|
Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASK RE
LTD. |
|
|
|
|
Registered Office : |
Room 502, 5/F., Tower 1, South Seas Centre, 75 Mody Road, Tsimshatsui,
Kowloon |
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|
|
|
Country : |
Hong Kong |
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|
|
|
Date of Incorporation : |
30.06.2006 |
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|
|
|
Com. Reg. No.: |
36912176 |
|
|
|
|
Legal Form : |
Private Limited Company. |
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|
|
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Line of Business : |
Importer, Exporter and Wholesaler of Agri-business, industrial minerals, steel raw materials, power plant equipment, etc. |
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|
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No. of Employees : |
6 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 |
ASK RE LTD.
Room 502, 5/F.,
Tower 1, South Seas Centre, 75 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2368 7799
FAX: 2368 7899
E-MAIL: askre.trade@askreltd.com
Managing
Director: Mr. Surekha Attaluri
Incorporated on: 30th June, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$8,000,000.00
Issued: HK$8,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: Indian Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
ASK RE LTD.
Registered
Head Office:-
Room 502, 5/F.,
Tower 1, South Seas Centre, 75 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
Holding
Company:-
Xlat Ltd., British
Virgin Islands.
36912176
1056098
Managing
Director: Mr. Surekha Attaluri
Nominal Share
Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$8,000,000.00
(As per registry dated 30-06-2012)
|
Name |
|
No.
of shares |
|
Xlat Ltd. P.O. Box 957, Offshore, Road Town, Tortola, British Virgin Islands. |
|
8,000,000 ======== |
(As per registry dated 30-06-2012)
|
Name (Nationality) |
Address |
|
Surekha ATTALURI |
Flat D, 3/F., Tower 2, Harbour Green, 8
Sham Mong Road, Tai Kok Tsui, Kowloon, Hong Kong. |
|
Venkateswara
Prasad ATTALURI |
Flat D, 3/F., Tower 2, Harbour Green, 8
Sham Mong Road, Tai Kok Tsui, Kowloon, Hong Kong. |
(As per registry dated 30-06-2012)
|
Name |
Address |
Co.
No. |
|
Granhill
Ltd. |
5/F., Dah Sing Life Building, 99-105 Des Voeux Road Central, Hong
Kong. |
0503199 |
The
subject was incorporated on 30th June, 2006 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: Agri-business, industrial minerals, steel raw materials, power plant equipment, etc.
Employees: 6.
Commodities Imported: India, other Asian countries, etc.
Markets: Worldwide.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$8,000,000.00 (Divided into 8,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$8,000,000.00
Mortgage or Charge (since October 2011): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Indian Overseas Bank, Hong Kong Branch.
Bank of Baroda, Hong Kong Branch.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
RB International Finance (Hong Kong) Ltd., Hong Kong.
Canara Bank, Hong Kong Branch.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Ask
Re Ltd. is a wholly-owned subsidiary of Xlat Ltd. which is a BVI-registered
firm.
The
subject is wholly-owned by the Attaluri family.
The directors of the subject Surekha Attaluri and Venkateswara Prasad
Attaluri are Indian. They are Hong Kong
ID holders and have got the right to reside in Hong Kong permanently.
Incorporated
in June 2006, the subject is engaged in the following business scope:
agri-business, industrial minerals, steel raw materials, power plant equipment,
etc.
The
subject is specialized in sourcing products directly from mine owners or
producers. Presently it is dealing in
the following agricultural products: cotton, DDGA, fish meal, glycerine,
groundnut oil, palm oil (olein/stearin), rape seed meal, rice, shortening, soya
bean meal, tapioca chips, etc.
The
subject is also engaged in minerals exporting and is mainly focused on shipping
iron ore, chrome ore, manganese ore, nickel ore and molybdenum ore which are
used in steel production. It also trades
in Bauxite, Barytes and Bentonite.
