|
Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
ATLANTIC RESOURCES HK LTD. |
|
|
|
|
Registered Office : |
c/o RJA Management Ltd. Room A & B, 2/F., Lee Kee Commercial Building, 221-227 Queen’s Road, Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
15.11.2012 |
|
|
|
|
Com. Reg. No.: |
60622074 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Wholesaler and Re-exporter of Foodstuffs, chemicals,
pharmaceuticals |
|
|
|
|
No. of Employees : |
10. (Including associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Business under development |
|
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 |
ATLANTIC RESOURCES
HK LTD.
ADDRESS: Unit 2305, 23/F., CCT Telecom Building,
11 Wo Shing Street, Fotan, Shatin, New Territories, Hong Kong.
(Formerly located at:
c/o Krsna Group Ltd.
Room 1508, 15/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon, 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: nanthakumar@devihkg.com
info@krsnagrp.com
Managing Director: Mr.
Alwarpillai Nanthakumar
Incorporated on: 15th November, 2012.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$2.00
Business Category: Importer,
Wholesaler and Re-exporter.
Employees: 10.
(Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ATLANTIC RESOURCES
HK LTD.
Registered
Office:-
c/o RJA Management Ltd.
Room A & B, 2/F., Lee Kee Commercial Building, 221-227 Queen’s Road,
Central, Hong Kong.
Head Offiec:-
Unit 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:-
Devi Resources Ltd., Hong Kong.
(Same address)
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.
(Same address)
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., US.
Smart Dragon Lanka Pvt. Ltd., Sri Lanka.
Somap (UK) Ltd., United Kingdom.
Xuzhou Elegant Food Grower Co. Ltd., China.
60622074
1826302
Managing Director: Mr.
Alwarpillai Nanthakumar
Nominal Share Capital: HK$5,000,000.00
(Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 15-11-2013)
|
Name |
|
No. of shares |
|
Nanthakumar ALWARPILLAI |
|
2 = |
(As per registry dated 15-11-2013)
|
Name (Nationality) |
Address |
|
Nanthakumar ALWARPILLAI |
Flat E, 15/F., Block 5, Royal Ascot, 1 Tsun King Road, Shatin, New
Territories, Hong Kong. |
(As per registry dated 15-11-2013)
|
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 15th November, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 1508,
15/F., Empress Plaza, 17-19 Chatham Road South, Tsimshatsui, Kowloon,
Hong Kong where was the operating office of a commercial service provider
known as Krsna Group Ltd. It moved to
the present address in March 2013 as it has changed its commercial service
provider since then.
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 associates)
Commodities Imported: Imported from
India, Sri Lanka, etc.
Markets: Hong Kong, China, Pakistan, India,
Sri Lanka, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T and D/P.
Nominal Share Capital: HK$5,000,000.00
(Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making rather active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Bankers:- The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
ICICI Bank Ltd., Hong Kong Branch.
Standing: Normal.
Having issued just two ordinary shares of HK$1.00 each, Atlantic
Resources HK 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’s registered office is in a commercial service firm located
at “Room A & B, 2/F., Lee Kee Commercial Building, 221-227 Queen’s Road,
Central, Hong Kong” known as “RJA Management Ltd.” [RJA] which is handling its
correspondences and documents. RJA is
also the corporate secretary of the subject.
However, the subject’s operating address is located at “Room 2305,
23/F., CCT Telecom Building, 11 Wo Shing Street, Fotan, Shatin, New Territories,
Hong Kong”. The subject shares the
office with another company Devi Resources Ltd. [Devi Resources] which is also
operated by Nanthakumar Alwarpillai.
The subject and Devi Resources are engaged in the same lines of
business, more or less.
The subject has had another 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 is a member of Devi Group.
Devi Group is engaged in the following business scope:-
Agro Commodities;
Coke & Coal;
Minerals;
Oil & Gas;
Ship Chartering; &
Steel Products.
Currently, the subject and its associates are trading in the following
commodities and offering clients with the following services:-
|
Product/Service |
Product/Service Remarks |
|
Food and Beverage |
|
|
Sauce and Seasoning |
|
|
Spice |
Include cassia, StarAniseed (Exporter) Include cassia, StarAniseed (Importer) |
|
Sesame Seed |
|
|
Raw Materials |
|
|
Non-Ferrous Metal |
|
|
Ferrous Metal |
|
|
Minerals |
Iron ore, chrome ore, manganese ore, mill scale, copper ore (Exporter) Iron ore, chrome ore, manganese ore, mill scale, copper ore (Importer) |
|
Agricultural Products, Livestock and Poultry |
|
|
Fruits and Vegetables |
Garlic, ginger, potato, onion (Importer) Garlic, ginger, potato, onion (Exporter) |
|
Chemicals (Including Plastic Materials) |
|
|
Industrial Chemicals |
|
|
Dyes |
|
|
Coconut and Coconut Products |
|
|
Cinnamon |
|
|
Mace, Ground Nut, Ginger, Tamarind, Garlic, Black Pepper, Nutmeg,
Cloves |
|
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’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. Its business covers
over 25 countries throughout the world.
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 just
over a year.
On the whole, consider it good for normal business engagements in small
credit amounts or on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.12 |
|
|
1 |
Rs.102.00 |
|
Euro |
1 |
Rs.81.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
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.