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MIRA
INFORM REPORT
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Report Date : |
04.10.2011 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Unit 01A, 15/F., Low Block, |
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Country : |
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Date of Incorporation : |
31.05.2005 |
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Com. Reg. No.: |
35682324 |
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Legal Form : |
Private Limited Liability |
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Line of Business : |
Importer, Exporter and Wholesaler of Steel, strips, sheets, iron ore, 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 : |
Regular |
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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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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
Company ADDRESS
Unit 01A, 15/F.,
Low Block,
PHONE: 2511 1698
FAX: 2511 1813
MANAGEMENT
Managing
Director: Mr. Jiang Yuanqing
SUMMARY
Incorporated on : 31st May, 2005.
Organization : Private Limited Company.
Capital: Nominal : HK$5,000,000.00
Issued : HK$5,000,000.00
Business Category : Importer, Exporter and Wholesaler.
Turnover : HK$7,469 million (2009)
Employees : 10.
Main Dealing Banker : Standard Chartered Bank (Hong Kong)
Ltd.,
Banking Relation : Satisfactory.
Company ADDRESS
Registered Head
Office:-
Unit 01A, 15/F.,
Low Block,
Holding Company
Hangzhou Cogeneration Import & Export Co. Ltd.,
Intermediate Holding Company
Hangzhou Steam
Turbine Co. Ltd.,
Ultimate Holding Company
Hangzhou
Steam Turbine Power Group Co. Ltd.,
Affiliated Companies
·
Beijing Shengxin Cogeneration Steel Co. Ltd.,
C.
G. S. (Hong Kong) Co. Ltd., Hong Kong.
(Same address)
Guizhou
Zhongcheng Concrete Co. Ltd., China.
Hangzhou
Bohai Iron & Steel Co. Ltd., China.
Hangzhou
Chinen Steam Turbine Power Co. Ltd., China.
Hangzhou
Dongfeng Shipbuilding Co. Ltd., China.
Hangzhou
Energy-Saving Technologies & Design Institute Ltd., China.
Hangzhou
Guoneng Steam Turbine Engineering Co. Ltd., China.
Hangzhou
Hangfa Electrical Equipment Co. Ltd., China.
Hangzhou
Kaineng Forge Co. Ltd., China.
Hangzhou
Nanhua Wood Packing Co. Ltd., China.
Hangzhou
Pangtong Electronic Equipment Co. Ltd., China.
Hangzhou
Steam Turbine Auxiliary Machine Co. Ltd., China.
Hangzhou
Steam Turbine Casting Co. Ltd., China.
Hangzhou
Steam Turbine Environmental Engineering Co. Ltd., China.
Hangzhou
Steam Turbine Machinery & Equipment Co. Ltd., China.
Hangzhou
Steam Turbine Power Group Packaged Project Engineering Co. Ltd., China.
Hangzhou
Steam Turbine Power Sales Co. Ltd., China.
Hangzhou
Tongneng Turbine Machinery Co. Ltd., China.
Hangzhou
Zhongneng Steam Turbine Power Co. Ltd., China.
Ningbo
Relian Iron & Steel Co. Ltd., China.
Shanghai
Cogeneration Steel Trading Co. Ltd., China.
Singapore
Cogeneration Steel Trading Co. Ltd., Singapore.
Tangshan
Steel Trading Co. Ltd., China.
Tianjin
Relian Coated Steel Co. Ltd., China.
Zhangjiagang
Bonede Area Relian Iron & Steel Co. Ltd., China.
Zhejiang
Hanglian Iron & Steel Co. Ltd., China.
Zhejiang
Huayuan Steam Turbine Machinery Co. Ltd., China.
Zhejiang
Steam Turbine Packaged Technology Development Co. Ltd., China.
Zhejiang
Turbine Import & Export Co. Ltd., China.etc.
