MIRA INFORM REPORT

Report Date :

19.02.2014

IDENTIFICATION DETAILS

Name :	MCL MARINE (HK) CO. LTD.

Registered Office :	c/o Conpak Management Consultants Ltd. Room 05-15, 13/F., South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsimshatsui, Kowloon,

Country :	Hong Kong

Date of Incorporation :	14.05.2013

Com. Reg. No.:	61431866

Legal Form :	Private Limited Liability Company

Line of Business :	Subject is as steel, pipes, supplies, raw materials, equipment trading and offering services for the Shipbuilding and Offshore industries Also provides customers with all kinds of logistic services such as production, inland transportation, warehousing and shipping.

No. of Employees :	No employees 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 :

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

Status :	No operating office in Hong Kong
Payment Behaviour :	Unknown
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 – September 30, 2013

Country Name

Previous Rating

(30.06.2013)

Current Rating

(30.09.2013)

Hong Kong

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 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

Company name and address

MCL MARINE (HK) CO. LTD.

ADDRESS

Registered Office:-

c/o Conpak Management Consultants Ltd.

Room 05-15, 13/F., South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsimshatsui, Kowloon, Hong Kong.

Corporate Office:-

Room 2606, Cross Region Times, 1777 North Zhongshan Road, Putuo District, Shanghai, 200061 China

[Tel: (+86) 21 6241 5336

Fax: (+86) 21 6241 2863

E-mail: shanghai@mcl-marine.com]

BUSINESS REGISTRATION NUMBER

61431866

COMPANY FILE NUMBER

1906980

DATE OF INCORPORATION

14th May, 2013.

CAPITAL

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

Issued Share Capital: HK$10,000.00

SHAREHOLDERS: (As per registry dated 22-07-2013)

Name		No. of shares
Juan Eliezer RINCON		4,800
CHEN Liang		3,200
Tan Hoang NGUYEN		2,000
		––––––
	Total:	10,000 =====

DIRECTORS: (As per registry dated 22-07-2013)

Name (Nationality)	Address
Tan Hoang NGUYEN	251-Tran Qu Cap Street, Ninh Hoa County Town, Khanl Hoa Province, Vietnam.
Juan Eliezer RINCON	4130 NW 66th. Avenue, Coral Springs FL.33067, United States.
CHEN Liang	Room 101, No. 67, Baoshan No. 8 Village, Baoshan District, Shanghai, China.

SECRETARY: (As per registry dated 14-05-2013)

Name	Address	Co. No.
Conpak Management Consultants Ltd.	Room 05-15, 13/F., South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsimshatsui, Kowloon, Hong Kong.	0640849

GENERAL

MCL Marine (HK) Co., Ltd. was incorporated on 14th May, 2013 as a private limited liability company under the Hong Kong Companies Ordinance.

The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 05-15, 13/F., South Tower, World Finance Centre, Harbour City, 17 Canton Road, Tsimshatsui, Kowloon, Hong Kong known as Conpak Management Consultants Ltd. which is handling its correspondences and documents. This company is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

According to the Companies Registry of Hong Kong, the subject has issued 10,000 ordinary shares of HK$1.00 each of which are jointly owned by three shareholders, namely, Mr. Juan Eliezer Rincon, holding 48% interests; Mr. Chen Liang, holding 32%; and Mr. Tan Hoang Nguyen, 20%. They are also directors of the subject.

The subject has had an associated company in Shanghai, China [Shanghai MCL] which is chiefly operated by Mr. Chen Liang who is a China passport holder.

Shanghai MCL and the subject are engaged in the same lines of business.

With over 30 years of experience in steel, pipes, supplies, raw materials, equipment trading and offering services for the Shipbuilding and Offshore industries around the world, Shanghai MCL has been claimed to be one of the significant steel product traders in Asia. Sourcing from China, it maintains regular supplies agreements with a wide variety of reliable producers. It also provides customers with all kinds of logistic services such as production, inland transportation, warehousing and shipping.

The subject and Shanghai MCL are trading in the following products:-

Steel Plates;

Profiles;

Line Pipes;

Drill Pipes;

Commercial Pipes & Fittings;

Marine Valves;

Anchors; &

Anchor Chains.

Besides the subject, Shanghai MCL has had offices in the United States and Vietnam. The US office is administered by Juan Eliezer Rincon while the Vietnam office by Tan Hoang Nguyen.

The subject’s business in Hong Kong is not active. History, which is short in Hong Kong, is just nine months.

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.

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.62.12
UK Pound	1	Rs.103.93
Euro	1	Rs.85.17

INFORMATION DETAILS

Report Prepared by :

NIS

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%)

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