MIRA INFORM
REPORT
|
Report Date : |
18.01.2011 |
IDENTIFICATION DETAILS
|
Correct Name : |
SAMSUNG
C&T HONGKONG LTD. |
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Formerly Known As : |
SAMSUNG HONGKONG LTD. |
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Registered Office : |
8/F., |
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Country : |
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Date of Incorporation : |
22.06.1977 |
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Com. Reg. No.: |
05203811 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter, Commission Agent, Property Investment and Investment Holding of all kinds of Korean products including textiles, daily items, industrial chemicals, machineries and equipments, marine supplies, steel products and hardwares, electronic products, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – June 30, 2010
|
Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
|
|
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
SAMSUNG C&T
HONGKONG LTD.
(Formerly known as
SAMSUNG HONGKONG LTD.)
company ADDRESS
8/F.,
PHONE: 2862 6000
FAX: 2862 6484
E-MAIL: phcho@samsungcorp.com
MANAGEMENT
Managing Director: Mr. Jo Yung Sik
SUMMARY
Incorporated on: 22nd June, 1977.
Organization: Private Limited Company.
Capital: Nominal: HK$557,825,000.00
Issued: HK$557,825,000.00
Business Category: Importer and Exporter, Commission Agent, Property Investment and Investment Holding.
Group Net Sales: KRW 89,772,834 million (Year ended 31-12-2009)
Employees: 40.
Main Dealing Bankers: China Construction Bank (Asia) Corporation
Ltd.,
Citibank N.A., Hong Kong Branch.
Banking Relation: Good.
Company ADDRESS
Registered Head
Office:-
8/F.,
Holding Company:-
Samsung C&T Corporation,
Ultimate Holding
Company:-
Samsung Electronics Co. Ltd.,
Sister &
Affiliated Companies:-
Samsung Electronics
Group of Companies
·
Bluetek Co. Ltd.,
·
Cheil Industries Inc.,
·
Hangzhou Samsung Eastcom Network Technology Co.
Ltd.,
·
International Cyber Marketing Inc.,
·
Living Plaza Co. Ltd.,
·
P.T. Samsung Electronics
·
P.T. Samsung Telecommunications
·
S1 Corporation,
·
Samsung (
·
Samsung Asia Pte. Ltd.,
·
Samsung Austin Semiconductor
·
Samsung BP Chemicals Co. Ltd.,
·
Samsung Card Co. Ltd.,
· Samsung Corning (HK) Ltd., Hong Kong.
·
Samsung Corning Precision Glass Co. Ltd.,
· Samsung Electro-Mechanics (H.K.) Ltd., Hong Kong.
·
Samsung Electro-Mechanics Co. Ltd.,
·
Samsung Electronica Columbia S.A.,
·
Samsung Electronica Da Amazonia Ltda.,
·
Samsung Electronics (
·
Samsung Electronics (
·
Samsung Electronics America Inc.,
·
Samsung Electronics Argentina S.A.,
·
Samsung Electronics
·
Samsung Electronics Australia Pty. Ltd.,
·
Samsung Electronics
·
Samsung Electronics Beijing Sales Co.,
·
Samsung Electronics Beijing Service Co. Ltd.,
·
Samsung Electronics Benelux B.V., the
·
Samsung Electronics Canada Inc.,
·
Samsung Electronics Display (M) Sdn.
·
Samsung Electronics Europe Logistics B.V., the
· Samsung Electronics France S.A., France.
·
Samsung Electronics
·
Samsung Electronics H.K. Co. Ltd.,
·
Samsung Electronics Hainan Fiberoptics Co. Ltd.,
·
Samsung Electronics Hainan Fiberoptics Korea Co.
