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Report No. : |
337254 |
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Report Date : |
21.08.2015 |
IDENTIFICATION DETAILS
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Name : |
SAPPHIRE MINMETALS CORPORATION LTD. |
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Registered Office : |
C/o Success Corporate Services Ltd., 11/F.,
AXA Centre, 151 Gloucester Road, Wanchai |
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Country : |
Hongkong |
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Date of Incorporation : |
01.02.2008 |
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Com. Reg. No.: |
38919269 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Coal and Minerals, Ores. |
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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 Hongkong |
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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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Hongkong |
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 |
HONGKONG - 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.
|
Source
: CIA |
SAPPHIRE
MINMETALS CORPORATION LTD.
ADDRESS: C/o
Success Corporate Services Ltd.
11/F., AXA
Centre, 151 Gloucester Road, Wanchai, Hong Kong.
PHONE: 2801
9696, 2801 9748
FAX: 2801
9672, 3019 1961
E-MAIL: info@sacvinam.com
Group Chairman: Mr. Nahar Pinkesh
Incorporated on: 1st February, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$65,000.00
Business Category: Coal
and Minmetal Trader.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
c/o Success Corporate Services Ltd.
11/F., AXA Centre, 151 Gloucester Road, Wanchai, Hong
Kong.
Holding Company:
Radiant World Holdings Ltd., Hong Kong.
Sister & Associated Companies:-
Radiant Group of Companies
Ankita Enterprise Infrastructure Pvt. Ltd., India.
Asia Pacific Resources Pvt. Ltd., India.
Crest Merchandise Pvt. Ltd., India.
Deep Cutlery, India.
Infrastil Global Impex Pvt. Ltd., India.
Nahar Green Conwoods Ltd., India.
Nahar Textile Pvt. Ltd., India.
Raft Shipping Ltd., India.
Rhythem Logistics Ltd., India.
Royal Drilling Shipping Pvt. Ltd., India.
Royalline Coal Ltd., India.
Royalline Infrastructure & Developer Pvt. Ltd.,
India.
Royalline Minerals Trading Pvt. Ltd., India.
Royalline Natural Resources Ltd., India.
Royalline Resources Ltd., India.
Sacvinam Global Ltd., India.
Starline Logistics Ltd., India.
etc.
38919269
1209372
Group Chairman:
Mr. Nahar Pinkesh
HK$65,000.00
(As per registry dated 01-02-2015)
|
Name |
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No. of shares |
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Radiant World Holdings Ltd., Hong Kong. |
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55,000 |
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Dilip Pratham KAMKHALIA |
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1,800 |
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Hemant Thakorbhai MALVIA |
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8,200 |
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–––––– |
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Total: |
65,000 ===== |
(As per registry dated 01-02-2015)
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Name (Nationality) |
Address |
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Dilip Pratham KAMKHALIA |
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|
Hemant Thakorbhai MALVIA |
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(As per registry dated 01-02-2015)
|
Name |
Address |
Co. No. |
|
SBC Corporate Services Ltd. |
Room B, 10/F., Tower Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
The subject was
incorporated on 1st February, 2008 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: Coal
and Minerals, Ores.
Employees: Nil.
Commodities Imported: India,
other Asian countries, Europe, etc.
Markets: Asian
countries, Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$65,000.00
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:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
ABN AMRO Bank N.V.,
Hong Kong Branch.
Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., Hong Kong Branch.
Standing: Small.
Having issued 10,000
ordinary shares of HK$1.00 each, Sapphire Minmetals Corporation Ltd. formerly was
jointly owned by Mr. Nahar Pinkesh, holding 90% interests; and Mr. Bafna Rekha
Ratanlalji, holding 10%.
Now, its shares have
been increased to 65,000 ordinary shares of the same value each, the
shareholders have been changed to Radiant World Holdings Ltd., a Hong
Kong-registered company holding 84.6%; Mr. Dilip Pratham Kamkhalia, holding
2.8%, and Hemant Thakorbhai Malvia, 12.6%.
The second and third are also directors of the subject. Being India passport holders, they do not
have the right to reside in Hong Kong permanently. Currently, they are residing in India.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at 11/F., AXA Centre,
151 Gloucester Road, Hong Kong known as SBC Corporate Services Ltd. [SBC] which
is handling its correspondences and documents.
SBC, having several branch offices in Hong Kong, is also the corporate
secretary of the subject. The subject
has no employees in Hong Kong.
The subject is a
trading in coal, ores and minerals. It
has had an associated company bearing the same name in Dubai, the United Arab
Emirates.
The subject in fact
is a member of the Radiant Group of Companies [Radiant].
Radiant Group,
established in 2003, is headquartered in Singapore with offices in 11
countries, overseeing the global operations.
It has more than 350 professionals worldwide.
The group is trading
in Iron ore, Coal, Manganese, Fertilisers, Petroleum products, Agricultural
products, etc. Group turnover for 2014
was about US$1 billion.
The group has
strategic investments in Mining, Beneficiation, Infrastructure, Defence,
Tourism and Real Estate & Lifestyle.
The Group has offices
in Singapore, China, Switzerland – Geneva, Australia – Perth, Mumbai and 7
major ports in India, Indonesia – Jakarta, Dubai, South Africa – Johannesburg,
Canada – Toronto, Malaysia – Kuala Lumpur and Thailand – Bangkok.
Commodities are
sourced from India, Brazil, Australia, Mexico, Malaysia, Morocco, Turkey,
Indonesia, South Africa, Ukraine, Russia, Canada, etc.
Over the past years,
the Group has developed business ties with steel mills, Singapore government,
China steel traders, etc.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over seven 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.
|
Date |
Particulars |
Amount |
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11-08-2011 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner: (a) Assigns
and agrees to assign absolutely to the Bank all the present and future
rights, title, interests and benefits of Borrower in and to the following
assets: (i) Export
Credits; (ii) Export
Collection Bills; (iii) Sales
Contracts; (iv) Invoice
Receivables; (v) Insurances; (vi) Trade
Documents; & (vii) All
claims, remedies (b) Charges
and agrees to charge to the Bank by way of first fixed charge all the present
and future rights, title, interests and benefits of the Borrower in and to
the following assets: (i) The
Goods together with their proceeds; & (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 Mortgagee: Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A., Hong Kong Branch. |
All obligations and liabilities |
|
14-06-2012 |
Instrument: Trade Finance Security Agreement Property: Assignment of Moneys and Receivables and Insurances; Pledge and Hypothecation of Goods and Documents Mortgagee: BNP Paribas (Suisse) SA |
All sums of money |
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04-12-2012 |
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 (iv)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 |
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.65.24 |
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|
1 |
Rs.102.21 |
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Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.