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MIRA
INFORM REPORT
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Report Date : |
03.05.2008 |
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 Wanchai |
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Country : |
Hong Kong |
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Financials (as on) : |
31.12.2005 |
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Date of Incorporation : |
11.08. 1987 |
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Com. Reg. No.: |
0195392 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importing of raw materials and steel products. Sales and distribution of the products to local and international
market |
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 : |
USD 100,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
name & address
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. :
0195392
LEGAL FORM :
PRIVATE
CHIEF EXECUTIVE :
MR. SHING CHAN (CHAIRMAN)
STAFF STRENGTH :
85
CAPITAL :
US$ 128,535
BUSINESS LINE :
TRADER
TURNOVER :
N/A
EQUITIES :
N/A
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE : UP TO
USD 100,000
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.79260 = US$1
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
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Registered Legal Address: Unit 1402, 14Fl Office Tower Convention Plaza
1 Harbour Rd Wanchai Hong Kong
*Company History*
===============
1999 - Recorded an estimated
trading volume of 1.3 million tones.
*Company Registration*
==================
(1)
License number : 0195392
Date issued : 11 August, 1987
Issuing authority :
Registrar of Companies
Type of license : Corporate Registration
(2)
License number : 11504710-000
Issuing authority : Business Registration Office -
Inland Revenue Dept
Type of license : Business Registration
*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
*Capital Details*
============
Authorized 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
*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: HKD 14,400,000.00)
(2)
Creation date : 12
February, 1999
Chargee/Beneficiary : NATIONAL
COMMERCIAL BANK LTD
Charge particulars : Charge
over deposit(s) and set-off (deposit: USD 880,000.00)
(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: USD 905,000.00)
(5)
Creation date : 20
May, 1999
Chargee/Beneficiary : JIAN SING
BANK LTD
Charge particulars :
Security over deposits (deposit: USD 1,025,642.00)
(6)
Creation date : 5
August, 1999
Chargee/Beneficiary : CITIC KA
WAH BANK LTD
Charge particulars : Charge
over deposit(s) and set-off (deposit: USD 1,000,000.00)
(7)
Creation date : 12
November, 1999
Chargee/Beneficiary : NATEQIS
BANQUE (Hong Kong Branch)
Charge particulars : Power
of Attorney/security letter
*Approved Signatures*
=================
Only HARDWORKERS (HK) LTD can sign on behalf of the company with seal
affixed.
%2003-May-2008_files/image004.gif){kind=small}
www.wellnet.com.hk
this website belongs to “Burwill Holdings Ltd”, the design is professional and
the content is well organized. At present it is in both Chinese and English
versions.
E-mail: bwr@burwill.com
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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
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*Major Shareholders*
================
Total number of shareholders: 2
Total number of shares: 1,000,000
Shareholders Country
Number Amount (HKD) %
----------------- ------------ ------------- ------------------ --------
BURWILL & CO LTD Hong Kong 999,999.00 999,999.00 100.00
BURWILL NOMINEES LTD Virgin Islands (British) 1.00 1.00 0.00
*Corporate Secretary*
================
HARDWORKERS (HK) LTD
CR no. : 236145
Address : Unit 1402, Office
Tower Convention Plaza 1 Harbour Rd Wanchai Hong Kong
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Management: Mr. Barry Cheng, Manager
Name Nationality
Job Description
Mr. Barry Cheng Hong
Kong Manager
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*Main Products & Services*
=====================
Specializes in the following areas of work:
1. Importing of raw materials and steel products.
2. Sales and distribution of the products to local and international
market.
Product also include:
- Hot-dipped galvanized steel sheet coil
Products: Billets
Billets, steel
Cold rolled steel
coils
Galvanized iron
coil
Galvanized steel
pipe
*Payment Terms*
=============
Sales
-------
Local : Credit
Export : Letter of Credit (L/C)
Purchases
--------------
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
*Imports*
=======
Products are imported from overseas markets and from Group's
manufacturing facilities in Dongguan, China.
*Local Distribution Network*
======================
10% of the annual turnover is attributed to local sales to manufacturers
and re-sellers.
*Export Markets*
=============
90% of the annual turnover is attributed to export worldwide.
