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MIRA
INFORM REPORT
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Report Date : |
16.08.2011 |
IDENTIFICATION DETAILS
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Name : |
CHINA STATE CONSTRUCTION ENGINEERING (HONG KONG) LTD. |
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Registered Office : |
29/F., China Overseas Building, 139 Hennessy Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.02.1999 |
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Com. Reg. No.: |
22282529 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Building construction, civil and foundation engineering works and investment holding. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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Litigation : |
Exists |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
Company name and address
CHINA STATE CONSTRUCTION
ENGINEERING (HONG KONG)
LTD.
ADDRESS: 29/F., China Overseas Building, 139 Hennessy Road, Wanchai, Hong Kong.
PHONE: 2823 7888, 2823 7977, 2823 7872
FAX: 2865 5939, 2865 5828, 2528 5651
E-MAIL: dpr@cohl.com
Cscecdct@cohl.com
MANAGEMENT
Group Vice Chairman & Chief Executive Officer: Mr. Zhou Yong
SUMMARY
Incorporated on: 19th February, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$1,200,000,000.00
Issued: HK$1,000,000,000.00
Business Category: Building construction, civil and foundation engineering works and investment holding.
Group Turnover: HK$13,966,837,000 (Year ended 31-12-2010)
Group Employees: 3,756. (As at 31-12-2010)
Main Dealing Bankers: Bank of Communications Co. Ltd., Hong Kong Branch.
Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
29/F., China Overseas Building, 139 Hennessy Road, Wanchai, Hong Kong.
Branch Office:-
10/F., Three Pacific Place, 1 Queen’s Road East, Wanchai, Hong Kong.
[Tel: 2823 7911; Fax: 2865 5939]
Immediate Holding Company:-
China State Construction International Holdings Ltd. [CSCIH], Cayman Islands/Hong Kong.
Intermediate Holding Company:-
China Overseas Holdings Ltd. [COHL], Hong Kong.
Ultimate Holding Company:-
China State Construction Engineering Corporation [CSCEC], PRC/Hong Kong.
Sister Companies:-
China Overseas Insurance Ltd., Hong Kong.
China Overseas Insurance Services Ltd., Hong Kong.
Classicman International Ltd., British Virgin Islands.
Xun An Engineering Co. Ltd., Hong Kong.
Zetson Enterprises Ltd., British Virgin Islands.
Affiliated Companies:-
CSCIH Group of Companies
ALCHMEX International Construction Ltd., UK/Hong Kong.
Atal-Degrement-China State Joint Venture, Hong Kong.
Barkgate Enterprises Ltd., British Virgin Islands.
Best Inherit Ltd., British Virgin Islands.
C.S.H.K. Dubai Contracting LLC, UAE.
China Construction Engineering (Macau) Co. Ltd., Macau.
China Overseas Building - Bordon Joint Venture, Hong Kong.
China Overseas Building Construction Ltd., Hong Kong.
China Overseas Public Utility Investment Ltd., British Virgin Islands.
China Overseas Technology Holdings Ltd., British Virgin Islands.
China State - ATAL Joint Venture, Hong Kong.
China State - China Railway Joint Venture, Hong Kong.
China State - Leighton Joint Venture, Hong Kong.
China State - Shanghai Tunnel Joint Venture, Hong Kong.
China State & Shanghai Tunnel Foundation Joint Venture, Hong Kong.
China State Civil Engineering Ltd., Hong Kong.
China State Construction Ltd., Hong Kong.
China State Foundation Engineering Ltd., Hong Kong.
China State Joint Venture, Hong Kong.
China State Machinery Ltd., Hong Kong.
China State Mechanical & Electrical Engineering Ltd., Hong Kong.
Chit Cheung-China Overseas-ATAL Joint Venture, Hong Kong.
Citycharm Investments Ltd., British Virgin Islands.
COHL (Macao) Commercial & Industrial Ltd., Macau.
Consorcio De Krueger - CSME, Macau.
CSCEC Trade Mark Ltd., Hong Kong.
CSFE (Macau) Ltd., Macau.
CSME (Macau) Ltd., Macau.
Eastgood Investments Ltd., Hong Kong.
Ever Power Group Ltd., British Virgin Islands.
Fuller Sky Enterprises Ltd., British Virgin Islands.
Hoi Hing Building Materials Co. Ltd., Hong Kong.
Hong Kong Concrete Co. Ltd., Hong Kong.
Leighton - China State - John Holland Joint Venture, Macau.
Leighton - China State - Van Oord Joint Venture, Macau.
Leighton - China State Joint Venture, Macau.
Long Faith Engineering Ltd., Hong Kong.
Maeda-China State Joint Venture, Hong Kong.
