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Report No. : |
319973 |
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Report Date : |
04.05.2015 |
IDENTIFICATION DETAILS
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Name : |
DK METAL WORLD LTD. |
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Registered Office : |
Flat B4, 15/F., Prat Mansion, 26-36 Prat Avenue, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
09.04.2005 |
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Com. Reg. No.: |
35506518 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Alloy Products. |
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No. of Employees : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
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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% 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 |
DK METAL WORLD LTD.
ADDRESS: Flat
B4, 15/F., Prat Mansion, 26-36 Prat Avenue, Kowloon, Hong Kong.
PHONE: 852-2312
1660
FAX: 852-2312
1662
Managing Director:
Mr. Sanjay Arya
Incorporated on: 9th April, 2005.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat B4, 15/F., Prat Mansion, 26-36 Prat Avenue, Kowloon,
Hong Kong.
Associated Company:-
Wook Silicon Alloys Private Ltd., India.
35506518
0962064
Managing Director:
Mr. Sanjay Arya
HK$10,000.00
(As per registry
dated 09-04-2014)
|
Name |
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No. of shares |
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Rajesh Popatlal GALA |
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5,000 |
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Sanjay ARYA |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 09-04-2014)
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Name (Nationality) |
Address |
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Sanjay ARYA |
804, B-Wing, Magnam Vasant Marvel Western,
Express Highway Borivali-E, Mumbai-66, M.S., India. |
|
Rajesh Popatlal GALA |
A/103, Satyam, Simpoli Road, Borivali (West), Mumbai‑L100092,
India. |
(As per registry
dated 09-04-2014)
|
Name |
Address |
Co. No. |
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VMC Secretaries Ltd. |
Room 1617-1618, 16/F., Star House, 3 Salisbury Road,
Tsimshatsui, Kowloon, Hong Kong. |
0750831 |
The subject was incorporated
on 9th April, 2005 as a private limited liability company under the Hong Kong
Companies Ordinance.
Originally the
subject was registered under the name of KR Metals Ltd., name changed to the
present style on 18th October, 2007.
Formerly the subject
was located at Room 1617-1618, 16/F., Star House, 3 Salisbury Road,
Tsimshatsui, Kowloon, Hong Kong where is the operating office of VMC
Secretaries Ltd. The subject moved to
the present address with effect from 16th January, 2011.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of alloy products.
Employee: 1.
Commodities Imported: India,
Middle East, South America, etc.
Markets: Japan,
Europe, US, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping
a balance account in Hong Kong.
Condition: Business
is fairly active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
DK Metal World Ltd.
has issued 10,000 ordinary shares of HK$1.00 each which are equally owned by
Mr. Rajesh Popatlal Gala and Mr. Sanjay Arya, both of whom are
Indian. Being India passport holders and
with registered addresses in India, the two shareholders are also directors of
the subject.
Formerly, the
subject’s registered office was in a secretarial service firm located at Room
1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong
Kong known as VMC Secretaries Ltd. [VMC] which is handling its
correspondences and documents. VMC is
also the corporate secretary of the subject.
With effect from 16th January, 2011, the subject’s registered address
moved to Flat B4, 15/F., Prat Mansion, 26‑36 Prat Avenue, Kowloon,
Hong Kong. This office is not in a
commercial building but a residential building.
This address may also be the residence of the two shareholders when they
are in Hong Kong.
The subject has an
employee in Hong Kong.
To our knowledge, the
subject is trading in the following products: Ferro manganese (ELC, LC, MC, HC), ferro chrome (ELC, LC, HC), ferro
molybdenum, ferro titanium, silicon manganese, stabilised ferro silicon,
manganese oxide, etc.
These alloys are
widely used in manufacturing tools. Some
of these products are de‑oxidizers, de-nitrogenator, etc. Commodities are sourced from India, the
United Arab Emirates, Russia, South America, etc. Prime markets are Japan, European countries
and the United States. The following
companies are two of the subject’s US buyers:-
· R. L. Swearer Co. Inc.;
· Tremond Alloys & Metals GRP Corporation.
It was reported that
the subject has had an office in China. The
China office is responsible for the distribution of the subject’s products in
China.
Besides, the subject
has had an associated company Wook Silicon Alloys Private Ltd. [WSA] in
India. WSA is also owned and operated by
the two shareholders of the subject. WSA
was incorporated on 19th October, 2010.
Its authorized share capital is Rs. 5 million and its paid up capital is
Rs. 200,000.
WSA has a Ferro Alloy
Manufacturing Unit in India. The subject
is marketing and exporting the products of WSA.
The subject’s
business in Hong Kong is fairly active.
History in Hong Kong is over ten years.
Since the subject’s
registered address is in a residential building, on the whole, consider it good
for business engagements in moderate credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.63.58 |
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|
1 |
Rs.97.99 |
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Euro |
1 |
Rs.70.53 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
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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.