MIRA
INFORM REPORT
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Report Date : |
25.10.2011 |
IDENTIFICATION DETAILS
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Name : |
BEST
OASIS LTD. |
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Registered Office : |
C/o Prima Group Ltd. Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road,
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.04.2010 |
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Com. Reg. No.: |
52222004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Ship recycling, scrap metals,
etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 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 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name and address
BEST OASIS LTD.
ADDRESS: c/o Prima Group Ltd.
Suite 605, 6/F., China Insurance Group
Building, 141 Des Voeux Road, Central, Hong Kong.
PHONE: 2376 3611
FAX: 2736 5115
MANAGEMENT
Managing Director: Mr. Trupti
Sanjay Mehta
SUMMARY
Incorporated on: 16th
April, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$16,403,915.00
Issued: HK$16,403,915.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
c/o Prima Group Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road,
Central, Hong Kong.
Holding Company:-
Priya Blue Industries Private Ltd., India.
Associated Companies:-
Priya Holdings Pvt. Ltd., India.
Priyablue Shipping Pvt. Ltd., India.
Priyablue Infrastructure Pvt. Ltd., India.
Priyablue Textile Pvt. Ltd., India.
Priyablue Import/Export Pvt. Ltd., India.
BUSINESS REGISTRATION NUMBER
52222004
COMPANY FILE NUMBER
1444361
MANAGEMENT
Managing Director: Mr. Trupti
Sanjay Mehta
CAPITAL
Nominal Share Capital: HK$16,403,915.00 (Divided into 803,915 Ordinary
shares and 15,600,000 Preference shares of HK$1.00 each)
Issued Share Capital: HK$16,403,915.00
SHAREHOLDERS
(As per registry dated 16-04-2011)
|
Name |
|
No. of shares |
|
|
|
|
Ordinary |
Preference |
|
Priya Blue Industries Private Ltd. “Aashirvad”, Plot No. 1563-A OPP. Panna Tower, Rupani Sardarnagar
Road, Bhavnagar-364002, India. |
|
803,915 |
- |
|
Rishikumar Bhansali |
|
- |
15,600,000 |
|
|
|
––––––– |
––––––––– |
|
|
Total: |
803,915 ====== |
15,600,000 ======== |
DIRECTORS
(As per registry dated 16-04-2011)
|
Name (Nationality) |
Address |
|
Trupti Sanjay MEHTA |
Flat No. 801/802, 8/F., Leela Baug, Plot No. 248, Telang X Road, B/H
Poddar College, Matunga (E), Mumbai - 19, India. |
|
Sanjay Prataprai MEHTA |
Flat No. 801/802, 8/F., Leela Baug, Plot No. 248, Telang X Road, B/H
Poddar College, Matunga (E), Mumbai - 19, India. |
SECRETARY
(As per registry dated 16-04-2011)
|
Name |
Address |
Co. No. |
|
Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central, Central, Hong Kong. |
0569406 |
HISTORY
The subject was incorporated on 16th April, 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: Ship
recycling, scrap metals, etc.
Employees: Nil.
Commodities Imported: Worldwide countries, etc.
Markets: India
(main), other Asian countries, Europe, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$16,403,915.00
(Divided into 803,915 Ordinary shares and 15,600,000 Preference shares of
HK$1.00 each)
Issued Share Capital: HK$16,403,915.00
Indebtedness: US$1,500,000.00 (Total amount
outstanding on all mortgages and charges as per last Annual Return dated
16-04-2011)
Mortgage or Charge: (See
attachment)
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:
Bank of
India, Hong Kong Branch.
Standing:
Small.
GENERAL
Best Oasis Ltd. is a wholly-owned subsidiary of Priya Blue Industries
Private Ltd. [Priya Blue] which is an India-based firm. The subject is a member of the Priya Group of
companies.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at ‘Suite 605, 6/F., China Insurance Group Building, 141
Des Voeux Road Central, Central, Hong Kong’ known as ‘Prima Group Ltd.’ which
is handling its correspondences and documents.
An associated company of Prima Group Ltd. Prima Secretaries Ltd. is the
corporate secretary of the subject.
Prima Secretaries is also located at the above-mentioned address.
The subject has no employees in Hong Kong.
However, the head office of the subject is in India [hereinafter is referred
to BOL].
BOL is a newly formed company and a part of Priya Blue Group. It has been formed to serve its customers in
the ship recycling industry.
BOL is engaged in multiple jobs which acts as a purchaser, seller and
financer. Also, through these operations
BOL keeps an eye on the market and analyse the risk factors.
Hence the risk factors of re-negotiations is cushioned by BOL leaving
the ship owners with their committed price and experience no hassle at all
through the whole deal, at the same time the buyer enjoys the liberty of
purchasing a vessel and getting it delivered to their yard.
In the past years, BOL has negotiated to purchase more then 150 vessels
in the duration of just over 4 years.
Priya Blue is one of the established and leading recycling units in
Alang/Sosiya (Gujarat, India). It is
also a member of the Priya Group of Industries.
Priya Blue has recycled 43 ships out of which 7 are ULCC’s and 5 were
VLCC’s ships. It has successfully
recycled one of the largest passenger vessel Ex SS France Ex SS Norway ‘BLUE
LADY’ that was monitored by the Honourable Supreme Court appointed committees
to ensure all statutory procedures with respect to safety, health and the
environment are fulfilled. It also
has recycled the world’s largest vessel ever built ‘ST MONT’ Ex Jhare Viking Ex
Knock Nevis in a record breaking time of 9 Months. Currently, Priya Blue is recycling two
vessels named ‘Jia Fu Star’ and ‘Eternal Sea’ with light weight (LT) of
23,065.01 and 24,023.39 respectively.
Now, Priya Blue is in Gujarat, India.
It also has had a ship breaking yard which is also in Gujarat, India.
It is likely that the BOL deals with foreign parties and let foreign
firms correspond with its registered address in Hong Kong.
The subject’s total amount outstanding registered with the Companies
Registry as at mid-April, 2010 amounted to US$1.5 million.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over a year and
six 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.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
20-01-2011 |
Instrument: Letter of Set-off & Appropriation Property: The following fixed deposit of A/C No. 037518 placed with Bank of
India, Hong Kong Branch and all moneys directly or indirectly deriving
therefrom and any other sum of sums which are from time to time deposited by
the company with the Bank is as under:- Deal No. Date Amount Due Date 168533 07-02-2011 US$1,500,000 07-02-2012 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
|
20-05-2011 |
Instrument: Letter of Set-off & Appropriation Property: The following fixed deposit of A/C No. 037518 placed with Bank of
India, Hong Kong Branch and all moneys directly or indirectly deriving
therefrom and any other sum of sums which are from time to time deposited by
the company with the Bank is as under:- Deal No. Date Amount Due Date 170434 20-05-2011 USD1,500,000 21-05-2012 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.87 |
|
|
1 |
Rs.79.73 |
|
Euro |
1 |
Rs.69.53 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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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 |
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-- |
NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.