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Report Date : |
03.04.2014 |
IDENTIFICATION DETAILS
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Name : |
DEVI RESOURCES LTD. |
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Registered Office : |
Room 2305, 23/F., CCT Telecom Building, 11 Wo Shing Street, Fotan, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.10.2009 |
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Com. Reg. No.: |
51273185 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Foodstuffs,
chemicals, pharmaceuticals |
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No. of Employees : |
10. (Including associate) |
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 |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A1 |
A1 |
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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 has no tariffs on imported goods, and it levies
excise duties on only four commodities, whether imported or produced locally:
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, its continued
reliance on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
DEVI RESOURCES LTD.
ADDRESS: Room 2305, 23/F., CCT Telecom Building, 11 Wo Shing Street, Fotan, Shatin, New Territories, Hong Kong.
PHONE: 852-2679 0040, 2670 7851, 2679 0519, 2544 4068, 2690 3908
FAX: 852-2639 5376, 2690 5201, 2687 5002, 2544 5568
E-MAIL: devihkg@netvigator.com
accounting@devihkg.com
nanthakumar@devihkg.com
Managing Director: Mr. Alwarpillai Nanthakumar
Incorporated on: 12th October, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$8,000,000.00
Business Category: Importer, Wholesaler and Re-exporter.
Employees: 10. (Including associate)
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
DEVI RESOURCES
LTD.
Registered Head
Office:-
Room 2305, 23/F., CCT Telecom Building, 11 Wo Shing Street, Fotan, Shatin, New Territories, Hong Kong.
Headquarters:-
Sri Lanka Office
125 Bank Shali Street, Colombo 11, Sri Lanka.
Tel: 9411-2432443, 2437453
Fax: 9411-2432444
E-mail: devi@devi.wow.lk
China Office:-
Shenzhen Office
20B, Daxin Building, Bao’an South Road, Luohu District, Shenzhen Special
Economic Zone, China.
Tel: 86-755-2557 9418
Fax: 86-755-8211 7558
E-mail: devichina@szonline.net
Associated/Affiliated
Companies:-
Advant Technologies Inc., India.
D Maritime Hong Kong Pvt. Ltd., Hong Kong.
Devi Mineral Resources (I) Pvt. Ltd., India.
Devi Trading Co. Ltd. (Jinxiang), China.
Devi Trading Co. Ltd., China.
Devi Trading Co. Ltd., Hong Kong.
Devi Trading Co. Ltd., Sri Lanka.
Devi Trading Co. Ltd., United Kingdom.
Devi Trading Co., Hong Kong.
Devi Trading Co., Sri Lanka.
Devi Trading Company, Hong Kong.
Devi Trading Inc., USA.
Smart Dragon Lanka Pvt. Ltd., Sri Lanka.
Somap (UK) Ltd., United Kingdom.
Xuzhou Elegant Food Grower Co. Ltd., China.
51273185
1381065
Managing Director: Mr. Alwarpillai Nanthakumar
Nominal Share Capital: HK$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$8,000,000.00
(As per registry dated 12-10-2013)
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Name |
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No. of shares |
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Nanthakumar ALWARPILLAI |
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8,000,000 ======= |
(As per registry dated 12-10-2013)
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Name (Nationality) |
Address |
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Nanthakumar ALWARPILLAI |
Flat E, 15/F., Block 5, Royal Ascot, 1 Tsun King Road, Shatin, New Territories, Hong Kong. |
(As per registry dated 12-10-2013)
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Name |
Address |
Co. No. |
|
RJA Management Ltd. |
Room A & B, 2/F., Lee Kee Commercial Building, 221-227 Queen’s Road, Central, Hong Kong. |
1044456 |
The subject was incorporated on 12th October, 2009 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of China Power & Resources Ltd., name changed to the present style on 20th January, 2010.
Formerly the subject was located at Room 1007, 10/F., CCT Telecom Building, 11 Wo Shing Street, Fotan, Shatin, New Territories, Hong Kong, moved to Room 2305, 23/F. of the same building in 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Wholesaler and Re-exporter.
