MIRA INFORM REPORT

 

 

Report Date :           

27.09.2011

 

IDENTIFICATION DETAILS

 

Name :

SUMITOMO  CORPORATION  (HONG  KONG)  LTD.

 

 

Registered Office :

23/F., United Centre, 95 Queensway

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

22.08.1980

 

 

Com. Reg. No.:

06779851

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter, Re-exporter and Commissioner Agent of Textiles – fabrics, yarns, threads, fibres, Mechanical machinery, apparatus and parts, Telecommunications, audio and video equipment and parts, Vehicles – industrial, transportation and passenger

 

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

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 Bottom of Form

Company name

 

SUMITOMO  CORPORATION  (HONG  KONG)  LTD.

 

 

Company ADDRESS

 

23/F., United Centre, 95 Queensway, Hong Kong.

PHONE:            2860 9300

FAX:                 2866 6508,  2529 9961

E-MAIL:                        nancy.chui@sumitomocorp.co.jp

 

 

MANAGEMENT

 

Chairman & Managing Director:  Mr. Yoshihiro Fujiura

 

 

SUMMARY

 

Incorporated on:             22nd August, 1980.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$122,125,000.00

Issued:              HK$122,125,000.00

 

Business Category:        General Merchant.

 

Group Total Revenues:  ¥3,102.0 billion  (Year ended 31-03-2011)

 

Employees:                   100.  (Together with affiliates in Hong Kong)

 

Main Dealing Banker:     Sumitomo Mitsui Banking Corporation, Hong Kong Branch.

 

Banking Relation:           Good.

Company ADDRESS

 

Registered Head Office:-

23/F., United Centre, 95 Queensway, Hong Kong.

 

G.P.O. Box 3619, Hong Kong.

 

Immediate Holding Company:-

Summit Global Management II B.V., The Netherlands.

 

Ultimate Holding Company:-

Sumitomo Corporation, Japan.

 

Associated/Affiliated Companies:-

Sumitomo Group of Companies

·         Alcut Co. Ltd., Japan.

·         Asian Steel Co. Ltd., Singapore.

·         Calamba Steel Center Inc., Philippines.

·         CS Metal Co. Ltd., Thailand.

·         CS Non-Ferrous Center Co. Ltd., Thailand.

·         Dalian Summit Metal Products Co. Ltd., China.

·         Dongguan S.Y. Metal Ltd., China.

·         Dongguan Summit Metal Products Co. Ltd., China.

·         Foshan Summit Nikka Mold & Metal Products Co. Ltd., China.

·         Hangzhou Summit Metal Products Co. Ltd., China.

·         Hanoi Steel Center Co. Ltd., Vietnam.

·         Hokkaido Shearing Kaisha Ltd., Japan.

·         IG Kogyo Co. Ltd., Japan.

·         LNG Japan Corporation, Japan.

·         Mactan Steel Center Inc., Philippines.

·         Mason Metal Industry Co. Ltd., Taiwan.

·         Mazda Steel Co. Ltd., Japan.

·         Mitsui Sumitomo Insurance Co. Ltd., Japan.

·         NEC Corporation, Japan.

·         Nippon Sheet Glass Co. Ltd., Japan.

·         Oshima Shipbuilding Co. Ltd., Japan.

·         P.T. East Jakarta Industrial Park, Indonesia.

·         P.T. Oto Multiartha, Indonesia.

·         P.T. Sumitomo Indonesia, Indonesia.

·         P.T. Summitmas Property, Indonesia.

·         P.T. Super Steel Indah, Indonesia.

·         P.T. Super Steel Karawang, Indonesia.

·         S.C. Cement Co. Ltd., Japan.

·         Saigon Steel Service & Processing Co., Vietnam.

·         SC Metal Pty. Ltd., Australia.

·         SC Pipe Services Inc., US.

·         SC Tubulars Co. Ltd., Japan.

·         Shanghai Hi-Tech Metal Products Co. Ltd., China.

·         Shanghai Nikka Metal Products Co. Ltd., China.

·         Shanghai Summit Metal Products Co. Ltd., China.

·         Shenzhen Sumitomo Corporation Ltd., China.

·         Sumiputeh Steel Centre Sdn. Bhd., Malaysia.