BUSINESS REGISTRATION NUMBER
35682324
COMPANY FILE NUMBER
0974210
MANAGEMENT
Managing
Director: Mr. Jiang Yuanqing
CAPITAL
Nominal Share Capital:
HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$5,000,000.00
SHAREHOLDER
(As per registry
dated 31-05-2010)
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Name |
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No.
of shares |
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Hangzhou Cogeneration Import & Export
Co. Ltd. 4/F., Tower 11, |
|
5,000,000 ======= |
DIRECTORS
(As per registry
dated 27-09-2010)
|
Name (Nationality) |
Address |
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JIANG Yuanshun |
Room 2-401, Building 37, Dong Yuan Xin
Chun, Xiacheng District, |
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JIANG Yuanqing |
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XU Jianyu |
Room 401, No. 62, Block 15, Xiahuinancun,
Shangchengqu, Hangzhou City, Zhejiang Province, China. |
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LU Yonghong |
Room 206, Unit 10, Block 5, Weiyuanlong,
Gongshu District, Hangzhou City, Zhejiang Province, China. |
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YUAN Wenjiong |
Room 401, No. 2 Lianxinglidonghang,
Dahuajiedao, |
SECRETARY
(As per registry
dated 31-05-2010)
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Name |
Address |
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Sky
Well Consultants Ltd. |
Unit B, 17/F., |
612124 |
HISTORY
The
subject was incorporated on 31st May, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of C. G. S. (Hong Kong) International
Trading Co. Ltd., name changed to the present style on 24th August, 2005.
Formerly
the subject was located at Room 6509, 65/F., The Center, 99 Queen’s Road
Central, Hong Kong, moved to Unit 13, 19/F., COSCO Tower, Grand Millennium
Plaza, 183 Queen’s Road Central, Hong Kong in December 2007; and further to the
present address with effect from 1st September, 2010.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities : Importer, Exporter and Wholesaler.
Lines : Steel, strips, sheets, iron ore, etc.
Employees : 10.
Commodities Imported :
Markets :
Turnover : HK$3,062 million (2007)
HK$5,841 million (2008)
HK$7,469 million (2009)
Terms/Sales : L/C or as per contracted.
Terms/Buying : L/C, T/T, D/P, etc.
FINANCIAL INFORTION
Nominal
Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued
Share Capital : HK$5,000,000.00
Mortgage
or Charge
(since
December 2006): (See attachment)
Total Profit: HK$37.31 million (2007)
HK$49.45 million (2008)
HK$46.34 million (2009)
Profit
or Loss : Making a small profit every year.
Condition : Keeping in an active condition.
Facilities : Making very active use of general banking
facilities.
Payment : Met trade commitments as contracted.
Commercial
Morality: Satisfactory.
Bankers
·
Standard Chartered Bank (Hong Kong) Ltd.,
Bank
of Communications Co. Ltd., Hong Kong Branch.
Fortis
Bank, Hong Kong Branch.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
DBS
Bank Ltd., Hong Kong Branch.
CITIC
Bank International Ltd., Hong Kong.
BNP
Paribas, Hong Kong Branch.
Wing
Lung Bank Ltd., Hong Kong.
Standing:
GENERAL
Hangzhou
Cogeneration (
Since
1988, HSTPG has ranked the top three in the integrated benefit indexes in the
same trade domestically. In 2005, it was
listed in the top 500 enterprises in
HSTPG
is controlled by Hangzhou State-owned Assets Administrative Committee which is
a government organization belongs to the Hangzhou City Government.
The
subject is trading in iron and steel, steel strips, steel sheets, iron ore,
etc. Commodities are imported from
Founded
in October 1997 and with a registered capital of RMB100 million Yuan, HCIEC is
a state-owned holding company under the jurisdiction of HSTPG. Since 1988, HSTPG has ranked the top three in
the integrated benefit indexes in the same trade domestically; in 2005, it was
listed in the top 500 enterprises in
HCIEC
is trading in iron and steel raw materials, semi-finished products and finished
products. Now its main business includes
three main parts: exporting, importing and domestic trading.
In
2004, HCIEC was conferred the title of Hangzhou Municipal Advanced Tax Payment
Hundred-Strongest Enterprises. From 2004
to 2006, it had been granted successively the honour title of winning award
unit of “Gold Dragon Reward” of Foreign Trade Import & Export by Hangzhou
City; in 2006, HCIEC was appraised as “the First Batch of Law-abiding and
Credit Import & Export Enterprises in the Whole Province” by Zhejiang
Province, China.
Since
2004, HCIEC has actively exported semi products, long products, flat products
and all kinds of steel pipes and tubes.