Ltd.,
·
Samsung Electronics Holding
·
Samsung Electronics Huizhou Co. Ltd.,
·
Samsung Electronics Hungarian Co. Ltd.,
·
Samsung Electronics Iberia S.A.,
·
Samsung Electronics
·
Samsung Electronics
·
Samsung Electronics Latinoamerica (Zona Libre)
·
Samsung Electronics Latinoamerica Colombia S.A.,
·
Samsung Electronics Latinoamerica Miami Inc.,
·
Samsung Electronics Logitech Co. Ltd.,
·
Samsung Electronics
·
Samsung Electronics Manufacturing (
·
Samsung Electronics Mexico S.A. de C.V.,
·
Samsung Electronics Nordic AB,
·
Samsung Electronics Overseas B.V., the
·
Samsung Electronics Philippine Manufacturing
Corporation,
·
Samsung Electronics Philippines Corporation,
·
Samsung Electronics
·
Samsung Electronics Portuguesa S.A.,
·
Samsung Electronics Russia Co. Ltd.,
·
Samsung Electronics Service Co. Ltd.,
·
Samsung Electronics Shanghai Sales Co.,
·
Samsung Electronics Shenzhen Co. Ltd.,
·
Samsung Electronics Slovakia s.r.o.,
·
Samsung Electronics
·
Samsung Electronics Suzhou Computer Co. Ltd.,
·
Samsung Electronics Suzhou LCD Co. Ltd.,
·
Samsung Electronics Suzhou Semiconductor Co.
Ltd.,
·
Samsung Electronics Taiwan Co. Ltd.,
·
Samsung Electronics
·
Samsung Engineering Co. Ltd.,
·
Samsung Everland Inc.,
·
Samsung Fine Chemicals Co. Ltd.,
·
Samsung Fire & Marine Insurance Co. Ltd.,
·
·
Samsung Gwangju Electronics Co. Ltd.,
·
Samsung Heavy Industries Co. Ltd.,
·
Samsung India Electronics Ltd.,
·
Samsung India Software Operations Pvt. Ltd.,
·
Samsung Information Systems America Inc.,
·
Samsung International Inc.,
·
Samsung Investment Trust Management Co. Ltd.,
·
Samsung Japan Co. Ltd.,
·
Samsung Kwangju Electronics Co. Ltd.,
·
Samsung Life Insurance Co. Ltd.,
·
Samsung Logistics (
·
Samsung
·
Samsung Mexicana S.A. de C.V.,
·
Samsung Mobile Display Co. Ltd.,
·
Samsung Networks Inc.,
·
Samsung Petrochemical Co. Ltd.,
·
Samsung Receivables Corporation,
·
Samsung Russia Service Center Ltd.,
·
Samsung SDI (Hong Kong) Ltd.,
·
Samsung SDI Co. Ltd.,
·
Samsung SDS Co. Ltd.,
·
Samsung Securities Co. Ltd.,
·
Samsung Semiconductor China R&D Ltd.,
·
Samsung Semiconductor Europe
·
Samsung Semiconductor Europe Logistics B.V., the
·
Samsung Semiconductor Europe Ltd.,
·
Samsung Semiconductor
·
Samsung Semiconductor Inc.,
·
Samsung Semiconductor International Inc.,
·
Samsung Semiconductor Italia S.R.L.,
·
Samsung Semiconductor Mexico S.A. de C.V.,
·
Samsung Semiconductor
·
Samsung Techwin Co. Ltd.,
·
Samsung Telecommunications America Inc.,
·
Samsung Telecommunications Benelux, the
·
Samsung Telecommunications
·
Samsung Telecoms (
·
Samsung Total Petrochemicals Co. Ltd.,
·
Samsung Venture Investment Corporation,
·
Samsung Vina Electronics Co. Ltd.,
·
Secron Co. Ltd.,
·
Secron Co. Ltd.,
·
SEMES America Inc.,
·
SEMES Co. Ltd.,
·
Shanghai Samsung Semiconductor Co. Ltd.,
·
Shenzhen Samsung Kejian Mobile Telecommunication
Technology Co. Ltd.,
·
Shilla Hotels & Resorts Co. Ltd.,
·
S-LCD Corporation,
·
STECO Co. Ltd.,
·
Suzhou Samsung Electronics Co. Ltd.,
·
Symbian Ltd.,
·
Tasman Properties Inc.,
·
Thai-Samsung Electronics Co. Ltd.,
·
Tianjin Samsung Electronics Co. Ltd.,
·
Tianjin Samsung Electronics Display Co. Ltd.,
·
Tianjin Samsung Telecom Technology Co. Ltd.,
·
Tianjin Tongguang Samsung Electronics Co. Ltd.,
etc.