·         Sumisho & Mitsuibussan Kenzai Co. Ltd., Japan.

·         Sumisho Computer Systems Corporation, Japan.

·         Sumisho Global Logistics (China) Co. Ltd., China.

·         Sumisho Global Logistics (HK) Ltd., Hong Kong.

·         Sumisho Global Logistics Co. Ltd., Japan.

·         Sumisho International Petroleum (H.K.) Co. Ltd., Hong Kong.

·         Sumisho Iron & Steel Corporation, Japan.

·         Sumisho Lease (Hong Kong) Ltd., Hong Kong.

·         Sumisho Machinery Trade Corporation, Japan.

·         Sumisho Metalex Corporation, Japan.

·         Sumisho Montblanc Co. Ltd., Japan.

·         Sumisho Paper Co. Ltd., Japan.

·         Sumisho Pipe & Steel Co. Ltd., Japan.

·         Sumisho Steel Corporation (Hong Kong) Ltd., Hong Kong.

·         Sumisho Steel Sheets Works Co. Ltd., Japan.

·         Sumisho Tekko Hanbai Co. Ltd., Japan.

·         Sumitex Hong Kong Ltd., Hong Kong.

·         Sumi-Thai International Ltd., Thailand.

·         Sumitomo Australia Pty. Ltd., Australia.

·         Sumitomo Bakelite Co. Ltd., Japan.

·         Sumitomo Bakelite Hong Kong Co. Ltd., Hong Kong.

·         Sumitomo Benelux S.A./N.V., Belgium.

·         Sumitomo Canada Ltd., Canada.

·         Sumitomo Chemical Co. Ltd., Japan.

·         Sumitomo Corporation (Chile) Limitada., Chile.

·         Sumitomo Corporation (China) Holding Ltd., China.

·         Sumitomo Corporation (China) Ltd., China.

·         Sumitomo Corporation (Dalian) Ltd., China.

·         Sumitomo Corporation (Guangzhou) Ltd., China.

·         Sumitomo Corporation (Qingdao) Ltd., China.

·         Sumitomo Corporation (Shanghai) Ltd., China.

·         Sumitomo Corporation (Tianjin) Ltd., China.

·         Sumitomo Corporation Argentina S.A., Argentina.

·         Sumitomo Corporation Asia Pte. Ltd., Singapore.

·         Sumitomo Corporation Capital Asia Pte. Ltd., Singapore/Hong Kong.

·         Sumitomo Corporation Colombia S.A., Colombia.

·         Sumitomo Corporation de Mexico S.A. de C.V., Mexico.

·         Sumitomo Corporation de Venezuela S.A., Venezuela.

·         Sumitomo Corporation del Ecuador S.A., Ecuador.

·         Sumitomo Corporation del Peru S.A., Peru.

·         Sumitomo Corporation Dis Ticaret A.S., Istanbul.

·         Sumitomo Corporation do Brasil S.A., Brasil.

·         Sumitomo Corporation Equity Asia Ltd., Hong Kong.

·         Sumitomo Corporation Espana S.A., Spain.

·         Sumitomo Corporation Europe Holding Ltd., UK.

·         Sumitomo Corporation Europe Ltd., UK.

·         Sumitomo Corporation Hellas S.A., Greece.

·         Sumitomo Corporation Hokkaido Co. Ltd., Japan.

·         Sumitomo Corporation India Private Ltd., India.

·         Sumitomo Corporation Iran Ltd., Iran.

·         Sumitomo Corporation Italia S.p.A., Italy.

·         Sumitomo Corporation Korea Ltd., Korea.

·         Sumitomo Corporation Kyushu Co. Ltd., Japan.

·         Sumitomo Corporation M.E. FZ-LLC, Dubai.

·         Sumitomo Corporation of America, USA.

·         Sumitomo Corporation Taiwan Ltd., Taiwan.

·         Sumitomo Corporation Thailand Ltd., Thailand.

·         Sumitomo Corporation Tohoku Co. Ltd., Japan.

·         Sumitomo Corporation Vietnam LLC, Vietnam.

·         Sumitomo Densetsu Co. Ltd., Japan.

·         Sumitomo Deutschland GmbH, Germany.

