|
Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
APPLE COMMODITIES LTD. |
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|
|
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Registered Office : |
Unit 1113A & 1115, 11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road Central, Wanchai |
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Country : |
Hong Kong. |
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Date of Incorporation : |
27.03.2009 |
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Com. Reg. No.: |
50498061 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Steel, coal, construction materials, etc. |
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No. of Employees : |
10. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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
APPLE COMMODITIES
LTD.
ADDRESS: Unit 1113A & 1115,
11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road Central,
Wanchai, Hong Kong.
PHONE: 2850 5799
FAX: 2821 2301
E-MAIL: hkg@applegroup.co.in
Managing Director: Mr. Ashish
Narendra Garg
Incorporated on: 27th
March, 2009.
Organization: Private
Limited Company.
Capital: Nominal: HK$193,750,000.00
Issued: HK$193,750,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
10.
Main Dealing Banker: Punjab National Bank, Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Unit 1113A & 1115, 11/F., Grand Millennium Plaza, Cosco Tower,
183 Queen’s Road Central, Wanchai, Hong Kong.
Holding Company:-
Apple Commodities Pvt. Ltd., India.
Subsidiary & Associated Companies:-
Apple Group of Companies
Apple Alloys Pvt. Ltd., India.
Apple Buildtech Ltd., India.
Apple Carbon Pvt. Ltd., India.
Apple Industries Ltd., India.
Apple Insurance Brokers Pvt. Ltd., India.
Apple Minerals Pvt. Ltd., India.
Apple Nature Resources Pvt. Ltd., India.
Apple Power Ltd., India.
Apple Rolling Mills Pvt. Ltd., India.
Apple Sponge & Power Ltd., India.
P.T. Apple Coal, Indonesia.
Pacific Mining Products Pvt. Ltd., India.
Promart Retail India Pvt. Ltd., India.
Zync Global Pvt. Ltd., India.
etc.
50498061
1328343
Managing Director: Mr. Ashish
Narendra Garg
Nominal Share Capital: HK$193,750,000.00 (Divided into 193,750,000
shares of HK$1.00 each)
Issued Share Capital: HK$193,750,000.00
(As per registry dated 31-03-2012)
|
Name |
|
No. of share |
|
Apple Commodities Pvt. Ltd. B-16, Sector-2, Noida 201301, Uttar Pradesh, India. |
|
193,750,000 ========= |
(As per registry dated 27-03-2012)
|
Name (Nationality) |
Address |
|
Ankit GARG |
10-A, New Mandi, Muzaffarnagar, U.P., India. |
|
Ashish Narendra GARG |
F-22, Model Town II, Delhi-110009, India. |
|
Nischal JAIN |
P-62, South Extn-II, New Delhi-110049, India. |
(As per registry dated 16-07-2012)
|
Name |
Address |
Co. No. |
|
HKBSS Ltd. |
5/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong
Kong. |
0838155 |
The subject was incorporated on 27th March, 2009 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating address. Formerly, its operating address was located
at 21/F., ICBC Tower, Citibank Plaza, 3 Garden Road, Central, Hong Kong where
is the operating address of a commercial service provider Regus Business
Services (HK) Ltd. [Regus]. Regus moved
to 2/F., Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong in 2011, so did
the subject. The subject moved to the
present address in October 2011.
Apart from these, neither material change nor amendment has been ever traced
and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Steel,
coal, construction materials, etc.
Employees: 10.
Commodities Imported: China, Indonesia, etc.
Markets: India,
other Asian countries, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$193,750,000.00
(Divided into 193,750,000 shares of HK$1.00 each)
Issued Share Capital: HK$193,750,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$
31,200,000.00 |
|
16-03-2011 |
paid up |
HK$
46,300,000.00 |
|
31-03-1012 |
paid up |
HK$116,250,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$ 193,750,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$31,200,000.00 |
to |
HK$
77,500,000.00 |
on |
16-03-2011 |
|
From |
HK$77,500,000.00 |
to |
HK$193,750,000.00 |
on |
31-03-2012 |
Mortgage or Charge: (See
attachment)
Profit or Loss: Made a small profit in the past two years.
Condition: Business
is normal.
Facilities: Is
making rather active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Indian Overseas Bank, Hong Kong Branch.
Bank of Baroda, Hong Kong Branch.
Punjab National Bank, Hong Kong.
Standing:
Normal.
Originally had issued 77.5 million ordinary shares of HK$1.00 each,
Apple Commodities Ltd. is wholly owned by Apple Commodities Private Ltd.
which is an India-based firm. Now its
issued share capital was increased to HK$193.75 million in March 2012.
The subject’s operating address has moved to Unit 1113A & 1115,
11/F., Grand Millennium Plaza, Cosco Tower, 183 Queen’s Road Central,
Hong Kong.
The subject is a member of the Apple Group of Companies which is one of
the leading conglomerates of India and is also establishing its footholds in
other parts of the world. It focuses on
trading various forms of Iron & Steel, Coal & Iron Ore.
