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Report No. : |
327845 |
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Report Date : |
18.06.2015 |
IDENTIFICATION DETAILS
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Name : |
MINE CRAFT LTD. |
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Registered Office : |
C/o Prima Secretaries Ltd. Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road, Central |
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Country : |
Hong Kong
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Date of Incorporation : |
18.04.2012 |
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Com. Reg. No.: |
59666657 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of Steel, Mild Steel, Scrap, Ferrous Metal and Non-Ferrous
Metal. |
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No. of Employees : |
No Employee in Hong Kong 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% 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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy protests
that began in late September probably will have some adverse effects on
economic growth, particularly retail sales.
|
Source
: CIA |
MINE CRAFT LTD.
Registered
Office:-
C/o Prima Secretaries Ltd.
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road,
Central, Hong Kong.
[Tel: 852-2376 3611; Fax:
852-2736 5115]
Holding Company:-
New Zone Intertrade FZE, UAE.
Associated
Company:-
New Alloys Trading Pte Ltd., Singapore.
59666657
1731150
18th April, 2012.
HK$78,000,001
(As per registry dated 18-04-2015)
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Name |
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No. of shares |
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Siddhartha Suresh KHATWANI |
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1 |
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New Zone Intertrade FZE Elob Office No. E-87F-15, Hamriyah Free Zone - Sharjah, United Arab
Emirates, P.O. Box No. 50549. |
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78,000,000 |
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Total: |
––––––––– |
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78,000,001 ======== |
(As per registry dated 18-04-2015)
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Name (Nationality) |
Address |
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Siddhartha Suresh KHATWANI |
A3 Jolly Highrise Apts, B Building, 241 A Palimala Road, Bandra,
Bombay 400050, India. |
(As per registry dated 18-04-2015)
|
Name |
Address |
Co. No. |
|
Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central, Hong Kong. |
0569406 |
The subject was incorporated on 18th April, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of New Outlook
Ltd., name changed to the present style on 19th July, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Mine Craft Ltd. was incorporated in April 2012 as a private limited
liability company.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at ‘Suite 605, 6/F., China Insurance Group Building, 141
Des Voeux Road Central, Hong Kong’ known as ‘Prima Secretarial 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 is almost
a wholly‑owned subsidiary of New Zone Intertrade FZE [NZI] which is a
UAE-based company.
The director of the subject Siddhartha Suresh KHATWANI is an India
merchant. He is an India passport holder
and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject
and his registered address is in Bandra, Bombay, India.
The subject is a steel, mild steel, scrap, ferrous metal and non-ferrous
metal trader. It is engaged in the same
lines of business as its holding company.
NZI is trading in Ferrous and Non-ferrous metals. Incorporated in 2008 by Siddharth Suresh
Khatwani, NZI started from Hamriyah Free Zone establishment with a limited
liability and is registered with Hamriyah Free Zone Authority, Government of
Sharjah, the United Arab Emirates, under license No. 4340 with effect from 3rd
September, 2008.
Currently NFI is handling large volumes of Ferrous metal products is
looking to venture into Non-ferrous locally and internationally. Khatwani keeps on expanding the business of
NZI by setting up the subject in Hong Kong.
NZI has a wholly-owned subsidiary in Singapore known as New Alloys
Trading Pte Ltd. which was incorporated on 21st May, 2012.
The following companies are some of the customers of NFI:-
·
Noble Group Ltd., Hong Kong.
·
Cargill Inc., US.
·
Stemcor Holdings Ltd., Hong Kong.
·
Trafigura Becheer B.V., The Netherlands.
·
Glencore PLC, Switzerland.
·
Louis Dreyfus Commodities Australia Pty Ltd.,
Australia.
·
BHP Billiton PLC, UK.
However, the subject’s business in Hong Kong is not active. History in Hong Kong is just over three
years and two 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.11 |
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|
1 |
Rs.100.31 |
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Euro |
1 |
Rs.72.17 |
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.