MIRA INFORM
REPORT
|
Report Date : |
10.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CUMIC
STEEL LTD. |
|
|
|
|
Registered Office : |
c/o HKRTP Ltd., MSH 3061, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
16.01.2006 |
|
|
|
|
Com. Reg. No.: |
36376794 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Iron and steel materials and products |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
Payment
Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Bottom of Form
Company name
CUMIC STEEL LTD.
Company ADDRESS
c/o HKRTP Ltd.
MSH 3061, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.
PHONE: Not available
FAX: Not available
MANAGEMENT
Managing Director: Mr. Qian Haiming
SUMMARY
Incorporated on: 16th January, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$20,000,000.00
Issued: HK$20,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
c/o HKRTP Ltd.
MSH 3061, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.
Associated Company:-
Shanghai Cumic Steel Ltd., China.
BUSINESS REGISTRATION NUMBER
36376794
COMPANY FILE NUMBER
1019472
MANAGEMENT
Managing Director: Mr. Qian Haiming
CAPITAL
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$20,000,000.00
SHAREHOLDERS
(As per registry dated 16-01-2011)
|
Name |
|
No. of shares |
|
QIAN Haiming |
|
16,400,000 |
|
ZHANG Jiahua |
|
1,600,000 |
|
TU Ling |
|
600,000 |
|
HE Yingliang |
|
400,000 |
|
GUO Junsheng |
|
400,000 |
|
CHANG Ying |
|
600,000 |
|
|
|
––––––––– |
|
|
Total: |
20,000,000 ======== |
DIRECTORS
(As per registry dated 16-01-2011)
|
Name (Nationality) |
Address |
|
QIAN Haiming |
Room 301, No. 6, Lane 667, Haijiang Road, Baoshan Area, Shanghai, China. |
|
ZHANG Jiahua |
Room 601, No. 356, Gongfu, Baoshan District, Shanghai, China. |
|
TU Ling |
Room 402, Building No. 70, Gongfuyicun, Gongfu Road, Baoshan District, Shanghai, China. |
SECRETARY
(As per registry dated 16-01-2011)
|
Name |
Address |
Co.
No. |
|
HKRTP Ltd. |
Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong. |
0663489 |
HISTORY
The subject was incorporated on 16th January, 2006 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: Iron and steel materials and products.
Employees: Nil.
Commodities Imported: Russia, India, South America, etc.
Markets: China, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$20,000,000.00
Mortgage or Charge (since 2009): (See attachment)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· DBS Bank (Hong Kong) Ltd., Hong Kong.
· BNP Paribas, Hong Kong Branch.
· Agricultural Bank of China, Hong Kong Branch.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 20 million ordinary shares of HK$1.00 each, Cumic Steel Ltd. is jointly owned by six China merchants while the largest shareholder Mr. Qian Haiming is holding 82% interests; the second largest shareholder Mr. Zhang Jiahua is holding 8%. The other four shareholders hold 10% in total.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at MSH 3061, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong known as HKRTP Ltd. which is handling its correspondences and documents. HKRTP Ltd. is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
To our knowledge, the subject has had an associated company in Shanghai, China known as Shanghai Cumic Steel Ltd. [Shanghai Cumic]. Shanghai Cumic and the subject are engaged in the same lines of business.
Shanghai Cumic is devoted to the steel business including international trading. It is also involved in local processing and distribution for steel products.
The management term of Shanghai Cumic is consisted to be experienced professionals in the steel industry. Shanghai Cumic enjoys good reputation in the steel industry in China as well as in some of the countries of the world.
The products carried by Shanghai Cumic includes long products, flat products, special products, pipes and tubes, and iron and steel raw materials.
Shanghai Cumic keeps stable relationship with local and overseas iron and steel mills, especially those based in China and the other Asian countries. Shanghai Cumic serves the customers in the Middle East, Asia, Latin America, Africa and Europe. Besides, Shanghai Cumic also has been keeping cooperation relationships with customers in North America , Australia, Southeast Asia, etc. Shanghai Cumic’s customers include those enterprises engaged in machine, building, structure manufacturing, automobile manufacturing, home appliance industry, light industry, and gas and oil transportation. Its customers are in over forty countries. Total volume sold every year reaches over 300,000 metric tonnes.
Shanghai Cumic also maintains long term, stable and close ties with close prime world bank, insurance companies, shipping companies, main port authorities, etc.
In 2008, the turnover of Shanghai Cumic amounted to US$250 million. Now, its sales turnover ranges from US$280 to 300 million.
It is likely that Shanghai Cumic deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Shanghai Cumic also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not very active.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
COURT CASES: None per our.
MORTGAGE OR CHARGE
(Since 2009)
|
Date |
Particulars |
Amount |
|
02-03-2009 |
Instrument: Charge on Cash Deposit to secure Liabilities of the Depositor Property: 1) By way of first fixed charge and agreement to charge: the Deposit and all right, title and interest of the Company 2) By way of set-off: any sum standing to the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
|
20-12-2010 |
Instrument: Deed of Charge Property: As security for the due payment and discharge of the Secured Amounts, the Company (a) charges to the Bank by way of floating charge all its right, title and interest in and to all Goods; and (b) charges to the Bank by way of first fixed charge all its right, title and interest in and to all Credit Balances; and (c) assigns to the Bank by way of first fixed security all Contract Rights and the benefit of any Security Interest and securities for the time being held by the Company in respect of any such Contract Rights Mortgagee: BNP Paribas, Singapore Branch. |
All moneys and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.72 |
|
UK Pound |
1 |
Rs.73.47 |
|
Euro |
1 |
Rs.65.38 |
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.