|
Report Date : |
02.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
LITL 13 LTD. |
|
|
|
|
Registered Office : |
c/o JD-Infinum Secretaries Ltd. 27/F., Tesbury Centre, 28 Queen’s Road East, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
20.03.2014 |
|
|
|
|
Com. Reg. No.: |
62960519 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Not Available |
|
|
|
|
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 : |
NB |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
-- |
NB |
New Business |
-- |
|
Status : |
New Business |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
LITL 13 LTD.
Registered
Office:-
c/o JD-Infinum Secretaries Ltd.
27/F., Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong.
Holding Company:-
Liberty House Group Pte. Ltd., Singapore.
Associated
Companies:-
Liberty Commodities Ltd., UK.
Liberty FE Trade DMCC, UAE.
LITL 10 Ltd., Hong Kong. (Same
address)
62960519
2058662
20th March, 2014.
HK$100.00
(As per registry dated 20-03-2014)
|
Name |
|
No. of shares |
|
Sanjeev GUPTA |
|
51 |
|
Liberty House Group Pte Ltd. 8 Marina View, #40-06, Asia Square Tower 1, Singapore. |
|
49 |
|
|
|
–––– |
|
|
Total: |
100 === |
(As per registry dated 20-03-2014)
|
Name (Nationality) |
Address |
|
Sanjeev GUPTA |
Villa K32, Palm Jumeirah, Dubai, UAE. |
|
Niraj NAHATA |
Flat 1802, Madina Tower, JLT, AE-1 Dubai, UAE. |
(As per registry dated 20-03-2014)
|
Name |
Address |
Co. No. |
|
JD-Infinum Secretaries Ltd. |
27/F., Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong. |
1617138 |
LITL 13 Ltd. was incorporated on 20th March, 2014 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 27/F., Tesbury Centre, 28 Queen’s Road East, Wanchai,
Hong Kong known as JD-Infinum Secretaries 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
100 ordinary shares which 49% are owned by Liberty House Group Pte. Ltd., a
Singapore-based company, and Mr. Sanjeev Gupta, holding 51%.
The directors of the subject are Mr. Sanjeev Gupta and Mr. Niraj
Nahata. Both of them are in Dubai, the
United Arab Emirates.
The subject is a member of the Liberty Group of companies.
Liberty Group is an international steel and minerals group, operating
from its 3 financial hubs in London, Dubai and Singapore with a network of
offices spread across 30 countries around the world.
The Group has had interests in a wide range of mining and steel
production assets in Asia, the Middle East, Africa and Europe.
The annual turnover of the Group is US$5 billion, handling over 7
million metric tonnes of steel and raw materials, employing over 2,000 people
globally.
The total production capacity of the Group currently adds up to 2
million MT of liquid steel and 3 million MT of finished products. This is scheduled to increase to 5 million MT
by 2015.
Drawing strength from in house mining and steel assets, the central
Trade & Services arm of the Group, under the banner of LIBERTY COMMODITIES,
aims to provide clients with comprehensive solutions tailored to their needs
using its global as well as local expertise.
The Group offers innovative financial solutions including pre-payments,
inventory finance, tolling finance and open credit. It has a strong logistics function. We operates vessels, offering competitive
freight by consolidating in house and third party cargo.
The Group chiefly trades in iron & steel, coal and other raw
materials, etc.
Sanjeev Gupta, the shareholder of the subject, is also the Chairman of
the Liberty Group.
The subject has had an associated company LITL 10 Ltd. [LITL 10] located
at the office of JD-Infinum Secretaries Ltd.
LITL 10 and the subject are engaged in the same lines of business and
held by the same company. The directors
of LITL 10 are the same as the subject.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over three
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.60.14 |
|
|
1 |
Rs.102.83 |
|
Euro |
1 |
Rs.82.28 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.