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Report Date : |
29.07.2013 |
IDENTIFICATION DETAILS
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Name : |
BEST OASIS LTD. |
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Registered Office : |
C/o Prima Group 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 : |
16.04.2010. |
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Com. Reg. No.: |
52222004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Ship recycling, scrap metals, etc. |
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No. of Employees : |
No Employee 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
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Insignificant |
A1 |
|
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
BEST OASIS LTD.
ADDRESS: c/o Prima Group Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road,
Central, Hong Kong.
PHONE: 852-2376 3611
FAX: 852-2736 5115
Managing Director: Mr. Trupti
Sanjay Mehta
Incorporated on: 16th
April, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$16,403,915.00
Issued: HK$16,403,915.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Office:-
c/o Prima Group Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road,
Central, Hong Kong.
Holding Company:-
Priya Blue Industries Private Ltd., India.
Associated Companies:-
Priya Holdings Pvt. Ltd., India.
Priyablue Import/Export Pvt. Ltd., India.
Priyablue Infrastructure Pvt. Ltd., India.
Priyablue Shipping Pvt. Ltd., India.
Priyablue Textile Pvt. Ltd., India.
Sanjay Sales Corporation, India.
52222004
1444361
Managing Director: Mr. Trupti
Sanjay Mehta
Nominal Share Capital: HK$16,403,915.00 (Divided into 803,915 Ordinary
shares and 15,600,000 Preference shares of HK$1.00 each)
Issued Share Capital: HK$16,403,915.00
(As per registry dated 16-04-2013)
|
Name |
|
No. of shares |
|
|
|
|
Ordinary |
Preference |
|
Priya Blue Industries Private Ltd. “Aashirvad”, Plot No. 1563-A OPP. Panna Tower, Rupani Sardarnagar
Road, Bhavnagar-364002, India. |
|
803,915 |
- |
|
Rishikumar Bhansali |
|
- |
15,600,000 |
|
|
|
––––––– |
––––––––– |
|
|
Total: |
803,915 ====== |
15,600,000 ======== |
(As per registry dated 16-04-2013)
|
Name (Nationality) |
Address |
|
Trupti Sanjay MEHTA |
Flat No. 801/802, 8/F., Leela Baug, Plot No. 248, Telang Cross Road,
Behind Poddar College, Matunga-E, Mumbai - 400019, India. |
|
Sanjay Prataprai MEHTA |
Flat No. 801/802, 8/F., Leela Baug, Plot No. 248, Telang Cross Road,
Behind Poddar College, Matunga-E, Mumbai - 400019, India. |
(As per registry dated 16-04-2013)
|
Name |
Address |
Co. No. |
|
Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central, Central, Hong Kong. |
0569406 |
The subject was incorporated on 16th April, 2010 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: Ship recycling, scrap
metals.
Employees: Nil.
Commodities Imported: Worldwide countries, etc.
Markets: India (main), other Asian countries,
Europe, etc.
Terms/Sales: As per
contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$16,403,915.00
(Divided into 803,915 Ordinary shares and 15,600,000 Preference shares of
HK$1.00 each)
Issued Share Capital: HK$16,403,915.00
Indebtedness: US$3,000,000.00 (Total amount
outstanding on all mortgages and charges as per last Annual Return dated
16-04-2013)
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: Too
early to comment.
Banker:
Bank of
India, Hong Kong Branch.
Standing:
Small.
Best Oasis Ltd. is a wholly-owned subsidiary of Priya Blue Industries
Private Ltd. [Priya Blue] which is an India-based firm. The subject is a member of the Priya Group of
companies.
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, Central, Hong Kong” known as “Prima Group Ltd.” which
is handling its correspondences and documents.
An associated company of Prima Group Ltd. Prima Secretaries Ltd. is the
corporate secretary of the subject.
Prima Secretaries is also located at the above-mentioned address.
The subject has no employees in Hong Kong.
However, the head office of the subject is in India [hereinafter is
referred to BOL].