Its markets cover Asia, the Middle East,
HCIEC
now keeps on importing of iron ore, mill scales, nickel ore, etc. It has established stable supply channels in
HCIEC
has got a certain market shares in domestic sales. Main customers are in
Concerning
financial position, HCIEC has been considered as one of the most strong
enterprises in
HSTC
is principally engaged in the design, manufacture and sale of industrial steam
turbines and related auxiliaries and components. This company offers its products under two
categories: industrial steam turbines and power‑generating steam
turbines, which are used in the fields of petroleum, chemical industry,
electricity power, metallurgy, construction material and light textile. HSTC’s impulse turbines include condensing
turbines, extraction condensing turbines and backpressure turbines, while its
reaction turbines include condensing turbines, extraction condensing turbines,
multi‑stage backpressure turbines and extraction backpressure
turbines. It distributes its products
within
HCIEC
has set up the following main departments:-
·
Import and Export Department 1
·
Import and Export Department 2
·
Import and Export Department 3
·
Import and Export Department 5
·
Overseas Department
·
Integrated Department
·
Steel Strip Department
Besides,
HCIEC has set up affiliated or associated companies in
The
General Manager of HCIEC is Mr. Jiang Yuanqing, Deputy General Manager is Mr.
Xu Jianyu, and Executive Vice Manager is Mr. Jiang Yuanshun. All of them are also directors of the
subject.
Under
the leadership of HSTPG, HCIEC is exerting its strength for the challenge of
sales income over RMB16,500 million Yuan with a total profit over RMB260
million Yuan in 2010.
In
2007, the sales of the subject amounted HK$3,062 million and the profit was
HK$37.31 million. In 2008, its sales
turnover was HK$5,841 million, profit was HK$49.45 million. In 2009, the sales revenue was HK$7,469
million and the profit was HK$46.34 million.
The
subject is fully supported by HCIEC.
On
the whole, in view of the background and parentage of the subject, consider it
good for normal business engagements.
REMARKS
Court Cases: None per our.
Property
information of the company:-
Property
Location:Room 1501A on 15/F. of Low Block, Grand Millennium Plaza,181-183
Queen’s Road Central & 33 Wing Lok Street, Hong Kong.
Owner:
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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31-03-2010 |
- |
Bank of Communications Co. Ltd., Hong Kong Branch. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
|
28-12-2006 |
Instrument: Deed of Indemnity, Charge Over Deposit
and Set-Off Property: By way of Fixed Charge
to the Bank all the Company’s estate, right, title, claim, benefit and
interest to and in the Deposit (Account No. 02753202026700, 02753202026713,
02753220063143 and 02753293065422) and all interest from time to time payable
thereon and together with all title deeds and documents relating thereto Mortgagee: Bank of Communications Co. Ltd.,
Hong Kong Branch. |
All actions, suits, proceedings, claims,
demands, losses, damages, costs, fees, expenses and/or liabilities |
|
30-08-2007 |
Instrument: Trade Finance Security Assignment Property: 1) As
security for the payment of all Secured Liabilities, (a) by way of absolute
assignment and agreement to assign all the present and future rights, title,
interests and benefits of the Company in and to the Assigned Assets; (b) by
way of first fixed charge and agreement to charge all the present and future
rights, title, interests and benefits of the Company in and to the Charged
Assets; (c) by way of trust, any of the Security Assets not effectively
assigned under the Assignment; and (d) by way of lien, all property of the
Company 2) As security for the
Assignment Obligations, by way of set-off, any obligation owed by the Bank to
the Company Mortgagee: Standard Chartered Bank (Hong Kong)
Ltd., |
1) Secured Liabilities |
|
05-09-2007 |
Instrument: Charge Over Deposits – CD 1 (06) Property: 1) By
fixed Charge: all the Company’s rights
in respect of (i) the sum deposited by the Company; and (ii) all other sums in
any currency from time to time standing to the credit of the Company or the
credit of any other person for the Company’s benefit whether alone or jointly
with others, on any deposit account with the Bank or any other SCB Group
Company including additions to or renewals or replacements of such sum; and
all interest from time to time accruing or payable on the sums specified in
(i) and (ii) above; 2) By assignment: all Deposits held with any SCB Group
Company Mortgagee: Standard Chartered Bank (Hong Kong)
Ltd., |
To secure the payment or discharge of all
moneys, obligations and liabilities, whether actual or contingent at the date
of the Charge or at any time after the date thereof, due, owing or incurred
by the Company to Standard Chartered Bank ( |
|
31-03-2010 |
Instrument: Mortgage Property: 111/116,009th
parts or shares of and in The Remaining Portion of Inland Lot No. 8911 (Unit
1501A on 15/F. of Low Block of Grand Millennium Plaza, 181-183 Queen’s Road
