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Report Date : |
10.07.2013 |
IDENTIFICATION DETAILS
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Name : |
ORYX ENTERPRISES LTD. |
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Registered Office : |
c/o Prima Secretaries Ltd. Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central, |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.05.2012 |
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Com. Reg. No.: |
59786809 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of diamonds. |
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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 : |
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 |
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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.
|
Source
: CIA |
ORYX ENTERPRISES
LTD.
c/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central, Hong Kong.
PHONE: 852-2376 3611
FAX: 852-2376 5115
Managing Director: Mr. Aeyaz Iqbal
Chhutani
Incorporated on: 10th May, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ORYX ENTERPRISES
LTD.
Registered Head
Office:-
c/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central,
Hong Kong.
59786809
1743130
Managing Director: Mr. Aeyaz
Iqbal Chhutani
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 10-05-2013)
|
Name |
|
No. of share |
|
Aeyaz Iqbal CHHUTANI |
|
1 = |
(As per registry dated 10-05-2013)
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Name (Nationality) |
Address |
|
Aeyaz Iqbal CHHUTANI |
H502, AL-Noor Residency, Near Causeway, Causeway Road, Gorat,
Surat-395009, India. |
(As per registry dated 10-05-2013)
|
Name |
Address |
Co. No. |
|
Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central, Hong Kong. |
0569406 |
The subject was incorporated on 10th May, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds.
Employees: Nil.
Commodities Imported: India,
other Asian countries, etc.
Markets: Hong Kong, Thailand, other Asian
countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Prepayment, L/C, etc.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued just one ordinary share of HK$1.00, Oryx Enterprises Ltd.
is wholly owned by Mr. Aeyaz Iqbal Chhutani who is an Indian. He is an India passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the subject.
At the very beginning, the single share held by Chhutani was held by
Anchor Assets Ltd. [AAL] which was a Bahamas-registered firm. AAL transferred its single share to Chhutani
on 13th November, 2012. Currently he is
residing in Surat, India.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Suite 605, 6/F., China Insurance Group Building, 141
Des Voeux Road Central, Hong Kong known as Prima Secretaries Ltd. which is
handling its correspondences and documents.
This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The director of the subject cannot be reached as he is in Surat, India.
According to our secondary sources. the subject is a diamond importer,
exporter and wholesaler. It is trading
in loose, polished and cut diamonds.
It is likely that the subject has got an associated company in Surat,
India which is also operated by Chhutani.
The India firm is also a diamond trader.
It is also likely that the India firm deals with foreign parties under
the name of the subject and let foreign firms correspond with the subject’s
registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over a year and
a month.
Since the subject does not have its own operating office and has no
employees in Hong Kong, 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.07 |
|
|
1 |
Rs.89.91 |
|
Euro |
1 |
Rs.77.43 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
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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.