|
Report Date : |
12.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
FLEET
MANAGEMENT LTD. |
|
|
|
|
Formerly Known As : |
Eastlux Ltd |
|
|
|
|
Registered Office : |
11/F., Dah Sing Financial Centre, 108 Gloucester Road,
Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
10.05.1994 |
|
|
|
|
Com. Reg. No.: |
18137994 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Ship Management Agent; Ship Owner |
|
|
|
|
No. of Employees : |
25 employees |
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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source : CIA |
FLEET MANAGEMENT
LTD.
11/F., Dah Sing Financial Centre, 108 Gloucester Road, Wanchai, Hong Kong.
PHONE: 2861 3511
FAX: 2528 1550
Managing Director: Mr. Kishore Swaroop Rajvanshy
Incorporated on: 10th May, 1994.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000.00
Issued: HK$2.00
Business Category: Ship Management Agent; Ship Owner.
Employees: 25.
Main Dealing Banker: ING Bank N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
11/F., Dah Sing Financial Centre, 108 Gloucester Road, Wanchai, Hong Kong.
Holding Company:-
Ansella Ltd., British Virgin Islands.
Associated/Affiliated
Companies:-
Cosmos Shipping Services Inc., USA.
Diamond Ship Management Ltd., Hong Kong.
Ebony Ship Managenent Pte. Ltd., Singapore..
Elegant Marine Services Pvt. Ltd., India.
Fleet Management Europe Ltd., UK.
Fleet Management India Pvt. Ltd., India.
Fleet Management Service Philippines, Inc., Philippines.
Fleet Management Training Institute, India.
Fleet Ship Management Inc., British Virgin Islands.
Fleet Ship Management Pte. Ltd., Singapore.
FML Ship Management Ltd., Cyprus.
Gold Fleet Shipping Co. Ltd., China.
Jupiter Marine Consultation Ltd., Hong Kong.
Modern Asia Shipping Ltd., Hong Kong.
18137994
0477697
Managing Director: Mr. Kishore Swaroop Rajvanshy
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry
dated 10-05-2012)
|
Name |
|
No. of shares |
|
Ansella Ltd. KCS Chambers, P. O. Box 4051, Road Town, Tortola, British Virgin Islands. |
|
2 = |
(As per registry
dated 14-08-2012)
|
Name (Nationality) |
Address |
|
Dilip Krishnan NAIR |
18G, Maple Mansion, 18 Tai Koo Wan Road, Tai Koo Shing, Hong Kong. |
|
Muthuswamy Subramanian NAGARAJAN |
Flat D, 17/F., Block 20, Upper Baguio Villa, 555 Victoria Road, Pok Fu Lum, Hong Kong. |
|
Sanjay CHANDRA |
Flat 21A, 3/F., Fujiya Mansion, 21-23 Kennedy Road, Mid Levels, Hong Kong. |
|
Kishore Swaroop RAJVANSHY |
Flat 39B, Tower 2, Phase 1, Residence Bel-Air, Cyberport Road, Pokfulam, Hong Kong. |
(As per registry
dated 10-05-2012)
|
Name |
Address |
Co.
No. |
|
Swcreci Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong Kong. |
0139490 |
The company was incorporated on 10th May, 1994 as a private limited liability company under the Hongkong Companies Ordinance.
It was originally registered under the name of Eastlux Ltd., name changed to the present style on 15th November, 1994.
Last time, the subject was located at Room 1703, 17/F., MassMutual Tower, 38 Gloucester Road, Wanchai, Hong Kong, moved to the present address in June 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities & Lines: Ship Management Agent; Ship Owner.
Employees: 25.
Group Employees: 80.
Business Territories: Hong Kong and elsewhere.
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Profit & Loss: Business is profitable.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
· ING Bank N.V., Hong Kong Branch.
· Credit Agricole Indosuez, Hong Kong Branch.
· MeesPierson N.V., Hong Kong Branch.
· Swiss Bank Corporation, Hong Kong Branch.
Standing: Good.
Fleet Management Ltd. [FML] was incorporated on 10th May, 1994 as a wholly-owned subsidiary of Noble Group Ltd. [NGL]. NGL, a public-listed company in Singapore which was incorporated in Bermuda as a holding company of the Noble Group. NGL has disposed the subject which is now a wholly-owned subsidiary of Ansella Ltd. [Ansella]. Ansella is a BVI‑registered firm.
FML was established as a ship management company. Commencing business at the end of 1994, it also has its own vessels which are used for chartering. Principally, it offers ship owners with ship management services worldwide.
FML got ISO 9002, SEP and ISM code compliance certificates from DNV in May 1995. It also has got the following certifications: ISO 9001, ISO 14001, OHSAS 18001, etc.
FML provides ship management services such as the provisioning of captains and crews, supplies, including all technical aspects to vessel owners. It is a business which provides vital, absolute necessary services and which depends on an exceptional commitment to its clients satisfaction.
FML has set up its own crewing offices in India (Mumbai, Delhi, Kochi, Kolkata, Chennai, Vizag, Patna, Lucknow and Chandigarh), the Philippines (Manila) and China (Dalian). It also has set up a crew and officers training institute in Mumbai of India known as Fleet Management Training Institute.
Currently, FML is responsible for the technical management of more than 260 modern ships, on behalf of reputable ship owners. The average age of its fleet is under 6 years.
FML also shipowners
with the following services: commercial
management, new-building supervision, shipboard audits, superintendence and
insurance. FML has had the following branch
offices:-
· Fleet Management Europe Ltd., London, United Kingdom;
· Fleet Ship Management Pte Ltd., Singapore;
· Fleet Management India Pvt. Ltd., India;
· FML Ship Management Ltd., Cyprus; &
· Cosmos Shipping Services Inc., Houston, United States.
FML is managing
the following vessels:-
General Cargo Vessels, Multipurpose Vessels, Celluar Container Vessels, Reefer Vessels, Chemical Tankers, Gas Carriers, Product Tankers, Crude Oil Tankers/VLCC, Ro-Ro Vessels, Car Carriers, etc.
Currently, FML had taken 48 vessels form yards during the years of 1997 to 2008 while most of them were built by Japanese yards. It also has got vessels built by China, Vietnam, South Korea, Indonesia yards. Now, FML has a fleet over 200 vessels.
The Managing Director, Mr. Kishore S. Rajvanshy, aged 62, is responsible for the ship management activity. Mr. Rajvanshy holds an engineering degree from Birla Institute of Technology and Science Pilani, India and has over 40 years experience in the shipping industry. In November 1994, Rajvanshy joined in Noble Group to establish FML.
The history of the subject in Hong Kong is over eighteen years.
On the whole, consider FML good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.52 |
|
UK Pound |
1 |
Rs.88.85 |
|
Euro |
1 |
Rs.70.85 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.