MIRA INFORM REPORT
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Report Date : |
04.11.2011 |
IDENTIFICATION DETAILS
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Name : |
CONCORD
FORTUNE TRADING LTD. |
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Registered Office : |
Unit 4703-4704, 47/F, Far East Finance Centre, 16 Harcourt
Road, Admiralty |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.11.2002 |
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Com. Reg. No.: |
33699327 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Iron ore and other minerals, coal and coke, etc. |
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 : |
No Complaints |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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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
CONCORD FORTUNE
TRADING LTD.
Company ADDRESS
Unit 4703-4704, 47/F, Far East Finance Centre, 16 Harcourt Road, Admiralty, Hong Kong.
PHONE: 2290 9700
FAX: 2866 0878
E-MAIL : info@concordfortune.com
MANAGEMENT
Managing Director: Mr. Yeung Ngai
SUMMARY
Incorporated on: 15th November, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 16. (Including associates)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Unit 4703-4704, 47/F, Far East Finance Centre, 16 Harcourt Road, Admiralty, Hong Kong.
Holding Company:-
Concord Fortune International Holding Ltd., Hong Kong. (Same address)
Associated
Companies:-
· Concord Fortune Charity Fund Ltd., Hong Kong.
· Concord Fortune Energies Ltd., Hong Kong.
· Concord Fortune Management Services Ltd., Hong Kong.
· Concord Fortune Minerals (India) Pvt. Ltd., India.
· Concord Fortune Minerals Ltd., British Virgin Islands.
· Concord Fortune Resources Pte. Ltd., Singapore.
BUSINESS REGISTRATION NUMBER
33699327
COMPANY FILE NUMBER
0821832
MANAGEMENT
Managing Director: Mr. Yeung Ngai
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER
(As per registry
dated 15-11-2010)
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Name |
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No. of shares |
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Concord Fortune International Holding Ltd., Hong Kong. |
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10,000 ===== |
DIRECTORS
(As per registry
dated 28-04-2011)
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Name (Nationality) |
Address |
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LIU Weijie |
Suite 1505-1507, Tower 1, MCC Xiaoyun Centre, 15 Xianguangli, Chaoyang District, Beijing, 100016 China. |
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WANG Rongqiang |
Unit 3114-3115, 31/F., China Merchants Tower, 161 East Lujiazui Road, Pudong, Shanghai, China 200120. |
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FONG Cho Yee, Joey |
Flat A, 27/F., Block 2, Parkview Garden, Tai Wai, Shatin, New Territories, Hong Kong. |
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WU Pui Kwan, Gwenny |
Flat D, 59/F., Block 3, Grand Promenade, 38 Tai Hong Street, Sai Wan Ho, Hong Kong. |
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YEUNG Ngai |
Flat D, 59/F., Block 3, Grand Promenade, 38 Tai Hong Street, Sai Wan Ho, Hong Kong. |
SECRETARY
(As per registry
dated 01-01-2011
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Name |
Address |
Co.
No. |
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ABBA Secretarial Ltd. |
Room 2402, 24/F., 101 King’s Road, Fortress Hill, Hong Kong. |
0144046 |
HISTORY
The subject was incorporated on 15th November, 2002 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 ore and other minerals, coal and coke, etc.
Employees: 16. (Including associates)
Commodities Imported: India, Russia, South America, etc.
Markets: China, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
· ABN AMRO Bank N.V., Hong Kong Branch.
Standing: Normal.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Concord Fortune Trading Ltd. is a wholly owned subsidiary of Concord Fortune International Holding Ltd. [CFIHL] a Hong Kong-registered firm located at the same operating office. The subject in fact is a member of the Concord Fortune Group. The subject is the trading subsidiary of the Group.
The subject is trading in iron ore and other minerals, coal and coke, etc. It has had an associated company Concord Fortune Mineral (India) Pvt. Ltd. [CFMIPL] which is an India-based firm.
CFMIPL was set up in August 2007 as a subsidiary of CFIHL which is based in Hong Kong. The Concord Group imports iron ore to China from India, Australia, Brazil, South Africa, and Venezuela, and has interests in the shipping business. CFMIPL primarily supplies iron ore to group companies, Concord Fortune Minerals Ltd. and the subject, and to CITIC Australia, a subsidiary of CITIC (formerly known as China International Trust and Investment Company), a Chinese state-owned company.
The business of the subject is rather active.
CFMIPL reported a profit after tax [PAT] of Rs. 8.6 million on net sales of Rs.216.5 million for 2009-10 (refers to provisional figures for financial year, April 1st to March 31st), against a PAT of Rs. 3.7 million on net sales of Rs.94.4 million for 2008-09.
CFIHL was founded in 2002 in Hong Kong with two regional offices in India and Singapore and permanent representative offices in Shanghai and Beijing. Its main business is focused on warehousing and trading iron ore from Australia, Brazil, South Africa, India and importing it into China.
CFIHL also trades in coal, coke, bauxite and other minerals. Recently, the Group has rapidly expanded its operations to invest in additional areas of activity including mining, international shipping, finance and real estate.
As the history of the subject is about nine years in Hong Kong, on the whole, consider it good for normal business engagements.
MORTGAGE OR CHARGE
(Since 2011)
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Date |
Particulars |
Amount |
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20-01-2011 |
Instrument: Security Agreement over Bank Account Property: By way of a first fixed charge all of the Chargor’s rights in respect of any amount standing to the credit of the Account Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future obligations and liabilities |
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22-02-2011 |
Instrument: Security Memorandum (First Party) Property: The Company hereby assigns and agrees to assign absolutely and unconditionally to the Bank all its right, title and interest in and to each Receivable as continuing security for the payment or discharge of the Secured Liabilities Mortgagee: ABN AMRO Bank N.V., Singapore. |
All indebtedness, obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.37 |
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UK Pound |
1 |
Rs.78.50 |
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Euro |
1 |
Rs.67.59 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.