Magnified Industries Ltd., British Virgin Islands.
Matadouro De Macau S.A., Macau.
Nanjing Changjiang Second Bridge Co. Ltd., China.
Ou On-Sociedade De Administracao De Propriedades Ltda., Macau.
Perfect Castle Ltd., British Virgin Islands.
Pratibha - China State Joint Venture, India.
Speedclass Development Ltd., Hong Kong. [Inactive]
Treasure Construction Engineering Ltd., Hong Kong.
Value Idea Investments Ltd., British Virgin Islands.
Weedon International Ltd., British Virgin Islands.
etc.
Associated with:-
CSCEC Group of Companies
BUSINESS REGISTRATION NUMBER
22282529
COMPANY FILE NUMBER
0667696
MANAGEMENT
Group Chairman & Non-executive Director: Mr. Kong Qingping
Group Vice Chairman & Chief Executive Officer: Mr. Zhou Yong
Director & General Manager: Mr. Chan Wai Hung
CAPITAL
Nominal Share Capital: HK$1,200,000,000.00 (Divided into 355,569,190 Ordinary shares and 844,430,810 Non-voting Deferred shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000,000.00
SHAREHOLDER
(As per registry dated 19-02-2011)
|
Name |
|
No. of shares |
|
|
|
|
|
Non-voting Deferred |
|
China State Construction International Holdings Ltd. Cricket Square, Hutchins Drive, P.O. Box 2681, Grand Cayman KY1-1111, Cayman Islands. |
|
155,569,190 ========= |
844,430,810 ========= |
DIRECTORS
(As per registry dated 05-05-2011)
|
Name (Nationality) |
Address |
|
CHAN Wai Hung |
Flat E, 8/F., Block 6, Royal Ascot, Fo Tan, Shatin, New Territories, Hong Kong. |
|
CHEONG Chit Sun |
Flat B, 1/F., Shing Loong Court, 13 Dragon Terrace, Tin Hau, Hong Kong. |
|
HUNG Cheung Shew |
Flat F, 13/F., Block 26, South Horizons, Apleichau, Hong Kong. |
|
JIANG Shaojie |
Flat C, 25/F., Hoover Towers, Tower V, 8-12 St. Francis Yard, Wanchai, Hong Kong. |
|
KONG Qingping |
Flat F, 20/F., Block 1, Star Crest, 9 Star Street, Wanchai, Hong Kong. |
|
LAU Wing Shing |
Flat D, 17/F., Block 15, Laguna City, Cha Kwo Ling, Kowloon, Hong Kong. |
|
PAN Shujie |
Flat C, 5/F., Hoover Towers, Tower V, 8-12 St. Francis Yard, Wanchai, Hong Kong. |
|
TIAN Shuchen |
Flat A, 26/F., Hoover Towers, Tower V, 8-12 St. Francis Yard, Wanchai, Hong Kong. |
|
WONG Wing Yuk |
House No. 7, Maize Path, Westwood Palm Springs, Yuen Long, New Territories, Hong Kong. |
|
WU Mingqing |
18/F., Zhongjian Building, 2105 Shennan Road East, Shenzhen, China. |
|
ZHANG Yifeng |
7A, Unit 4, Block 26, Sunny Palm, Qianhai Road, Nanshan District, Shenzhen, China. |
|
ZHAO Xiaoqi |
Flat C, 15/F., Hoover Towers, Tower V, 8-12 St. Francis Yard, Wanchai, Hong Kong. |
|
ZHOU Hancheng |
Flat A, 22/F., Hoover Towers, Tower V, 8-12 St. Francis Yard, Wanchai, Hong Kong. |
|
ZHOU Wenbin |
Flat B, 23/F., Hoover Towers, Tower V, 8-12 St. Francis Yard, Wanchai, Hong Kong. |
|
ZHOU Yong |
Flat B, 8/F., Royal Court, 9M Kennedy Road, Hong Kong. |
SECRETARY
(As per registry dated 19-02-2011)
|
Name |
Address |
Co. No. |
|
W.T. (Secretaries) Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0042150 |
HISTORY
The subject was incorporated on 19th February, 1999 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 & Lines: Building construction, civil and foundation engineering works and investment holding.
Office Space: Joint office with Group members.
Group Employees:- (As at 31-12-2010)
Hong Kong 1,747
Mainland China 1,623
Macau 145
Overseas 241
Total 3,756
Business Territories: Hong Kong and elsewhere.
Group Turnover: HK$11,161,971,000 (Year ended 31-12-2006)
HK$10,230,881,000 (Year ended 31-12-2007)
HK$11,054,173,000 (Year ended 31-12-2008)
HK$12,673,070,000 (Year ended 31-12-2009)
HK$13,966,837,000 (Year ended 31-12-2010)
Terms/Services: As per contracted.
