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Report Date : |
16.03.2013 |
IDENTIFICATION DETAILS
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Name : |
BST (HK) LTD. |
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Registered Office : |
Room 5206, 52/F., Hopewell Centre, 183 Queen’s Road East, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.10.1998 |
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Com. Reg. No.: |
22087101 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of iron and steel, iron ore and coke. |
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No. of Employees : |
5. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 |
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
BST (HK)
LTD.
ADDRESS: Room 5206, 52/F., Hopewell
Centre, 183 Queen’s Road East, Wanchai, Hong Kong.
PHONE: 2634 1088
FAX: 2634 0171
Managing Director: Mr. Dejan
Minic
Incorporated on: 27th
October, 1998.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Iron and Steel Trader.
Employees:
5.
Main Dealing Banker: United Overseas Bank Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 5206, 52/F., Hopewell Centre, 183 Queen’s Road East, Wanchai,
Hong Kong.
Associated Company:-
Mallikarjun Shipping (HK) Ltd., Hong Kong.
22087101
0658014
Managing Director: Mr. Dejan
Minic
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 27-10-2011)
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Name |
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No. of shares |
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Dejan MINIC |
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6,000 |
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Ashish Ranchhod SHUKLA |
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4,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 27-10-2011)
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Name (Nationality) |
Address |
|
Ashish Ranchhod SHUKLA |
Flat F, 28/F., Lotus Mansion, 6 Taikoo Wan Road, Taikoo Shing, Shau
Kai Wan, Hong Kong. |
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Dejan MINIC |
4/F., 16 Scenic Villa Drive, Pokfulam, Hong Kong. |
(As per registry dated 27-10-2011)
|
Name |
Address |
Co. No. |
|
CNK Ltd. |
Room 801, 8/F., Workington Tower, 78 Bonham Strand East, Hong Kong. |
1556477 |
The subject was incorporated on 27th October, 1998 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Balkan Steel
(HK) Ltd., name changed to the present style on 19th April, 2002.
Formerly the subject was located at Room 1907, 19/F., Tower II, Grand
Central Plaza, 138 Shatin Rural Committee Road, Shatin, New Territories,
Hong Kong, moved to Room 5206, 52/F., Hopewell Centre, 183 Queen’s Road
East, Wanchai, Hong Kong with effect from 19th December, 2010. With effect from 11th November, 2011, the
subject moved to Unit A & B, 17/F., Eton Building, 288 Des Voeux Road
Central, Hong Kong, moved back to Hopewell Centre again in May 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of iron and steel, iron ore and coke.
Employees: 5.
Commodities Imported: India, former Yugoslavia, Russia, etc.
Markets: China,
other Asian countries, etc.
Terms/Sales: As per
contracted.
Terms/Buying: Various
Terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 100.00 |
|
15-11-2010 |
paid up |
HK$ 9,900.00 |
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––––––––––––– |
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Total: |
paid up |
HK$ 10,000.00 ============ |
Mortgage or Charge (since 15-12-2009): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active state.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
United
Overseas Bank Ltd., Hong Kong Branch.
Standing:
Good.
Having issued 10,000 ordinary shares of HK$1.00 each, BST (HK) Ltd. is
jointly owned by Mr. Dejan Minic, holding 60% interests, and Mr. Ashish
Ranchhod Shukla, holding 40%. The equity
held by the shareholders slightly changed on 1st November, 2010.
The shares held by Shukla was held by Mr. Maja Minic who transferred his
shares to him on 11th March, 2010. Dejan
Minic and Shukla are also directors of the subject.
The subject’s ordinary shares have been increased to 10,000 from 100.
Dejan Minic was a Yugoslavia passport holder and now he is a Hong Kong
ID Card holder and has got the right to reside in Hong Kong permanently.
Incorporated in October 1998, the subject is an iron and steel
trader. Its main supplier is Balkan
Steel I.E. [Balkan Steel] which is in Liechtenstein.
The subject has had an associated company Mallikarjun Shipping (HK) Ltd.,
also a Hong Kong-registered firm but located at a different address. This firm is also operated by Mr. Dejan
Minic. The phone and fax number of this
firm 2690 2410 and 2690 4211 respectively which are provided by you.
The subject is trading in the following products:-
Established in 1995, Balkan Steel is engaged in steel products
trading. Its main markets are Russia,
Ukraine and the Asia Pacific region.
Now, its markets have been expanded to the European Union and even the
United States. However, Balkan Steel’s
business centres on the Republic of Macedonia, Bosnia, Herzegovina, etc. all
which belonged to former Yugoslavia which dissolved in 1991.
Currently, Balkan Steel centres its business activities in Bosnia in two
business entities: UNIS Tube Factory Derventa and the Port of Shamac. Besides, Balkan Steel has set up business
entities in the following countries and cities: Bonn of Germany, Paris of
France, and Skopje of Macedonia. Set up
representative offices in Mariupol of Ukraine, Belgrade of Serbia, Banja Luka
of Bosnia, and Herzegovina. Balkan Steel
also has secured sales agents in France, Croatia, Bulgaria, etc.
