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Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
WESTFORD TRADE
SERVICES LTD. |
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|
|
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Registered Office : |
c/o Excellent
Corporate Services Ltd. Suite 1222, 12/F., Leighton Centre, 77 Leighton Road, Causeway Bay,
Hong Kong |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.04.2009 |
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Com. Reg. No.: |
50591223 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Iron & Steel Trader (Scrap metals, iron & steel, iron ore) |
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No. of Employees : |
No Employees in Hong Kong (It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there.) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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,
2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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 |
WESTFORD TRADE
SERVICES LTD.
ADDRESS: c/o Excellent Corporate Services
Ltd.
Suite 1222, 12/F.,
Leighton Centre, 77 Leighton Road, Causeway Bay, Hong Kong.
PHONE: 852-3465 6939
FAX: 852-2881 8766
Managing
Director: Mr. Anthony Robert Mushens
Incorporated on: 21st
April, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
& US$5,714,285.00
Issued: US$4,310,959.00
Business Category: Iron & Steel Trader.
Annual
Turnover: US$200-250
million.
Employees: Nil.
Main Dealing
Banker: Natixis, Hong Kong Branch.
Banking
Relation:
Satisfactory.
Registered
Office:-
c/o Excellent
Corporate Services Ltd.
Suite 1222, 12/F.,
Leighton Centre, 77 Leighton Road, Causeway Bay, Hong Kong.
50591223
1333544
Managing
Director: Mr. Anthony Robert Mushens
Nominal Share
Capital : HK$10,000.00 &
US$5,714,285.00 (Divided into 1,000 Class A Ordinary shares of HK$10.00 each and 5,714,285
Class B Ordinary shares of US$1.00 each)
Issued Share
Capital: $US$4,310,959.00
(As
per registry dated 21-04-2013)
|
Name |
|
No.
of shares |
|
|
|
Class B |
|
Westford
Investments Ltd., Hong Kong. |
|
2,000,000 |
|
CWT International Pte. Ltd. 38 Tanjong Penjuru, Singapore 609039. |
|
2,000,000 |
|
Elmener HANDE |
|
176,757 |
|
Cigdem Caliskan |
|
51,505 |
|
Arzu Tanriverdi |
|
51,505 |
|
John Appel NICHOLAS |
|
31,192 |
|
|
|
–––––––– |
|
|
Total: |
4,310,959 ======= |
(As
per registry dated 21-04-2013)
|
Name (Nationality) |
Address |
|
Anthony Robert
MUSHENS |
3 Coventry Close, London, E6 5QT, U.K. |
|
Elmener HANDE |
Cornelis De Wittlaan 43, 2582 AC The
Hague, The Netherlands. |
|
LOI Pok Yen |
46 Penjuru Lane, Singapore 609206. |
|
David Henry
MOGFORD |
Flat 1, Grosvenor House, 52 Victoria Road,
St. Peter Port, Guernsey, GY1 1HY, U.K. |
|
Adam SLATER |
61 Grove Drive, 279101 Singapore. |
(As
per registry dated 21-04-2013)
|
Name |
Address |
|
LAM
Kwai Ming |
Flat D, 9/F., Block 4, Well On Garden, 9 Yuk Nga Lane, Tseung Kwan O,
New Territories, Hong Kong. |
The
subject was incorporated on 21st April, 2009 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the registered address of the subject was located at 1/F., Sunning Plaza, 10
Hysan Avenue, Causeway Bay, Hong Kong where was the old operating address of a
commercial service provider Excellent Corporate Services Ltd. [ECSL]. ECSL moved to the present address in December
2012, so did the subject.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Iron &
Steel Trader.
Lines: Scrap metals, iron & steel, iron ore,
etc.
Employees: Nil.
Commodities
Imported: India, other
Asian countries, South America, etc.
Markets: China, other Asian
countries, Europe, etc.
Annual Turnover: US$200-250 million.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share
Capital : HK$10,000.00 &
US$5,714,285.00 (Divided into 1,000 Class A Ordinary shares of
HK$10.00 each and 5,714,285 Class B
Ordinary shares of US$1.00 each)
Issued Share
Capital : $US$4,310,959.00
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.
Banker :
Natixis, Hong Kong Branch.
Standing :
Small.
Having
issued 4,310,959 ordinary shares of US$1.00 each, Westford Trade Services Ltd.
is chiefly held by Westford Investments Ltd. [Westford Investments], a
Hong Kong-registered firm holding 46.4% interests, and CWT International
Pte. Ltd. [CWT International], a Singapore‑based firm also holding
46.4%. The balance 7.2% is jointly owned
by three Turkey companies and Mr. John Appel Nicholas.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at “Suite
1222, 12/F., Leighton Centre, 77 Leighton Road, Causeway Bay, Hong Kong”
known as “Excellent Corporate Services Ltd.” which is handling its
correspondences and documents.
The
subject has no employees in Hong Kong.
Its main office is in Singapore.
It is a specialist provider of trade solutions for businesses throughout
the world – ranging from conventional trade transactions and supply chain
services to structured trade solutions that may require integrated logistics
expertise also offered by one of its partner companies.
