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Report Date : |
30.06.2012 |
IDENTIFICATION DETAILS
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Name : |
APPLE
COMMODITIES LTD. |
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Registered Office : |
c/o Business
Services (HK), Unit 1113A & 1115, 11/F., |
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Country : |
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Date of Incorporation : |
27.03.2009 |
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Com. Reg. No.: |
50498061 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Steel, coal, construction materials, etc. |
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No. of Employees : |
Not Available |
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 – March 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
APPLE COMMODITIES LTD.
c/o Business Services (HK)
Unit 1113A & 1115, 11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road Central, Wanchai, Hong Kong.
PHONE: 2850 5799
FAX: 2821 2301
E-MAIL: hkg@applegroup.co.in
Managing Director: Mr. Ashish Narendra Garg
Incorporated on: 27th March, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$193,750,000.00
Issued: HK$193,750,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Business Services (HK)
Unit 1113A & 1115, 11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road Central, Wanchai, Hong Kong.
Holding Company:-
Apple Commodities Pvt. Ltd., India.
Subsidiary &
Associated Companies:-
Apple Group of Companies
Apple Alloys Pvt. Ltd., India.
Apple Buildtech Ltd., India.
Apple Carbon Pvt. Ltd., India.
Apple Industries Ltd., India.
Apple Insurance Brokers Pvt. Ltd., India.
Apple Minerals Pvt. Ltd., India.
Apple Nature Resources Pvt. Ltd., India.
Apple Power Ltd., India.
Apple Rolling Mills Pvt. Ltd., India.
Apple Sponge & Power Ltd., India.
P.T. Apple Coal, Indonesia.
Pacific Mining Products Pvt. Ltd., India.
Promart Retail India Pvt. Ltd., India.
Zync Global Pvt. Ltd., India.
etc.
50498061
1328343
Managing Director: Mr. Ashish Narendra Garg
Nominal Share Capital: HK$193,750,000.00 (Divided into 193,750,000 shares of HK$1.00 each)
Issued Share Capital: HK$193,750,000.00
(As per registry
dated 31-03-2012)
|
Name |
|
No. of share |
|
Apple Commodities Ltd. B-16, Sector-2, Noida 201301, Uttar Pradesh, India. |
|
193,750,000 ========= |
(As per registry
dated 27-03-2012)
|
Name (Nationality) |
Address |
|
Ankit GARG |
10-A, New Mandi, Muzaffarnagar, U.P., India. |
|
Ashish Narendra GARG |
F-22, Model Town II, Delhi-110009, India. |
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Nischal JAIN |
P-62, South Extn-II, New Delhi-110049, India. |
(As per registry
dated 27-03-2012)
|
Name |
Address |
Co.
No. |
|
HKBSS Ltd. |
20/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong Kong. |
0838155 |
The subject was incorporated on 27th March, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating address. Formerly, its operating address was located at 21/F., ICBC Tower, Citibank Plaza, 3 Garden Road, Central, Hong Kong where is the operating address of a commercial service provider Regus Business Services (HK) Ltd. [Regus]. Regus moved to 2/F., Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong in 2011, so did the subject. The subject moved its registered address to the present one in October 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Steel, coal, construction materials, etc.
Employees: Nil.
Commodities Imported: China, Indonesia, etc.
Markets: India, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$193,750,000.00 (Divided into 193,750,000 shares of HK$1.00 each)
Issued Share Capital: HK$193,750,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 31,200,000.00 |
|
16-03-2011 |
paid up |
HK$ 46,300,000.00 |
|
31-03-1012 |
paid up |
HK$116,250,000.00 |
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|
|
–––––––––––––––– |
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Total: |
paid up |
HK$ 193,750,000.00 ============== |
Increase of
Nominal Capital:-
|
From |
HK$31,200,000.00 |
to |
HK$ 77,500,000.00 |
on |
16-03-2011 |
|
From |
HK$77,500,000.00 |
to |
HK$193,750,000.00 |
on |
31-03-2012 |
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:-
· Indian Overseas Bank, Hong Kong Branch.