Lines: Foodstuffs, chemicals, pharmaceuticals
Employees: 10. (Including associate)
Commodities Imported: Imported from India, Sri Lanka
Markets: Hong Kong, China, Pakistan, India, Sri Lanka
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T and D/P.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$8,000,000.00
Mortgage or Charge (Since May 2013): (See attachment)
Profit & Loss: Making a small profit every year.
Condition: Keeping in a rather active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Bankers:-
Bank of India, Hong Kong Branch.
Bank of Baroda, Hong Kong Branch.
ICICI Bank Ltd., Hong Kong Branch.
Standing: Good.
Having issued 8 million ordinary shares of HK$1.00 each, Devi Resources Ltd. is wholly-owned by Mr. Nanthakumar Alwarpillai who is a Sri Lankan. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject has had an associated company Devi Trading Co. Ltd. [DTCL] which is also located at the same operating address.
The headquarters of DTCL are located in Colombo, Sri Lanka.
The subject and DTCL are engaged in the same lines of business, more or less. Both of the firms belong to the Devi Group.
The subject is the Hong Kong office of the Devi Group.
DTCL, the founding member of the Group was established in 1971 by Mr. A. Vengadasalam to create a global market, by linking trade of Iron ore, Steel, Agro, Chemicals and Pharmaceuticals. Since then, it has built up a good reputation and global network extending to Asia, South America, Australia and New Zealand.
Devi Group is engaged in the following business scope:-
· Agro Commodities;
· Coke & Coal;
· Minerals;
· Oil & Gas;
· Ship Chartering; &
· Steel Products.
Currently, the subject is trading in the following commodities and offering clients with the following services:-
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Product/Service |
Product/Service Remarks |
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Food and Beverage |
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Sauce and Seasoning |
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Spice |
Include cassia, StarAniseed (Exporter) Include cassia, StarAniseed (Importer) |
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Sesame Seed |
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Raw Materials |
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Non-Ferrous Metal |
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Ferrous Metal |
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Minerals |
Iron ore, chrome ore, manganese ore, mill scale, copper ore (Exporter) Iron ore, chrome ore, manganese ore, mill scale, copper ore (Importer) |
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Agricultural Products, Livestock and Poultry |
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Fruits and Vegetables |
Garlic, ginger, potato, onion (Importer) Garlic, ginger, potato, onion (Exporter) |
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Chemicals (Including Plastic Materials) |
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Industrial Chemicals |
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Dyes |
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Coconut and Coconut Products |
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Cinnamon |
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Mace, Ground Nut, Ginger, Tamarind, Garlic, Black Pepper, Nutmeg, Cloves |
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The subject’s commodities are mainly imported from India, Sri Lanka and Europe. Principal markets are Hong Kong, China and other Asian countries such as Pakistan, Nepal, etc. However, most of its products are re-exported to China and the other Asian countries.
DTCL has got some affiliated factories in Shenzhen Special Economic Zone, China. The subject acquires finished products from these factories and re‑exports to India, Sri Lanka, Pakistan, Bangladesh, etc.
Currently, DTCL has set up three offices in China which are in Jinxiang, Shenzhen Special Economic Zone and Xuzhou. Other overseas offices are in Sri Lanka and London of the United Kingdom.
The subject has got an associate Devi Trading Company which is also located at the operating address of the subject. Founded in December 1994 and bearing the Business Registration No. 18706967, Devi Trading Company was solely founded and owned by Mr. Alwarpillai Nanthakumar. It is engaged in the same lines of business as the subject.
The subject’s main office (hereinafter is referred to Devi) was set up in Sri Lanka in 1971 by Mr. A. Vengadasalam. Devi is trading in iron ore, steel, agro, chemicals, pharmaceuticals, agro-foodstuff, other industrial products, etc. Since then, it has built up a rather good business reputation and global network extending to Asia, South America, Australia and New Zealand serving its customers worldwide. According to the subject, its business covers over 25 countries throughout the world.