The
subject buys and sells goods on behalf of its customers utilising traditional
trade finance facilities, using its own balance sheets and its banking finance
facilities.
The
subject, through its relationship with the CWT Group of Singapore - a Global
Logistics provider and, in particular, its subsidiary CWT Commodities -- has
access to freight solutions, warehousing, stock management and all the tools
that enable financing structures to be created.
Because of the expertise of its experienced personnel, the subject also
enjoys support from other major international logistics groups.
The
subject has had close business ties with Steelinvest Group [Steelinvest /
Group] which is trading in steel materials.
Steelinvest, an associated company of the subject, is one of the
principal suppliers of it.
The
subject is chiefly trading in the following commodities:-
Scrap
metals, iron & steel, iron ore, etc.
Scrap
Metal is imported by the subject’s customers.
The subject establishes purchase contract with suppliers. It establishes back-to-back sales contract
with its clients, the importers. The
subject pays supplier 95% of contract value at ship’s arrival against the
requisite documentation and the balance after inspection and weighing. Its client, the importer, pays it a 10%
advance payment and the 90% balance at arrival date + 120 open account against
draft acceptance.
Now,
the subject has set up hub offices in Istanbul, London, Dubai and New York,
with satellite offices throughout the rest of the world.
In
2011, the turnover of the subject was over US$230 million. Now, its annual sales turnover ranges from
US$200 to 250 million. Business is active.
The
subjec has had offices in Istanbul, London, Dubai, Singapore and New York
with satellite offices throughout the rest of the world. It is able to serve clients in Europe, CIS,
Africa, the Middle East and Asia.
In
recent years, the subject has got investments from its investment holding arm,
CWT International, to provide trade finance services.
Established
in April 2009, the subject focuses in trade finance services, leveraging on its
strong in-house banking expertise and close connections with traders, stockists
and manufacturers. With a team of
qualified bankers in structured trade finance, the subject undertakes
transactions in secured structure for a selected range of product sectors.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is just over four years.
Since
the subject does not have its own operating office and has no employees in Hong
Kong, on the whole, consider it good for business engagements on L/C basis.
Brief
personal history of the directors of the subject:-
David
Mogford Chairman and founding partner
David
gained his degree from the University of Cambridge. His career started in the 1970’s for Steel
Trading where he was based in Karachi, Pakistan for 5 years. He later became Managing Director of Stemcor
UK Ltd., where after, he traded steel on behalf of Uvisco.
In
2002, after 27 years of being immersed in steel trading for other companies, he
started SteelInvest and more recently in 2009 the subject.
In
addition to being current Chairman of the subject, David also continues to
manage SteelInvest (Jersey) Ltd. on a full time basis.
Hande
Elmener BA Econ, MBA. CEO and
founding partner
Hande
graduated from Bogazici University, Istanbul with a degree in Economics in
1996.
She
completed an Executive MBA at Erasmus RSM, Rotterdam in 2002.
Hande
started her working career at Garantibank International NV in Amsterdam within
the Financial Institutions division in 1997.
After 5 years, having been promoted to Vice President, she moved across
to their Trade and Commodity Finance division gaining significant experience in
this arena.
In
2005 she was offered the position as Trade Finance Manager at Steelinvest
Group, a sister company of the subject and in 2009 became the CEO and founding
partner of the subject.
|
Date |
Particulars |
Amount |
|
25-03-2011 |
Instrument: Trade
Finance Security Agreement Property: 1. Assignment of Moneys and Receivables and
Insurances 2. Pledge
and Hypothecation of Goods and Documents Mortgagee: BNP
Paribas (Suisse) SA |
All money |
|
14-12-2011 |
Instrument: Master
Security Agreement Property: 1. Charges by way
of first fixed charge all the Company’s right, title and interest from time
to time under, in and to, the Documents, the Goods, the Proceeds and the
Credit Balances; 2. Assigns to
the Bank by way of first fixed security all Contract Rights and the benefit
of any encumbrance, guarantee and securities for the time being held by the
Company in respect of any such Contract Rights; 3. Charges by
way of first floating charge, the whole of the Charged Property other than
any part of the Charged Property validly and effectively charged or assigned Mortgagee: Natixis, Hong Kong Branch. |
Banking facilities or other financial accommodation granted by
NATIXIS, Hong Kong Branch |
|
14-12-2011 |
Instrument: Power
of Attorney / Security Letter Property: Assign to the Bank all the Customer’s
present and future rights, title and interest and benefit to and in all and
any moneys of the Master Credits Mortgagee: Natixis, Hong Kong Branch. |
Credit banking facilities or other accommodation |
|
14-12-2011 |
Instrument: Charge
Over Deposit Property: By way of fixed charge, and assigns and
releases to the Bank of the Deposit and all its rights, titles, interests and
benefits Account Number: 2) 2458372100-USD Mortgagee: Natixis, Hong Kong Branch. |
Banking facilities or other financial accommodation granted by
NATIXIS, Hong Kong Branch |
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
UK Pound |
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.