MIRA
INFORM REPORT
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Report Date : |
12.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
HONG KONG SOUTHERN GLASS TRADING CO. LTD. |
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Registered Office : |
Room 3806, 38/F., Singga Commercial Centre, 144-151
Connaught Road West |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.03. 2007 |
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Com. Reg. No.: |
37749938 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Glass |
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 : |
Regular |
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Litigation : |
Clear |
name of the company
HONG KONG
SOUTHERN GLASS TRADING
CO. LTD.
ADDRESS
Room 3806, 38/F., Singga Commercial Centre, 144-151 Connaught Road West, Hong Kong.
PHONE: 2559 8089
FAX: 2559 8709
MANAGEMENT
Managing Director: Mr. Liang Jinshui
SUMMARY
Incorporated on: 20th March, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Glass Trader.
Group Revenue: RMB4,187,962,628 (Year ended 31-12-2007)
Group Employees: 7,641. (As at 31-12-2007)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 3806, 38/F., Singga Commercial Centre, 144-151 Connaught Road West, Hong Kong.
Holding Company:-
China Southern Glass (Hong Kong) Ltd., Hong Kong. (Same address)
Ultimate Holding
Company:-
CSG Holding Co. Ltd.
CSG Building, No. 1, 6th Industrial Road, Shekou, Shenzhen, China.
[Tel: (86-755) 2686 0666; Fax: (86-755) 2669 2755]
Affiliated Companies:-
CSG Group of Companies
Beihai CSG Industrial Development Co. Ltd., China.
Chengdu CSG Glass Co. Ltd., China.
China Southern Glass (Australia) Pty. Ltd., Australia.
CSG Spandrel & Tempered Glass Co. Ltd., China.
Dongguan CSG Architectural Glass Co. Ltd., China.
Dongguan CSG Ceramics Technololgy Co. Ltd., China.
Dongguan CSG PV-Tech Co. Ltd., China.
Dongguan CSG Solar Glass Co. Ltd., China.
Guangzhou CSG Glass Co. Ltd., China.
Hainan CSG Industrial Development Co. Ltd., China.
Hainan Wen Chang CSG Silica Sand Mine Co. Ltd., China.
Hebei CSG Glass Co. Ltd., China.
Shenzhen CSG Architectural Glass Co. Ltd., China.
Shenzhen CSG Display Technology Co. Ltd., China.
Shenzhen CSG Float Glass Co. Ltd., China.
Shenzhen CSG PV-Tech Co. Ltd., China.
Shenzhen CSG Southern Star Glass Processing Co. Ltd., China.
Shenzhen CSG Structure Ceramics Co. Ltd., China.
Shenzhen CSG Wellight Coating Glass Co. Ltd., China.
Shenzhen CSG Wellight Conductive Coating Co. Ltd., China.
Sichuan CSG Industrial Development Co. Ltd., China.
Sichuan Luxian CSG Silica Sand Mine Co. Ltd., China. [In liquidation]
Tianjin CSG Architectural Glass Co. Ltd., China.
Tianjin CSG Industrial Development Co. Ltd., China.
Tianjin Energy Conservation Glass Co. Ltd., China.
Wujiang CSG North-East Architectural Glass Co. Ltd., China.
Yichang CSG Silicon Co. Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
37749938
COMPANY FILE NUMBER
1116534
MANAGEMENT
Chairman & Chief Executive Officer: Mr. Zeng Nan
Managing Director: Mr. Liang Jinshui
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDER
(As per registry
dated 20-03-2008)
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Name |
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No. of shares |
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China Southern Glass (Hong Kong) Ltd., Hong Kong. |
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1,000,000 ======= |
DIRECTORS
(As per registry
dated 20-03-2008)
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Name (Nationality) |
Address |
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LUO Youming |
Room 703, Block C, Nam Bo Garden, Nam Shan District, Shenzhen, China. |
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WU Guobin |
302, 6th Building, Yitian Garden, Futian District, Shenzhen, China. |
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LIANG Jinshui |
Flat F, 11/F., Block 1, Connaught Garden, Connaught Road West, Hong Kong. |
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ZENG Nan |
A-901, Haixin Garden, Shekou, Shenzhen, China. |
SECRETARY
(As per registry
dated 20-03-2008)
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Name |
Address |
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POON Kam Kit |
Flat H, 1/F., Wah Fung Garden, 274 Lai Hill Road, Kwai Chung, New Territories, Hong Kong. |
HISTORY
The subject was incorporated on 20th March, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of glass such as float glass, insulating glass, laminated glass, tempered and heat strengthened glass, solar reflective glass, low-E coated glass, glass in building, fine glass, automotive glass, electrical ceramic and construction ceramic, etc.
