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Report No. : |
335866 |
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Report Date : |
11.08.2015 |
IDENTIFICATION DETAILS
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Name : |
SYNERGY RESOURCES HK LTD. |
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Registered Office : |
C/o Asia Business Service Ltd. Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
03.10.2007 |
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Com. Reg. No.: |
38537647 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Iron ore, Steel, Coal. |
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No. of Employees : |
No Employee 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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of
total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese
companies constituted about 50% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new
agreement on achieving basic liberalization of trade in services in Guangdong
Province under the Closer Economic Partnership Agreement, adopted in 2003 to
forge closer ties between Hong Kong and the mainland. The new measures,
effective from March 2015, cover a negative list and a most-favored treatment
provision, and will improve access to the mainland's service sector for Hong
Kong-based companies.
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Source
: CIA |
SYNERGY RESOURCES HK LTD.
ADDRESS: C/o Asia Business
Service Ltd.
Unit 1010, 10/F.,
Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-8102 2592
FAX: 852-8102 2593
MANAGEMENT:
Managing Director: Mr. Sachin
Sehgal
Incorporated on: 3rd October, 2007.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer
and Exporter.
Employees: Nil.
Main Dealing Banker: Standard
Bank Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
SYNERGY RESOURCES HK LTD.
Registered
Office:-
c/o Asia Business Service Ltd.
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated
Companies:-
OreTeam Exim Pvt. Ltd., India.
OreTeam India Pvt. Ltd., India.
Synergy (Shanghai) Trading Co. Ltd.
Suite 1508, The North Block 1, Changfeng Commercial Building,
106 Zhongjiang Road, Shanghai-200062, China.
[Tel: 86-21-3255 2250
Fax: 86-21-3255 2251
E-mail: asuna@srl.hk]
38537647
1171995
Managing Director: Mr. Sachin
Sehgal
HK$10,000.00
(As per registry dated 03-10-2014)
|
Name |
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No. of shares |
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Sachin SEHGAL |
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5,000 |
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Amit Kumar JEJANI |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 03-10-2014)
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Name (Nationality) |
Address |
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Sachin SEHGAL |
Room 501, Building 6, Yanlord Riverside Garden, 388 Furong Jiang Lu,
Shanghai 200051, China. |
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Amit Kumar JEJANI |
Room 2001, Building 20, Yanlord Riverside Garden, 388 Furong Jiang Lu,
Shanghai 20051, China. |
SECRETARY: (As per registry dated
03-10-2014)
|
Name |
Address |
Co. No. |
|
Asia Business Service Ltd. |
Unit 1010, 10/F., Miramar Tower, 132 Nathan Road, Tsimshatsui,
Kowloon, Hong Kong. |
0871994 |
The subject was incorporated on 3rd October, 2007 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 813, 8/F., Hollywood Plaza,
610 Nathan Road, Hong Kong where was the operating office of Asia Business
Service Ltd. Its registered has moved to
the present address in late 2011 where is also an office of Asia Business
Service Ltd.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Iron
ore, Steel, Coal.
Employees: Nil.
Commodities Imported: India,
Brazil, Australia.
Markets: China
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$10,000.00
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.
Bankers:-
Standard Bank Asia Ltd., Hong Kong.
United Overseas Bank Ltd., Hong Kong
Branch.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Synergy Resources HK
Ltd. is equally owned by Mr. Sachin Sehgal and Mr. Amit Kumar Jajani, both of
whom are Indian. They are India passport
holders and do not have the right to reside in Hong Kong permanently. They are also the directors of the
subject. Currently, the two directors
are in Shanghai, China.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Unit 1010, 10/F., Miramar Tower, 132 Nathan Road,
Tsimshatsui, Kowloon, Hong Kong known as Asia Business Service Ltd. which is
handling its correspondences and documents.
This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject in fact is a member of the OreTeam Group which is an
India-based companies. The Group has had
the following three firms in India and China:-
The subject is trading in iron ore, ferrous powder, steel, coal. Your given phone number 86-21-3255 2250
belongs to Synergy Shanghai.
Commodities are chiefly imported from India, Brazil, Australia,
etc. The subject’s associated company
Synergy Shanghai currently is administered by the subject’s directors.
Synergy Shanghai is a premier trading house based in Shanghai, China
having expertise in iron ore supply chain management and is in the process of
building similar capabilities in Fertilizers and Gypsum for supply to Indian
sub-continent.
The annual sales turnover of Synergy Group ranges from US$250 to 300
million.
In 2013 the Group traded about 3 million tons of iron ore. It is the single largest buyer of Indian iron
ore.
OreTeam is a renowned Information and Research company in India
providing in-depth coverage on Indian Iron ore and Steel Industry. Its clients include the world’s large mining
enterprises including BHP, Rio, Anglo American, VALE, POSCO and Vedanta Group.
