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Report Date : |
23.05.2012 |
IDENTIFICATION DETAILS
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Name : |
DEVI RESOURCES LTD. |
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Registered Office : |
Room 2305, 23/F., CCT Telecom Building, 11 Wo Shing Street, Fo Tan, Shatin, New Territories |
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Country : |
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Date of Incorporation : |
12.10.2009 |
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Com. Reg. No.: |
51273185 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Foodstuffs, chemicals, pharmaceuticals, etc. |
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No. of Employees : |
10. (including associate) |
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
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
DEVI RESOURCES
LTD.
ADDRESS: Room 2305, 23/F.,
PHONE: 2679 0040, 2670 7851,
2679 0519
FAX: 2639 5376, 2690
5201, 2687 5002
E-MAIL: devihkg@netvigator.com
Managing Director: Mr.
Alwarpillai Nanthakumar
Incorporated on: 12th
October, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$8,000,000.00
Business Category: Importer, Wholesaler and Re-exporter.
Employees:
10. (including
associate)
Main Dealing Banker: Bank of
Banking Relation: Satisfactory.
Registered Head Office:-
Room 2305, 23/F., CCT Telecom Building, 11 Wo Shing Street, Fo Tan, Shatin,
New Territories, Hong Kong.
Overseas Offices:-
Shenzhen Office
20B, Daxin Building, Baoan South Road, Luohu District, Shenzhen, China.
Tel: 86-755-2557 9418
Fax: 86-755-8211 7558
E-mail: devichina@szonline.net
Tel: 86-537-872 6786
Fax: 86-537-872 6786
Sri Lanka Office
125
Tel: 9411-2432443, 2437453
Fax: 9411-2432444
E-mail: devi@devi.wow.lk
Tel: 44 795 7356423, 44 208 2035163
E-mail: ahmed@somapuk.co.uk
Associated/Affiliated Companies:-
Advant Technologies Inc.,
Devi Mineral Resources (I) Pvt. Ltd.,
Devi Trading Co. Ltd.,
Devi Trading Co. Ltd., Hong Kong.
Devi Trading Co. Ltd.,
Devi Trading Company, Hong Kong.
Devi Trading Co. Ltd.,
Devi Trading Inc.,
Devi Trading Co. Ltd. (Jinxiang),
51273185
1381065
Managing Director: Mr.
Alwarpillai Nanthakumar
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$8,000,000.00
(As per registry dated 12-10-2011)
|
Name |
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No. of shares |
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Nanthakumar ALWARPILLAI |
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8,000,000 ======= |
(As per registry dated 12-10-2011)
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Name (Nationality) |
Address |
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Nanthakumar ALWARPILLAI |
Flat E, 15/F., Block 5, Royal Ascot, |
(As per registry dated 12-10-2011)
|
Name |
Address |
|
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RJA Management Ltd. |
Room A & B, 2/F., Lee Kee Commercial Building, 221-227 Queen’s
Road, Central, Hong Kong. |
1044456 |
The subject was incorporated on 12th October, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of China Power
& Resources Ltd., name changed to the present style on 20th January, 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Wholesaler and
Re-exporter.
Lines: Foodstuffs, chemicals,
pharmaceuticals, etc.
Employees: 10. (including associate)
Commodities Imported: Imported from India, Sri Lanka, etc.
Markets: Hong Kong, China, Pakistan, India,
Sri Lanka, etc.
Annual Turnover: Un-reported.
Terms/Sales:
As per contracted.
Terms/Buying: L/C, T/T and
D/P.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$8,000,000.00
Mortgage or Charge (Since September 2011):
(See attachment)
Profit & Loss: Business is
profitable.
Condition: Keeping in a rather active state.
Facilities: Making active use of general banking
facilities.
Payment:
Met trade
commitments on time.
Commercial Morality: Satisfactory.
Banker:
Bank of
India, Hong Kong Branch.
Standing:
Normal.
Having issued 8 million ordinary shares of HK$1.00 each, Devi Resources
Ltd. is wholly-owned by Mr. Nanthakumar ALWARPILLAI who is a Sri Lankan. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
He is also the only director of the subject.