The subject is Balkan Steel’s Hong Kong agent. Most of Balkan Steel’s products are steel
pipes which are manufactured by its Unis Pipe Factory.
The subject also re-exports the products to China and the other Asian
countries. Its also imports iron and
steel from India, other Asian countries and re-exports to the Eastern Europe,
Ukraine, etc. Business is active as the
demand has been increasing.
Besides trading in iron and steel, the subject also trades in iron ore
and coke. Now, the subject has set up
offices in Beijing and Shanghai of China.
It also has set up representative offices in India, Indonesia and
Europe. China is its prime market.
According to the subject, it supplies 5 to 6 million of products to
China end‑users annually. At
present, it has developed close business ties with a number of iron and steel
mills, power generating companies and traders in China.
The subject’s business is chiefly handled by Dejan Minic and Shukla
themselves.
As the history of the subject is over thirteen years in Hong Kong,
on the whole, consider it good for normal business engagements.
(Since 15-12-2009)
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Date |
Particulars |
Amount |
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15-12-2009 |
Instrument: Charge Over Account and Set-Off Property: All the Company’s rights, title and interest in and to the Account Mortgagee: United Overseas Bank Ltd.,
Hong Kong Branch. |
To secure general banking facilities |
|
15-12-2009 |
Instrument: Addendum to Charge Over Account and
Set-Off Property: The addendum, as an integral part of the Charge Undertaking, varies
the Charge Undertaking in terms of the deposits in the Account being
differentiated and identified as being protected or not protected by or under
the Scheme and/or the guarantee and such variation shall come to effect from
the date of the Charge Undertaking until the Expiry Date Mortgagee: United Overseas Bank Ltd., Hong Kong
Branch. |
To secure general banking facilities |
|
15-12-2009 |
Instrument: General Memorandum of Pledge of Goods Property: All the Company’s rights, title and interest in and to the Merchandise Mortgagee: United Overseas Bank Ltd.,
Hong Kong Branch. |
To secure general banking facilities |
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15-12-2009 |
Instrument: Assignment of Letters of Credit Property: All the Company’s rights, title, interest and benefit in and to all
and any moneys now or at any time due or owing to the Company Mortgagee: United Overseas Bank Ltd.,
Hong Kong Branch. |
To secure general banking facilities |
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18-10-2010 |
Instrument: Assignment of Sale Contracts Property: All the Company’s rights, title and interest in and to the Assigned
Assets Mortgagee: United Overseas Bank Ltd., Singapore. |
To secure general banking facilities |
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30-05-2011 |
Instrument: Charge Over Deposit Property: The Depositor as beneficial owner, by way of first fixed charge,
charges in favour of the Bank, as security for the payment and discharge of
the Secured Obligations all of its right, title and interest in and to the
Deposits Mortgagee: ING Bank N.V., Hong Kong Branch. |
All monies |
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07-11-2012 |
Instrument: Trade Finance Security Assignment Property: (a) Assigns to the Bank to
the following assets:- (1) The Export Credits; (2) The Export Collection
Bills; (3) The Sales Contracts; (4) The Export Invoice
Receivables; (5) The Insurances; (6) The Trade Documents,
and (7) All Claims, remedies
and proceeds in connection with any of the foregoing (b) Charges to the Bank to
the following assets:- (1) The Goods together
with their proceeds; (2) The Pledged Goods; (3) The Deposit and (4) To the extent any
Security Assets is not effectively assigned under sub-clause, such Security
Asset; and (c) Pledges and agrees to
pledge to the Bank the Pledged Goods and the Trade Documents which are now or
may in the future be in the possession of the Bank Mortgagee: United Overseas Bank Ltd., Singapore. |
All obligations and liabilities of whatever nature of the Borrower
owed to the Bank |
|
26-03-2012 |
Instrument: Deed of Charge and Assignment of
Receivables Property: The Assignor executes and delivers this Deed in favour of the Assigness
as security for the payment of the Secured Amounts and the performance and
discharge of all undertakings, covenants, terms and conditions on the part of
the Assignor under or in connection with the Facilities or this Deed Mortgagee: ING Bank N.V., Hong Kong Branch. |
All monies |
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29-06-2012 |
Instrument: Trade Finance Security Assignment Property: (a) Assigns and agrees to
assign absolutely to the Bank all the present and future rights, title,
interests and benefits of the Borrower in and to the following assets:- 1) The Export Credits; 2) The Exoport Collection
Bills; 3) The Sales Contracts; 4) The Export Invoice
Receivables; 5) The Insurances; 6) The Trade Documents;
and 7) All Claims, remedies and
proceeds in connection with any of the foregoing (b) Charge and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights,title, interests and benefits of the Borrower in and to the following
assets:- 1) The Goods together
with their proceeds; 2) The Pledged Goods; 3) The Deposit; and 4) To the extent any
Security Assets is not effectively assigned under sub-clause, such Security
Asset; and (c) Pledges and agrees to
pledge to the Bank the Pledged Goods and the Trade Documents which are now or
may in the future be in the possession of the Bank Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations and liabilities of whatever nature of the Borrower
owed to the Bank |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
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|
1 |
Rs.81.74 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
-- |
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.