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Report Date : |
09.01.2013 |
IDENTIFICATION DETAILS
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Name : |
WESTFORD TRADE SERVICES LTD. |
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Registered Office : |
c/o Excellent Corporate Services Ltd. Suite 1222, 12/F., Leighton Centre, 77 Leighton Road,
Causeway Bay |
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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 of Scrap metals, iron & steel, iron ore,
etc |
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No. of Employees : |
Not Available |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
china - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally planned system to a more market-oriented one that plays a major global role - in 2010 China became the world's largest exporter. Reforms began with the phasing out of collectivized agriculture, and expanded to include the gradual liberalization of prices, fiscal decentralization, increased autonomy for state enterprises, creation of a diversified banking system, development of stock markets, rapid growth of the private sector, and opening to foreign trade and investment. China has implemented reforms in a gradualist fashion. In recent years, China has renewed its support for state-owned enterprises in sectors it considers important to "economic security," explicitly looking to foster globally competitive national champions. After keeping its currency tightly linked to the US dollar for years, in July 2005 China revalued its currency by 2.1% against the US dollar and moved to an exchange rate system that references a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of the renminbi against the US dollar was more than 20%, but the exchange rate remained virtually pegged to the dollar from the onset of the global financial crisis until June 2010, when Beijing allowed resumption of a gradual appreciation. The restructuring of the economy and resulting efficiency gains have contributed to a more than tenfold increase in GDP since 1978. Measured on a purchasing power parity (PPP) basis that adjusts for price differences, China in 2010 stood as the second-largest economy in the world after the US, having surpassed Japan in 2001. The dollar values of China's agricultural and industrial output each exceed those of the US; China is second to the US in the value of services it produces. Still, per capita income is below the world average. The Chinese government faces numerous economic challenges, including: (a) reducing its high domestic savings rate and correspondingly low domestic demand; (b) sustaining adequate job growth for tens of millions of migrants and new entrants to the work force; (c) reducing corruption and other economic crimes; and (d) containing environmental damage and social strife related to the economy's rapid transformation. Economic development has progressed further in coastal provinces than in the interior, and by 2011 more than 250 million migrant workers and their dependents had relocated to urban areas to find work. One consequence of population control policy is that China is now one of the most rapidly aging countries in the world. Deterioration in the environment - notably air pollution, soil erosion, and the steady fall of the water table, especially in the North - is another long-term problem. China continues to lose arable land because of erosion and economic development. The Chinese government is seeking to add energy production capacity from sources other than coal and oil, focusing on nuclear and alternative energy development. In 2010-11, China faced high inflation resulting largely from its credit-fueled stimulus program. Some tightening measures appear to have controlled inflation, but GDP growth consequently slowed to near 9% for 2011. An economic slowdown in Europe is expected to further drag Chinese growth in 2012. Debt overhang from the stimulus program, particularly among local governments, and a property price bubble challenge policy makers currently. The government's 12th Five-Year Plan, adopted in March 2011, emphasizes continued economic reforms and the need to increase domestic consumption in order to make the economy less dependent on exports in the future. However, China has made only marginal progress toward these rebalancing goals.
|
Source : CIA |
WESTFORD TRADE
SERVICES LTD.
c/o Excellent Corporate Services Ltd.
Suite 1222, 12/F., Leighton Centre, 77 Leighton Road, Causeway Bay,
Hong Kong.
WESTFPRD TRADE SERVICES and old address at:
c/o Excellent Corporate Services Ltd.
1/F., Sunning Plaza, 10 Hysan Avenue, Causeway Bay, Hong Kong.
PHONE: 3465 6939
FAX: 2881 8766
Managing Director: Mr. Anthony
Robert Mushens
Incorporated on: 21st April, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00 & US$4,000,000.00
Issued: US$4,000,000.00
Business Category: Iron
& Steel Trader.
Annual Turnover: US$200-230 million.
Employees: Nil.
Main Dealing Banker: Natixis, Hong Kong Branch.
Banking Relation: Satisfactory.
WESTFORD TRADE
SERVICES LTD.
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$4,000,000.00 (Divided into 1,000
Class A Ordinary shares of HK$10.00 each and 4,000,000 Class B Ordinary shares
of US$1.00 each)
Issued Share Capital: $US$4,000,000.00
(As per registry dated 21-04-2012)
|
Name |
|
No. of shares |
|
|
|
Class B |
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Westford Investments Ltd., Hong Kong. |
|
2,000,000 |
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CWT International Pte. Ltd. 38 Tanjong Penjuru, Singapore 609039. |
|
2,000,000 |
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–––––––– |
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Total: |
4,000,000 ======= |
(As per registry dated 28-05-2012)
|
Name (Nationality) |
Address |
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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. |
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David Henry MOGFORD |
Flat 1, Grosvenor House, 52 Victoria Road, St. Peter Port, Guernsey,
GY1 1HY, U.K. |
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Adam SLATER |
61 Grove Drive, 279101 Singapore. |
(As per registry dated 22-12-2012)
|
Name |
Address |
|
LAM Kwai Ming |
Suite 1222, 12/F., Leighton Centre, 77 Leighton Road, Causeway Bay,
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$200-230
million.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share
Capital: HK$10,000.00 &
US$4,000,000.00 (Divided into 1,000 Class A Ordinary shares of HK$10.00 each
and 4,000,000 Class B Ordinary shares of US$1.00 each)
Issued Share Capital: HK$US$4,000,000.00
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 million ordinary shares of US$1.00 each, Westford Trade
Kong-registered firm, and CWT International Pte. Ltd. which is a
Singapore‑based firm.
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, 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. Business is active.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over three
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., whereafter, 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 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.33 |
|
UK Pound |
1 |
Rs.89.05 |
|
Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
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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 |
|
<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.