GOVERNMENT
CONTRACTS AWARDED SINCE 1990:
|
Date |
GN
No. |
Particulars |
Amount |
|
27-09-2002 |
GN6137 |
Infrastructure for Penny’s Bay Development Contract 2 |
HK$1,381,974,054 |
|
27-12-2002 |
GN8562 |
Construction of Tai Kok Tsui Complex Phase 2 |
HK$315,000,000 |
|
30-01-2003 |
GN662 |
Construction of Building 6, Hong Kong Science Park at Pak Shek Kok,
Phase 1C, New Territories |
HK$333,000,000 |
|
24-12-2003 |
GN9215 |
Foundation of Development of Lei Yue Mun Housing Site Phase 2 |
HK$39,930,000 |
|
27-02-2004 |
GN1447 |
Replacement and Rehabilitation of Water Mains, Stage 1 Phase 1 – mains
in Yau Ma Tei, Tsim Sha Tsui, Mong Kok and Sham Shui Po |
HK$124,800,000 |
|
31-12-2004 |
GN8449 |
Construction of North Part of West Kowloon Reclamation Site 10 Phase 3
& 4 |
HK$294,300,000 |
|
28-01-2005 |
GN519 |
Enhancement of Bridge Parapets |
HK$54,600,000 |
|
25-02-2005 |
GN919 |
Design and Construction for the Renovation of Libraries (Phase 1) |
HK$101,000,000 |
|
25-02-2005 |
GN927 |
Foundation for Shatin Areas 4C and 38A Phase 3 |
HK$49,930,000 |
|
24-03-2005 |
GN1422 |
Construction of a new Infectious Disease Centre attached to the
Princess Margaret Hospital |
HK$353,000,000 |
|
29-04-2005 |
GN2060 |
The design and construction of Hin Tin Public Swimming Pool, Phase 2,
Shatin |
HK$172,000,000 |
|
27-05-2005 |
GN2511 |
Construction of Centre for Youth Development at Chai Wan, Hong
Kong |
HK$471,000,000 |
|
29-07-2005 |
GN3675 |
Drainage improvements in Northern New Territories, Package A, Phase 1 –
construction of drainage channels in Ma Wat and North of Hong Lok Yuen, Tai
Po |
HK$167,000,000 |
|
29-07-2005 |
GN3686 |
Water supply to housing development near Choi Wan Road and Jordan
Valley – construction of service reservoirs, pumping station and associated
mainlaying |
HK$95,380,000 |
|
26-08-2005 |
GN4262 |
Foundation and Construction of Choi Wan Road Site 1 Phase 1 (Contract
No. 20040048) |
HK$252,000,000 |
|
26-08-2005 |
GN4262 |
Foundation and Construction of Choi Wan Road Site 1 Phase 2 (Contract
No. 20040049) |
HK$380,000,000 |
|
26-08-2005 |
GN4262 |
Foundation for Redevelopment of Lam Tin Estate Phases 7 and 8 (Contract
No. 20040065) |
HK$53,300,000 |
|
28-10-2005 |
GN5648 |
Construction of Tin Shui Wai Area 103 Phase 1 |
HK$363,000,000 |
|
31-03-2006 |
GN2219 |
Foundation for Redevelopment of Lam Tin Estate Phases 7 and 8 (Contract
No. 20040065) |
HK$53,300,000 |
|
28-04-2006 |
GN2703 |
Highways Department Term Contract (Management and maintenance of roads
in Shatin, Sai Kung and Islands Districts excluding high speed roads
2006-2012) |
HK$600,000,000 |
|
26-05-2006 |
GN3376 |
Design and construction of a sports ground at Area 45, Tseung Kwan O |
HK$349,273,000 |
|
30-06-2006 |
GN4108 |
Foundation and Construction of Choi Wan Road Site 1 Phase 1 (Contract
No. 20040048) |
HK$252,000,000 |
|
30-06-2006 |
GN4108 |
Completion Contract for the Construction of Fanling Area 36 Phase 2
(Contract No. 20060017) |
HK$263,000,000 |
|
30-06-2006 |
GN4108 |
Foundation and Construction of Choi Wan Road Site 1 Phase 2 (Contract
No. 20040049) |
HK$380,000,000 |
|
25-08-2006 |
GN5403 |
Foundation for Redevelopment of Shatin Pass Estate (Contract No.
