MIRA INFORM REPORT

 

 

Report Date :

10.06.2014

 

IDENTIFICATION DETAILS

 

Name :

ORIENT MERCANTILE CO. LTD.

 

 

Registered Office :

Flat A, 2/F., Kok Pah Mansion, 58-60 Cameron Road, Tsimshatsui, Kowloon,

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

21.04.2004

 

 

Com. Reg. No.:

34495443

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

IMPORTER, EXPORTER AND WHOLESALER OF STAINLESS STEEL, METAL SCRAP

 

 

No. of Employees

04

 

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

Moderate Low Risk

 

B1

Moderate Risk

 

B2

Moderate 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

 

 

 

Company name and address

 

ORIENT MERCANTILE CO. LTD.

 

ADDRESS:       Flat A, 2/F., Kok Pah Mansion, 58-60 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:            852-2857 1481,  9504 0803

 

FAX:                 852-2129 6725

 

E-MAIL:            mail@orientmercantile.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Anil Patwari

 

 

SUMMARY

 

Incorporated on:            21st April, 2004.

 

Organization:                 Private Limited Company.

 

Capital Issued:                          HK$30,000.00

 

Business Category:       Importer, Exporter and Wholesaler.

 

Annual Turnover:           HK$60~65 million.

 

Employees:                   4.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Registered Head Office:-

Flat A, 2/F., Kok Pah Mansion, 58-60 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

 34495443

 

 

COMPANY FILE NUMBER

 

0896240

 

 

MANAGEMENT

 

Managing Director:  Mr. Anil Patwari

 

ISSUED CAPITAL:  HK$30,000.00

 

 

SHAREHOLDERS:        (As per registry dated 21-04-2014)

Name

 

No. of shares

Mahavir PATWARI

 

2,500

Aradhana Anil PATWARI

 

22,500

Mangilal PAREKH@PATWARI

 

2,500

Rambhadevi PATWARI

 

2,500

 

 

––––––

 

Total:

30,000

=====

 

DIRECTORS:    (As per registry dated 21-04-2014)

Name

(Nationality)

 

Address

Mahavir PATWARI

Flat A, 2/F, Kok Pah Mansion, 58/60 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.

 

Mangilal PAREKH@PATWARI

Flat A, 2/F, Kok Pah Mansion, 58/60 Cameron Road, Tsimshatsui, Kowloon, Hong Kong.

 

 

SECRETARY:   (As per registry dated 21-04-2014)

Name

Address

Co. No.

W.H.S. Consultants Ltd.

Room 907, 9/F., Wayson Commercial Building, 28 Connaught Road West, Sheung Wan, Hong Kong.

0873536

 

 

HISTORY

 

The subject was incorporated on 21st April, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Flat F, 8/F., South Sea Mansion, 81 Chatham Road Souh, Tsimshatsui, Kowloon, Hong Kong, moved to Room 1305, 13/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong in March 2009 and further to the present address in June 2013.

The shareholders of the subject was reshuffled on 23rd October, 2013.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Stainless steel, metal scrap, etc.

 

Employees:                  4.

 

Commodities Imported: India, etc.

 

Markets:                        China, Iran, Vietnam, Turkey, etc.

 

Annual Turnover:           HK$60~65 million.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:                L/C, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Capital Issued:               HK$30,000.00

 

Profit or Loss:               Making a small profit every year.

           

Condition:                     Keeping in a satisfactory manner.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                          The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Good.

 

 

GENERAL

 

Having issued 30,000 ordinary shares, Orient Mercantile Co. Ltd. is wholly‑owned by Patwari family of India.  The largest shareholder Mr. Aradhana Anil Patwari is holding 75% interests of the subject.

The subject is trading in the following commodities:-

Coal;

Minerals — iron ore, bauxite, chrome ore, magnesium ore, copper ore;

Raw Materials — steel, stainless steel, alloy steel, special steel, tin plate, aluminium, etc.; &

Scrap — plastics, steel, stainless steel, electric and electronic products, other metals.

Over a decade old, the subject had steel, CNG / LPG kits, titanium products, etc. in its list of products.  It has been specialized in titanium products.

The subject is exporting stainless steel flat and round products to China, Iran, Vietnam, Turkey, etc. from various mills in India.  It is also sole exporters to Iran for Vanaz Engg Ltd., “Pune” for the sales of automobile LPG / CNG kits.

The subject is also rendering clients with services in the field of Biometric Computations and Software.

The subject also deals in different kinds of raw materials, scraps and minerals apart from the above mentioned products.

The annual sales turnover of the subject ranges from HK$60 to 65 million. Making a small profit every year.

The history of the subject in Hong Kong is over ten years.

On the whole, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.59.20

UK Pound

1

Rs.99.52

Euro

1

Rs.80.83

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.