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MIRA
INFORM REPORT
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Report No. : |
495342 |
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Report Date : |
07.03.2018 |
IDENTIFICATION DETAILS
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Name : |
BEST OASIS LIMITED |
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Registered Office : |
C/o Akin Professionals Ltd. 20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.04.2010 |
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Com. Reg. No.: |
52222004 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in multiple jobs which acts as a purchaser, seller
and financer. For other details Refer Page 6. |
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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
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
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 aided a more rapid initial recovery 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 9.4% of
total system deposits in Hong Kong by the end of 2015. 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 47.3 million
in 2014, outnumbering visitors from all other countries combined. Mainland visitors
to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an
overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also
established itself as the premier stock market for Chinese firms seeking to
list abroad. In 2015, mainland Chinese companies constituted about 51% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. In 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, which took effect in March 2015,
cover a negative list and a most-favored treatment provision, and will improve
access to the mainland's service sector for Hong Kong-based companies. Credit
expansion and a tight housing supply have caused Hong Kong property prices to
rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in
2017. Lower- and middle-income segments of the population are increasingly
unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most
evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong
Shanghai Gold Connect are all important steps towards opening up the Mainland’s
capital markets and has reinforced Hong Kong’s leading role as China’s offshore
RMB market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities. In
2017, Chief Executive Lam announced plans to increase government spending on
research and development, education, and technological innovation with the aim
of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name
BEST OASIS LIMITED
ADDRESS
Registered
Office:-
C/o Akin Professionals Ltd.
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong.
Holding Company:-
Priya Blue Industries Private Ltd., India.
Associated Companies:-
Priya Holdings Pvt. Ltd., India.
Priyablue Concast LLP, India.
Priyablue Import & Export Pvt. Ltd., India.
Priyablue Infrastructure Pvt. Ltd., India.
Priyablue Shipping Pvt. Ltd., India.
Priyablue Textile Pvt. Ltd., India.
Sanjay Sales Corporation, India.
BUSINESS REGISTRATION NUMBER
52222004
COMPANY FILE NUMBER
1444361
DATE OF INCORPORATION
16th April, 2010.
ISSUED SHARE CAPITAL
HK$63,203,915.00 (803,915 fully paid ordinary shares and 62,400,000
fully paid preference shares)
SHAREHOLDERS
(As per registry dated 16-04-2017)
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Name |
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No. of shares |
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Ordinary |
Preference |
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Priya Blue Industries Private Ltd. “Aashirvad”, Plot No. 1563-A OPP. Panna Tower, Rupani Sardarnagar
Road, Bhavnagar-364002, India. |
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803,915 |
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Bhansali RISHIKUMAR |
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15,600,000 |
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Gauray Sanay MEHTA |
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46,800,000 |
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––––––– |
––––––––– |
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Total: |
803,915 ====== |
62,400,000 ======== |
DIRECTORS
(As per registry dated 16-04-2017)
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Name (Nationality) |
Address |
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Trupti Sanjay Mehta |
Flat No. 801/802, 8/F., Leela Baug, Plot No. 248, Telang Cross Road,
Behind Poddar College, Matunga-E, Mumbai - 400019, India. |
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Sanjay Prataprai Mehta |
Flat No. 801/802, 8/F., Leela Baug, Plot No. 248, Telang Cross Road,
Behind Poddar College, Matunga-E, Mumbai - 400019, India. |
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Ravi Dharamshi Yadav |
Plot No. 12, 13/F., Sukhsagar Society, Siosar Road Chitra, Bhavnagar,
Gujarat, India. |
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Gerd Walter Leopold |
AM Grossen Brack 57, 21423 Winsen, Germany. |
SECRETARY
(As per registry dated 26-10-2017)
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Name |
Address |
Co. No. |
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Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan,
Hong Kong. |
1273165 |
HISTORY
The subject was incorporated on 16th April, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Suite 605,
6/F., China Insurance Group Building, 141 Des Voeux Road Central, Central, Hong
Kong where was the operating address of a commercial service provider known as
Prima Secretaries Ltd. The subject’s registered
office moved to the present address with effect from 26th October, 2016 as it
has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever
traced and noted.
GENERAL
Best Oasis Limited is a wholly-owned subsidiary of Priya Blue Industries
Private Ltd. [Priya Blue] which is an India-based firm. The subject is a member of the Priya Group of
companies.