20050036) |
HK$48,730,000 |
|
25-08-2006 |
GN5403 |
Foundation for Public Housing Development at Ex-Chai Wan Estate (Contract
No. 20050060) |
HK$40,600,000 |
|
25-08-2006 |
GN5403 |
Foundation for Public Housing Development at Tung Tau Cottage Area West
Site (Contract No. 20050092) |
HK$27,480,000 |
|
27-10-2006 |
GN6885 |
Construction of Tin Shui Wai Area 103 Phase 1 (Contract No. 20040052) |
HK$363,000,000 |
|
27-10-2006 |
GN6885 |
Eastern Harbour Crossing Site Phase 3 (Contract No. 20040051) |
HK$278,000,000 |
|
29-12-2006 |
GN8263 |
Completion Contract for the Construction of Fanling Area 36 Phase 2
(Contract No. 20060017) |
HK$263,000,000 |
|
26-01-2007 |
GN794 |
Foundation for Redevelopment of Shatin Pass Estate (Contract No.
20050036) |
HK$48,730,000 |
|
26-01-2007 |
GN794 |
Foundation for Pubic Housing Development at Ex-Chai Wan Estate
(Contract No. 20050060) |
HK$40,600,000 |
|
26-01-2007 |
GN794 |
Foundation for Public Housing Development at Tung Tau Cottage Area West
Site (Contract No. 20050092) |
HK$27,480,000 |
|
30-03-2007 |
GN2203 |
Design and construction for the renovation of libraries (phase 2) |
HK$131,000,000 |
|
27-04-2007 |
GN2749 |
Replacement and rehabilitation of water mains, |
HK$319,000,000 |
|
28-09-2007 |
GN6403 |
Construction of Public Housing Development at Tung Tau Cottage
Area West (Contract No. 20060098) |
HK$196,000,000 |
|
26-10-2007 |
GN7037 |
Design and construction of Junior Police Officers’ Married Quarters at
Area 44, Tuen Mun |
HK$49,890,000 |
|
26-10-2007 |
GN7037 |
Design and construction of piled foundation and construction of access
road for Swimming Pool Complex in Area 2, Tung Chung |
HK$299,000,000 |
|
25-01-2008 |
GN556 |
Ping Ha Road improvement works (Ha Tsuen Section) |
HK$172,524,168 |
25-01-2008 |
GN566 |
Foundation for Redevelopment at Tung Tau Estate Phase 9 (Contract
No. 20070048) |
HK$113,130,000 |
|
29-02-2008 |
GN1401 |
Development at Anderson Road–site formation and associated
infrastructure works |
HK$2,062,998,261 |
|
28-03-2008 |
GN2098 |
Decking of Jordan Valley Nullah in Kwun Tong, Flower Market Road Nullah
in Mong Kok and Tokin Street Nullah in Shum Shui Po |
HK$177,000,000 |
|
28-03-2008 |
GN2108 |
Foundation for Choi Wan Road Site 2 Phase 2, Site 3A & Site 3B Phase
2 (Contract No. 20070022) |
HK$96,600,000 |
|
28-03-2008 |
GN2108 |
Timber Mock-up for Choi Wan Road Housing Development Site 2 Phase 2,
Site 3A & Site 3B Phase 2 (Contract No. 20070054) |
HK$3,080,000 |
|
25-04-2008 |
GN2797 |
The construction of Sun Yat Sen Memorial Park and Swimming Pool Complex |
HK$508,000,000 |
|
25-04-2008 |
GN2797 |
Construction of Siu Sai Wan Complex, Chai Wan |
HK$397,000,000 |
|
25-04-2008 |
GN2811 |
Construction of Public Housing Development at Tung Tau Cottage Area
West (Contract No. 20060098) |
HK$196,000,000 |
|
27-06-2008 |
GN4434 |
Foundation for Redevelopment of Shek Kip Mei Estate, Phase 2 (Contract
No. 20070056) |
HK$175,000,000 |
|
25-07-2008 |
GN5135 |
Foundation for Redevelopment at Tung Tau Estate Phase 9 (Contract
No. 20070048) |
HK$113,130,000 |
|
26-09-2008 |
GN6693 |
Construction of Choi Wan Road Site 2 Phase 2 (Non‑Domestic
Portion), Site 3A and District Open Space Site A (Contract No. 20080015) |
HK$1,111,000,000 |
|
26-09-2008 |
GN6693 |
Construction of Hung Hom Estate Phase 2 and Ma Hang Headland Park
(Contract No. 20080016) |
HK$634,000,000 |
|
31-10-2008 |
GN7487 |