Bank
of Baroda, Hong Kong Branch.
Standing: Small.
Originally had issued 77.5 million ordinary shares of HK$1.00 each, Apple Commodities Ltd. is wholly owned by Apple Commodities Private Ltd. which is an India-based firm. Now its issued share capital was increased to HK$193.75 million in March 2012.
The subject’s operating address is in a commercial service centre located at Unit 1113A & 1115, 11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road Central, Hong Kong where is the operating address of a secretraial firm.
The subject is a member of the Apple Group of Companies which is one of the leading conglomerates of India and is also establishing its footholds in other parts of the world.
The subject owns coal mines in the South Sumatra, Indonesia and is running concession in the East and South Kalimantan area under joint co-operation. The subject has acquired 2 different concessions in Kalimantan area of non‑coking steam coal which have total reserves of over 30 million metric tons. Its quality ranges from 5800/5600 Kcal/Kg upto 6700/6500 Kcal GCV. The subject follows international standards as set by SCOTA for contractual specifications of coal.
The subject has already started mining and is expecting to achieve a turnover of US$140 to 150 million annually. It is planning to acquire coal mines in Indonesia and increase its production capacity to 3 million metric tons per annum.
The Apple Group is engaged in international trade, construction, manufacturing and other lines of businesses. The Group comprises of eight companies which operates in different sectors such as steel, coal, construction, insurance, power and energy, commodities trading, etc. Its offices, factories and other assets are located in different parts of India, China and Indonesia. The Group is looking forward to expand further with more projects and acquisitions in the pipeline.
PT Apple Coal, established to support the subject on its trading business, is now shipping 450 to 500,000 tons of coal a month to main markets of China and India. Now, PT Apple Coal has 45,000 hectares of coal mines in Indonesia. By the end of year 2010, this firm is able to trade 8 to 10 million tons of coal. Business of this firm keeps on improving.
It is likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The India firm 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 very active.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements in small credit amounts.
|
Date |
Particulars |
Amount |
|
31-07-2009 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of
Receipt: 2009 FD 136 1 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All liabilities |
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28-09-2009 |
Instrument: Charge Property: 1) By way of first fixed charge the Debts and Inventory 2) By way of first fixed charge the Account and all monies standing to the credit of the Account 3) By way of first floating charge its undertaking and all its property, assets and rights Mortgagee: Bank of Baroda, Hong Kong Branch. |
As a continuing security for the payment and discharge of the Secured Obligations |
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09-10-2009 |
Instrument: Memorandum Property: Distinctive 91210300003418 28-09-2009 US$700,000.00 29-03-2010 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
08-02-2012 |
Instrument: Escrow Account Agreement Property: Property Mortgaged “Deposit” “Relevant Account” “Deposit Assets” “Encumbrances” “Receivables” “Coal Mine” Mortgagee: Bank of Baroda, Hong Kong Branch. |
moneys, obligations and laibilities |
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08-02-2012 |
Instrument: Share Charge Property: Property Mortgaged Charge payment of all principal, interest “Charged Property” means all dividends, stocks, shares, warrants, securities, rights, monies or other property. Further Shares the beneficial or registered owner of any shares of the Company Mortgagee: Punjab National Bank, Hong Kong Branch. |
moneys, obligations and laibilities |
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08-02-2012 |
Instrument: Share Charge Property: Property Mortgaged or Charge the Chargor, as beneficial and registered owner, the Chargor, as beneficial owner and registered owner, hereby charges to the Bank by way of first floating charge the Charged Property Further Shares Immediately upon its becoming the benefical or registered owner of any shares of the Company Security means the charge and security created or intended to be created by this Share Charge. Mortgagee: Bank of Baroda, Hong Kong Branch. |
Secured Obligations means:- all moneys, obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.56.31 |
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UK Pound |
1 |
Rs.88.06 |
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Euro |
1 |
Rs.70.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.