The directors of Ore Team are also Mr. Sachin Sehgal and Mr. Amit Kumar
Jajani.
The subject’s business in Hong Kong is not active. History in Hong Kong is over seven years and
ten 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.
|
Date |
Particulars |
Amount |
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23-04-2009 |
Instrument: Trade Finance Security Deed (the Deed) Property: All assets from time to time charged or assigned (a) assigns and agrees
to assign absolutely to the Bank all the present and future rights, title,
interests and benefits of the Borrower in and to the following assets: (i)
the Export Credits; (ii) the Export Collection Bills; (iii) the Contracts;
(iv) the Invoice Receivables; (v) the Trade Documents; (vi) the Insurances;
and (vii) all claims, remedies and proceeds in connection with any of the
foregoing; (b) charges and agrees to charge to the Bank of the Borrower to
the following assets: (i) the Goods together with their proceeds; and (ii)
the Charged Account and all monies at any time standing to the credit of the
Charged Account, including all interest from time to time accrued or accruing
on such monies; and (c) pledges and agrees to pledge to the Bank the Pledged
Goods and the Trade Documents which are every Borrower’s account maintained
in the name of the Borrower with the Bank at the date of the Deed or may in
the future be in the Bank’s possession. Mortgagee: Standard Bank Plc. |
All obligations and liabilities of whatever nature of the Borrower to
the Bank |
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17-11-2010 |
Instrument: Addendum to Charge Over Account and
Set‑Off Property: The addendum, as an integral part of the Charge Undertaking (Charge
Over Account and Set-Off dated 17th November, 2010), varies the Charge
Undertaking in terms of the deposits in the Account (all deposits, renewals
and interest thereon and monies which are deposited with the Bank) being
differentiated and identified Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
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17-11-2010 |
Instrument: General Memorandum of Pledge of Goods Property: All the Company’s rights, title and interest in and to the goods bills
of lading warrants delivery orders and all documents of title and securities
whatsoever delivered to or deposited with the Bank Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
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17-11-2010 |
Instrument: Assignment of Letters of Credit Property: All the Company’s rights, title, interest and benefit in and to all
and any moneys now or at any time due or owing to the Company under or in
connection with each of the letters of credit issued in the Company’s favour
and deposited with the Bank Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
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17-11-2010 |
Instrument: Charge Over Account and Set-Off Property: All the Company’s rights, title and interest in and to all deposits,
renewals and interest thereon which are deposited with the Bank Mortgagee: United Overseas Bank Limited. |
To secure general banking facilities |
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09-11-2011 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all Secured Liabilities: (a) assigns and agrees to assign absolutely to the
Bank to the following assets: (i) the Export Credits; (ii) the Export
Collection Bills; (iii) the Sales Contracts; (iv) the Export Invoice
Receivables; (v) the Insurances; (vi) the Trade Documents; and (vii) all
claims, remedies and proceed; (b) charges and agrees to charge to the Bank to
the following assets: (i) the Goods together with their proceeds; (ii) the Pledged
Goods; (iii) the Deposit and (iv) to the extent any Security Assets; and (c)
pledges and agrees to pledge to the Bank the Pledged Goods and the Trade
Documents Mortgagee: United Overseas Bank Limited. |
All obligations and liabilities of whatever nature of the Borrower
owed to the Bank |
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12-11-2012 |
Instrument: Letter of Charge & Set-Off Property: The company as beneficial owner hereby charges in favour of the Bank
by way of first fixed charge all the company’s rights, title and interest
both present of future in and to the deposits and other deposits Mortgagee: United Overseas Bank Ltd., |
To secure banking facilities granted to the company |
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19-11-2013 |
Instrument: Security Memorandum (First Party) Property: The Company assigns to the Bank to each Receivable as continuing
security for the payment or discharge of the Secured Liabilities The Company charges to the Bank by way of first fixed charge all the
Receivables and the Goods and all the Accounts and the Deposit and by way of
first floating charge all the receivables and Goods and the Accounts and the
Deposit not effectively subject to the fixed charged, as a continuing
security for the payment of the Secured Liabilities. The Bank may convert any floating charge created pursuant to Clause
(ii) into a fixed charge The floating charges created by this Deed will convert automatically
into fixed charges Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. |
All indebtedness, obligations and liabilities due to the Bank by the
Company |
|
09-01-2014 |
Instrument: Letter of Charge and Set-Off Property: The Company as beneficial owner hereby charges in favour of the Bank
by way of first fixed charge all the Company’s rights, title and interest
both present or future in and to the Deposits and Other Deposits. Mortgagee: United Overseas Bank Ltd. |
To secure banking facilities granted to Accord Trading &
Investment Ltd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.76 |
|
|
1 |
Rs.98.76 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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.