Replacement and rehabilitation of water mains, stage 3 – mains in West
Kowloon (package A) |
HK$660,000,000 |
|
28-11-2008 |
GN8174 |
Foundation for Redevelopment of Shek Kip Mei Estate Phase 2 (Contract
No. 20070056) |
HK$175,000,000 |
|
24-12-2008 |
GN8791 |
Construction of sports centre in Area 28A, Fanling/Sheung Shui |
HK$299,000,000 |
|
27-03-2009 |
GN2004 |
Reconstruction and improvement of Tuen Mun Road – Tai Lam Section |
HK$1,328,000,000 |
|
27-03-2009 |
GN2013 |
Replacement and rehabilitation of water mains, stage 3 – mains in
Central and Western district |
HK$473,856,975 |
|
30-04-2009 |
GN2688 |
Construction of Tin Shui Wai Public Library cum Indoor Recreation
Centre at Tin Shui Wai, New Territories |
HK$508,000,000 |
|
30-04-2009 |
GN2689 |
Ping Ha Road improvement works (Ha Tsuen Section) – remaining section |
HK$99,928,329 |
|
29-05-2009 |
GN3435 |
Construction of Un Chau Estate Phase 5 (Contract No. 20080044) |
HK$606,000,000 |
|
26-06-2009 |
GN4032 |
Construction of Choi Wan Road Site 2 Phase 2 (Non‑Domestic
Portion), Site 3A, and District Open Space Site A (Contract No. 20080015) |
HK$1,111,000,00 |
|
26-06-2009 |
GN4032 |
Construction of Hung Hom Estate Phase 2 and Ma Hang Headland Park
(Contract No. 20080016) |
HK$634,000,000 |
|
26-06-2009 |
GN4032 |
Construction of Shopping Centre at Yau Tong Estate Redevelopment Phase
4 (Contract No. 20090004) |
HK$1,188,000,000 |
|
28-08-2009 |
GN5427 |
Construction of Tseung Kwan O Complex in Area 44, Tseung Kwan O, New
Territories |
HK$433,000,000 |
|
25-09-2009 |
GN6074 |
Widening of Tolo Highway/Fanling Highway between Island House
Interchange and Fanling (Stage 1 — between Island House Interchange and Ma
Wo) |
HK$1,850,300,000 |
|
30-10-2009 |
GN6783 |
Construction of Yuen Long South Branch sewers and expansion of Ha
Tsuen Sewage Pumping Station |
HK$382,724,861 |
|
27-11-2009 |
GN7481 |
Noise barriers on Fanling Highway between Po Shek Wu Road and MTR
Fanling Station |
HK$343,316,635 |
|
31-12-2009 |
GN8255 |
Construction of Shopping Centre at Yau Tong Estate Redevelopment Phase
4 (Contract No. 20080059) |
HK$1,188,000,000 |
|
31-12-2009 |
GN8255 |
Construction of Un Chau Street Phase 5 |
HK$606,000,000 |
|
26-02-2010 |
GN1192 |
Demolition, Road and Foundation Works for Redevelopment of Lower Ngau
Tau Kok Estate Phases 2, 3 and 5 (Contract No. 20080036) |
HK$233,000,000 |
|
25-06-2010 |
GN4021 |
Design and construction of department quarters for Customs and Excise
Department at Tsing Chau Street and Lee Kung Street, Hung Hom |
HK$236,000,000 |
|
30-07-2010 |
GN4942 |
Foundation for Development of Tung Tau Cottage Area East (Contract No.
20090093) |
HK$78,900,000 |
|
27-08-2010 |
GN5544 |
Construction of a joint-user complex at Bailey Street, To Kwa Wan
Reclamation, Kowloon |
HK$393,900,000 |
|
27-08-2010 |
GN5555 |
Construction of Public Rental Housing Development at Kai Tak Site 1A
Phases 1 and 2 (Contract No. 20090097) |
HK$1,747,262,153 |
|
27-08-2010 |
GN5555 |
Construction of Development at Ex-Cheung Sha Wan Police Quarters
(Contract No. 20100004) |
HK$503,300,000 |
|
30-09-2010 |
GN6291 |
Demolition, Road and Foundation Works for Redevelopment of Lower Ngau
Tau Kok Estate Phases 2, 3 and 5 (Contract No. 20080036) |
HK$233,000,000 |
|
29-10-2010 |
GN6858 |
Central-Wan Chai Bypass-Tunnel (Causeway Bay Typhoon Shelter Section) |
HK$5,376,852,183 |
|
25-02-2011 |
GN1348 |
Foundation for Development of Tung Tau Cottage Area East (Contract No.
