|
Report Date : |
05.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
BST (HK) LTD. |
|
|
|
|
Registered Office : |
Room 4102-03, 41/F., MCL Tower, 248 Queen’s Road East, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
27.10.1998 |
|
|
|
|
Com. Reg. No.: |
22087101 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of all kinds of iron and steel, iron ore and
coke. |
|
|
|
|
No. of Employees : |
8. |
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 – 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 |
BST (HK) LTD.
ADDRESS: Room 4102-03, 41/F., MCL
Tower, 248 Queen’s Road East, Wanchai, Hong Kong.
PHONE: 852-2634 1088, 2690 2410
FAX: 852-2634
0171, 2690 4211
E-MAIL: Bsttrade@
biznetvigator.com
Managing Director: Mr. Dejan
Minic
Incorporated on: 27th October, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Iron and
Steel Trader.
Employees: 8.
Main Dealing Banker: United
Overseas Bank Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
BST (HK)
LTD.
Registered Head
Office:-
Room 4102-03, 41/F., MCL Tower, 248 Queen’s Road East, Wanchai,
Hong Kong.
Associated Companies:-
Best Solution Trading Ltd., Hong Kong.
Globechart Ltd., Hong Kong.
Globechart Pte. Ltd., Singapore.
22087101
0658014
Managing Director: Mr. Dejan
Minic
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 27-10-2013)
|
Name |
|
No. of shares |
|
Dejan MINIC |
|
6,000 |
|
Ashish Ranchhod SHUKLA |
|
4,000 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated 27-10-2013)
|
Name (Nationality) |
Address |
|
Ashish Ranchhod SHUKLA |
Flat F, 28/F., Lotus Mansion, 6 Taikoo Wan Road, Taikoo Shing, Shau Kai
Wan, Hong Kong. |
|
Dejan MINIC |
4/F., 16 Scenic Villa Drive, Pokfulam, Hong Kong. |
(As per registry dated 27-10-2013)
|
Name |
Address |
Co. No. |
|
CNK Ltd. |
Room 801, 8/F., Workington Tower, 78 Bonham Strand East, Hong Kong. |
1556477 |
The subject was incorporated on 27th October, 1998 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Balkan Steel (HK)
Ltd., name changed to the present style on 19th April, 2002.
Formerly the subject was located at Room 1907, 19/F., Tower II, Grand
Central Plaza, 138 Shatin Rural Committee Road, Shatin, New Territories,
Hong Kong, moved to Room 5206, 52/F., Hopewell Centre, 183 Queen’s Road
East, Wanchai, Hong Kong with effect from 19th December, 2010. With effect from 11th November, 2011, the
subject moved to Unit A & B, 17/F., Eton Building, 288 Des Voeux Road
Central, Hong Kong, moved back to Hopewell Centre again in May 2012. The subject moved to the present address in
December 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of iron and steel, iron ore and coke.
Employees: 8.
Commodities Imported: India, former
Yugoslavia, Russia
Markets: China,
other Asian countries
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$10,000.00
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$ 100.00 |
|
15-11-2010 |
paid up |
HK$ 9,900.00 |
|
|
|
––––––––––––– |
|
Total: |
paid up |
HK$10,000.00 =========== |
Mortgage or Charge: (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active
condition.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: United Overseas Bank Ltd., Hong Kong
Branch.
Standing: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, BST (HK) Ltd. is jointly
owned by Mr. Dejan Minic, holding 60% interests, and Mr. Ashish Ranchhod
Shukla, holding 40%. The equity held by
the shareholders slightly changed on 1st November, 2010.
The shares held by Shukla was held by Mr. Maja Minic who transferred his
shares to him on 11th March, 2010. Dejan
Minic and Shukla are also directors of the subject.
The subject’s ordinary shares have been increased to 10,000 from 100.
Dejan Minic was a Yugoslavia passport holder and now he is a Hong Kong
ID Card holder and has got the right to reside in Hong Kong permanently.
Incorporated in October 1998, the subject is an iron and steel
trader. Its main supplier is Balkan
Steel I.E. [Balkan Steel] which is in Liechtenstein.
The subject is trading in the following products:-
·
Cold Rolled Tubes with Small Radius;
·
Construction Supports and Tripods;
·
Elements and Compositions;
·
Elliptic Tubes;
·
Frame Scaffold;
·
Greenhouses;
·
Medium Heavy Tubes;
·
Rectangular Tubes;
·
Round Tubes;
·
Square Tubes;
·
Wood Processing Gear, &
·
ZP Profiles, etc.
Apart from the above-mentioned products, the subject also trades in iron
ore and coal.
The subject now has set up representative offices in Beijing, Shanghai,
Singapore, Goa, India and Indonesia.
Besides, the subject also owns a chartering company – Globechart Pte
Ltd. [Globechart] through which it charters vessels and offer logistics
solutions to its partners worldwide.
The chartering company in Singapore is run by a team of experienced
personnel which can supply an efficient solution for the logistics requirements
of its clients. It charters vessels from
coaster to cape size with special expertise in Handymax and Supramax
vessels. Globechart does not only cater
for the subject’s physical shipping requirements but also third party
requirements.
Established in 1995, Balkan Steel is engaged in steel products
trading. Its main markets are Russia,
Ukraine and the Asia Pacific region.
Now, its markets have been expanded to the European Union and even the
United States. However, Balkan Steel’s
business centres on the Republic of Macedonia, Bosnia, Herzegovina, etc. all
which belonged to former Yugoslavia which dissolved in 1991.