BOL is a newly formed company and a part of Priya Blue Group. It has been formed to serve its customers in
the ship recycling industry.
BOL is engaged in multiple jobs which acts as a purchaser, seller and
financer. Also, through these operations
BOL keeps an eye on the market and analyse the risk factors.
In 2010, Mr Sanjay Mehta set up the subject in Hong Kong for the sole
purpose of cash buying of vessels for recycling at Alang, India, Pakistan,
Bangladesh and China.
Hence the risk factors of re-negotiations is cushioned by BOL leaving
the ship owners with their committed price and experience no hassle at all
through the whole deal, at the same time the buyer enjoys the liberty of
purchasing a vessel and getting it delivered to their yard.
In the past years, BOL has negotiated to purchase more then 150 vessels
in the duration of just over 4 years.
Priya Blue is one of the established and leading recycling units in
Alang/Sosiya (Gujarat, India). It is
also a member of the Priya Group of Industries.
Priya Blue has recycled 43 ships out of which 7 are ULCC’s and 5 were
VLCC’s ships. It has successfully
recycled one of the largest passenger vessel Ex SS France Ex SS Norway “BLUE
LADY” that was monitored by the Honourable Supreme Court appointed committees
to ensure all statutory procedures with respect to safety, health and the
environment are fulfilled. It also
has recycled the world’s largest vessel ever built “ST MONT” Ex Jhare Viking Ex
Knock Nevis in a record breaking time of 9 Months. Currently, Priya Blue is recycling two
vessels named “Jia Fu Star” and “Eternal Sea” with light weight (LT) of
23,065.01 and 24,023.39 respectively.
Ship recycling involves processing used materials into new products to
prevent wastage of potentially useful materials, reduce / eliminate the
consumption of fresh raw materials, reduce energy usage, reduce air pollution
(from incineration) and water pollution (from land filling) by reducing the
need for “conventional” waste disposal, and lower greenhouse gas emissions as
compared to virgin production. Recycling
is a key component of modern waste reduction and is the third component of the
“Reduce, Reuse, and Recycle” waste hierarchy.
Priya Blue has been one of the companies in India which is able to
achieve its purposes.
Now, Priya Blue is in Gujarat, India.
It also has had a ship breaking yard which is also in Gujarat, India.
Sanjay Prataprai MEHTA was the founder of the Group which was
established in 1983.
During the course of business from 1983 to 1990, the Group had served
well‑known Corporate Bodies, Enterprises, Star Trading House, Government
Undertakings, etc. in India.
It is likely that the BOL deals with foreign parties and let foreign
firms correspond with its registered address in Hong Kong.
The subject’s total amount outstanding registered with the Companies
Registry as at mid-April, 2013 amounted to US$3.0 million.
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, consider it good for business engagements on L/C basis.
|
Date |
Particulars |
Amount |
|
20-01-2011 |
Instrument: Letter of Set-off & Appropriation Property: The following fixed deposit of A/C No. 037518 placed with Bank of
India, Hong Kong Branch and all moneys directly or indirectly deriving
therefrom and any other sum of sums which are from time to time deposited by
the company with the Bank is as under:- Deal No. Date Amount Due Date 168533 07-02-2011 US$1,500,000 07-02-2012 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
|
20-05-2011 |
Instrument: Letter of Set-off & Appropriation Property: The following fixed deposit of A/C No. 037518 placed with Bank of
India, Hong Kong Branch and all moneys directly or indirectly deriving
therefrom and any other sum of sums which are from time to time deposited by
the company with the Bank is as under:- Deal No. Date Amount Due Date 170434 20-05-2011 USD1,500,000 21-05-2012 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
|
22-08-2012 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount of Rate
of Maturity 2011 FD 446 2 28-05-2012 $1,003,125.00 1.25% 27-08-2012 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any liabilities, sole or joint, actual or contingent,
quantified or not, now or hereafter owing or designated by the company |
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.58.91 |
|
|
1 |
Rs.90.68 |
|
Euro |
1 |
Rs.78.22 |
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.