MIRA
INFORM REPORT
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Report Date : |
17.01.2007 |
IDENTIFICATION
DETAILS
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Name : |
BURWILL RESOURCES LTD |
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Registered Office : |
Unit
1405-07, 14fl Office Tower Convention Plaza 1, Harbour
Rd Wancha |
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Country : |
Hong Kong |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
AUGUST 11, 1987 |
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Com. Reg. No.: |
195392 |
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Legal Form : |
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Line of Business : |
Trading,
purchasing and marketing of raw materials and steel products. |
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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Maximum Credit Limit : |
Up To USD 100,000 |
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Status : |
Satisfactory
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name
BURWILL RESOURCES LTD
UNIT
1405-07, 14FL OFFICE TOWER CONVENTION PLAZA 1
HARBOUR RD
WANCHAI, HONG KONG
TEL : 852 21366613
FAX : 852
28772282
EXECUTIVE SUMMARY
INCORPORATION DATE :
AUGUST 11, 1987
REGISTRATION NO. :
195392
CHIEF EXECUTIVE :
MR. SHING CHAN (CHAIRMAN)
STAFF STRENGTH :
85
CAPITAL :
US$ 128,700
BUSINESS LINE :
TRADER
TURNOVER :
HKD 3,696,566,000 (GROUP AS OF DEC. 31, 2005)
EQUITIES :
HKD 875,238,000 (GROUP AS OF DEC. 31,
2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
UP TO USD 100,000
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHNAGE RATE :
HKD 7.798800 = US$1 AS OF 2007-1-16
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M – million
HKD – Hong Kong Dollars
*Company
History*
===============
1999 - Recorded an estimated trading
volume of 1.3 million tones.
*Company
Name*
=============
Incorporated
as : JOINKIND LTD
Date of
incorporation : 11 August, 1987
Changed
name to : BURWILL METALS SERVICE
CENTRE LTD
Date of
change : 29 December, 1987
Changed
name to : BURWILL RESOURCES LTD
Date of
change : 15 May, 1998
*Company
Registration*
===================
(1)
License
number : 195392
Date
issued : 11 August, 1987
Issuing
authority : Registrar of Companies
Type of
license : Corporate Registration
(2)
License
number : 11504710
Issuing
authority : Business Registration
Office - Inland Revenue Dept
Type of
license : Business Registration
*Registered
Office*
==============
Although
the company is operating its main business from the address listed above, the
actual business license is legally registered at:
Address : Unit 1402, 14Fl Office Tower Convention
Plaza 1 Harbour Rd, Wanchai, Hong Kong
*Capital
Details*
=============
Auhtorized
capital : HKD 1,000,000.00 divided into 1,000,000 ordinary shares of HKD
1.00/-each, fully paid
*Office
& Facilities*
===============
Size : 9,000 sq. feet
Location : Commercial district
Type of
building : Commercial building
Property
status : Rented from YINMAIN
INDUSTRIAL LTD
Other
Contact Details
-----------------------------
Tel.
nos. : 28777368 / 21366618
Fax
no. : 23697661
E-mail : bwr@wellnet.com.hk
*Loan
& Facilities*
===============
Loan
facility : USD 2,905,000.00
*Lodgment
of Annual Returns*
=======================
Financial
year ending : 2004
Date of
lodgment : 7 September, 2004
Website
: www.wellnet.com.hk The design is professional and the content
is well organized. At present it is in English version.
E-mail :
bwr@burwill.com
LITIGATION 1 Record Found
Litigation
( 1 )
Position
: Defendant
Other
Parties Involved : Position Country Party's Name
Plaintiff Hong Kong Richard Butler
Case
Issue : A petition to the court claiming overdue payment amounting
to HKD
382,818.00 for services rendered (filed under case no. DCCJ2553/2003).
Court :
District Court, Hong Kong
Date
Commenced : 6 May, 2003
Status :
Pending
*Major
Shareholders*
=================
Total
number of shareholders : 2
Total
number of ordinary shares : 1,000,000
Shareholders'
Name No. of
Ordinary Shares Amount of Shares (HKD) % of Shares
--------------------------
-------------------------------
---------------------------------
----------------
BURWILL
& CO LTD
999,999
999,999.00
100.00
BURWILL NOMINEES LTD 1
1.00 -
*Directors'
Details*
===============
(1)
Ting Lau
HKID
no. : K808252(9)
Responsibilities : Currently active in the company's
day-to-day operations & is responsible for its
management.
