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Report Date : |
24.12.2013 |
IDENTIFICATION DETAILS
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Name : |
LPR
TRADING CO. LTD. |
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Registered Office : |
c/o OCRA (Hong Kong) Ltd. Room 3905-3908, 39/F., Two Exchange Square, 8 Connaught Place, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.03.2007 |
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Com. Reg. No.: |
37739252 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
subject is acting a broker between Brazilian iron ore suppliers and potential Chinese stakeholders in the sector. |
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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
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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Litigation : |
--- |
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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
LPR TRADING CO. LTD.
Registered
Office:-
c/o OCRA (Hong Kong) Ltd.
Room 3905-3908, 39/F., Two Exchange Square, 8 Connaught Place, Central, Hong Kong.
[Tel: 852-2522 0172; Fax: 852-2522 4720]
Associated
Companies:-
LPR Brasil Representacao Comercio e Servicos Ltda., Brazil.
Lourival Piaz Representacoes Ltda.
Rua Pedro Celestino de Araujo 33, Brazil.
[Tel: 55-47-3326 8277
Fax: 55-47-3037 1305
E-mail: pr.import@terra.com.br ]
37739252
1116659
20th March, 2007.
Nominal Share Capital: HK$1.000.00 (Divided into 1,000 shares of HK$1.00 each)
Issued Share Capital: HK$120.00
(As per registry
dated 20-03-2013)
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Name |
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No.
of shares |
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Felipe
BITTENCOURT |
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60 |
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Lourival PIAZ |
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60 |
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––– |
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Total: |
120 === |
(As per registry
dated 01-03-2013)
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Name (Nationality) |
Address |
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Lourival PIAZ |
Rua Lauro Mueller 527, Apt.
801, 89010-380 Blumenau, Santa Catarina, Brazil. |
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Felipe
BITTENCOURT |
Rua Pedro Celestino de Araujo
77, apto 902, Jardim Blumenau, Blumenau 89010-385, Santa Catarina, Brazil. |
(As per registry
dated 20-03-2013)
|
Name |
Address |
Co.
No. |
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First Secretaries Asia Ltd. |
Room 3908, 39/F., Two Exchange Square, 8 Connaught
Place, Central, Hong Kong. |
0316976 |
Date of Security Over Deposits with the Bank (Fixed Deposits) Limited Company - Under Seal: 07-05-2013
Amount: (i) all monies in any currency owing by the Depositor; (ii) interest on such monies; and (iii) all
expenses
Property: One or more than deposit(s) of any nature of duration of the Company with the chargee in the amount of HK$150,000 deposit Account Number: 808-312037-838, DEP 0001
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
LPR Trading Co. Ltd. was incorporated on 20th March, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 3905-3908, 39/F., Two Exchange Square, 8 Connaught Place, Central, Hong Kong known as OCRA (Hong Kong) Ltd. which is handling its correspondences and documents. The associated company of OCRA (Hong Kong) Ltd., First Secretaries Asia Ltd., is the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 120 ordinary shares of HK$1.00 each of which 50% are owned by Mr. Felipe Bittencourt, and 50% are owned by Mr. Lourival Piaz. Both of whom are Brazil passport holders and currently residing in Santa Catarina, Brazil. The two shareholders are also directors of the subject.
The subject is an international business entity and now in active operations in 15 countries including China, the United States, Japan and in emerging markets, notably in India, Thailand, Malaysia, Turkey, Indonesia, and Vietnam. The business scope of the subject involves textiles, engineering, iron ore, pig iron.
The subject is acting a broker between Brazilian iron ore suppliers and potential Chinese stakeholders in the sector.
The subject is one of the members of the LPR Group which was founded in 1991.
The Group has forged strong partnerships in many countries in Asia, meaning it has got suppliers in China, India, Indonesia, Turkey, etc.
In 2010, the Group initiated research on recycling of waste originated from the concentration of phosphate and whose composition made by SGS demonstrated high levels of Magnetite, around 50% of Fe. The Group signed a four-year contract with Vale with mandate to purchasing 1 million tonnes per year. The grade is around 50% and the Group is installing machines to transform this material into Magnetite Fe 63% to 67% Pellet Feed. The Group’s iron ore reaches high concentration of magnetite going through three different processes: magnetic separation, grinding and flotation. Moreover, the magnetite has advantage through Hematite because it has lower fusion point, which saves on energy cost. The Group has a total volume of 4 million tonnes to process, and it is also interested in setting up contracts for future exportations, covering the rest of the year.
The Group is trying to penetrate the China market by exporting it with high concentration iron ore.
The Group considers the exporting about 60,000 tpm for the next 5 years, and it does have the intention to increase production volume to attract more reliable buyers. Besides, pig iron is also a product that the Group strongly interested in.
The subject has
had the following two associated companies in Brazil:
· LPR Brasil Representacao Comercio e Servicos Ltda. [LPR Brasil]
Lourival
Piaz Representacoes Ltda. [LPRL]
LPRL is a yarn (including chemical fibres such as polyester yarn) trader. LPRL is operated by the shareholders of the subject.
LPR Brasil is offering clients with consultancy in foreign trading, customs brokerage, international logistics and international sourcing.
LPR Brasil negotiates in more than 15 countries, mainly in Asia, and has developed strong relationships with the textile industry, being deeply present on yarn representation of the largest groups of its business segments - like yarn and viscose fibres, polyester spun, spandex, viscose, polyester yarns, among others.
Since 2008, LPR BRASIL has been working day-by-day to broaden its expertise, specializing not only among the textile industry, but also in different areas, such as our brand “EMPILOG”, launched in 2010 as a major distributor of Feeler forklifts in Brazil.
It is likely that LPRL Group deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. LPRL 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 active. History in Hong Kong is over six years and eight months.
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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.99 |
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UK Pound |
1 |
Rs.101.37 |
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Euro |
1 |
Rs.84.82 |
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.