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Report Date : |
29.08.2013 |
IDENTIFICATION DETAILS
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Name : |
DEVI
RESOURCES LTD. |
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Formerly Known As : |
China Power &
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 : |
Hong Kong |
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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. |
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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 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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.
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Source : CIA |
DEVI RESOURCES LTD.
Room 2305, 23/F., CCT Telecom Building, 11 Wo Shing Street, Fo Tan, Shatin, New Territories, Hong Kong.
PHONE: 852-2679 0040, 2670 7851, 2679 0519, 2544 4068, 2690 3908
FAX: 852-2639 5376, 2690 5201, 2687 5002, 2544 5568
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 India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 2305, 23/F., CCT Telecom Building, 11 Wo Shing Street, Fo Tan, Shatin, New Territories, Hong Kong.
Headquarters:-
Sri Lanka Office
125 Bank Shali Street, Colombo 11, Sri Lanka.
Tel: 9411-2432443, 2437453
Fax: 9411-2432444
E-mail: devi@devi.wow.lk
China Office:-
Shenzhen Office
20B, Daxin Building, Bao’an South Road, Luohu District, Shenzhen, China.
Tel: 86-755-2557 9418
Fax: 86-755-8211 7558
E-mail: devichina@szonline.net
Associated/Affiliated Companies:-
Advant Technologies Inc., India.
D Maritime Hong Kong Pvt. Ltd., Hong Kong.
Devi Mineral Resources (I) Pvt. Ltd., India.
Devi Trading Co. Ltd. (Jinxiang), China.
Devi Trading Co. Ltd., China.
Devi Trading Co. Ltd., Hong Kong.
Devi Trading Co. Ltd., Sri Lanka.
Devi Trading Co. Ltd., United Kingdom.
Devi Trading Co., Hong Kong.
Devi Trading Co., Sri Lanka.
Devi Trading Company, Hong Kong.
Devi Trading Inc., USA.
Smart Dragon Lanka Pvt. Ltd., Sri Lanka.
Somap (UK) Ltd., United Kingdom.
Xuzhou Elegant Food Grower Co. Ltd., China.
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 12-10-2012)
|
Name |
|
No. of shares |
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Nanthakumar ALWARPILLAI |
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8,000,000 ======= |
(As per registry
dated 12-10-2012)
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Name (Nationality) |
Address |
|
Nanthakumar ALWARPILLAI |
Flat E, 15/F., Block 5, Royal Ascot, 1 Tsun King Road,
Shatin, New Territories, Hong Kong. |
(As per registry
dated 12-10-2012)
|
Name |
Address |
Co. No. |
|
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.
Employees: 10. (Including associate)
Commodities Imported: Imported from India, Sri Lanka, etc.
Markets: Hong Kong, China, Pakistan, India, Sri Lanka, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T and D/P.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
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 May 2013): (See attachment)
Profit & Loss: Business is profitable.
Condition: Keeping in a rather active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Bankers:-
· Bank of India, Hong Kong Branch.
· Bank of Baroda, Hong Kong Branch.
· ICICI Bank Ltd., 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 headquarters of DTCL are located in Colombo, Sri Lanka.
The subject and DTCL are engaged in the same lines of business, more or less. Both of the firms belong to the Devi Group.
DTCL, the founding member of the Group was established in 1971 by Mr. A. Vengadasalam to create a global market, by linking trade of Iron ore, Steel, Agro, Chemicals and Pharmaceuticals. Since then, it has built up a good reputation and global network extending to Asia, South America, Australia and New Zealand.
Devi Group is
engaged in the following business scope:-
· Agro Commodities;
· Coke & Coal;
· Minerals;
· Oil & Gas;
· Ship Chartering; &
· Steel Products.
Currently, the
subject is trading in the following commodities and offering clients with the
following services:-
|
Product/Service |
Product/Service
Remarks |
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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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Dyes |
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Coconut |
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Cinnamon |
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The subject’s commodities are mainly imported from India, Sri Lanka and Europe. Principal markets are Hong Kong, China and other Asian countries such as Pakistan, Nepal, etc. However, most of its products are re-exported to China and the other Asian countries.
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 which are in Jinxiang, Shenzhen Special Economic Zone and Xuzhou. Other overseas offices are in Sri Lanka and London of the United Kingdom.
The subject has got an associate 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. According to the subject, its business covers over 25 countries throughout the world.
D Maritime Hong Kong Pvt. Limited [D Maritime] is the chartering arm of the Devi Group. It is a professional shipping company staffed by people with decades of experience in the industry and the London market. It has a team of international dry cargo brokers in Europe and Asia. It has established a good track record over the years and it has shown its professional expertise in its dealing with ship owners and operators. D Maritime charters in vessels on Voyage or time charter and the group has chartered in over 350 vessels to date.
Now, the net turnover of Devi Group ranges from US$140 to 160 million. Making good profits in some of the past years.
The subject is fully supported by the Devi Group. The history of the subject in Hong Kong is over three years.
On the whole, consider it good for normal business engagements.
(Since May 2013)
|
Date |
Particulars |
Amount |
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14-05-2013 |
Instrument: Memorandum Property: Distinctive 91210300005553 14-05-2013 US$875,000.00 14-08-2013 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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12-07-2013 |
Instrument: Debenture (Own/Third Party Debt) Property: The Company, as beneficial owner, charge to the Bank by way of a first floating charge. all funds standing to the credit of the Chargor from time to time on any account with any bank or financial institution, including the collection account; i) The sum deposited by the chargor or for the chargor’s benefit in the savings and deposit account with the Bank. ii) All other sums in any currency from time to time standing to the credit of the chargor or the credit of any other person for the benefit of the chargor on any deposit or other account with the bank including additions to or renewals or replacements of such sums; iii) Any amount received by or for the account of the bank which the bank is under a duty to credit to the account but which the Bank has not yet credited to the accounts; and iv) Any interest and other accounts accrued or accruing on an amount covered by paragraphs to above whether or not the interest has been credited to that accounts All choses in action and claims now and in the future belonging to the Chargor not otherwise charged or assigned by paragraphs above Mortgagee: ICICI Bank Ltd., Hong Kong Branch. |
By way of continuing security for the due and punctual
payment to the Bank |
|
21-06-2013 |
Instrument: Letter of Lien Property: Nature
of Deposit: TDR TDR Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
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21-06-2013 |
Instrument: Charge and Hypothecation of Book Debts Property: Hypothecate and charge to the bank by way of charge on all the book debts outstanding, moneys receivable, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the “Borrower” in the course of its business by any person, company or by the government or any local or public body or authority as security for the due payment to the bank at any time on demand at hong kong. Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
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21-06-2013 |
Instrument: Hypothecation of Tangible Moveable Property Property: All tangible moveable assets of borrower including in particular stocks of all goods of diamonds, gem, precious stones, jewellery, gold, furniture and fixtures and plant and machinery, etc. wheresoever situate and/or in transit Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
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21-06-2013 |
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 now granted by the Bank and the Company now owing to the Bank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.68.36 |
|
UK Pound |
1 |
Rs.106.03 |
|
Euro |
1 |
Rs.91.47 |
INFORMATION DETAILS
|
Report Prepared by
: |
MNL |
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 |
|
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 |
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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.