Registered
address : House 3, 12 Shouson Hill Rd Shouson Hill, Hong Kong
(2)
Kai-man
Sham
HKID
no. : D530209(A)
Registered
address : 31C, Block 1, Sea Crest Villa, 18 Castle Peak Rd, New Territories,
Hong Kong
(3)
Hoi-tung
Sit
HKID
no. : G171119(8)
Responsibilities : Currently active in the company's
day-to-day operations & is responsible for its
management.
Registered
address : Flat B, 26Fl, Cuming Court, 4 Comfort Terrace, NorthPoint, Hong Kong
(4)
Dicky
Yu-wing Keung
HKID
no. : E767838(3)
Responsibilities : Currently active in the company's
day-to-day operations & is responsible for its
management.
Registered
address : 7E, Robinson Place, Block
One, 70 Robinson Rd, Mid-level, Hong Kong
(5)
Jian Lu
Registered
address : Flat B 27Fl Lok Moon Mansion 29-31 Queen's Rd East Hong Kong
*Company
Secretary*
=================
HARDWORKERS
(HK) LTD
CR
no. : 236145
Address : Unit 1402, Office Tower, Convention Plaza,
1 Harbour Rd, Wanchai, Hong Kong
Name Nationality
Job Description
Mr.
Barry Cheng Hong Kong Manager
Mr. Mark
Chow Hong Kong Senior Manager
*Key
Personnel*
============
Shing
Chan
Founder : Co-founder
Working
experience : More than 15 years
HKID
no. : K808253(7)
Responsibilities : Currently active in the company's
day-to-day operations & is responsible for its
management.
Registered
address : House 3, 12 Shouson Hill Rd, Shouson Hill, Hong Kong
*Main
Products & Services*
======================
Specializes
in trading, purchasing and marketing of raw materials and steel products.
Product
also include :
-
Hot-dipped galvanized steel sheet coil
Products
: Billets
Cold
rolled steel coils
Galvanized
iron coil
Galvanized
steel pipe
Hot rolled steel coils
*Payment
Terms*
=============
Sales
--------
Local : Credit
Export :
Letter of Credit (L/C)
Purchase
:
-------------
Import :
Letter of Credit (L/C)
*Competitors*
===========
The
following locally based firms supply similar range of products:
- HOI
KONG IRONWARES GODOWN CO LTD
- LUNG
KEE METAL LTD
- LEE
KEE METAL CO LTD
- CHINA
RESOURCES MACHINERY & MINMETALS (HOLDINGS) CO LTD
-
SUMIKIN BUSSAN INT'L (HK) LTD
- ITOCHU
HONG KONG LTD
*Charge*
========
Total
number of known Charges: 7
(1)
Creation
date : 9 February, 1999
Chargee/Beneficiary :
NATIONAL COMMERCIAL BANK LTD
Charge
particulars : Charge over deposit(s) and set-off (deposit:
HKD14,400,000)
(2)
Creation
date : 12 February, 1999
Chargee/Beneficiary :
NATIONAL COMMERCIAL BANK LTD
Charge
particulars : Charge over deposit(s) and set-off (deposit:
USD880,000)
(3)
Creation
date : 9 February, 1999
Chargee/Beneficiary : NEDCOR ASIA LTD
Charge
particulars : Charge over deposit(s)
(4)
Creation
date : 27 May, 1999
Chargee/Beneficiary :
SIN HUA BANK LTD
Charge
particulars : Charge over deposit(s) and set-off (deposit:
USD905,000)
(5)
Creation
date : 20 May, 1999
Chargee/Beneficiary :
JIAN SING BANK LTD
Charge
particulars : Security over
deposits (deposit: USD1,025,642)
(6)
Creation
date : 5 August, 1999
Chargee/Beneficiary :
CITIC KA WAH BANK LTD
Charge
particulars : Charge over deposit(s) and set-off (deposit:
USD1,000,000)
(7)
Creation
date : 12 November, 1999
Chargee/Beneficiary :
NATEQIS BANQUE (Hong Kong Branch)
Charge
particulars : Power of Attorney/security letter
*Local
Distribution Network*
=======================
10% of
the annual turnover is attributed to local sales to manufacturers and
re-sellers.