BUSINESS REGISTRATION NUMBER
05203811
COMPANY FILE NUMBER
0053922
MANAGEMENT
Managing Director: Mr. Jo Yung Sik
CAPITAL
Nominal Share Capital: HK$557,825,000.00 (Divided into 111,565 shares of HK$5,000.00 each)
Issued Share Capital: HK$557,825,000.00
SHAREHOLDERS
(As per registry dated 19-11-2010)
|
Name |
|
No. of shares |
|
Samsung C&T Corporation |
|
111,563 |
|
JO Yung Sik |
|
2 |
|
|
|
––––––– |
|
|
Total: |
111,565 ====== |
DIRECTORS
(As per registry dated 22-06-2010)
|
Name (Nationality) |
Address |
|
JO Yung Sik |
Flat D, 16/F., |
|
SUK Jin An |
Parktown Seoan Apartment 114-2201,
Sunae-Dong, Budang, Gu Sungnam, |
SECRETARY
JO Yung
Sik (As per registry dated 22-06-2010)
HISTORY
The subject was incorporated on 22nd June, 1977 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Samsung Moolsan (H.K.) Ltd., name changed to Samsung Hongkong Ltd. on 2nd March, 1990, and further to Samsung C&T Hongkong Ltd. on 21st December, 2010.
Formerly the subject was located at 65/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong, moved to 31/F., The Center, 99 Queen’s Road Central, Hong Kong in November 1998; moved to 43/F. & Suite 4506-4514, 45/F., Two International Finance Centre, 8 Finance Street, Central, Hong Kong and further moved to the present address in April 2008.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter, Commission Agent, Property Investment and Investment Holding.
Lines: All kinds of Korean products including textiles, daily items, industrial chemicals,
machineries and equipments, marine supplies, steel products and hardwares, electronic products, etc.
Employees: 40.
Commodities Imported:-
Coal –
Chemical products –
Steel –
Textiles –
Markets:
Group Net Sales: KRW 63,175,968 million (Year ended 31-12-2007)
KRW 72,952,991 million (Year ended 31-12-2008)
KRW 89,772,834 million (Year ended 31-12-2009)
KRW 24,776,525 million (3 months ended 31-03-2010)
Terms/Sales: L/C (main), T/T, D/P, etc.
Terms/Buying: L/C (main), etc.