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*(Subsidiaries, Joint-ventures & Affiliates)
===============================
Company Name : BURWILL (GUANGZHOU) RESOURCES CO LTD
Address : 1905 Huaxin Bldg West Block 2 Shui Yin Rd Guangzhou 510075
Guangdong China
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : BURWILL COIL CENTRE (DONGGUAN) LTD
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : BURWILL HK PORTFOLIO LTD
Country : Virgin Islands (British)
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : BURWILL STEEL PIPES LTD
Address : Unit 1402, 14Fl Office Tower Convention Plaza 1 Harbour Rd
Wanchai Hong Kong Hong Kong
Country : Hong Kong
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : BURWILL WAREHOUSING (SHANGHAI) LTD
Address : Rm 2812 Hong Kong Plaza 282 Huai Hai Zhong Rd Shanghai 200021
China
Country : China
Relationship : Subsidiary
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : CAMETY CO LTD
Country : Hong Kong
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : DONGGUAN HINGWAH METALS FACTORY LTD
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Manufacturer
Industry : Metals & Metal Products
Company Name : ETP (ASIA) LTD
Country : Hong Kong
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : GOLDENBRIDGE SERVICES LTD
Country : Hong Kong
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Service
Industry : Professional Services
Company Name : SHANGHAI XIANLUO MAKOU IRON PLATE MATERIAL CO LTD
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry : Metals & Metal Products
Company Name : YANGZHOU SHIDAI ENTERPRISES CO LTD
Country : China
Relationship : Affiliate
Legal Form : Private company with limited liability
Company Type : Trader
Industry: Metals & Metal Products
*Subsidiaries, Joint-ventures & Affiliates*
==============================
Maintains global procurement and sales network with representative
offices and agents located in all major international steel trading markets and
has 1,200 group employees.
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PAYMENT RATING : 3 OBTAINED SCORES :
64
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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.
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*BANK DETAILS*
==============
Bank Name : AUSTRALIA & NEW ZEALAND BANK GROUP
Branch : Central,Hong Kong
Branch Address : 31Fl One Exchange Square 8 Connaught Rd Central Hong Kong
(Head Office)
SWIFT Code : ANZBHKHX
Bank Name : BANK OF CHINA (HONG KONG) LTD
Branch : Central,Hong Kong
Branch Address : 13Fl Bank Of China Tower 1 Garden Rd Central Hong Kong
(Head Office)
SWIFT Code : BKCHHKHH
Bank Name : HONG KONG & SHANGHAI BANKING CORP LTD, THE
Branch : Central,Hong Kong
Branch Address : 9Fl HSBC Main Bldg 1 Queen's Rd Central Hong Kong (Head
Office)
SWIFT Code : HSBCHKHH
Bank Name : KA WAH BANK LTD
Branch : Central,Hong Kong
Branch Address : Suites 1801-2 Bank Of America Tower 12 Harcourt Rd
Central Hong Kong (Head Office)
SWIFT Code : This bank does not have a SWIFT Code
Bank Name : NATIONAL AUSTRALIA BANK LTD
Branch : Central,Hong Kong
Branch Address : Level 27 One Pacific Place 88 Queensway Central Hong
Kong (Head Office)
SWIFT Code : NATAHKHH
Bank Name : NEDCOR BANK LTD
SWIFT Code : This bank does not have a SWIFT Code
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
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-------------------------
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
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SC is considered medium-sized in its line with favorable background.
Taking into consideration of SC’s general performance, a credit line up to USD
100,000 would appear 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 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 no alloy
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
Trader Steel
Trader Raw
materials
Trader Steel
products
Trader Iron ores
Trader Pig iron
Trader Scrap
Trader Steel
ingot
Trader Galvanized
steel pipe
Trader Tinplates
Trader Stainless
steel
INTERNATIONAL
TRADE: ACTIVITY & MARKETS
Exporting to Africa
Exporting to Asia
Exporting to Australia
Exporting to China
Exporting to Europe
Exporting to India
Exporting to Japan
Exporting to Middle East
Exporting to North America
Exporting to Oceania
Exporting to Russia
Exporting to South Africa
Exporting to South America
Exporting to South Korea
Exporting to USA
Exporting to Ukraine
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. |
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 |
|
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%)