*Imports*
========
Products
are imported from overseas markets and from Group's manufacturing facilities in
Dongguan, China.
*Export
Markets*
=============
90% of
the annual turnover is attributed to exports worldwide.
*(Subsidiaries , Joint-ventures & Affiliates)
================================
Company
Name : BURWILL (GUANGZHOU) RESOURCES CO LTD
Global
Identifier : P0726591
Address
: 1905 Huaxin Bldg West Block 2 Shui Yin Rd Guangzhou 510075 Guangdong China
Country
: China
Relationship
: Affiliate
Legal
Form : Private Limited Company
Company
Type : Trader
Industry
: Metals & Metal Products
Company
Name : BURWILL COIL CENTRE (DONGGUAN) LTD
Global
Identifier : P0726567
Country
: China
Relationship
: Affiliate
Legal
Form : Private Limited Company
Company
Type : Manufacturer
Industry
: Metals & Metal Products
Company
Name : BURWILL HK PORTFOLIO LTD
Global
Identifier : P0726589
Country
: Virgin Islands (British)
Relationship
: Affiliate
Legal
Form : Private Limited Company
Company
Type : Trader
Industry
: Metals & Metal Products
Company
Name : BURWILL STEEL PIPES LTD
Global
Identifier : P0107560
Address
: Unit 1402, 14Fl Office Tower Convention Plaza 1 Harbour Rd Wanchai Hong Kong
Hong Kong
Country
: Hong Kong
Relationship
: Affiliate
Legal
Form : Private Limited Company
Company
Type : Manufacturer
Industry
: Metals & Metal Products
Company
Name : BURWILL WAREHOUSING (SHANGHAI) LTD
Global
Identifier : P0132484
Address
: Rm 2812 Hong Kong Plaza 282 Huai Hai Zhong Rd Shanghai 200021 China
Country
: China
Relationship
: Subsidiary
Legal
Form : Private Limited Company
Company
Type : Trader
Industry
: Metals & Metal Products
Company
Name : CAMETY CO LTD
Global
Identifier : P0726592
Country
: Hong Kong
Relationship
: Affiliate
Legal
Form : Private Limited Company
Company
Type : Trader
Industry
: Metals & Metal Products
Company
Name : DONGGUAN HINGWAH METALS FACTORY LTD
Global
Identifier : P0726565
Country
: China
Relationship
: Affiliate
Legal
Form : Private Limited Company
Company
Type : Manufacturer
Industry
: Metals & Metal Products
Company
Name : ETP (ASIA) LTD
Global
Identifier : P0726595
Country
: Hong Kong
Relationship
: Affiliate
Legal
Form : Private Limited Company
Company
Type : Trader
Industry
: Metals & Metal Products
Company
Name : GOLDENBRIDGE SERVICES LTD
Global
Identifier : P0726598
Country
: Hong Kong
Relationship
: Affiliate
Legal
Form : Private Limited Company
Company
Type : Service
Industry
: Professional Services
Company
Name : SHANGHAI XIANLUO MAKOU IRON PLATE MATERIAL CO LTD
Global
Identifier : P0726608
Country
: China
Relationship
: Affiliate
Legal
Form : Private Limited Company
Company
Type : Trader
Industry
: Metals & Metal Products
Company
Name : YANGZHOU SHIDAI ENTERPRISES CO LTD
Global
Identifier : P0726601
Country
: China
Relationship
: Affiliate
Legal
Form : Private Limited Company
Company
Type : Trader
Industry
: Metals & Metal Products
*Subsidiaries,
Joint-ventures & Affiliates*
=================================
Maintains
1,200 group employees.