MEMBERSHIP
The Korean Chamber of
Commerce in
FINANCIAL INFORMATION
Nominal Share Capital: HK$557,825,000.00 (Divided into 111,565 shares of HK$5,000.00 each)
Issued Share Capital: HK$557,825,000.00
Alternation of Capital:-
|
15-07-1977 |
paid up |
HK$ 500,000.00 |
|
20-08-1985 |
paid up |
HK$ 3,500,000.00 |
|
07-10-1993 |
paid up |
HK$ 36,000,000.00 |
|
19-12-1997 |
paid up |
HK$ 140,000,000.00 |
|
30-06-1998 |
paid up |
HK$ 149,480,000.00 |
|
Dec. 2002 |
Paid up |
HK$ 808,780,000.00 |
|
07-10-2005 |
paid up |
HK$ 774,500,000.00 |
|
19-11-2010 |
reduced |
(HK$ 1,354,935,000.00 ) |
|
|
|
––––––––––––––––––– |
|
Total: |
paid up |
HK$ 557,825,000.00 ================= |
Increases/(decrease) of Nominal Capital:-
|
From |
HK$ 500,000.00 |
to |
HK$ 4,000,000.00 |
on |
20-07-1985 |
|
From |
HK$ 4,000,000.00 |
to |
HK$ 40,000,000.00 |
on |
07-10-1993 |
|
From |
HK$ 40,000,000.00 |
to |
HK$ 180,000,000.00 |
on |
19-12-1997 |
|
From |
HK$ 180,000,000.00 |
to |
HK$ 329,480,000.00 |
on |
30-06-1998 |
|
From |
HK$ 329,480,000.00 |
to |
HK$1,138,260,000.00 |
in |
Dec. 2002 |
|
From |
HK$1,138,260,000.00 |
to |
HK$1,912,760,000.00 |
on |
07-10-2005 |
|
From |
(HK$1,912,760,000.00) |
to |
(HK$ 557,825,000.00) |
on |
19-11-2010 |
Mortgage or
Charge:-
Date of Assignment of DC Proceeds re export bills restricted to other banks for negotiation/payment: 20-05-2000
Amount: All loans or other advances made or to be made by the Bank to the Customer against documents submitted under a Documentary Credit, all monies and liabilities in any currency owing by the Customer to the Bank at any time, whether separately or jointly, actually or contingently, present or future, interest on all loans and advances and such monies and all expenses of the Bank in perfecting or enforcing the Assignment
Property: By way of assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing proceeds payable or to be paid to the Customer under the Documentary Credits, all the Customer’s right, title and interest in the said Documentary Credits and the benefit of all powers and remedies for enforcing the Documentary Credits
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd.,
Group Net Income: KRW 7,425,016 million (Year ended 31-12-2007)
KRW 5,525,904 million (Year ended 31-12-2008)
KRW 9,649,487 million (Year ended 31-12-2009)
KRW 3,167,036 million (3 months ended 31-03-2010)
Profit & Loss: Business is profitable.
Condition: Business is active and steady.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
·
China Construction Bank (Asia) Corporation Ltd.,
· Citibank N.A., Hong Kong Branch.
·
Standard Chartered International (
·
The Hongkong & Shanghai Banking Corp. Ltd.,
· JPMorgan Chase Bank N.A., Hong Kong Branch.
· Korea Exchange Bank, Hong Kong Branch.
·
Korea Commercial Finance Ltd.,
Standing: Good.
GENERAL
Previously known as Samsung Hongkong Ltd., Samsung C&T Hongkong Ltd. is a wholly-owned subsidiary of Samsung C&T Corporation (formerly known as Samsung Corporation) which is a South Korea-based firm. The subject adopted the present style in late December 2010.
The
subject’s ultimate holding company Samsung Electronics Co. Ltd. [Samsung
Electronics] is also a South Korea-based firm.
Samsung Electronics is an investment holding company of the Samsung
Electronics Group. The Samsung
Electronics Group, one of the leading business conglomerates in
The
subject has dedicated itself to global trading since its incorporation in
1977. Being one of the major
subsidiaries of Samsung Electronics, the subject has developed into a leading
player in global trading and actively engaged in many investment and local
businesses opportunities in
The subject’s major businesses activities include natural resources and trading in metals, steel, petrochemicals and plastics, textiles raw material, garments and also electronics products.
The subject has had the following
divisions:-
Metals
and Natural Resources Division — Third parties trading if Metal products is
one of the major activities of the subject.