Currently, Balkan Steel centres its business activities in Bosnia in two
business entities: UNIS Tube Factory Derventa and the Port of Shamac. Besides, Balkan Steel has set up business
entities in the following countries and cities: Bonn of Germany, Paris of
France, and Skopje of Macedonia. Set up
representative offices in Mariupol of Ukraine, Belgrade of Serbia, Banja Luka
of Bosnia, and Herzegovina. Balkan Steel
also has secured sales agents in France, Croatia, Bulgaria, etc.
The subject is Balkan Steel’s Hong Kong agent. Most of Balkan Steel’s products are steel
pipes which are manufactured by its Unis Pipe Factory.
The subject also re-exports the products to China and the other Asian
countries. Its also imports iron and
steel from India, other Asian countries and re-exports to the Eastern Europe,
Ukraine, etc. Business is active as the
demand has been increasing. However,
China is its prime market.
According to the subject, it supplies 5 to 6 million of products to
China end‑users annually. At
present, it has developed close business ties with a number of iron and steel
mills, power generating companies and traders in China.
The subject’s business is chiefly handled by Dejan Minic and Shukla
themselves.
As the history of the subject is over fifteen years in Hong Kong,
on the whole, consider it good for normal business engagements.
Brief personal
profile of the directors:
Dejan Minic – Owner, Director. Minic was the founder of the subject and has
a wealth of experience in the supply chain across physical commodities. With more than 20 years of experience in the
steel and steel related raw materials industry, he has created an efficient
platform in the placement of products from origins all over the world to
destinations mainly concentrated in fast developing markets in Asia. With the foresight of identifying China as
the major future player in commodities globally, Minic established the subject
in Hong Kong (the gateway to China) and dedicated his time in developing strong
relationships with the key industry players, providing them with a choice of
products and services to suit their requirements.
Ashish Shukla – Owner, Director, Ashish with more than 20
years of experience in the steel related raw materials industry and bulk
commodities has been vital for the subject’s success in establishing strong
ties between the Indian and Chinese markets.
He has forged life-long relationships at the highest level within the
industry and has structured strategic partnerships which provide win-win
solutions for the subject and their partners.
Ashish is also an expert in the operational risk aspects of the movement
of physical commodities globally.
|
Date |
Particulars |
Amount |
|
15-12-2009 |
Instrument: Charge Over Account and Set-Off Property: All the Company’s rights, title and interest in and to the Account Mortgagee: United Overseas Bank Ltd.,
Hong Kong Branch. |
To secure general banking facilities |
|
15-12-2009 |
Instrument: Addendum to Charge Over Account and
Set-Off Property: The addendum, as an integral part of the Charge Undertaking, varies
the Charge Undertaking in terms of the deposits in the Account being
differentiated and identified as being protected or not protected by or under
the Scheme and/or the guarantee and such variation shall come to effect from
the date of the Charge Undertaking until the Expiry Date Mortgagee: United Overseas Bank Ltd., Hong Kong
Branch. |
To secure general banking facilities |
|
15-12-2009 |
Instrument: General Memorandum of Pledge of Goods Property: All the Company’s rights, title and interest in and to the Merchandise Mortgagee: United Overseas Bank Ltd.,
Hong Kong Branch. |
To secure general banking facilities |
|
15-12-2009 |
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 Mortgagee: United Overseas Bank Ltd.,
Hong Kong Branch. |
To secure general banking facilities |
|
18-10-2010 |
Instrument: Assignment of Sale Contracts Property: All the Company’s rights, title and interest in and to the Assigned
Assets Mortgagee: United Overseas Bank Ltd., Singapore. |
To secure general banking facilities |
|
30-05-2011 |
Instrument: Charge Over Deposit Property: The Depositor as beneficial owner, by way of first fixed charge,
charges in favour of the Bank, as security for the payment and discharge of
the Secured Obligations all of its right, title and interest in and to the
Deposits Mortgagee: ING Bank N.V., Hong Kong Branch. |
All monies |
|
07-11-2012 |
Instrument: Trade Finance Security Assignment Property: (a) Assigns to the Bank to
the following assets:- (1) The Export Credits; (2) The Export Collection
Bills; (3) The Sales Contracts; (4) The Export Invoice
Receivables; (5) The Insurances; (6) The Trade Documents,
and (7) All Claims, remedies
and proceeds in connection with any of the foregoing (b) Charges to the Bank to
the following assets:- (1) The Goods together
with their proceeds; (2) The Pledged Goods; (3) The Deposit and (4) To the extent any
Security Assets is not effectively assigned under sub-clause, 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: United Overseas Bank Ltd., Singapore. |
All obligations and liabilities of whatever nature of the Borrower
owed to the Bank |
|
26-03-2012 |
Instrument: Deed of Charge and Assignment of
Receivables Property: The Assignor executes and delivers this Deed in favour of the Assignees
as security for the payment of the Secured Amounts and the performance and
discharge of all undertakings, covenants, terms and conditions on the part of
the Assignor under or in connection with the Facilities or this Deed Mortgagee: ING Bank N.V., Hong Kong Branch. |
All monies |
|
29-06-2012 |
Instrument: Trade Finance Security Assignment Property: (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:- 1) The Export Credits; 2) The Export Collection
Bills; 3) The Sales Contracts; 4) The Export Invoice
Receivables; 5) The Insurances; 6) The Trade Documents;
and 7) All Claims, remedies
and proceeds in connection with any of the foregoing (b) Charge 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:- 1) The Goods together
with their proceeds; 2) The Pledged Goods; 3) The Deposit; and 4) To the extent any
Security Assets is not effectively assigned under sub-clause, 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 of whatever nature of the Borrower
owed to the Bank |
|
15-03-2013 |
Instrument: Security Agreement over Bank Account Property: By way of a first fixed charge all of the Chargor’s rights in respect
of any amount standing to the credit of the Account Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future
obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.34 |
|
|
1 |
Rs.99.18 |
|
Euro |
1 |
Rs.80.76 |
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.