MIRA INFORM REPORT

 

 

Report Date :

30.08.2012

 

IDENTIFICATION DETAILS

 

Name :

FAR  EAST  SHIP  MANAGEMENT  LTD

 

 

Registered Office :

Room 1401-1402, 14/F., Singga Commercial Centre, Connaught Road West

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

22.09.2008

 

 

Com. Reg. No.:

39819420

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Subject is engaged in shipowning and vessels chartering

 

 

No. of Employees :

10.  (Including associate)

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

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

Satisfactory

 

Status :

Satisfactory

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, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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

 

FAR  EAST  SHIP  MANAGEMENT  LTD.

 

 

Company ADDRESS    

 

Room 1401-1402, 14/F., Singga Commercial Centre, Connaught Road West, Hong Kong.

PHONE:            25385 5397,  2385 5397

FAX:                 2527 4993

E-MAIL:            seppa@huadaohk.com

 

 

MANAGEMENT

 

General Manager:          Mr. Saleem Ahmed Shahzada

 

 

SUMMARY

 

Incorporated on:            22nd September, 2008.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$1,960,000.00

Issued:             HK$1,960,000.00

 

Business Category:       Ship Manager.

 

Employees:                  10.  (Including associate)

 

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

 

Banking Relation:          Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Room 1401-1402, 14/F., Singga Commercial Centre, Connaught Road West, Hong Kong.

 

Parent Company:-

Gelinas Corporation, British Virgin Islands.

 

Associated Company:-

Hua Dao Shipping (Far East) Ltd., Hong Kong.  (Same address)

 

 

BUSINESS REGISTRATION NUMBER

 

39819420

 

 

COMPANY FILE NUMBER

 

1274608

 

 

MANAGEMENT

 

General Manager:  Mr. Saleem Ahmed Shahzada

 

 

CAPITAL

 

Nominal Share Capital: HK$1,960,000.00 (Divided into 1,960,000 shares of HK$1.00 each)

Issued Share Capital:     HK$1,960,000.00

 

 

SHAREHOLDER

(As per registry dated 22-09-2011)

 

            Name

 

No. of shares

Gelinas Corporation

 

1,960,000

=======

 

DIRECTOR    

(As per registry dated 22-09-2011)

 

         Name

   (Nationality)

 

Address

Gelinas Corporation

Vanter Pool Plaza, Wickhams Cay I, P.O. Box 873, Road Town, Tortola, British Virgin Islands

 

 

SECRETARY

(As per registry dated 22-09-2011)

 

            Name

Address

Co. No.

Vision Secretarial Services Ltd.

20/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong.

0656067

 

 

HISTORY

 

The subject was incorporated on 22nd September, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Formerly the subject was located at Room 2503, 25/F., Singga Commercial Centre, 148 Connaught Road West, Hong Kong, moved to Room 1401-1402, 14/F., of the same building in September 2010.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Ship Manager.

 

Lines:                           Technical ship management, crew ship management, chartering & operations

management, new building projects management, procurement & purchase management, lay-up & dry-docking services, dry-bulk & project cargo management, etc.

 

Employees:                  10.  (Including associate)

 

Terms/Services:            As per contracted.

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$1,960,000.00 (Divided into 1,960,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1,960,000.00

 

Profit & Loss:               Making a small profit in past two years.

 

Condition:                     Business is normal.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met as required.

 

Commercial Morality:     Satisfactory.

 

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

 

Standing:                      Small.

 

 

GENERAL

 

Far East Ship Management Ltd. [FESML] was incorporated on 22nd September, 2008.  Its parent company Gelinas Corporation is a BVI‑registered firm.  Gelinas Corporation is also the only director of the subject.

The subject’s old parent BM Shipping Group S.p.a. was registered in Italy.

FESML is engaged in shipowning and vessels chartering.  Its business territories cover the Asia Pacific region, the Middle East, US Gulf, African and Indian subcontinent.

FESML offers various complete packages of solutions to the shipping industry.  It is engaged in the following business scope:-

 

Technical Ship Management

(To operates all types of cargo, MPV and tanker vessels);

Crew Ship Management

(To maintain industry standard for recruitment and training of sea staff);

Chartering & Operations Management

(To ensure vessels a smooth handling of different types of cargo.  Its chartered vessels operate on a regular basis carrying dry cargo such as general and project, timber products, steel pipes, fertilizer, minerals, cement clinker, coke, steel, agricultural products, marble and granite blocks, iron ore, etc., either in bulk or package form);

New Building Projects Management

(To provide full new building supervision services right from conception at design stage to delivery of the vessel.  Its services include project viability study, plan approval and design modifications as required for compliance with new regulations and owner operational requirements);

Procurement & Purchase Management

(Its solid relationships with first-class suppliers, workshops and marine service providers ensure that its principals consistently receive reliable and high-quality services at the lowest possible price);

Lay-up & Dry-Docking Services

(To encompass all activities in the planning and preparation of vessels for lay-up, enabling the owner to maintain their vessel in pristine condition ready for the up-turn in the market); &

Dry-bulk & Project Cargo Management

(To manage BM Shipping’s fleet of multipurpose vessels are capable of carrying a wide range of general/unitised cargoes, break-bulk parcels, vegetable oils, bulk parcels as well as containerised cargoes).

 

FESML links its services to its affiliate, Hua Dao Shipping (Far East) Ltd. [Hua Dao] for commercial operations with offices in Shanghai, Chongqing, Dubai, Hong Kong, Houston, Mumbai and associates in Europe and Asia.  Hua Dao shares the same operating office with FESML.

FESML’s business is satisfactory.  History in Hong Kong is just about four years.

The contact person of FESML is Mr. Saleem Ahmed Shahzada.

On the whole, consider it good for normal business engagements in small credit amounts.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.67

UK Pound

1

Rs.88.05

Euro

1

Rs.69.96

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.