PAYMENT RATING : 3 OBTAINED SCORES : 65
|
Implication |
Implications |
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1 |
Scores 85–100 |
Excellent |
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2 |
Scores 75 – 84 |
Above Average |
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3 |
Scores 50 – 74 |
Average |
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4 |
Scores 35 – 49 |
Fair |
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5 |
Scores 15 – 34 |
Below Average |
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6 |
Scores 01 – 14 |
Poor |
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NR |
No Data |
No Data |
The
rating indicates the payment pattern of SC based upon our Payment Database,
comments from suppliers of SC, information from banks (if available), as well
as industrial sources.
Dealings on open terms may be possible for
MODERATE amounts depending on individual judgement experience.
Bank
Name : AUSTRALIA & NEW ZEALAND BANK GROUP
SWIFT
Code : ANZBHKHX
Bank
Name : BANK OF CHINA (HONG KONG) LTD
SWIFT
Code : BKCHHKHH
Bank
Name : HONGKONG & SHANGHAI BANKING CORP LTD
SWIFT
Code : HSBCHKHH
Bank
Name : KA WAH BANK LTD
Bank
Name : NATIONAL AUSTRALIA BANK LTD
SWIFT
Code : NATAHKHH
Bank
Name : NEDCOR BANK LTD
Consolidated
Balance Sheet of BURWILL HOLDINGS LTD
Currency : HKD
Denomination
: in Thousand
31 December, 2005 31
December, 2004
(Restated)
-------------------------
-------------------------
Assets
Non-current
assets
Leasehold
land and land use rights 92,526 85,791
Property,
plant and equipment 155,268 113,751
Investment
properties
209,480
172,063
Investment
in associates 118,929 54,740
Long-term
investments
-
9,310
Available-for-sale
financial assets 9,310 -
Other
receivables
407
-
Deferred
borrowing costs - 1,221
Deferred
tax assets
9,805
10,259
------------------------- -------------------------
595,725 447,135
Current
assets
Inventories
194,089
131,793
Properties
held for sale 28,779 28,858
Short-term
investments
-
28,934
Held-to-maturity
financial assets 23,423 -
Financial
assets at fair value through profit or loss 31,027 -
Bills
and accounts receivable 879,634 945,486
Deposits,
prepayments and other receivables 175,031 58,785
Due from
an associate 1,010 76
Taxation
recoverable
21
4,854
Pledged
bank deposits 1,431 1,394
Other
cash and bank balances
203,878
265,838
------------------------- -------------------------
1,538,323
1,466,018
------------------------- -------------------------
Total
assets
2,134,048 1,913,153
=============== ==============
Equity
Capital
and reserves attributable to the Company's equity holders
Share
capital 103,213 105,411
Other
reserves
487,006 510,905
Retained
profits
-
Proposed dividends
30,964
18,974
-
Others
204,550 136,098
-------------------------
-------------------------
825,733 771,388
Minority
interest
49,505
47,704
------------------------- -------------------------
Total
equity
875,238
819,092
Liabilities
Non-current
liabilities
Borrowings
289,338
32,815
Deferred
tax liabilities 34,860 22,730
-------------------------
-------------------------
324,198
55,545
Current
liabilities
Borrowings
501,922 545,731
Due to
an associate
16,058
20,998
Bills
and accounts payable
341,112 412,002
Other
payables and accruals
75,110
49,937
Taxation
payable 410 9,848
-------------------------
-------------------------
Total
current liabilities
934,612
1,038,516
-------------------------
-------------------------
Total
liabilities
1,258,810
1,094,061
------------------------- -------------------------
Total
equity and liabilities
2,134,048
1,913,153
------------------------- -------------------------
Net
current assets
603,711 427,502
-------------------------
-------------------------
Total
assets less current liabilities 1,199,436 874,637
=============== ==============
Consolidated
Income Statement of BURWILL HOLDINGS LTD
Currency : HKD
Denomination
: in Thousand
31 December, 2005 31
December, 2004
(Restated)
-------------------------
