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Report No. : |
307247 |
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Report Date : |
17.02.2015 |
IDENTIFICATION DETAILS
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Name : |
ADVANCE TRADE & DRILLING OF MINE LTD. |
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Registered Office : |
c/o R & R Professional Accounting Ltd. 6/F., Kam Sang Building, 257 Des Vieux Road Central, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.09.2012 |
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Com. Reg. No.: |
60381494 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
TRADER OF GILSONITE, OXIDIZED BITUMEN, SAFFRON |
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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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
ADVANCE TRADE
& DRILLING OF
MINE LTD.
Registered Office:-
c/o R & R Professional Accounting Ltd.
6/F., Kam Sang Building, 257 Des Vieux Road Central, Sheung Wan, Hong
Kong.
60381494
1802344
19th September, 2012.
HK$10,000.00
(As per registry
dated 19-09-2014)
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Name |
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No. of shares |
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WANG Yan |
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10,000 ===== |
(As per registry
dated 19-09-2014)
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Name (Nationality) |
Address |
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WANG Yan |
Room 401-5-12, Erlizhuang Xiaoqu, Haidian District, Beijing, China. |
(As per registry
dated 19-09-2014)
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Name |
Address |
Co. No. |
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R & R Professional Accounting Ltd. |
6/F., Kam Sang Building, 257 Des Vieux Road Central, Sheung Wan, Hong
Kong. |
0684461 |
Advance Trade and Drilling of Mine Ltd. was incorporated on
19th September, 2012 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 ‘6/F., Kam Sang Building, 257 Des Vieux Road Central,
Sheung Wan, Hong Kong’ known as ‘R & R Professional Accounting Ltd.’
[R&R] which is handling its correspondences and documents. This accounting company is also the corporate
secretary of the subject.
The subject has no employees in Hong Kong. Your given Hong Kong phone number 852-2152
0578 belongs to R&R.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each which are wholly-owned by Mr. Wang
Yan who is a China merchant. He is a
China ID holder and does not have the right to reside in Hong Kong
permanently. He is also the only
director of the subject.
According to your given e-mail, the subject has had connection with an
Iran company known as Avizheh Technology & Development of Middle East
[ATDM].
The general manager of ATDM is Mr. Salar Sabbagh. ATDM is trading in the following commodities:
Gilsonite, Oxidized Bitumen, Saffron, etc.
ATDM is the supplier, seller and exporter of Iranian (Persian) Standard
saffron in a variety of Negin, Sargol, Pushal, Daste and Stigma with its own
FLORA Brand to worldwide customers. It
supplies all kind of Saffron in Iran including Khorasan Mashhad Saffron, Ghaen
saffron, Torbat Heydariye saffron, Sargol, Negin, Pooshal, Pushali, Tied bunch,
Dasteh, red colour saffron, etc.
ATDM is headquartered in Tehran.
Its mining and processing facilities are located in Kermanshah. At Kermanshah ATDM operates a network of
underground Gilsonite mines and refining plant, and a pulverizing plant with
multiple capabilities. Its plants have
advanced materials handling and packing facilities, storage silos and bins for
8,000 tons of product and a covered warehouse with multiple loading docks.
Besides, ATDM is an international manufacturer and supplier of oxidised
asphalt products for the isolation, insulation, roofing, building and civil
engineering sectors. ATDM is based in
Iran and active in market of Turkey, Korea, Italy, Bahrain, Saudi Arabia,
Venezuela, Argentina, Singapore, India, China, South Africa, Chili, Peru,
Spain, Monaco, the UAE and Hong Kong. It
is actively involved in manufacturing procurement distribution and export of
various grades of oxidized bitumen.
ATDM has a long history of supplying Oxidized Bitumen to bitumen
factories, asphalt companies, roof insulation companies and membrane sheet
manufactures. It is providing Blown
Asphalt in various grades including BITUMEN 150/5 115/15 105/35 95/25 90/40
90/10 90/15 85/25 85/40 85/25 75/25 hard bitumen or hot liquid in bulk.
The subject is trading in the products of ATDM. However, its business in Hong Kong is not
active. History in Hong Kong is over two
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 62.20 |
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|
1 |
Rs. 95.99 |
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Euro |
1 |
Rs. 71.00 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.