20090093) |
HK$78,900,000 |
|
25-03-2011 |
GN1973 |
Foundation for Public Rental Housing Development at Sheung Shui Area
36 West (Contract No. 20100060) |
HK$135,000,000 |
|
27-05-2011 |
GN3432 |
Foundation for Public Rental Housing Development at So Uk Estate Phase
1 (Contract No. 20100067) |
HK$362,000,000 |
|
30-06-2011 |
GN4213 |
Construction of Development at Ex-Cheung Sha Wan Police Quarters
(Contract No. 20100004) |
HK$505,300,000 |
|
30-06-2011 |
GN4213 |
Construction of Public Rental Housing Development at Kai Tak Site 1A
Phases 1 and 2 (Contract No. 20090097) |
HK$1,747,262,153 |
|
30-06-2011 |
GN4213 |
Construction of Public Rental Housing at Sha Tin Area 52 Phase 1
(Contract No. 20100079) |
HK$1,323,000,000 |
MAJOR COMPLETED PROJECTS IN 2010
Building Construction
·
Tai Wai Maintenance Centre, Superstructure Main
Contract (Phase 1)
·
Construction of Siu Sai Wan Complex
·
Construction of Public Housing Development at Tung
Tau Cottage Area West
·
Proposed Residential Development at No. 1-1A Oxford
Road Kowloon Tong - Main Contract
·
Proposed Residential Development at No. 12 Broadwood
Road, Hong Kong
·
Encore at Wynn Macau
·
Residential Development at
Pacifica Garden, Macau
Civil Engineering Works
·
Landslide Preventive Works at Po Shan Road,
Mid-Levels
·
Main Contract Works for Proposed Shopping Centre at
Discovery Bay North Development, Lantau Island
·
Decking of Jordan Valley Nullah in Kwun Tong Flower
Market Road Nullah in Mong Kok and Tonkin Street Nullah in Sham Shui Po
MEMBERSHIP
The Hong Kong
Chinese Enterprises Association, Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,200,000,000.00 (Divided into 355,569,190 Ordinary shares and 844,430,810 Non-voting Deferred shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000,000.00
Group Net Profit: HK$ 510,572,000 (Year ended 31-12-2006)
HK$ 647,422,000 (Year ended 31-12-2007)
HK$ 563,960,000 (Year ended 31-12-2008)
HK$ 728,481,000 (Year ended 31-12-2009)
HK$1,120,249,000 (Year ended 31-12-2010)
Profit or Loss: Group’s business is profitable in the past five years.
Condition: Business is active.
Facilities: Making active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Good.
Bankers:-
Bank of Communications Co. Ltd., Hong Kong Branch.
Bank of China (Hong Kong) Ltd., Hong Kong.
Sumitomo Mitsui Banking Corporation, Hong Kong Branch.
DBS Bank Ltd., Hong Kong Branch.
Standing: Good.
GENERAL
China State Construction Engineering (Hong Kong) Ltd. [CSCEHK] was incorporated on 19th February, 1999 as a wholly-owned subsidiary of China State Construction International Holdings Ltd. [CSCIH].
CSCIH was incorporated in the Cayman Islands on 25th March, 2004 as an exempted company with limited liability. Its shares have been listed on The Stock Exchange of Hong Kong Ltd. [SEHK] with stock code 3311 since 8th July, 2005. CSCIH is a subsidiary of China Overseas Holdings Ltd. [COHL], Hong Kong, which is in turn a subsidiary of China State Construction Engineering Corporation [CSCEC], the PRC. CSCEC was duly registered in June 1982 and is hereby qualified as a corporate body.
On 3rd June, 2005, an agreement was entered into between COHL, China Overseas Land & Investment Ltd. [COLI] and CSCIH where CSCIH agreed to acquire the entire interest of Zetson Enterprises Ltd. [Zetson] and its subsidiaries [Project Management Group] from COLI. The Project Management Group is principally engaged in providing construction project management services to CSCEHK and its jointly controlled entities. The consideration for the acquisition of the Project Management Group amounting to HK$788,089,000 and had been settled by COHL transferring 357,409,867 shares of CSCIH, representing 72.6% equity interest in CSCIH, to COLI, thereby creating an amount payable by CSCIH to COHL which had been used to set off the amounts due by COHL to CSCIH. As a result, COHL agreed to transfer 357,409,867 shares of CSCIH to COLI, CSCIH had an amount payable of HK$788,089,000 to COHL.
Under the group reorganisation scheme to rationalise the structure of the Group in preparation for the listing of CSCIH’s shares on the Main Board of SEHK, CSCIH became the holding company of CSCEC’s construction operations in Hong Kong on 30th June, 2005.
CSCIH acts as an investment holding company of the CSCIH Group and provides corporate management services. The CSCIH Group is principally engaged in the construction activities.