Importing of non‑ferrous metals (such as copper concentrates/rod
from Mongolia to China, copper cathodes from Chile to China, zinc ingot from
Korea, indium ingot and aluminium ingot from China to other Asian countries,
etc.) and also precious metals (such as platinum from Korea to China and silver
ingot from China to other Asian countries, etc.) Secondary cold‑rolled steel and
galvanized steel is mainly sourced from
Machinery
and Project Division — The subject handles products such as pleomax light
bulb, battery and computer peripheral products which are sold to
Textiles
and Garment Division — Textiles and Garment is another major source of
revenue for the subject. The subject is
specialized in trading in a wide variety of textiles raw materials (including
polyester fibre, filament yarn, nylon filament, raw cotton and cotton yarn). The buyers are mainly in Hong Kong and
Petrochemicals
and Plastics Division — The subject’s Plastics division mainly carries PP,
HDPE, and ABS. Prime markets are Hong
Kong and
Engaged
in the above core businesses, the subject continues to expand its third party
trading, enlarge the local sales market and the value-added businesses in
Furthermore,
the subject is using the representatives offices in Shenzhen SEZ, Shantou SEZ,
Now, the subject has set up the following departments: Accounting Department, Finance Department, IT Department, Personnel & Administration Department, Textile Department, Metal Department (HK Metal and Shanghai Metal), Business Development Department, Steel Department, Fertilizer Department, and Plastic Department.
The
subject’s Finance Department is a very important department in the
subject. It is acting as a financial arm
to support its head office Samsung Electronics and
In order to cope with its daily transaction between the subject and its parent Samsung Electronics and trading partners, Letter of Credit [LC] is frequently used for the international trade settlement. The Finance Department is controlling the risks involved in LC transactions. Also to optimise the subject’s capital structures from both an economic and strategic perspective, the finance department is actively engaged in making long-term syndication loan from international bank group.
Founded
in 1938, Samsung Electronics is now the largest general trading company in
Intensifying
trade with the Eastern Europe, Samsung Electronics also has established
branches in
In the early 2000’s, Samsung Electronics has grown to be a leader of the Information Technology Society, identified with digital and Internet technology by concentrating on electronics, banking, services, and business to continue to be a global leader.
The subject is one of the important overseas subsidiaries of the Group. The subject has dedicated itself to global trading since it’s incorporation in 1977. It has developed Sino-Korean trades since 1979.
Samsung
Electronics is in the forefront of Internet business in
In 1999, The subject made investment in AUNET.COM (name changed to iAasiaworks.com), a promising internet solution provider.
The net sales of Samsung Electronics Group were KRW 89,772,834 million and KRW 72,952,991 million for the year ended 31st December, 2009 and 2008 respectively, net incomes were KRW 9,649,487 million and KRW 5,525,904 million for the year ended 31st December, 2009 and 2008 respectively.
The subject is fully supported by Samsung Electronics Group.
On the whole, in view of the background and parentage of the subject, consider it good for normal business engagements.
REMARKS:
Court case:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
May 1989 |
Manufer Inc. |
Samsung Moolsan (H.K.) Ltd. [Now known as Samsung C&T Hongkong Ltd.] |
Damages |
Not stated |
|
June 1989 |
Perfecta Dyeing Printing & Weaving Works Ltd. |
Samsung Moolsan (H.K.) Ltd. [Now known as Samsung C&T Hongkong Ltd.] |
Goods Sold and Delivered |
US$51,482 |
|
Oct. 1989 |
Strong & Fisher Ltd. |
Samsung Moolsan (H.K.) Ltd. [Now known as Samsung C&T Hongkong Ltd.] |
Amount due |
US$67,502 |
|
Feb. 1996 |
Dragon Crown Investments Ltd. |
Samsung Hongkong Ltd. [Now known as Samsung C&T Hongkong Ltd.] and other |
Amount due |
US$140,000 |
|
Nov. 1996 |
Reter Trading Ltd. |
Samsung Hongkong Ltd. [Now known as Samsung C&T Hongkong Ltd.] |
Amount due |
HK$631,166 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.45.59 |
|
|
1 |
Rs.72.31 |
|
Euro |
1 |
Rs.60.73 |
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.