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Report Date : |
22.10.2014 |
IDENTIFICATION DETAILS
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Name : |
ASIA SHINE LTD. |
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Registered Office : |
Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.04.2005 |
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Com. Reg. No.: |
36478502 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is trading in the following commodities: Palm oil, crude palm oil, coconut oil, fatty acid, soap noodles, stearic acid, crude glycerine, refined glycerine, caustic soda, benzene sulphuric acid, ether sulphate, other chemicals, palm acid oil. |
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No. of Employees : |
No employees in Hong Kong. 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. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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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 |
ASIA
SHINE LTD.
Registered
Office:-
c/o Multi-Chain
Ltd.
Room 301, 3/F.,
Kam On Building, 176A Queen’s Road Central, Hong Kong.
[Tel: 852-2543 0565, 2542 2340
Fax: 852-2854 3813, 2544 5373]
Associated
Companies:-
Asia Shine Philtrade, Philippines.
PT. Kripa Jaya Sentosa, Indonesia.
PT. Redsea Indonesia, Indonesia.
36478502
0961501
8th April, 2005.
HK$5,000,000.00
(As
per registry dated 08-04-2014)
|
Name |
|
No.
of shares |
|
Deepak Jaikishin RAJWANI |
|
5,000,000 ======= |
(As
per registry dated 08-04-2014)
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Name (Nationality) |
Address |
|
Deepak Jaikishin
RAJWANI |
Nirwana Sunter Asri, Tahap 3, Block C, No.
32, Sunter, Jakarta Utara, Indonesia. |
(As
per registry dated 08-04-2014)
|
Name |
Address |
Co.
No. |
|
Multi-Chain
Ltd. |
Room 301, 3/F., Kam On Building, 176A Queen’s Road Central, Hong Kong. |
0209214 |
(See attachment)
Asia
Shine Ltd. was incorporated on 8th April, 2005 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 Room
301, 3/F., Kam On Building, 176A Queen’s Road Central, Hong Kong known as Multi-Chain
Ltd. which is handling its correspondences and documents. Multi-Chain Ltd. is also the corporate
secretary of the subject. Your given
phone and fax number belong to Multi-Chain.
According
to the Companies Registry of Hong Kong, formerly the subject had issued
1,500,000 ordinary shares of HK$1.00 each which were wholly owned by
Mr. Deepak Jaikishin Rajwani. In
December 2011, its number of ordinary shares was increased to 5,000,000. The increased shares were also allotted to
Deepak Jaikishin Rajwani.
Being
an Indonesia passport holder, Rajwani is also the only director of the
subject. Currently, his registered
address is in Jakarta, Indonesia.
The
subject is trading in the following commodities: Palm oil, crude palm oil,
coconut oil, fatty acid, soap noodles, stearic acid, crude glycerine, refined
glycerine, caustic soda, benzene sulphuric acid, ether sulphate, other
chemicals, palm acid oil.
Most
of the commodities are imported from Indonesia and other Asian countries. One of the subject’s trading partners is P.T.
Kripa Jaya Sentosa which is an Indonesia-based firm. This firm is trading in health care products,
pharmaceuticals, bulk drugs, medicines and raw materials.
The
subject has had two main associated companies in Indonesia, namely,
·
PT. Redsea Indonesia.
·
PT. Kripa Jaya Sentosa.
Now,
the subject is able to export, more than 25 products for Asian, African and
European countries like India, China, Pakistan, Iran, Sri Lanka, Nepal,
Bangladesh, Malawi, Madagascar, Mozambique, Haiti and New York.
The
subject has been banking with the following banks in Hong Kong:-
HBZ Finance Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
The
subject’s business in Hong Kong is not active. History in Hong Kong is over
nine years and six months.
Since
the subject does not have its own operating office and has just a single
employee in Hong Kong, consider it good for business engagements on L/C basis.
|
Date |
Particulars |
Amount |
|
26-06-2006 |
Instrument: Lien
and Set-off Agreement Property: Fixed Deposit Receipt No.: DFN6060822 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing general credit facility |
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18-10-2006 |
Instrument: Lien
and Set-off Agreement Property: Fixed Deposit Receipt No.: DFN6091341 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing general credit facility |
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16-02-2009 |
Instrument: Letter
of Set-off and Appropriation Property: Fixed Deposit of A/C No.: 037391 Mortgagee: Bank
of India, Hong Kong Branch. |
Advances and other banking facilities |
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25-01-2010 |
Instrument: Letter
of Set-off and Appropriation Property: Deal No. Date Amount Due
Date 152313 16-02-2009 US$240,000.00 17-02-2010 Mortgagee: Bank
of India, Hong Kong Branch. |
Advances and other banking facilities |
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26-02-2010 |
Instrument: Lien
and Set-off Agreement Property: Fixed Deposit No.: DFN0010024 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing general credit facility |
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23-07-2010 |
Instrument: Undertaking
Relating to Deposits Property: Receipt No. Date of Receipt Due Date Amount 2010 EM 15 23-07-2010 24-01-2011 US$271,000 Mortgagee: UCO
Bank, Hong Kong Branch. |
“Liabilities” means all and any liabilities, sole or joint, actual or contingent,
quantified or not, now or hereafter owing or incurred to the Bank by the
Depositor or the Third Party |
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17-09-2010 |
Instrument: Lien
& Set-off Agreement Property: Deposit No. Amount Maturity Date DFN0070789 US$63,000 26-10-2010 DFN0090929 US$38,600 02-12-2010 DFN0090988 US$15,000 15-12-2010 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing (general credit facility) |
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30-09-2010 |
Instrument: Lien
& Set-off Agreement Property: Deposit No. Amount Maturity Date DFN0091012 US$11,000 24-12-2010 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
For securing (general credit facility) |
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02-02-2011 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 161411 17-02-2010 US$244,880.00 17-02-2011 168301 25-01-2011 US$121,703.33 26-01-2012 168476 02-02-2011 US$84,000.00 02-02-2012 Mortgagee: Bank
of India, Hong Kong Branch. |
Advances and other banking facilities |
|
15-06-2012 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 175153 26-01-2012 US$123,249.98 28-01-2013 175287 02-02-2012 US$84,851.67 04-02-2013 175595 17-02-2012 US$253,646.96 18-02-2013 177854 15-06-2012 US$79,000.00 17-06-2013 Mortgagee: Bank
of India, Hong Kong Branch. |
Advances and other banking facilities |
|
22-08-2013 |
Instrument: Charge
On Deposit to Secure Liabilities of the Depositor Property: Fixed Deposit Receipt No.: FDR 001185 Dated:
22-08-2013 for US$175,000.00 with Habib Finance International Ltd.,
Hong Kong. Mortgagee: Habib
Finance International Ltd., Hong Kong. |
Credit facilities |
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.61.30 |
|
|
1 |
Rs.99.16 |
|
Euro |
1 |
Rs.78.59 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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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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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
|
-- |
NB |
New Business |
-- |
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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.