MIRA INFORM REPORT

 

 

Report Date :

05.10.2011

 

IDENTIFICATION DETAILS

 

Name :

KOL  RESOURCES  HK  LTD.

 

 

Registered Office :

C/o Buttar.HK Ltd.

1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

03.06.2011

 

 

Com. Reg. No.:

58463442

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Coal and iron ore.

 

RATING & COMMENTS

 

MIRA’s Rating :

NB

 

RATING

STATUS

PROPOSED CREDIT LINE

--

NB

                                       New Business

 

--

 

Status :

New Company

 

 

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 – 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

 

Company name and address

 

KOL  RESOURCES  HK  LTD.

 

 

ADDRESS:                   C/o Buttar.HK Ltd.

1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.

 

PHONE:                        2312 0148

 

FAX:                             2375 6513

 

 

MANAGEMENT

 

Managing Director:  Mr. Ishoo Narang

 

 

SUMMARY

 

Incorporated on:             3rd June, 2011.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   Nil.

 

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

 

Banking Relation:           Too early to comment.

ADDRESS

 

Registered Head Office:-

c/o Buttar.HK Ltd.

1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong.

 

Holding Company:-

Kyori Oremin Ltd., India.

 

Affiliated Company:-

PT. KOL Resources Indonesia, Indonesia.

 

 

BUSINESS REGISTRATION NUMBER

 

58463442

 

 

COMPANY FILE NUMBER 

 

1611442

 

 

MANAGEMENT

 

Managing Director:  Mr. Ishoo Narang

 

 

CAPITAL

 

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

 

Issued Share Capital: HK$10,000.00

 

 

SHAREHOLDERS

(As per registry dated 03-06-2011)

 

Name

 

No. of shares

Ishoo Narang

 

1,000

Kyori Oremin Ltd.

4/F., Myhome Jupally Ameerpet Hyderabad, Hyderabad-500003, Andhra Pradesh, India.

 

9,000

 

 

–––––

 

Total:

10,000

=====

 

 

DIRECTORS

(As per registry dated 03-06-2011)

 

Name

(Nationality)

 

Address

Ishoo Narang

Flat No. 411, Vayu Block My Home, Nawadweepa Hitech City Madapur, Hyderabad-AP, India.

 

Kyori Oremin Ltd.

4/F., Myhome Jupally Ameerpet Hyderabad, Hyderabad‑500003, Andhra Pradesh, India.

 

 

SECRETARY 

(As per registry dated 03-06-2011)

 

Name

Address

Co. No.

Buttar.HK Ltd.

1/F., Mau Lam Commercial Building, 16‑18 Mau Lam Street, Jordan, Kowloon, Hong Kong.

0975326

 

 

HISTORY

 

The subject was incorporated on 3rd June, 2011 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:                           Coal and iron ore.

 

Employees:                   Nil.

 

Commodities Imported:   India, Indonesia, etc.

 

Markets:                       China, other Asian countries, etc.

 

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

 

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

 

FINANCIAL INFORMATION

 

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

 

Issued Share Capital:     HK$10,000.00

 

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:     Too early to comment

 

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

 

Standing:                      Small.

 

 

GENERAL

 

Kol Resources HK Ltd. is a subsidiary of Kyori Oremin Ltd. [KOL] which is an India-based firm.

The director of the subject Ishoo Narang is an Indian.  He is an India passport holder and does not have the right to reside in Hong Kong permanently.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at ‘1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street, Jordan, Kowloon, Hong Kong’ known as ‘Buttar.HK Ltd.’ which is handling its correspondences and documents.  Buttar.HK Ltd. is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

The holding company of the subject KOL is a Colossus formed by convergence of professionals whose interests span Mining, Logistics Management, Transportation, Infrastructure Development, Plantation, etc for over a decade.  With prior experience of steering Jumbo Mining Ltd., KOL has become a leader in the Non-Coking Coal segment with parallel interests in minerals like Iron Ore, Bauxite, etc.

With expertise in logistics management for over a decade, KOL is an ”Energy Resources Management” company that ensures continuous management of services.

KOL is a one stop energy solution provider to the Power, Cement and Steel sectors that trigger infrastructure and economy of any nation.  Strategic location, good relationship with coal producing countries, core expertise and a seamless logistics network enable KOL to deliver at the lowest cost.

KOL’s core products are Coal and Iron Ore.  Coal is procured from Indonesia for the domestic market.  On the other hand, Iron Ore is procured from Anantapur, Andhra Pradesh and Hospet sector in Karnataka, India and exported to China.

KOL has had an overseas office in Indonesia known as PT. KOL Resources Indonesia.

The Managing Director of KOL, Mr. Ishoo Narang who is also the director of the subject is a qualified computer engineer.  He managed Jumbo Mining Ltd., a company mining ceramic raw material and steered it from a modest beginning in 1998, to a market leader in just half a decade.  In year 2007, Jumbo Mining was sold to a French multinational, Imerys Pigments Pte. Ltd. which is a EUR4 billion company.

It is likely that KOL deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.  KOL also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not active.  History is just over three months.

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

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.22

UK Pound

1

Rs.76.07

Euro

1

Rs.65.06

 

 

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.