Central & 33 Wing Lok Street, Hong Kong.) Mortgagee: Bank of Communications Co. Ltd.,
Hong Kong Branch. |
All monies |
|
28-05-2010 |
Instrument: Security Over Deposits Property: A deposit with
chargee in the amount of US$1,500,000 under Deposit A/C No. 808-746697 whatever
currency it may subsequently be denominated in, any renewal of such deposit
and the interest thereon together with any further monies in any deposit
account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., |
Amount secured – (i) all monies in any
currency owing by the Company to the chargee at any time, actually or
contingently, in any capacity, alone or jointly with any other person; (ii) interest
on such monies, to the date on which the chargee receives payment, at the
rates payable by the Company or which would have been payable but for any
circumstance which restricts payment and (iii) all expenses of the chargee in
perfecting or enforcing the charge |
|
19-07-2010 |
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 Ltd., Hong Kong Branch. |
All sums of money and liabilities |
|
26-07-2010 |
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 Ltd., Hong Kong Branch. |
All sums of money and liabilities |
|
07-09-2010 |
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., |
To secure the payment and satisfaction of
all present and future obligations and liabilities |
|
07-09-2010 |
Instrument: Pledge over Deposit and Account
Management Agreement Property: The Pledgor
grants a first priority pledge in favour of the Pledgee over all the Pledged
Assets and all related rights and interests Mortgagee: Standard Chartered Bank (Hong Kong)
Ltd., |
To secure the full and punctual payment of
the Secured Indebtedness and performance of its other obligations |
|
28-10-2010 |
Instrument: Charge on Cash Deposit Property: The Chargor, as beneficial
owner, charges and agrees to charge to the Bank by way of first fixed charge:
(a) the Chargor’s entire right, title and interest in and to the Deposit; and
(b) all rights and benefits accruing to or arising in connection with the
Deposit Mortgagee: CITIC Bank International Ltd., |
As a continuing security for the Secured
Liabilities |
|
28-10-2010 |
Instrument: Trade
Finance Security Assignment Property: The Borrower as
beneficial owner: a) assigns and agrees to assign
absolutely to the Bank all the present and future rights, title, interests
and benefits of the Borrower in and to the following assets: (i) Export
Credits; (ii) Export Collection Bills; (iii) Sales Contracts; (iv) Invoice
Receivables; (v) Insurances; (vi) Trade Documents; and (vii) all claims,
remedies and proceeds in connection with any of the foregoing; and b) charges and agrees to charge
to the Bank by way of first fixed charge all the present and future rights,
title, interests and benefits of the Borrower in and to the following assets:
(i) the Goods together with their proceeds; and (ii) the Deposit; and c) pledges and agrees to pledge to the Bank
the Pledged Goods and the Trade Documents which are now or may in the future
be in the Bank’s possession Mortgagee: CITIC
Bank International Ltd., |
As security for the payment of all Secured Liabilities |
|
02-11-2010 |
Instrument: Pledge
and Master Trust Receipt Property: The Company, as beneficial owner and as a continuing
security for the payment or discharge in full of the Secured Liabilities,
hereby pledges and agrees to pledge to the Bank all of its right, title and
interest in and to the Pledged Assets from time to time Mortgagee: BNP
Paribas, Hong Kong Branch. |
Secured Liabilities means all present and future indebtedness,
obligations and liabilities |
|
02-11-2010 |
Instrument: Deed
of Charge Property: As Security for the due payment and discharge of the
Secured Amounts, the Company hereby: (a) Charges to the Bank by way of
floating charge all its right, title and interest in and to all Goods; (b)
Charges to the Bank by way of first fixed charge all its right, title and
interest in and to all Credit Balances; (c) Assigns to the Bank by way of
first fixed security all Contract Rights and the benefit of the Security
Interest and securities for the time being held by the Company in respect of
any such Contract Rights Mortgagee: BNP
Paribas, Hong Kong Branch. |
To secure all present and future indebtedness, obligations and
liabilities |
|
28-02-2011 |
Instrument: Trade
Finance Security Assignment Property: For good and valuable consideration, receipt
of which is acknowledged, the Borrower as beneficial owner and as security
for the payment of all Secured Liabilities Mortgagee: Wing
Lung Bank Ltd., |
To secure banking facilities |
|
28-02-2011 |
Instrument: Security
Deed Property: All the Company’s right, title and
interest from time to time in, under and to the secured Property Mortgagee: Wing
Lung Bank Ltd., |
To secure banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.42 |
|
|
1 |
Rs.76.72 |
|
Euro |
1 |
Rs.65.85 |
RATING EXPLANATIONS
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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.