-------------------------
Sales 3,696,566 4,142,871
Cost of
sales
(3,621,921) (3,967,159)
-------------------------
-------------------------
Gross
profit
74,645 175,712
Other
gains, net
209,070
11,238
Selling
and distribution expenses
(30,454) (60,695)
General
and administrative expenses
(94,995)
(59,120)
------------------------- -------------------------
Operating
profit
158,266
67,135
Finance
costs
(51,685)
(31,856)
Share of
(losses) / profits of associates (9,370) 5,584
-------------------------
-------------------------
Profit
before taxation 97,211 40,863
Taxation
(18,426)
(1,065)
------------------------- -------------------------
Profit
for the year
78,785 39,798
=============== ==============
Attributable
to:
Equity
holders of the Company 72,745 34,991
Minority
interests
6,040
4,807
------------------------- -------------------------
78,785 39,798
Earnings
per share for profit attributable to the equity
holders
of the Company during the year
-
basic
6.96 cents
3.32 cents
- diluted
N/A
3.32 cents
Dividends
30,964 18,974
*Financial
Ratios*
==============
Consolidated
Financial Ratios of BURWILL HOLDINGS LTD
31
December, 2005 31 December, 2004
------------------------ ------------------------
Growth
(%)
Year-on-Year
Growth
(10.77)
N/A
Profitability
Profit
Margin (%)
2.13 0.96
Return
on Equity (%)
9.00
4.86
Return
on Assets (%)
3.69
2.08
Leverage
Total
Debt Equity (Times)
1.44
1.34
Current
Debt Equity (Times)
1.07
1.27
Long
Term Debt to Equity
0.37
0.07
Total Asset
To Total Equity
2.44
2.34
Asset
Management
Total
Assets Turnover (Times)
1.73
2.17
Fixed
Assets Turnover (Times)
6.21 9.27
Liquidity
Current
Ratio 1.65 1.41
SC is considered an old established company in its line with
favorable market conditions. It is considered a credit line up to USD 100,000
appears to be within SC’s capacities.
Attached:
trade references
SIC
PRODUCT CLASSIFICATION & ACTIVITY
Activity
Code Product/Service Description
Trading 1011
Iron ores
Trading 331207
Steel Plate/Sheet/Strip
Trading 3316
Cold-Rolled Steel Products
Trading 3317
Steel Pipe & Tubes
Trading 3325
Steel Foundries, NEC
Trading 3399
Primary metal products
Trading 3499 Fabricated metal products
HARMONIZED
PRODUCT CLASSIFICATION & ACTIVITY
Activity
Code Product/Service Description
Trading 2601
Iron ores &
concentrates, including roast pyrites
Trading 7112900000
Precious metal waste and scrap
Trading 7205
Pig iron, spiegel, iron or
steel granules & powder
Trading 7216610000
Angles, shapes and sections, iron or
nonalloy steel, cold-worked
obtained
from flat-rolled products
Trading 721810
Stainless steel ingots and other primary
forms
Trading 721932
Flat rolled products of stainless steel
of a width of 600mm or more; cold-
rolled; of a thickness of 3mm or
more but less 4.75mm
Trading 7222
Bars & rods, st steel;
angles etc, stainless steel
Trading 7228703020
Angles alloy steel not stainless
hot-rolled not drilled, punched or
otherwise
advanced maximum cross-section 76mm or more
Trading 7307290000
Stainless steel tube or pipe
fittings
Trading 7308
Structures & parts
thereof, of iron or steel
DETAILED
PRODUCT CLASSIFICATION & ACTIVITY
Activity Product/Service
Description
Trading Iron
ores
Trading Metal
products
Trading Pig
iron
Trading Raw
materials
Trading Scrap
Trading Stainless
steel
Trading Steel
Trading Steel
U-beam
Trading Steel
angle
Trading Steel
beams
INTERNATIONAL
TRADE : ACTIVITY & MARKETS
Exporting
to Asia
Exporting
to China
Exporting
to Europe
Exporting
to North America
Exporting
to USA
Importing
from Asia
Importing
from China
Importing
from Europe
Importing
from Japan
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial
base with the strongest capability for timely payment of interest and
principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal.
Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution
needed to be exercised |
Credit not recommended |
|
NR |
In view of the lack of information, we
have no basis upon which to recommend credit dealings |
No Rating |
|