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Report No. : |
353072 |
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Report Date : |
12.12.2015 |
IDENTIFICATION DETAILS
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Name : |
UBG COMMODITIES HK LTD. |
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Registered Office : |
c/o The Executive Centre Hong Kong Ltd.
Level 16, Hong Kong Club Building, 3A Charter Road, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.06.2014 |
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Com. Reg. No.: |
63441073 |
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Legal Form : |
Private limited liability company |
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Line of Business : |
The
subject is trading in coal, gas, iron ore, iron and steel, machinery and
equipment. |
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No. of Employee : |
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 – 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.
|
Source
: CIA |
UBG COMMODITIES
HK LTD.
Registered Office:-
c/o The Executive Centre Hong Kong Ltd.
Level 16, Hong Kong Club Building, 3A Charter
Road, Central, Hong Kong.
Associated Companies:-
UBG Australia, Australia.
UBG Commodities UK Ltd., U.K.
UBG Group Pte. Ltd., Singapore.
UBG Middle East Trading FZE, UAE.
UBG Overseas Inc., Panama.
Unibros Steel Co. Ltd., Cyprus.
VD Holding FZE, UAE.
63441073
2106559
9th
June, 2014.
US$1.00
(As per registry dated 09-06-2015)
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Name |
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No. of share |
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Vladimir DELIC |
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1 = |
(As per registry dated 09-06-2015)
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Name (Nationality) |
Address |
|
Vladimir DELIC |
14 Vosporou Street, A. Thichonas Roussos Villas
34 Limassol, Cyprus 4527. |
(As per registry dated 09-06-2015)
|
Name |
Address |
Co. No. |
|
DATT Consultants |
Flat E, 8/F., Far East Mansion, 5-6 Middle
Road, Tsimshatsui, Kowloon, Hong Kong. |
- |
The subject was incorporated on 9th June,
2014 as a private limited liability company under the Hong Kong Companies
Ordinance.
Originally the subject was registered under
the name of V.E. Commodities Ltd., name changed to V.D. Commodities Ltd. on
10th November, 2014 and further to the present style on 6th March, 2015.
Apart from these, neither material change nor
amendment has been ever traced and noted.
UBG Commodities HK Ltd. was incorporated on
9th June, 2014 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
business centre located at ‘Level 16, Hong Kong Club Building, 3A Charter Road,
Central, Hong Kong’ known as ‘The Executive Centre Hong Kong Ltd.’ which is
handling its correspondences and documents.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong
Kong, the subject has issued just one ordinary share of HK$1.00 which is owned
by Mr. Vladimir Delic who is an Ireland passport holder. He does not have the right to reside in Hong
Kong permanently. He is also the only
director of the subject. His registered
address is in Limassol, Cyprus.
The subject is trading in coal, gas, iron ore,
iron and steel, machinery and equipment.
The subject has had a main associated company
known as Unibros Steel Co. Ltd. [Unibros] which is also in Cyprus.
Unibros was founded by Vladimir Delic in
1988. It is trading in iron and steel
chiefly.
From its inception in 1988, Unibros evolved
by 1994 into a group of companies encompassing a sales turnover of some US$500
million and supported by some 40 offices worldwide. Unibros Steel was also one of the first
companies that had sold CIS steel in China, Taiwan and countries of South East
Asia and certainly a pioneer for selling Russian steel to the US market.
Following the sale of the first shipment ever
of Severstal steel coils to General Motors, Mr. Delic lead and organised a
visit of Minister of Metallurgy of Russia together with General Directors of
major Russian steel mills to General Motors headquarters and factories in
Detroit.
With the changing of the financial world in
2008, Unibros also adapted to these changes and is now concentrating of the
roots of its business in the trading and shipping of Ferrous and Non-Ferrous
metals capitalizing on nearly 30 years of strong relationships in this
industry.
Now, Unibros is trading in the following
commodities:-
Iron Ores;
Base Furnace Products;
Scrap Metals;
Finished Iron & Steel Products; &
Non-Ferrous Metals.
The subject’s business in Hong Kong is not
active. History in Hong Kong is just
over a year 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.
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.66.79 |
|
|
1 |
Rs.101.10 |
|
Euro |
1 |
Rs.73.10 |
|
HKD |
1 |
Rs.8.66 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TRU |
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 |
|
<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.