The subject also has issued 62.4 million preference shares of which 75%
are owned by Mr. Gauray Sanay Mehta and 25% are owned by Mr. Bhansali
Rishikumar.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “20/F., Champion Building, 287-291 Des Voeux Road
Central, Sheung Wan, Hong Kong” known as “Akin Professionals Ltd.” [APL] which
is handling its correspondences and documents.
APL is also the corporate secretary of the subject. It was appointed on 26th October, 2016.
The subject has no employees in Hong Kong.
The subject has four directors while three of them are India passport
holders, one of them Mr. Gerd Walter Leopold is a Germany passport holder.
The head office of the subject is in India [hereinafter is referred to
BOL].
BOL is part of Priya Blue Group.
It is engaged in the ship recycling industry.
BOL is engaged in multiple jobs which acts as a purchaser, seller and
financer.
In 2010, Mr Sanjay Mehta set up the subject in Hong Kong for the sole
purpose of cash buying of vessels for recycling at Alang, India, Pakistan,
Bangladesh and China.
BOL has purchased and sold over 120 ships with an aggregate tonnage of
1,600,000 LDT and sales valued at USD 700 million. Apart from this, BOL is also one of the
leading Cash Buyers in the German KG-container market.
Priya Blue is one of the established and leading recycling units in
Alang/Sosiya (Gujarat, India). It is
also a member of the Priya Group of Industries.
Ship recycling involves processing used materials into new products to
prevent wastage of potentially useful materials. Priya Blue has been one of the companies in
India which is able to achieve its purposes.
Now, Priya Blue is in Gujarat, India.
It also has had a ship breaking yard which is also in Gujarat, India.
Sanjay Prataprai Mehta was the founder of the Group which was
established in 1983.
During the course of business from 1983 to 1990, the Group had served
well‑known Corporate Bodies, Enterprises, Star Trading House, Government
Undertakings, etc. in India.
The followings are the highlights of the Priya Blue Group:
Priya Blue had joined hands in the past as selling agents with the
renowned M/s. Mitsubishi Corporation, Japan, in business of cash buying and has
sold 27 Vessels weighing about 500,000.00 LT.
The Group has recycled over 50 ships out of which 8 are ULCC’s and 7
were VLCC's ships totalling approx. 883,000 tons valued at over US$ 300
Million. Total LDT over 1.5 million.
The Group has bought and recycled the legendary vessel "ST MONT /
Ex Jahre Viking / Knock Nevis" (83,000 LDT) the biggest vessel ever
built. And the world longest passenger
vessel "BLUE LADY / Ex – SS Norway / SS France", both of which were
recycled as per actual international Green recycling standards at our in-house
Green Ship Recycling yard in India.
The Priya Blue Group is seeking for opportunities in the Asia Pacific
region in order to increase its business portfolio. Especially from China. Now the Group also has set up associated
company in Dubai, the United Arab Emirates and Hamburg, Germany besides the
subject in Hong Kong and India.
The subject’s business in Hong Kong is not active. History in Hong Kong is about eight years.
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
or in small credit amounts.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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20-01-2011 |
Instrument: Letter of Set-off & Appropriation Property: The following fixed deposit of A/C No. 037518 placed with Bank of
India, Hong Kong Branch and all moneys directly or indirectly deriving
therefrom and any other sum of sums which are from time to time deposited by
the company with the Bank is as under:- Deal No. Date Amount Due
Date 168533 07-02-2011 US$1,500,000 07-02-2012 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
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20-05-2011 |
Instrument: Letter of Set-off & Appropriation Property: The following fixed deposit of A/C No. 037518 placed with Bank of
India, Hong Kong Branch and all moneys directly or indirectly deriving therefrom
and any other sum of sums which are from time to time deposited by the
company with the Bank is as under:- Deal No. Date Amount Due
Date 170434 20-05-2011 USD1,500,000 21-05-2012 Mortgagee: Bank of India, Hong Kong Branch. |
Advances and other banking facilities |
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22-08-2012 |
Instrument: Undertaking Relating to Deposits Property: Distinctive Date of Amount of Rate
of Maturity 2011 FD 446 2 28-05-2012 $1,003,125.00 1.25% 27-08-2012 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any liabilities, sole or joint, actual or contingent,
quantified or not, now or hereafter owing or designated by the company |
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 |
INR 64.99 |
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1 |
INR 89.91 |
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Euro |
1 |
INR 80.21 |
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HKD |
1 |
INR 8.29 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.