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Report No. : |
321898 |
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Report Date : |
13.05.2015 |
IDENTIFICATION DETAILS
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Name : |
ELITE RESOURCES LTD. |
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Registered Office : |
C/o Rockmount Secretaries Ltd., Room 3109, 31/F., Tower 2, Lippo Centre, 89 Queensway, Admiralty, |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.11.2013 |
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Com. Reg. No.: |
62299982 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a global sourcing and trading house with a focus in agricultural commodities, ferrous and non-ferrous metals, as well as energy commodities. |
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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 |
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.
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Source
: CIA |
ELITE RESOURCES
LTD.
Registered Office:-
c/o Rockmount Secretaries Ltd.
Room 3109, 31/F., Tower 2, Lippo Centre, 89 Queensway, Admiralty, Hong Kong.
Holding Company:-
Elite Mark Enterprises Ltd., British Virgin Islands.
Associated Companies:-
Hemera Global Advisors LLC, US.
Hemera Global Trade Pvt. Ltd., India.
Hemera India Pvt. Ltd., India.
Hemera International Pte. Ltd., Singapore.
Hemera Resources Pvt. Ltd., India.
62299982
1992900
7th November, 2013.
HK$1.00
(As per registry dated 07-11-2014)
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Name |
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No. of share |
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Elite Mark Enterprises Ltd. Offshore Incorporations Centre, Road Town, Tortola, British
Virgin Islands. |
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1 = |
(As per registry dated 07-11-2014)
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Name (Nationality) |
Address |
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Rashmi MOHANTY |
401-B, Hamilton Court, DLF City Phase-4, Gurgaon, Haryana,
122002, India. |
(As per registry dated 07-11-2014)
|
Name |
Address |
Co. No. |
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Rockmount Secretaries Ltd. |
Room 3109, 31/F., Tower 2, Lippo Centre,
89 Queensway, Admiralty, Hong Kong. |
1393724 |
Elite Resources Ltd. was incorporated on 7th November, 2013 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 ‘Room 3109, 31/F., Tower 2, Lippo Centre, 89 Queensway, Admiralty, Hong Kong’ known as ‘Rockmount Secretaries Ltd.’ [Rockmount] which is handling its correspondences and documents. Rockmount 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 just one ordinary shares of HK$1.00 each which is owned by Mr. Rashmi Mohanty who 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.
To our knowledge, the subject is an associated company of Hemera Group [Hemera] which is an India-based group of companies.
The subject is engaged in the same lines of business as Hemera Resources Private Ltd. [HRPL] which is one of the key members of the Group.
Rashmi Mohanty is also director of HRPL. He was appointed on 10th February, 2015.
The subject is engaged in the same lines of business as Hemera.
Hemera is a global sourcing and trading house with a focus in agricultural commodities, ferrous and non-ferrous metals, as well as energy commodities.
Hemera Group operates globally through three major hubs: Singapore, India and the United States. Hemera commenced global operations in 2010 through the following group and associate entities:-
Hemera International Pte Ltd (Singapore)
Hemera Global Trade Private Limited, Hemera India Private Limited (India)
Hemera Global Advisors LLC (Nevada, the United States)
Hemera has also been engaged in collaboration with various global partners including Argonaut Global Capital LLC (Boston, the United States), Indcap Advisors Pvt Ltd (India), Quadra Commodities SA, and Japan Edge Limited (Japan).
The subject is also trading in the following commodities:-
Coal: Coking and non-coking coal
Agricultural Commodities: Soy, corn, sunflower seed oil, sugar, raw cotton and wheat
Metals: Ferrous and Non-Ferrous metals like copper, alumina, zinc, iron & steel, steel scarp
Chemicals: Commodity chemicals, Speciality chemicals & additives, Fluorine and Fine chemicals
The subject’s business in Hong Kong is not active. History in Hong Kong is 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
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Indian Rupees |
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US Dollar |
1 |
Rs.64.20 |
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1 |
Rs.100.03 |
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Euro |
1 |
Rs.71.91 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
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.