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Report No. : |
308367 |
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Report Date : |
23.02.2015 |
IDENTIFICATION DETAILS
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Name : |
LITL 24 LTD. |
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Registered Office : |
C/o JD-Infinum Secretaries Ltd., 29/F., Tesbury Centre, 28 Queen’s Road East, Wanchai |
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Country : |
Hongkong |
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Date of Incorporation : |
21.10.2014 |
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Com. Reg. No.: |
63962986 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available (Note: We tried
to confirm obtain the details activity but the same is not available from any
source.) |
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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 : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Company |
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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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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% 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.
|
Source
: CIA |
LITL 24 LTD.
Registered
Office:-
C/o JD-Infinum Secretaries Ltd.
29/F., Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong.
Holding Company:-
Liberty House Group Pte. Ltd., Singapore.
Associated
Companies:-
African Foundries Ltd., Nigeria.
African Industries Ltd., Nigeria.
African Steel Mills (Nigeria) Ltd., Nigeria.
International Quality Steel LLC, UAE.
Liberty Commodities Ltd., UK.
Liberty FE Trade DMCC, UAE.
Liberty Steel Holdings Pte Ltd., Singapore.
Liberty UI Stainless Marketing DMCC, UAE.
LITL 18 Ltd., Hong Kong. (Same
address)
Transdanube Industries SRL, Romania.
63962986
2158454
21st October, 2014.
HK$100.00
(As per registry
dated 21-10-2014)
|
Name |
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No. of shares |
|
Sanjeev GUPTA |
|
51 |
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Liberty House Group Pte. Ltd. 8 Marina View, #40-06 Asia Square Tower 1, Singapore. |
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49 |
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––– |
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Total: |
100 === |
(As per registry
dated 21-10-2014)
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Name (Nationality) |
Address |
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Niraj NAHATA |
Flat 1802, Madina Tower, JLT AE-1 Dubai, United Arab Emirates. |
|
Sanjeev GUPTA |
Villa K32 Palm Jumeirah, Dubai, United Arab Emirates. |
(As per registry
dated 21-10-2014)
|
Name |
Address |
Co. No. |
|
JD-Infinum Secretaries Ltd. |
29/F., Tesbury Centre, 28 Queen’s Road East, Wanchai, Hong Kong. |
1617138 |
LITL 24 Ltd. was incorporated on 21st October, 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 commercial
service firm located at 29/F., Tesbury Centre, 28 Queen’s Road East, Wanchai,
Hong Kong known as JD-Infinum Secretaries Ltd. which is handling its
correspondences and documents. This
secretarial company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
100 ordinary shares of which 49% are owned by Liberty House Group Pte. Ltd., a
Singapore-based company, and Mr. Sanjeev Gupta, holding 51%.
The directors of the subject are Mr. Sanjeev Gupta and Mr. Niraj
Nahata. Both of them are in Dubai, the
United Arab Emirates. The former is a UK
passport holder while the latter is an India passport holder.
The subject is a member of the Liberty Group of companies. The Group is owned by the Gupta family and is
headed by Mr. P. K. Gupta. He has over
50 years of business experience in Asia, Africa and Europe.
Liberty Group is an international steel and minerals group, operating
from its 3 financial hubs in London, Dubai and Singapore with a network of
offices spread across 30 countries around the world.
The Group has had interests in a wide range of mining and steel
production assets in Asia, the Middle East, Africa and Europe.
The annual turnover of the Group is about US$5 billion, handling over 7
million metric tonnes of steel and raw materials, employing over 2,000 people
globally.
The total production capacity of the Group currently adds up to 2
million MT of liquid steel and 3 million MT of finished products. This is scheduled to increase to 5 million MT
by 2015.
Drawing strength from in house mining and steel assets, the central
Trade & Services arm of the Group, under the banner of LIBERTY COMMODITIES,
aims to provide clients with comprehensive solutions tailored to their needs
using its global as well as local expertise.
The Group offers innovative financial solutions including pre-payments,
inventory finance, tolling finance and open credit. It has a strong logistics function. It also operates vessels, offering
competitive freight by consolidating in house and third party cargo.
The Group chiefly trades in iron & steel, coal and other raw
materials.
Sanjeev Gupta, the shareholder of the subject, is also the Chairman of
the Liberty Group.
The subject has had an associated company LITL 18 Ltd. located at the
office of JD-Infinum Secretaries Ltd.
LITL 18 Ltd. and the subject are engaged in the same lines of business
and held by the same company.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over three
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
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.26 |
|
|
1 |
Rs.96.01 |
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Euro |
1 |
Rs.70.72 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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 |
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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.