·         Sumitomo Electric Asia Ltd., Hong Kong.

·         Sumitomo Electric Industries Ltd., Japan.

·         Sumitomo Electric Interconnect Products (Hong Kong) Ltd., Hong Kong.

·         Sumitomo Forestry Co. Ltd., Japan.

·         Sumitomo France S.A.S., France.

·         Sumitomo Heavy Industries Ltd., Japan.

·         Sumitomo Life Insurance Co., Japan.

·         Sumitomo Light Metal Industries Ltd., Japan.

·         Sumitomo Ltd., Hong Kong.

·         Sumitomo Metal Industries Ltd., Japan.

·         Sumitomo Metal Mining Co. Ltd., Japan.

·         Sumitomo Mitsui Asset Management (Hong Kong) Ltd., Hong Kong.

·         Sumitomo Mitsui Banking Corporation, Japan/Hong Kong.

·         Sumitomo Mitsui Construction Co. Ltd., Japan.

·         Sumitomo Mitsui Finance & Leasing (Hong Kong) Ltd., Hong Kong.

·         Sumitomo Osaka Cement Co. Ltd., Japan.

·         Sumitomo Realty & Development Co. Ltd., Japan.

·         Sumitomo Shoji Chemicals Co. Ltd., Japan.

·         Sumitomo Warehouse (Hong Kong) Ltd., Hong Kong.

·         SUMITRADE, Moscow.

·         Sumur Cahaya Sdn. Bhd., Malaysia.

·         Thai Special Wire Co. Ltd., Thailand.

·         Thai Steel Service Center Ltd., Thailand.

·         The Sumitomo Trust & Banking Co. Ltd., Japan.

·         The Sumitomo Trust Finance (H.K.) Ltd., Hong Kong.

·         The Sumitomo Warehouse Co. Ltd., Japan.

·         Tianjin Hua Zhu Metal Products Co. Ltd., China.

·         Wuxi Meifeng Metal Products Co. Ltd., China.

·         Zhongshan Nomura Steel Product Co. Ltd., China.

etc.

BUSINESS REGISTRATION NUMBER

 

06779851

 

 

COMPANY FILE NUMBER

 

0085731

 

 

Management

 

Chairman & Managing Director:  Mr. Yoshihiro Fujiura

 

 

Capital

 

Nominal Share Capital:   HK$122,125,000.00 (Divided into 122,125,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$122,125,000.00

 

 

SHAREHOLDER

(As per registry dated 22-08-2011)

 

Name

 

 

No. of shares

Summit Global Management II B.V.

Strawinskylaan 917, 1077XX Amsterdam, The Netherlands.

 

122,125,000

=========

 

DIRECTORS

(As per registry dated 22-08-2011)

 

Name

(Nationality)

 

Address

Yoshihiro FUJIURA

Suite 3702, Pacific Place Apartments, Pacific Place, 88 Queensway, Hong Kong.

 

Kenji KAJIWARA

Room 1923, Jiu Xian Apartment, 2 Jiu Xian Qiao Road, Chaoyang District, Beijing 100015, China.

 

Jun KURIHARA

The Ritz-Carlton Apartment, 3 Xing An Road, Pearl River New City, Tianhe District, Guangzhou, Guangdong, China.

 

Yohei TANAKA

Flat B, 31/F., Tower 1, The Orchards, 3 Greig Road, Hong Kong.

 

 

SECRETARY

(As per registry dated 22-08-2011)

 

Name

Address

Co. No.

Tricor Secretaries Ltd.

Level 28, Three Pacific Place, 1 Queen’s Road East, Wanchai, Hong Kong.

0014900

 

 

HISTORY

 

The subject was incorporated on 22nd August, 1980 as a private limited liability company under the Hong Kong Companies Ordinance to take over the activities of Sumitomo Shoji Kaisha Ltd., Hong Kong Branch which was registered in Hong Kong on 28th June, 1955.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:          Importer, Exporter, Re-exporter and Commissioner Agent.

 

Lines:-

·         Textiles – fabrics, yarns, threads, fibres

·         Mechanical machinery, apparatus and parts

·         Telecommunications, audio and video equipment and parts

·         Vehicles – industrial, transportation and passenger

·         Base metals and articles of base metal

·         Inorganic chemicals and petroleum products

·         Foodstuff and cereals

·         Construction materials

·         Paper and tyre

 

Agent for:-

“SUMITOMO” plastic injection moulding machines – Japan.