CSCEHK is responsible for handling part of the construction business of CSCIH. Presently, CSCEHK is a Government approved Group C contractor for Buildings, Port Works, Roads and Drainage, Site Formation, and Water-works which is eligible to tender contracts of any values exceeding HK$50 million. In addition, CSCEHK is also an approved Supplier of Materials and Specialist Contractor for Public Works:-
·
Land Piling
[Group II – Contracts/Sub-contracts of unlimited value]
o
Hand-Dug Caisson
o
Large Diameter Bored Piles (with bell-out)
o
Precast Concrete Pile
o
Precast Prestressed Tubular Piles [PPTP]
o
Rock-socketed Steel H-pile in Pre-bored Hole
o
Steel H Pile
o
Steel Tubular Pile
·
Landslip Preventive/Remedial Works to Slopes/Retaining
Walls – On probation
Currently CSCEHK is Hong Kong Housing Authority’s List of Works Contractors for Building (New Works)/Group NW2, Large Diameter Bored Piling Category, and Percussive Piling Category. On private projects, CSCEHK is a Registered General Building Contractor as well as a Registered Specialist Contractor for Foundation Works and Site Formation Works.
Under the Voluntary Subcontractor Registration Scheme organized by Construction Industry Council, CSCEHK is listed as a Registered Subcontractor under Registration No. R002467 for foundation and piling, concreting formwork, rerinforcement bar fixing, concreting, structural steelwork, and general civil works.
CSCEHK has been aggressively driving towards high quality and technical complicated projects. It has completed more than 650 projects in over 25 years and has undertaken a number of mega size projects of multi-discipline nature, including industrial buildings, commercial buildings, residential buildings, hospitals, hotels, public buildings (such as New Airport Passenger Terminal Building); as well as civil engineering works which covers piling, site formation, highway, bridge construction, fast track projects and mechanical and electrical engineering works.
In pursuit of quality, service, safety and environmental excellence, CSCEHK obtained the ISO 9001, ISO 14001 and OHSAS 18001 certifications, being one of the first construction contractors obtaining these certifications. Through the implementation of effective management approach, CSCEHK’s effort is being recognized in some of the awards, including Construction Industry Safety Award Scheme (Building Site Public Sector) Gold Prize, Considerate Contractors Site Award, The Contractor with the Lowest Accidental Rate, Safety Management System Bronze Award, Ten Best Contractors Award, plus numerous Construction Site Manager Awards. CSCEHK has been granted the Hong Kong Awards for Industry Trade and Industry Department Quality Award in 2001 and 2002, 2001 HKEco – Business Award, Green Construction Contractor Award, Gold Award as well as 2002 BEC Certificate of Merit in Environmental Performance.
For the year ended 31st December 2010, the Group recorded the aggregated revenue of HK$13,967 million. The profit attributable to the owners of the Group increased by 69.2% to HK$1,036 million as compared with that of the audited profit before restatement of previous year.
Since 2009, the Group has focused on expanding the infrastructure portfolio, resulting in a strong financial position with total assets growth by approximately 22.0% to reach HK$18,679 million. Current assets were HK$8,917million, representing almost 1.1 times the current liabilities. The equity attributable to owners of the Group was approximately HK$4,619 million, representing an increase by 31.6%.
With the extensive investment in FY 2010, the net cash and cash equivalents decreased by HK$2,130 million to HK$3,728 million as compared with previous year.
During the FY 2010, revenue derived from the Hong Kong market remains stable at HK$6,237million (2009: HK$6,188 million) whereas the gross profit reported a positive growth from HK$314 million to HK$395 million. The Hong Kong market remained the major revenue contributor of the Group which contributed 52.0% of the overall revenue.
Concerning the Mainland China market, both the revenue and gross profit generated from the Mainland China market increased in the year by 1.3 times to HK$4,825 million (2009: HK$2,134 million) and 1.5 times to HK$920 million (2009: HK$365 million) respectively.
During the FY 2010 year, the Group acquired two infrastructure companies (the “Acquired Companies”) from intermediate holding company and fellow subsidiary, respectively. The acquisitions were treated as common control combinations and merger accounting was adopted as if the Acquired Companies had been combined from the date when the acquired companies first came under the control of the controlling party.
In view of the parentage, sales turnover of CSCEHK, consider it good for normal business engagements.
