MIRA INFORM REPORT

 

 

Report Date :

22.05.2014

 

IDENTIFICATION DETAILS

 

Name :

BARNO LTD.

 

 

Registered Office :

c/o Regus Centre Ltd.

Unit 10-18, 32/F., Tower 1, Millennium City, 388 Kwun Tong Road, Kwun Tong, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

31.03.2008

 

 

Com. Reg. No.:

39097882

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

·         Subject is active in four different business ventures in General Trading, Logistics, Shipping, Port & Marine Services

·         Subject also trades in paper, automobile, auto-parts, tires, steel billets, industrial chemicals, China chemicals, personal care products

 

 

No of Employees :

No number of 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 :

Ca

 

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

(30.09.2013)

Current Rating

(01.12.2013)

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

 

BARNO  LTD.

 

 

ADDRESS

 

Registered Office:-

c/o Regus Centre Ltd.

Unit 10-18, 32/F., Tower 1, Millennium City, 388 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.

[Tel:      852-2824 8733

Fax:      852-3972 2211

E-mail:  public@barnogroup.com]

 

 

BUSINESS REGISTRATION NUMBER

 

39097882

 

 

COMPANY FILE NUMBER

 

1221453

 

 

DATE OF INCORPORATION

 

31st March, 2008.

 

 

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 30-03-2012)

Name

 

No. of shares

Ali MOHAMMADI DASTDJA

 

9,850

Firouzeh Aliasghar SADRI

 

150

 

 

––––––

 

Total:

10,000

=====

 

 

DIRECTORS  

 

(As per registry dated 31-03-2012)

Name

(Nationality)

 

Address

Ali MOHAMMADI DASTDJA

4/F., No. 26, 12th East Street, Shahid Sabari, Aqdasiyeh, Tehran 195681644, Iran.

 

 

SECRETARY

 

(As per registry dated 31-03-2012)

Name

Address

Co. No.

Happy Consultants Ltd.
(Resigned on 31-03-2013)

Unit B, 9/F., Jonsim Place, 228 Queen’s Road East, Wanchai, Hong Kong.

1101325

 

 

GENERAL

 

Barno Ltd. was incorporated on 31st March, 2008 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 ‘Unit 10-18, 32/F., Tower 1, Millennium City, 388 Kwun Tong Road, Kwun Tong, Hong Kong’ known as ‘Regus Centre Ltd.’ which is handling its correspondences and documents.

 

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 98.5% are owned by Mr. Ali Mohammadi Dastdja, and 1.5% owned by Mr. Firouzeh Aliasghar Sadri.  Both are Iran merchants.  The former is also the only director of the subject.  Currently, both are residing in Tehran, Iran.

 

To our knowledge, the subject is a member of the Barno Group [Barno / Group] of companies.  Nominally, the subject is the “head office”.

 

Barno has many other operational branches in major ports and oil terminals such as Pacific, Atlantic, Mediterranean, Caribbean, etc.

Barno has possessed the capabilities and facilities to provide various types of services in accordance with the demands of its clients.

 

Barno is active in four main different business ventures in General Trading, Logistics, Shipping, Port & Marine Services.  The Group handles vessels calling ports, including VLCC, Cargo Ship with general and project shipments, Chemicals, Gas (LPG) and Product tankers, Supply Vessels, Tugs & Barges, etc.

 

Barno operates its business on partnerships and is active in every continent of the world.

 

Barno is developing innovative solutions based on its ambition to be the leading global supplier of logistics & maritime services.

 

It offers the following services to its global customer base:

 

Airfreight;

Liner Agency;

NVOCC and freight forwarding;

Project Logistics;

Ships spares logistics; &

Warehousing and distribution.

 

However, the subject also trades in paper, automobile, auto-parts, tires, steel billets, industrial chemicals, China chemicals, personal care products, etc.  Most of the commodities are sourced from China.  Prime markets are Iran and the Middle East.

 

The subject has had a representative in Hong Kong known as Mr. Shahram E. Melli, but we cannot reach him in Hong Kong.

 

The subject’s business in Hong Kong is not active.  History in Hong Kong is over six years.

 

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. 58.77

UK Pound

1

Rs. 99.01

Euro

1

Rs. 80.56

 

 

INFORMATION DETAILS

 

Analysis Done by :

KRN

 

 

Report Prepared by :

DPT

 

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