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Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
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Name : |
SYNERGY
RESOURCES HK LTD. |
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Registered Office : |
c/o Asia Business Service Ltd., Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.10.2007 |
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Com. Reg. No.: |
38537647 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Iron ore, Steel, Coal, 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 : |
Usually Correct |
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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
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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.
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Source
: CIA |
SYNERGY RESOURCES HK LTD.
c/o Asia Business Service Ltd.
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 8102 2592
FAX: 8102 2593
Managing Director: Mr. Sachin Sehgal
Incorporated on: 3rd October, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer and Exporter.
Employees: Nil.
Main Dealing Banker: Standard Bank Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Asia Business Service Ltd.
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
OreTeam Exim Pvt. Ltd., India.
OreTeam India Pvt. Ltd., India.
Synergy (Shanghai) Trading Co. Ltd.
Suite 1508, The North Block 1, Changfeng Commercial Building, 106 Zhongjiang Road, Shanghai-200062, China.
[Tel: 86-21-3255 2250; Fax: 86-21-3255 2251
E-mail: asuna@srl.hk ]
38537647
1171995
Managing Director: Mr. Sachin Sehgal
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 03-10-2012)
|
Name |
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No.
of shares |
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Sachin
SEHGAL |
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5,000 |
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Amit Kumar JEJANI |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 03-10-2012)
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Name (Nationality) |
Address |
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Sachin SEHGAL |
Room 501, Building 6, Yanlord
Riverside Garden, 388 Furong Jiang Lu, Shanghai 200051, China. |
|
Amit Kumar
JEJANI |
Room 2001, Building 20,
Yanlord Riverside Garden, 388 Furong Jiang Lu, Shanghai 20051, China. |
(As per registry
dated 03-10-2012)
|
Name |
Address |
Co.
No. |
|
Asia Business Service Ltd. |
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road,
Tsimshatsui, Kowloon, Hong Kong. |
0871994 |
The subject was incorporated on 3rd October, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 813, 8/F., Hollywood Plaza, 610 Nathan Road, Hong Kong where was the operating office of Asia Business Service Ltd. Its registered has moved to the present address in late 2011 where is also an office of Asia Business Service Ltd.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: Iron ore, Steel, Coal, etc.
Employees: Nil.
Commodities Imported: India, Brazil, Australia, etc.
Markets: China, 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
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.
Bankers:-
Standard Bank Asia Ltd., Hong Kong.
United Overseas Bank Ltd., Hong Kong Branch.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Synergy Resources HK Ltd. is equally owned by Mr. Sachin Sehgal and Mr. Amit Kumar Jajani, both of whom are Indian. They are India passport holders and do not have the right to reside in Hong Kong permanently. They are also the directors of the subject. Currently, the two directors are in Shanghai, China.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong known as Asia Business Service Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject in fact is a member of the OreTeam Group which is an India-based companies.
The Group has had the
following three firms in India and China:-
· OreTeam Exim Pvt. Ltd., India;
· OreTeam India Pvt. Ltd., India; &
· Synergy (Shanghai) Trading Co. Ltd. [Synergy Shanghai], China.
The subject is trading in iron ore, ferrous powder, steel, coal, etc. Commodities are chiefly imported from India, Brazil, Australia, etc. The subject’s associated company Synergy Shanghai currently is administered by the subject’s directors.
Synergy Shanghai is a premier trading house based in Shanghai, China having expertise in iron ore supply chain management and is in the process of building similar capabilities in Fertilizers and Gypsum for supply to Indian sub-continent. This company achieved US$150 mllion in revenue in 2011 and had predicted to reach US$250 million revenue in 2012. However, it fell to the ground in 2012 which just got US$120 million revenue, decreased by 20% as compared with 2011. This might be due to the fluctuation of the exchange rate of RMB and the uncertain demand of its commodities in China.
According to Synergy Shanghai, in spite of turbulent business environment in bulk commodities in 2012, it maintained healthy margin in trading operations. In the years ahead, it is still optimistic in its business.
OreTeam is a renowned Information and Research company in India providing in-depth coverage on Indian Iron ore and Steel Industry. Its clients include the world’s mining majors incl BHP, Rio, Anglo American, VALE, POSCO and Vedanta Group.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five 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 secured basis.
|
Date |
Particulars |
Amount |
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23-04-2009 |
Instrument: Trade Finance Security Deed (the Deed) Property: All assets from time to time charged or assigned (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: (i) the Export Credits; (ii) the Export Collection Bills; (iii) the Contracts; (iv) the Invoice Receivables; (v) the Trade Documents; (vi) the Insurances; and (vii) all claims, remedies and proceeds in connection with any of the foregoing; (b) charges and agrees to charge to the Bank of the Borrower to the following assets: (i) the Goods together with their proceeds; and (ii) the Charged Account and all monies at any time standing to the credit of the Charged Account, including all interest from time to time accrued or accruing on such monies; and (c) pledges and agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are every Borrower’s account maintained in the name of the Borrower with the Bank at the date of the Deed or may in the future be in the Bank’s possession. Mortgagee: Standard Bank Plc. |
All obligations and liabilities of whatever nature of
the Borrower to the Bank |
|
17-11-2010 |
Instrument: Addendum to Charge Over Account and Set‑Off Property: The addendum, as an integral part of the Charge Undertaking (Charge Over Account and Set-Off dated 17th November, 2010), varies the Charge Undertaking in terms of the deposits in the Account (all deposits, renewals and interest thereon and monies which are deposited with the Bank) being differentiated and identified Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
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17-11-2010 |
Instrument: General Memorandum of Pledge of Goods Property: All the Company’s rights, title and interest in and to the goods bills of lading warrants delivery orders and all documents of title and securities whatsoever delivered to or deposited with the Bank Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
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17-11-2010 |
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 under or in connection with each of the letters of credit issued in the Company’s favour and deposited with the Bank Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
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17-11-2010 |
Instrument: Charge Over Account and Set-Off Property: All the Company’s rights, title and interest in and to all deposits, renewals and interest thereon which are deposited with the Bank Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
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09-11-2011 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of all Secured Liabilities: (a) assigns and agrees to assign absolutely to the Bank to the following assets: (i) the Export Credits; (ii) the Export Collection Bills; (iii) the Sales Contracts; (iv) the Export Invoice Receivables; (v) the Insurances; (vi) the Trade Documents; and (vii) all claims, remedies and proceed; (b) charges and agrees to charge to the Bank to the following assets: (i) the Goods together with their proceeds; (ii) the Pledged Goods; (iii) the Deposit and (iv) to the extent any Security Assets; and (c) pledges and agrees to pledge to the Bank the Pledged Goods and the Trade Documents Mortgagee: United Overseas Bank Limited. |
All obligations and liabilities of whatever nature of
the Borrower owed to the Bank |
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12-11-2012 |
Instrument: Letter of Charge & Set-Off Property: The company as beneficial owner hereby charges in favour of the Bank by way of first fixed charge all the company’s rights, title and interest both present of future in and to the deposits and other deposits Mortgagee: United Overseas Bank Ltd., |
To secure banking facilities granted to the company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
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UK Pound |
1 |
Rs.82.06 |
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Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
<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.