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Report Date : |
11.11.2014 |
IDENTIFICATION DETAILS
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Name : |
MINE CRAFT LTD. |
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Registered Office : |
C/o Prima Secretaries Ltd. Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road,
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.04.2012 |
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Com. Reg. No.: |
59666657 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a steel, ferrous metal and non-ferrous metal trader. |
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No of Employees : |
No Employee 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 |
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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 |
MINE CRAFT LTD.
Registered
Office:-
C/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road,
Central, Hong Kong.
[Tel: 2376 3611; Fax: 2736 5115]
Holding Company:-
New Zone Intertrade FZE, UAE.
Associated
Company:-
New Alloys Trading Pte Ltd., Singapore.
59666657
1731150
18th April, 2012.
HK$78,000,001
(As per registry dated 18-04-2014)
|
Name |
|
No. of shares |
|
Siddhartha Suresh KHATWANI |
|
1 |
|
New Zone Intertrade FZE Elob Office No. E-87F-15, Hamriyah Free Zone - Sharjah, United Arab
Emirates, P.O. Box No. 50549. |
|
78,000,000 |
|
|
Total: |
––––––––– |
|
|
|
78,000,001 ======== |
(As per registry dated 18-04-2014)
|
Name (Nationality) |
Address |
|
Siddhartha Suresh KHATWANI |
A3 Jolly Highrise Apts, B Building, 241 A Palimala Road, Bandra,
Bombay 400050, India. |
(As per registry dated 18-04-2014)
|
Name |
Address |
Co. No. |
|
Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central, Hong Kong. |
0569406 |
Mine Craft Ltd. was incorporated in April 2012 as a private limited
liability company.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at ‘Suite 605, 6/F., China Insurance Group Building, 141
Des Voeux Road Central, Hong Kong’ known as ‘Prima Secretarial Ltd.’ which
is handling its correspondences and documents.
This secretarial 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 is a
wholly‑owned subsidiary of New Zone Intertrade FZE [NZI] which is a
UAE-based company.
The director of the subject Siddhartha Suresh KHATWANI is an India
merchant. He is an India passport holder
and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject is a steel, ferrous metal and non-ferrous metal trader. It is engaged in the same lines of business
as its holding company.
NZI is trading in Ferrous and Non-ferrous metals. Incorporated in 2008 by Siddharth Suresh
Khatwani, NZI started from Hamriyah Free Zone establishment with a limited
liability and is registered with Hamriyah Free Zone Authority, Government of
Sharjah, the United Arab Emirates, under license No. 4340 with effect from 3
September, 2008.
Currently NFI is handling large volumes of Ferrous metal products is looking
to venture into Non-ferrous locally and internationally. Khatwani keeps on expanding the business of
NZI by setting up the subject in Hong Kong.
NZI has a wholly-owned subsidiary in Singapore known as New Alloys
Trading Pte Ltd. which was incorporated on the 21st May, 2012.
The following
companies are some of the customers of NFI:
·
Noble Group Ltd., Hong Kong
·
Cargill Inc., US
·
Stemcor Holdings Ltd., Hong Kong
·
Trafigura Becheer B.V., The Netherlands
·
Glencore PLC, Switzerland
·
Louis Dreyfus Commodities Australia Pty Ltd.,
Australia
·
BHP Billiton PLC, UK
The subject’s business in Hong Kong is not active. History in Hong Kong is just over two years
and six 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.61.45 |
|
|
1 |
Rs.97.76 |
|
Euro |
1 |
Rs76.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.