MIRA INFORM
REPORT
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Report Date : |
23.04.2012 |
IDENTIFICATION DETAILS
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Name : |
ASK
RE LTD. |
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Registered Office : |
Room 502, 5/F., Tower 1, South Seas Centre, 75 Mody Road,
Tsimshatsui, |
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Country : |
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Date of Incorporation : |
30.06.2006 |
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Com. Reg. No.: |
36912176 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Agri-business, industrial minerals, steel raw materials, power plant equipment, etc. |
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No. of Employees
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06 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
ASK RE LTD.
Room 502, 5/F., Tower 1, South Seas Centre, 75 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2368 7799
FAX: 2368 7899
E-MAIL: askre.trade@askreltd.com
Managing Director: Mr. Surekha Attaluri
Incorporated on: 30th June, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$8,000,000.00
Issued: HK$8,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 502, 5/F., Tower 1, South Seas Centre, 75 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Xlat Ltd., British Virgin Islands.
36912176
1056098
Managing Director: Mr. Surekha Attaluri
Nominal Share Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$8,000,000.00
(As per registry
dated 30-06-2011)
|
Name |
|
No. of shares |
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Xlat Ltd. P.O. Box 957, Offshore, Road Town, Tortola, British Virgin Islands. |
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8,000,000 ======== |
(As per registry
dated 30-06-2011)
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Name (Nationality) |
Address |
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Surekha ATTALURI |
Flat D, 3/F., Tower 2, Harbour Green, 8 Sham Mong Road, Tai Kok Tsui, Kowloon, Hong Kong. |
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Venkateswara Prasad ATTALURI |
Flat D, 3/F., Tower 2, Harbour Green, 8 Sham Mong Road, Tai Kok Tsui, Kowloon, Hong Kong. |
(As per registry
dated 30-06-2011)
|
Name |
Address |
Co.
No. |
|
Granhill Ltd. |
5/F., Dah Sing Life Building, 99-105 Des Voeux Road Central, Hong Kong. |
0503199 |
The subject was incorporated on 30th June, 2006 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.
Activities: Importer, Exporter and Wholesaler.
Lines: Agri-business, industrial minerals, steel raw materials, power plant equipment, etc.
Employees: 6.
Commodities Imported: India, other Asian countries, etc.
Markets: Worldwide.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, etc.
Nominal Share Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$8,000,000.00
Indebtedness: HK$12,926,395.42 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 30-06-2011)
Mortgage or Charge
(since October 2011): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· Indian Overseas Bank, Hong Kong Branch.
·
Bank of
Baroda, Hong Kong Branch.
·
Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
·
RB
International Finance (Hong Kong) Ltd., Hong Kong.
·
Canara
Bank, Hong Kong Branch.
·
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
·
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Ask Re Ltd. is a wholly-owned subsidiary of Xlat Ltd. which is a BVI-registered firm.
Incorporated in June 2006, the subject is engaged in the following business scope: agri-business, industrial minerals, steel raw materials, power plant equipment, etc. The subject is specialized in sourcing various resources directly from mine owners or producers. Presently it is dealing in the following agricultural products: cotton, DDGA, fish meal, glycerine, groundnut oil, palm oil (olein/stearin), rape seed meal, rice, shortening, soya bean meal, tapioca chips, etc.
The
subject is engaged in minerals exporting and is mainly focused on shipping iron
ore, chrome ore, manganese ore, nickel ore and molybdenum ore which are used in
steel production. It also trades in Bauxite,
Barytes and Bentonite.
The subject also supplies various critical steel making raw materials by consistently meeting the requirements of discerning steel mills in Korea, China, India, Europe and South America.
The subject is leveraging its association with reputed manufacturers of Power Plant equipment in China and providing consultancy services for technology transfer, equipment supply and logistics. It is also involved in designing, and production and shipment of equipment for each project as per customer requirements and ensure performance guarantee by the Chinese manufacturers after setting up and the running of the units. The subject also offers clients with services such as shipping, logistics, warehousing and financing.
The director of the subject Mr. Venkateswara Prasad Attaluri is an Indian who is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He was graduated from Acharya N G Ranga Agricultural University, Tirupati, India, in 1987.
The subject’s business is rather active. History in Hong Kong is over five years and nine months.
On the
whole, consider it good for normal business
engagements.
(October 2011)
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Date |
Particulars |
Amount |
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27-09-2011 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of
Receipt: 2011 FD 209 1 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities, sole or joint, actual or contingent, quantified or not, now or hereafter owing or incurred to the Bank by the Company |
|
03-10-2011 |
Instrument: Memorandum Property: Distinctive 91210300004914 31-03-2011 US$252,000.00 02-04-2012 Mortgagee: Bank of Baroda,
Hong Kong Branch. |
Loan or
credit or other facilities |
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17-10-2011 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of all Secured Liabilities:- a) assigns and agrees to assign absolutely to the Bank all the present and future rights, title, interests and benefits of the Borrower in and to the following assets: (i) the Export Credits; (ii) the Export Collection Bills; (iii) the Sales Contracts; (iv) the Export Invoice Receivables; (v) the Insurances; (vi) the Trade Documents; and (vii) all claims, remedies and proceeds in connection with any of the foregoing; b) charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interests and benefits of the Borrower in and to the following assets: (i) the Goods together with their proceeds; (ii) the Pledged Goods; (iii) the Deposit; and (iv) to the extent any Security Assets is not effectively assigned under sub-clause (a), such Security Asset; and c) pledges and agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are now or may in the future be in the possession of the Bank Mortgagee: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
All obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.99 |
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UK Pound |
1 |
Rs.83.54 |
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Euro |
1 |
Rs.63.40 |
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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<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.