The subject has had an associated company Devi Trading Co. Ltd. [DTCL]
which is also located at the same operating address.
The subject and DTCL are engaged in the same lines of business, more or
less.
DTCL is engaged in the following business scope:-
·
Mines Management
·
Ship Chartering
·
Iron Ore Exporting
·
Commodities Trading
·
IT Services Offering
·
Scrap Recycling
Currently, the subject is trading the following commodities and offering
clients with the following services:-
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Product/Service |
Product/Service Remarks |
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Yarns, Piecegoods and Textiles |
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Piecegoods – Blended |
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Food and Beverage |
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Sauce and Seasoning |
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Spice |
Include cassia, StarAniseed (Exporter) Include cassia, StarAniseed (Importer) |
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Sesame Seed |
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Raw Materials |
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Non-Ferrous Metal |
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Ferrous Metal |
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Minerals |
Iron ore, chrome ore, maganese ore, mill scale, copper ore (Exporter) Iron ore, chrome ore, maganese ore, mill scale, copper ore (Importer) |
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Agricultural Products, Livestock and Poultry |
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Fruits and Vegetables |
Garlic, ginger, potato, onion (Importer) Garlic, ginger, potato, onion (Exporter) |
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Chemicals (Including Plastic Materials) |
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Industrial Chemicals |
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Waste and Scrap |
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Metal Scrap |
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The subject’s commodities are mainly imported from India, Sri Lanka and
Europe. Principal markets are Hong Kong,
China and elsewhere such as Pakistan, Nepal, etc. However, most of its products are re-exported
to China.
DTCL has got some affiliated factories in Shenzhen Special Economic
Zone, China. The subject acquires
finished products from these factories and re-exports to India, Sri Lanka,
Pakistan, Bangladesh, etc.
Currently, DTCL has set up three offices in China — Jinxiang, Shenzhen
and Xuzhou. Other offices are in Sri
Lanka and London of the United Kingdom.
The subject has got an affiliate Devi Trading Company which is also
located at the operating address of the subject. Founded in December 1994 and bearing the
Business Registration No. 18706967, Devi Trading Company was solely founded and
owned by Mr. Alwarpillai Nanthakumar. It
is engaged in the same lines of business as the subject.
The subject’s main office (hereinafter is referred to Devi) was set up
in Sri Lanka in 1971 by Mr. A. Vengadasalam.
Devi is trading in iron ore, steel, agro, chemicals and
pharmaceuticals. Since then, it has
built up a rather good business reputation and global network extending to Asia,
South America, Australia and New Zealand serving its customers worldwide.
The net turnover of Devi Group grew to US$130 million in 2007. Now, the net turnover of Devi Group ranges
from US$140 to 150 million. Making a
good profit in some of the past years.
The subject is fully supported by the Devi Group.
On the whole, consider the subject good for normal business engagements.
(Since September 2011)
|
Date |
Particulars |
Amount |
|
08-09-2011 |
Instrument: Charge and Hypothecation of Book Debts Property: Hypothecation and charge to the Bank by way of charge on all the book
debts outstanding,moneys receivable, claims and bills Mortgagee: Bank of India, Hong Kong Branch. |
US$5,000,000.00 |
|
08-09-2011 |
Instrument: Hypothecation of Tangible Moveable
Property Property: All tangible moveable assets of borrower including in particular
Furniture, Fixture, Plant & Machinery and stocks of all goods of Iron
ores, ferrous and non ferrous scrap, steel product etc. Mortgagee: Bank of India, Hong Kong Branch. |
US$5,000,000.00 |
|
08-09-2011 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and / or invoices, or any other documents
representing or relating to goods. Mortgagee: Bank of India, Hong Kong Branch. |
All the money |
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03-10-2011 |
Instrument: Letter of Lien Property: Nature of Deposit: TDR Mortgagee: Bank of India, Hong Kong Branch. |
US$5,000,000.00 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.88 |
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|
1 |
Rs.86.84 |
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Euro |
1 |
Rs.70.21 |
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.