries, Europe, North & South America, etc.

 

Annual Turnover:            Too early to obtain figure.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               L/C.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,000.00

 

Profit or Loss:                Too early to offer an opinion.

 

Condition:                      Business is under development.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Having issued 1,000 ordinary shares of HK$1.00 each, Element Resources Ltd. is jointly owned by Element Commodities Ltd. [ECL], holding 67% interest, and Mr. Hoon Woei Sheng, holding 33%.  The former is a Hong Kong-registered firm located at the same operating office of the subject while the latter is a Singapore merchant.

The subject is a metal and ferroalloy trader.  It has had an associated company known as Element Funds Ltd. [EFL] which is not a Hong Kong company.  EFL is a commodities-focused investment management company created and owned by Element Group Ltd. [EGL], a commodities trading and investment firm.  EGL is also located at the operating address of the subject.  EFL currently is seeking to manage equity investments in exploration, mining and beneficiation projects.

Element Africa Resources Fund I, managed by EFL, is a closed-end natural resource private equity fund based in Mauritius and solely focused on junior exploration, mining and beneficiation projects in Africa.

The sponsor, EGL, is an independent commodities trading and investment boutique founded in 2009 by a team who led Noble Group’s minerals & ferroalloys division.  The investors and financial backers into/of the EGL of companies include Wengfu Group Ltd. [Wengfu], a leading Chinese state‑owned enterprise in the mining and minerals space, and Huludao Xingye Ltd., a leading Chinese molybdenum mining, roasting and smelting conglomerate.

EGL is headquartered in Hong Kong with regional and affiliated offices in Cape Town, Guiyang, Ho Chi Minh City, Kolkata, Libreville, Ouagadougou, Seoul, Singapore, Vienna and Zug.  Since its creation in 2009, EGL has secured several strategic investments totalling US$7 million and signed marketing agreements with raw material producers in Africa and Asia, distributing gold, manganese, coal, chrome and other commodities globally.

Wengfu is part of the Guizhou Wengfu Group, a Chinese state enterprise and a leading player in the phosphate rock and fertilizer business.  Located in Guizhou Province, Wengfu is China’s largest exporter ammonia phosphate fertilizers and phosphate chemicals and largest importer of sulphur, sulphuric acid and anhydrous ammonia.

The subject’s primary focus is on raw materials for steel such as manganese ore, steel scrap and ferroalloys.

Mr. Gregor Theiser is the CEO of EGL and managing director of the subject.  Theiser has extensive experience in the commodity industry including base metals, ferroalloys and ores.  He has held senior positions with key players in the commodities industry, amongst others with Glencore in Beijing and Noble Group in Hong Kong where he was the department head for minerals and ferroalloys.  Theiser has completed numerous natural resource related transactions including acquisition, re-capitalisation and divestiture.  He holds a Masters degree in Business Administration and Sinology from Vienna University of Economics.

The subject is supported by the Element Group.

The history of the subject in Hong Kong is just over eight months.

On the whole, as the history of the subject in Hong Kong is short, consider it good for normal business engagements on secured basis.

 

 

COURT CASES:            None per our.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.33

UK Pound

1

Rs.70.74

Euro

1

Rs.63.65

 

 

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%)

 

 

 

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