REMARKS
Brief information of the principal directors:-
Mr. KONG Qingping (Chairman and Non-executive Director, Chairman of Remuneration Committee, Chairman of Nomination Committee), aged 55, was appointed as Director of CSCIH on 21st April, 2004 and subsequently appointed as Chairman and designated as Non-executive Director of CSCIH on 1st June, 2005. Mr. Kong holds a Bachelor degree in Engineering from Harbin University of Civil Engineering and Architecture, a degree of Executive Master of Business Administration from Harbin Institute of Technology and is a member of the Chartered Institute of Building (UK). Mr. Kong is a guest professor at Harbin Institute of Technology and at Hong Kong Polytechnic University. Mr. Kong joined CSCEC in 1982 and was seconded to Hong Kong in 1987. He has been a director of certain subsidiaries of the Group since 1996. Mr. Kong has more than 29 years’ extensive experience in management of corporate affairs and construction projects. Currently, Mr. Kong is the Vice President of CSCEC, a director of COHL and its certain subsidiaries, the Chairman of COLI, and the Honorable Chairman (but not a Director) of China Overseas Grand Oceans Group Ltd. [COGO]. Mr. Kong also acted as Chief Executive of COLI from 2001 to May 2007. COLI and COGO are companies listed on the Main Board of SEHK. In 2006, Mr. Kong was appointed as a member of the Expert Committee of the Ministry of Construction in Residential Development and Industrial Modernization Technology, and was awarded the “Director of the Year Award — Executive Director of Listed Companies (SEHK — Non Hang Seng Index Constituents)” by The Hong Kong Institute of Directors. Mr. Kong is currently a Vice Chairman of the Hong Kong Chinese Enterprises Association and was appointed in January 2008 as a National Committee Member of the Chinese People’s Political Consultative Conference and a Standing Committee Member of Chong Qing Committee of Chinese Political Consultative Conference.
Mr. ZHOU Yong (Vice-chairman and Chief Executive Officer, Nomination Committee Member), aged 40, was appointed as a Director of CSCIH on 21st April, 2004 and subsequently be designated as an Executive Director and Vice Chairman of the Board of Directors of CSCIH on 1st June, 2005 and 9th June, 2005 respectively. Mr. Zhou graduated from Changsha Academy of Military Engineering and University of South Australia. He is Fellow of The Chartered Institute of Building (UK) and The Institution of Civil Engineers (UK). Mr. Zhou joined CSCEC in 1994 and was seconded to the Group in 1996. He has been a director of certain subsidiaries of the Group since 2001. Mr. Zhou was awarded the “Director of the Year Award — Executive Director of Listed Companies (SEHK — Non Hang Seng Index Constituents)” by The Hong Kong Institute of Directors in 2009. Mr. Zhou has more than 18 years’ construction, project and corporate management experience in Mainland China and Hong Kong, in particular, specializes in investment and development new business startup, formulating and executing business strategies for companies. He oversees the overall operation of the Group.
Mr. CHAN Wai Hung (General Manager of Civil Engineering Department), aged 53, graduated from Hong Kong Baptist University (formerly known as Hong Kong Baptist College) and City University of Hong Kong. Mr. Chan is a member of The Hong Kong Institution of Engineers and Registered Professional Engineer (Civil) of the Hong Kong Engineers Registration Board. He is also a Chartered Engineer of The Engineering Council (UK) and member of The Institution of Civil Engineers. Mr. Chan is appointed by Development Bureau as a member of Review Panel under the Land (Miscellaneous Provisions) Ordinance. He joined the Group in 1989 and has been a director of certain subsidiaries of the Group since 1998. Mr. Chan has over 31 years’ experience in contract and project management. He assists in managing the Group’s civil engineering operations.
Court case (excluding the cases of personal damages, motor claims, industrial safety, labour dispute, fatal, injury, injunction, mosquito breeding and general Government summons):-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
28-06-2003 |
H63 |
Nehlsen Hong Kong Ltd. |
China State Construction Engineering (Hong Kong) Ltd. |
Sum |
Not stated |
|
26-03-2004 |
H740 |
Greatmat Building
System Ltd. |
China State
Construction Engineering (Hong Kong) Ltd. |
Money due/owing |
HK$1,031,780 |
|
19-04-2006 |
D1901 |
City Concrete Pump
Ltd. |
China State
Construction Engineering (Hong Kong) Ltd. |
Service Rendered |
HK$508,072 |
|
19-12-2006 |
H81 |
Dah Chong Hong
(Engineering) Ltd. |
China State
Construction Engineering (Hong Kong) Ltd. and other |
Money due/owing |
Not stated |
|
07-02-2007 |
D706 |
Lui Fung Tang |
China State
Construction Engineering (Hong Kong) Ltd. and other |
Repairing Costs |
HK$200,000 |
|
13-11-2007 |
H81 |
Dah Cheong Hong
(Engineering) Ltd. |
China State
Construction Engineering (Hong Kong) Ltd. and other |
For time |
Not stated |
|
28-03-2008 |
D1312 |
Yauki Construction Co.
Ltd. |
China State Construction Engineering (Hong Kong) Ltd. and other |
Work done |
HK378,800 |
|
21-08-2008 |
S30806 |
Asphalt Surfaces
(International) Ltd. |
China State
Construction Engineering (Hong Kong) Ltd. |
Work done |
Not stated |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.37 |
|
|
1 |
Rs.73.53 |
|
Euro |
1 |
Rs.64.36 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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.