Group Employees: 7,641. (As at 31-12-2007)
Materials/Commodities: Bought raw material from Europe and China.
Markets: Hong Kong (main), Taiwan, Southeast Asia, Europe, US, etc.
Group Revenue:-
RMB2,305,489,599 (Year ended 31-12-2005)
RMB2,964,816,212 (Year ended 31-12-2006)
RMB4,187,962,628 (Year ended 31-12-2007)
RMB1,827,324,414 (6 month ended 30-06-2007)
RMB2,131,777,092 (6 month ended 30-06-2008)
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Group Net Profit Attributable to Equity Holders:-
RMB307,010,316(Year ended 31-12-2005)
RMB332,344,206 (Year ended 31-12-2006)
RMB412,588,587 (Year ended 31-12-2007)
RMB149,311,395 (6 month ended 30-06-2007)
RMB409,853,633 (6 month ended 30-06-2007)
Profit & Loss: Business is profitable.
Condition: Keeping in a normal manner.
Facilities: Making active use of general banking facilities.
Payment: Regularly met.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Good.
GENERAL
Having issued 1 million ordinary shares of HK$1.00 each, Hong Kong Southern Glass Trading Co. Ltd. is a wholly owned subsidiary of China Southern Glass (Hong Kong) Ltd. [CSGHKL]. In turn CSGHKL is a wholly-owned subsidiary of CSG Holding Co. Ltd. [CSG] which is a public listed company in China of which shares are quoted on the Shenzhen Stock Exchange.
Founded in 1984, CSG, formerly known as China Southern Glass Co. Ltd., is a joint-venture holding company. CSG issued A and B stock in Shenzhen Stock Exchange in February 1992. It is one of the earliest company came into China stock market. CSG has the total capital of RMB3 billion, and over RMB1 billion sales revenues. It has 25 subsidiaries in China and branches in the United States and Australia.
CSG focuses in manufacturing float glass, insulating glass, laminated glass, tempered and heat strengthened glass, solar reflective glass, low-E coated glass, glass in building, fine glass, automotive glass, electrical ceramic and construction ceramic, etc. The products covered all the glass industry and electrical high technology fields.
CSG has the head office in Shenzhen and the major manufacturing operations in Shenzhen, Guangzhou and Tianjin. Its products are sold not only in China, Hong Kong, Taiwan, but also sold to the United States, the United Kingdom, Canada, Australia, Italy, New Zealand, Singapore, Malaysia, Thailand, Philippines, Japan and South Korea. CSG has become one of the most competitive manufacturers of glass in China and has been famed in glass industry all over the world.
CSG has got several large production bases in Shenzhen, Guangzhou, Dongguan, Tianjin, Chengdu, Yichang, Suzhou and Hainan province, etc. There are more than 30 sales networks nodes in many large and medium-sized domestic cities, and has subsidiary companies in Australia besides Hong Kong.
CSG focuses on future development. It is founding a “Solar Energy Photovoltaic Industrial Chain”, and contributing to the development of “green energy” and environmental protection work of China and the world. Dongguan CSG Solar Glass Co. Ltd, one of the subsidiary companies engaged in producing and selling super white glass, has been put into production. Silicon material production base, invested by CSG in Yichang, Hubei province and Solar cell product line of CSG Green Energy Industry Park are now under construction.
The Group will have invested RMB7 billion to found the whole photovoltaic industry chain by the end of 2010 in China.
The business of the Group has been expanding. Its sales turnover in FY 2008 will increase substantially as compared with FY 2007.
CSGHKL was set up in Hong Kong as one of the Group’s marketing arms. It commenced business in January 2003 and is responsible for trading in glass in Hong Kong. For the first year of business, CSGHKL recorded a sales turnover of RMB35 million and a net profit of RMB400,000.00. Business is active. No derogatory information about the subject has been heard.
For the year ended 2007, the Group had 7,641 employees.
On the whole, in view of the subject’s parentage and background, consider it good for normal business engagements.
COURT CASES: None per our.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.71 |
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UK Pound |
1 |
Rs.72.85 |
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Euro |
1 |
Rs.64.70 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)