Coking
Coal, Anthracite Coal and Steam Coal are increasingly being shipped from
Australia, Russia, Ukraine, the United States, Colombia, Vietnam and
Indonesia. It is able to meet the
requirements of steel mills and power plants to import these commodities on a
regular basis.
The
subject also supplies critical steel making raw materials by consistently
meeting the requirements of discerning steel mills in Korea, China, India,
Europe and South America.
The
subject is leveraging its association with reputed manufacturers of Power Plant
equipment in China and providing consultancy services for technology transfer,
equipment supply and logistics. It is
also involved in designing, and production and shipment of equipment for each
project as per customer requirements and ensure performance guarantee by the
Chinese manufacturers after setting up and the running of the units. The subject also offers clients with services
such as shipping, logistics, warehousing and financing.
Mr.
Venkateswara Prasad Attaluri was graduated from Acharya N G Ranga Agricultural
University, Tirupati, India, in 1987. In
1990, he graduated from Indian Institute of Management, Ahmedabad, India.
According
to the subject, its total turnover since establishment has been amounted to
over US$1 billion.
To
facilitate its trading activities, it is capitalizing on its financial
strength, as it currently enjoy over US$50 million credit lines with various
first class international banks in Hong Kong.
Further, we has secured commitment from its bankers to support
increasing working capital requirements in line with its future plans to grow
and expand.
The
subject’s business is rather active.
History in Hong Kong is over six years
On
the whole, consider it good for normal business engagements.
(October 2011)
|
Date |
Particulars |
Amount |
|
27-09-2011 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt: 2011 FD 209 1 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 incurred
to the Bank by the Company |
|
03-10-2011 |
Instrument: Memorandum Property: Distinctive 91210300004914 31-03-2011 US$252,000.00 02-04-2012 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
17-10-2011 |
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 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 Sales Contracts; (iv)
the Export Invoice Receivables; (v) the Insurances; (vi) the Trade Documents;
and (vii) all claims, remedies and proceeds in connection with any of the
foregoing; b) charges 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:
(i) the Goods together with their proceeds; (ii) the Pledged Goods; (iii) the
Deposit; and (iv) to the extent any Security Assets is not effectively
assigned under sub-clause (a), 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 |
|
12-10-2012 |
Instrument: Mortgage
Deed Property: All Those 2,001 equal undivided 1,109,202
parts or shares of and in all that piece or parcel of ground registered in
the Land Registry as Kowloon Inland Lot No. 11151 and of and in the messuages
erections and buildings constructed thereon and knows as Harbour Green, No. 8
Sham Mong Road, Kowloon, Hong Kong Together with the sole and exclusive right
and privilege to hold use occupy and enjoy of all That Flat D on the Third
Floor of Tower 2 and Carparking Spaces No. 229 and 230 on Ground Floor of the
Development (which said Flat and Carparking Spaces are, for identification
purpose only, shown on the Floor Plan and Car Park Plan annexed to an
Assignment registered in the Land Registry by Memorial No. 08090302280139 and
thereon coloured Pink). Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
In consideration of the premises and with the object and intention of
affording to the Lender a security for the Secured Indebtedness and the due
fulfilment by the Borrower of the agreements covenants and conditions
contained in the Mortgage |
|
03-12-2012 |
Instrument: Trade
Finance Security Assignment Property: The Borrower as beneficial owner:- (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) Export Credits; (ii) Export Collection Bills; (iii) Sales Contracts; (iv) Invoice Receivables; (v) Insurances; (vi) Trade
Documents; and (vii) all claims, remedies and proceeds in
connection with any of the foregoing; and (B) Charges 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: (i) the Goods
together with their proceeds; and (ii) the Deposit; and (C) Pledges & agrees to pledge to the Bank
the Pledged Goods and the Trade Documents which are now or may in the future
be in the Bank’s possession Mortgagee: China
CITIC Bank International Ltd., Hong Kong. |
As security for the payment of all Secured Liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.