The subject has its wholly-owned subsidiary in Hong Kong which has
acquired a large Coal Concession in South of Sumatra & East Kalimantan,
Indonesia. The Coal mine has 200 million
ton of reserves which is Steam Grade Coal.
The Group is engaged in diversified economy such as steel, coal, iron
ore, mining, insurance, power & energy, commodities trading, activated
carbon, etc. The Group is also engaged
in building and construction, technology transference, retailing, real estate
investment, etc.
Now, the network of the Group covers India, China, Hong Kong, Indonesia,
Africa, etc.
The Group’s headquarter is situated in the satellite city Noida (also
known as New Okhla Industrial Development Authority), Uttar Pradesh, which
falls under the National Capital Region of India. It has a state-of-the-art infrastructure and
all other latest amenities required at its office.
The subject owns coal mines in the South Sumatra, Indonesia and is
running concession in the East and South Kalimantan area under joint
co-operation. The subject has acquired 2
different concessions in Kalimantan area of non‑coking steam coal which
have total reserves of over 30 million metric tons. Its quality ranges from 5800/5600 Kcal/Kg
upto 6700/6500 Kcal GCV. The subject
follows international standards as set by SCOTA for contractual specifications
of coal.
The subject has already started mining and is expecting to achieve a
turnover of US$140 to 150 million annually.
It is planning to acquire coal mines in Indonesia and increase its
production capacity to 3 million metric tons per annum.
The Apple Group is engaged in international trade, construction,
manufacturing and other lines of businesses.
The Group comprises of eight companies which operates in different
sectors such as steel, coal, construction, insurance, power and energy,
commodities trading, etc. Its offices,
factories and other assets are located in different parts of India, China and
Indonesia. The Group is looking forward
to expand further with more projects and acquisitions in the pipeline.
PT Apple Coal [Apple Coal], established to support the subject on its
trading business, is now shipping 450 to 500,000 tons of coal a month to main
markets of China and India. Now, Apple
Coal has 45,000 hectares of coal mines in Indonesia.
Operating as a subsidiary of the subject in Hong Kong, Apple Coal
provides mining support and commodity trading services to its parent company’s
nine mines – six of which are 100% owned by the subject.
In 2011, it traded 2.8 million tons of coal and targeting 4.5 million
tons in 2012.
The subject’s business in Hong Kong is good. History is over three years and nine months.
On the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
31-07-2009 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt: 2009
FD 136 1 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All liabilities |
|
28-09-2009 |
Instrument: Charge Property: 1) By way of first fixed
charge the Debts and Inventory 2) By way of first fixed
charge the Account and all monies standing to the credit of the Account 3) By way of first
floating charge its undertaking and all its property, assets and rights Mortgagee: Bank of Baroda, Hong Kong Branch. |
As a continuing security for the payment and discharge of the Secured
Obligations |
|
09-10-2009 |
Instrument: Memorandum Property: Distinctive 91210300003418 28-09-2009 US$700,000.00 29-03-2010 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
08-02-2012 |
Instrument: Escrow Account Agreement Property: Property Mortgaged “Deposit” “Relevant Account” “Deposit Assets”
“Encumbrances” “Receivables” “Coal Mine” Mortgagee: Bank of Baroda, Hong Kong Branch. |
moneys, obligations and laibilities |
|
08-02-2012 |
Instrument: Share Charge Property: Property Mortgaged Charge payment of all principal, interest “Charged Property” means all dividends, stocks, shares, warrants, securities,
rights, monies or other property. Further Shares the beneficial or registered
owner of any shares of the Company Mortgagee: Punjab National Bank, Hong Kong
Branch. |
moneys, obligations and laibilities |
|
08-02-2012 |
Instrument: Share Charge Property: Property Mortgaged or Charge the Chargor, as beneficial and registered owner, the Chargor, as beneficial owner and registered owner, hereby charges
to the Bank by way of first floating charge the Charged Property Further Shares Immediately upon its becoming the benefical or registered owner of any
shares of the Company Security means the charge and security created or intended to be
created by this Share Charge. Mortgagee: Bank of Baroda, Hong Kong Branch. |
Secured Obligations means:- all moneys, obligations and liabilities |
|
02-11-2012 |
Instrument: Charge On Deposit to secure The
Depositor’s Obligations Property: Account Number: 7141001050, 7141001051, 7141001055, 7141001071 and
7141001412 A sum of US$953,314.01 + US$1,209,981.29 + US$826,897.50 +
US$28,289.07 + US$2,500,000 currently represented or evidenced by a
certificate of deposit dated 29-04-2012, 29-04-2012, 04-11-2011, 13-05-2012
& 02-08-2012 respectively. Mortgagee: Punjab National Bank, Hong Kong. |
As a continuing security for the payment and discharge of the Secured
Obligations. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.87.69 |
|
Euro |
1 |
Rs.72.85 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.