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Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
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Name : |
SYNERGY RESOURCES HK LTD. |
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Registered Office : |
C/o Asia Business Service Ltd. Unit 1010, 10/F., |
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Country : |
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Date of Incorporation : |
03.10.2007 |
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Com. Reg. No.: |
38537647 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Iron ore, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office In Hong Kong |
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Payment Behaviour : |
Unknown |
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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
|
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 |
SYNERGY RESOURCES
HK LTD.
Address:
c/o Asia Business Service Ltd.
Unit 1010, 10/F., Miramar Tower,
132 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong.
(Formerly located at:
c/o Asia Business Service Ltd.
Room 813, 8/F., Hollywood Plaza,
610 Nathan Road, Kowloon, Hong Kong.)
PHONE: 8102 2592
FAX: 8102 2593
Managing Director: Mr. Sachin
Sehgal
Incorporated on: 3rd
October, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer and Exporter.
Employees:
Nil.
Main Dealing Banker: Standard Bank Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Asia Business Service Ltd.
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated Companies:-
OreTeam Exim Pvt. Ltd., India.
OreTeam India Pvt. Ltd., India.
Synergy (Shanghai) Trading Co. Ltd.
Suite 1508, The North Block 1, Changfeng Commercial Building,
106 Zhongjiang Road, Shanghai-200062, China.
[Tel: 86-21-3255 2250
Fax: 86-21-3255 2251
E-mail: asuna@srl.hk]
38537647
1171995
Managing Director: Mr. Sachin
Sehgal
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 03-10-2011)
|
Name |
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No. of shares |
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Sachin SEHGAL |
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5,000 |
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Amit Kumar JEJANI |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 03-10-2011)
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Name (Nationality) |
Address |
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Sachin SEHGAL |
Room 1007, 10/F., Central Plaza, 381 Huai Hai Zhong Lu, Shanghai,
China. |
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Amit Kumar JEJANI |
Room 1007, 10/F., Central Plaza, 381 Huai Hai Zhong Lu, Shanghai,
China. |
(As per registry dated 03-10-2011)
|
Name |
Address |
Co. No. |
|
Asia Business Service Ltd. |
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong. |
0871994 |
The subject was incorporated on 3rd October, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 813, 8/F., Hollywood Plaza,
610 Nathan Road, Hong Kong where was the operating office of Asia Business
Service Ltd. Its registered has moved to
the present address in late 2011 where is also an office of Asia Business
Service Ltd.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Iron
ore, etc.
Employees: Nil.
Commodities Imported: India,
Brazil, Australia, etc.
Markets: China,
etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Keeping
a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Standard Bank Asia Ltd., Hong Kong.
United Overseas Bank Ltd., Hong Kong Branch.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Synergy Resources
HK Ltd. is equally owned by Mr. Sachin Sehgal and Mr. Amit Kumar Jajani, both
of whom are Indian. They are India
passport holders and do not have the right to reside in Hong Kong
permanently. They are also the directors
of the subject. Currently, the two
directors are in Shanghai, China.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Unit 1010, 10/F., Miramar Tower, 132 Nathan Road,
Tsimshatsui, Kowloon, Hong Kong known as Asia Business Service Ltd. which is
handling its correspondences and documents.
This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject in fact is a member of the OreTeam Group which is an
India-based companies. The Group has had
the following three firms in India and China:
·
OreTeam Exim Pvt. Ltd., India;
·
OreTeam India Pvt. Ltd., India; &
·
Synergy (Shanghai) Trading Co. Ltd. [Synergy
Shanghai], China.
The subject is trading in iron ore, ferrous powder, etc. Commodities are chiefly imported from India,
Brazil, Australia, etc. The subject’s
associated company Synergy Shanghai currently is administered by the subject’s
directors.
Synergy Shanghai is a premier trading house based in Shanghai, China
having expertise in iron ore supply chain management and is in the process of
building similar capabilities in Fertilizers and Gypsum for supply to Indian
sub-continent. This company achieved US$
150 mllion in revenue in 2011 and is poised on an aggressive growth track to
reach US$ 250 million revenue target in 2012.
OreTeam is a renowned Information and Research company in India providing
in-depth coverage on Indian Iron ore and Steel Industry. Its clients include the world’s mining majors
incl BHP, Rio, Anglo American, VALE, POSCO and Vedanta Group.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four years and
nine 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.
|
Date |
Particulars |
Amount |
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23-04-2009 |
Instrument: Trade Finance Security Deed (the Deed) Property: All assets from time to time charged or assigned (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 Contracts;
(iv) the Invoice Receivables; (v) the Trade Documents; (vi) the Insurances;
and (vii) all claims, remedies and proceeds in connection with any of the
foregoing; (b) charges and agrees to charge to the Bank of the Borrower to
the following assets: (i) the Goods together with their proceeds; and (ii)
the Charged Account and all monies at any time standing to the credit of the
Charged Account, including all interest from time to time accured or accruing
on such monies; and (c) pledges and agrees to pledge to the Bank the Pledged
Goods and the Trade Documents which are every Borrower’s account maintained
in the name of the Borrower with the Bank at the date of the Deed or may in
the future be in the Bank’s possession. Mortgagee: Standard Bank Plc. |
All obligations and liabilities of whatever nature of the Borrower to
the Bank |
|
17-11-2010 |
Instrument: Addendum to Charge Over Account and
Set‑Off Property: The addendum, as an integral part of the Charge Undertaking (Charge
Over Account and Set-Off dated 17th November, 2010), varies the Charge
Undertaking in terms of the deposits in the Account (all deposits, renewals
and interest thereon and monies which are deposited with the Bank) being
differentiated and identified Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
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17-11-2010 |
Instrument: General Memorandum of Pledge of Goods Property: All the Company’s rights, title and interest in and to the goods bills
of lading warrants delivery orders and all documents of title and securities
whatsoever delivered to or deposited with the Bank Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
|
17-11-2010 |
Instrument: Assignment of Letters of Credit Property: All the Company’s rights, title, interest and benefit in and to all
and any moneys now or at any time due or owing to the Company under or in
connection with each of the letters of credit issued in the Company’s favour
and deposited with the Bank Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
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17-11-2010 |
Instrument: Charge Over Account and Set-Off Property: All the Company’s rights, title and interest in and to all deposits,
renewals and interest thereon which are deposited with the Bank Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
|
09-11-2011 |
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 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 proceed; (b) charges and agrees to charge to the Bank 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;
and (c) pledges and agrees to pledge to the Bank the Pledged Goods and the
Trade Documents Mortgagee: United Overseas Bank Limited. |
All obligations and liabilities of whatever nature of the Borrower
owed to the Bank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
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|
1 |
Rs.86.28 |
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Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.