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Report Date : |
05.09.2014 |
IDENTIFICATION DETAILS
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Name : |
BEST OASIS LTD. |
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Registered Office : |
c/o Prima Group Ltd. |
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Country : |
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Date of Incorporation : |
16.04.2010 |
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Com. Reg. No.: |
52222004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Ship recycling, scrap
metals |
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No. of Employees |
No 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
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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
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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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.
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Source
: CIA |
BEST OASIS
LTD.
ADDRESS: c/o Prima Group Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road, Central, Hong Kong.
PHONE: 852-2376 3611
FAX: 852-2736 5115
Managing Director: Mr. Trupti Sanjay Mehta
Incorporated on: 16th April, 2010.
Organization: Private Limited Company.
Capital: Nominal:HK$16,403,915.00
Issued: HK$16,403,915.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Office:-
c/o Prima Group Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road, Central, Hong Kong.
Holding Company:-
Priya Blue Industries Private Ltd., India.
Associated
Companies:-
Priya Holdings Pvt. Ltd., India.
Priyablue Import/Export Pvt. Ltd., India.
Priyablue Infrastructure Pvt. Ltd., India.
Priyablue Shipping Pvt. Ltd., India.
Priyablue Textile Pvt. Ltd., India.
Sanjay Sales Corporation, India.
52222004
1444361
Managing Director: Mr. Trupti Sanjay Mehta
Nominal Share Capital: HK$16,403,915.00 (Divided into 803,915 Ordinary shares and 15,600,000 Preference shares of HK$1.00 each)
Issued Share Capital: HK$16,403,915.00
SHAREHOLDERS: (As per registry dated 16-04-2014)
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Name |
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No. of shares |
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Ordinary |
Preference |
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Priya Blue Industries Private Ltd. “Aashirvad”, Plot No. 1563-A OPP. Panna Tower, Rupani Sardarnagar Road, Bhavnagar-364002, India. |
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803,915 |
- |
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Rishikumar Bhansali |
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- |
15,600,000 |
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––––––– |
––––––––– |
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Total: |
803,915 ====== |
15,600,000 ======== |
DIRECTORS: (As per registry dated 16-04-2014)
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Name (Nationality) |
Address |
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Trupti Sanjay MEHTA |
Flat No. 801/802, 8/F., Leela Baug, Plot No. 248, Telang Cross Road, Behind Poddar College, Matunga-E, Mumbai - 400019, India. |
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Sanjay Prataprai MEHTA |
Flat No. 801/802, 8/F., Leela Baug, Plot No. 248, Telang Cross Road, Behind Poddar College, Matunga-E, Mumbai - 400019, India. |
SECRETARY: (As per registry dated 16-04-2014)
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Name |
Address |
Co. No. |
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Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road Central, Central, Hong Kong. |
0569406 |
The subject was incorporated on 16th April, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Ship recycling, scrap metals,
Employees: Nil.
Commodities Imported: Worldwide countries,
Markets: India (main), other Asian countries, Europe,
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$16,403,915.00 (Divided into 803,915 Ordinary shares and 15,600,000 Preference shares of HK$1.00 each)
Issued Share Capital: HK$16,403,915.00
Indebtedness: US$3,000,000.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 16-04-2014)
Mortgage or Charge: (See attachment)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of India, Hong Kong Branch.
Standing: Small.
Best Oasis Ltd. is a wholly-owned subsidiary of Priya Blue Industries Private Ltd. [Priya Blue] which is an India-based firm. The subject is a member of the Priya Group of companies.
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, Central, Hong Kong” known as “Prima Group Ltd.” which is handling its correspondences and documents. An associated company of Prima Group Ltd. Prima Secretaries Ltd. is the corporate secretary of the subject. Prima Secretaries is also located at the above-mentioned address.
The subject has no employees in Hong Kong.
However, the head office of the subject is in India [hereinafter is referred to BOL].
BOL is part of Priya Blue Group. It has been formed to serve its customers in the ship recycling industry.
BOL is engaged in multiple jobs which acts as a purchaser, seller and financer.
In 2010, Mr Sanjay Mehta set up the subject in Hong Kong for the sole purpose of cash buying of vessels for recycling at Alang, India, Pakistan, Bangladesh and China.
Hence the risk factors of re-negotiations is cushioned by BOL leaving the ship owners with their committed price and experience no hassle at all through the whole deal, at the same time the buyer enjoys the liberty of purchasing a vessel and getting it delivered to their yard.
In the past years, BOL has negotiated to purchase more then 150 vessels in the duration of just over five years.
Priya Blue is one of the established and leading recycling units in Alang/Sosiya (Gujarat, India). It is also a member of the Priya Group of Industries.
Priya Blue has recycled over 43 ships out of which 7 are ULCC’s and 5 were VLCC’s ships. It has successfully recycled one of the largest passenger vessel Ex SS France Ex SS Norway “BLUE LADY” that was monitored by the Honourable Supreme Court appointed committees to ensure all statutory procedures with respect to safety, health and the environment are fulfilled. It also has recycled the world’s largest vessel ever built “ST MONT” Ex Jhare Viking Ex Knock Nevis in a record breaking time of 9 Months.
Ship recycling involves processing used materials into new products to prevent wastage of potentially useful materials. Priya Blue has been one of the companies in India which is able to achieve its purposes.
Now, Priya Blue is in Gujarat, India. It also has had a ship breaking yard which is also in Gujarat, India.
Sanjay Prataprai Mehta was the founder of the Group which was established in 1983.
During the course of business from 1983 to 1990, the Group had served well‑known Corporate Bodies, Enterprises, Star Trading House, Government Undertakings, etc. in India.
The Priya Blue Group is seeking for opportunities in the Asia Pacific region in order to increase its business portfolio. Especially from China.
The subject’s total amount outstanding registered with the Companies Registry as at mid-April, 2014 amounted to US$3.0 million.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over four years and four 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.
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Date |
Particulars |
Amount |
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20-01-2011 |
Instrument: Letter of Set-off & Appropriation Property: The following fixed deposit of A/C No. 037518 placed with Bank of India, Hong Kong Branch and all moneys directly or indirectly deriving therefrom and any other sum of sums which are from time to time deposited by the company with the Bank is as under:- Deal No. Date Amount Due Date 168533 07-02-2011 US$1,500,000 07-02-2012 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
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20-05-2011 |
Instrument: Letter of Set-off & Appropriation Property: The following fixed deposit of A/C No. 037518 placed with Bank of India, Hong Kong Branch and all moneys directly or indirectly deriving therefrom and any other sum of sums which are from time to time deposited by the company with the Bank is as under:- Deal No. Date Amount Due Date 170434 20-05-2011 USD1,500,000 21-05-2012 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
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22-08-2012 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date
of Amount of Rate of Maturity 2011 FD 446 2 28-05-2012 $1,003,125.00 1.25% 27-08-2012 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities, sole or joint, actual or contingent, quantified or not, now or hereafter owing or designated by the company |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.45 |
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1 |
Rs.99.46 |
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Euro |
1 |
Rs.79.46 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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 |
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-- |
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.