D Maritime Hong Kong Pvt. Limited [D Maritime] is the chartering arm of the Devi Group. It is a professional shipping company staffed by people with decades of experience in the industry and the London market. It has a team of international dry cargo brokers in Europe and Asia. It has established a good track record over the years and it has shown its professional expertise in its dealing with ship owners and operators. D Maritime charters in vessels on Voyage or time charter and the group has chartered in over 350 vessels to date.
Now, the net turnover of Devi Group ranges from US$145 to 165 million. Making good profits in some of the past years. Regular suppliers and customers have been maintained.
According to the Group, it will expand its products handled in the immediate future.
The subject is fully supported by the Devi Group. History of the subject in Hong Kong is over four years.
On the whole, consider it good for normal business engagements.
(Since May 2013)
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Date |
Particulars |
Amount |
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14-05-2013 |
Instrument: Memorandum Property: Distinctive 91210300005553 14-05-2013 US$875,000.00 14-08-2013 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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12-07-2013 |
Instrument: Debenture (Own/Third Party Debt) Property: The Company, as beneficial owner, charge to the Bank by way of a first floating charge. all funds standing to the credit of the Chargor from time to time on any account with any bank or financial institution, including the collection account; i) The sum deposited by the chargor or for the chargor’s benefit in the savings and deposit account with the Bank. ii) All other sums in any currency from time to time standing to the credit of the chargor or the credit of any other person for the benefit of the chargor on any deposit or other account with the bank including additions to or renewals or replacements of such sums; iii) Any amount received by or for the account of the bank which the bank is under a duty to credit to the account but which the Bank has not yet credited to the accounts; and iv) Any interest and other accounts accrued or accruing on an amount covered by paragraphs to above whether or not the interest has been credited to that accounts All choses in action and claims now and in the future belonging to the Chargor not otherwise charged or assigned by paragraphs above Mortgagee: ICICI Bank Ltd., Hong Kong Branch. |
By way of continuing security for the due and punctual payment to the Bank |
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21-06-2013 |
Instrument: Letter of Lien Property: Nature of Deposit: TDR TDR Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
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21-06-2013 |
Instrument: Charge and Hypothecation of Book Debts Property: Hypothecate and charge to the bank by way of charge on all the book debts outstanding, moneys receivable, claims and bills which are now due and owing or which may at any time hereafter during the continuance of this security become due and owing to the “Borrower” in the course of its business by any person, company or by the government or any local or public body or authority as security for the due payment to the bank at any time on demand at Hong Kong. Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
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21-06-2013 |
Instrument: Hypothecation of Tangible Moveable Property Property: All tangible moveable assets of borrower including in particular stocks of all goods of diamonds, gem, precious stones, jewellery, gold, furniture and fixtures and plant and machinery, etc. wheresoever situate and/or in transit Mortgagee: Bank of India, Hong Kong Branch. |
US$7,000,000.00 |
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21-06-2013 |
Instrument: General Letter of Hypothecation Property: Bills of exchange, and/or invoices, or any other documents representing or relating to goods Mortgagee: Bank of India, Hong Kong Branch. |
All the money now granted by the Bank and the Company now owing to the Bank |
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12-02-2014 |
Instrument: Amendatory Agreement Property: As beneficial owner, charge to the Bank by way of first floating charge: A) All goods under any letters of credit issued in our favour in relation to the facility Documents; B) All funds standing to the credit of us from time to time on any account with any bank or financial institution, including the Collection Account; C) All its present and future rights in respect of the sum of money described below and all interest from time to time accruing or payable thereon Mortgagee: ICICI Bank Ltd., Hong Kong Branch. |
By way of continuing security for the due and punctual payment to the Bank of all monies |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.65 |
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|
1 |
Rs.99.21 |
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Euro |
1 |
Rs.82.39 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NNA |
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 |
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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.