 

Employees:                   100.  (Together with affiliates in Hong Kong)

 

Commodities Imported:   Bought from Japan and other sources.

 

Markets:                       Hong Kong, China, US, Europe, Southeast Asia, etc.

 

Group Total Revenues:  

¥3,077.2 billion  (Year ended 31-03-2007)

¥3,670.9 billion  (Year ended 31-03-2008)

¥3,511.6 billion  (Year ended 31-03-2009)

¥2,884.2 billion  (Year ended 31-03-2010)

¥3,102.0 billion  (Year ended 31-03-2011)

 

Terms/Sales:                 On various terms.

 

Terms/Buying:               As per contracted.

 

 

MEMBERSHIP    

 

The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKS0450]

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$122,125,000.00 (Divided into 122,125,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$122,125,000.00

 

Group Net Income Attributable to Shareholders:-

·         ¥211.0 billion  (Year ended 31-03-2007)

·         ¥238.9 billion  (Year ended 31-03-2008)

·         ¥215.1 billion  (Year ended 31-03-2009)

·         ¥155.2 billion  (Year ended 31-03-2010)

·         ¥202.7 billion  (Year ended 31-03-2011)

 

Profit or Loss:                Group business is profitable.

 

Condition:                      Business is active and good.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      So far so good.

 

Commercial Morality:     Good.

Bankers:-

·         Sumitomo Mitsui Banking Corporation, Hong Kong Branch.

·         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

·         ABN AMRO Bank N.V., Hong Kong Branch.

·         The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.

·         Citibank N.A., Hong Kong Branch.

etc.

 

Standing:          Sound.

 

 

GENERAL

 

Sumitomo Corporation (Hong Kong) Ltd., incorporated in Hong Kong in August 1980, is a wholly-owned subsidiary of Summit Global Management II B.V. of the Netherlands which in turn is wholly-owned by Sumitomo Corporation, one of the leading general traders in Japan and also one of the world’s largest trading companies.

Operations of the subject are operated by the following departments:-

·         General Affairs Department

·         Accounts Department

·         Electrical and Machinery Department

·         Iron and Steel Department

·         Chemicals and Fuel Department

·         Textile Department

·         Foodstuff and Fertilizer Department

·         General Product Department

·         Ship Business and Transportation Equipment Department

The subject is carrying a wide range of products.  It is active in trading in steel products, ships, non-ferrous metals, chemical products, textiles, cement, paper, general houseware, etc.  It has more than ten joint ventures in China, such as steel processing, plastic products, cement manufacturing, apparel manufacturing, and logistics company.  It also has a special department for promoting business in the telecommunications, information, and communications services field.

The subject is one of the members of the Sumitomo Corporation China Group [SCCG].  The general manager of SCCG is Mr. Kenji Kajiwara.  SCCG now has offices in Chengdu, Beijing, Tianjin, Dalian, Shenyang, Shanghai, Nanjing, Suzhou, Qingdao, Guangzhou, Shenzhen Special Economic Zone.

The subject is also one of the members of the Sumitomo Group which has other companies in Hong Kong including the following firms:-

Sumisho Global Logistics (HK) Ltd.

Sumisho International Petroleum (H.K.) Co. Ltd.

Sumisho Lease (Hong Kong) Ltd.

Sumisho Steel Corporation (Hong Kong) Ltd.

Sumitex Hong Kong Ltd.

Sumitomo Bakelite Hong Kong Co. Ltd.

Sumitomo Corporation Capital Asia Pte. Ltd.

Sumitomo Corporation Equity Asia Ltd.

Sumitomo Densetsu Co. Ltd.

Sumitomo Electric Asia Ltd.

Sumitomo Electric Industries Ltd.

Sumitomo Electric Interconnect Products (Hong Kong) Ltd.

Sumitomo Ltd.

Sumitomo Mitsui Asset Management (Hong Kong) Ltd.

Sumitomo Mitsui Banking Corporation

Sumitomo Mitsui Finance & Leasing (Hong Kong) Ltd.

Sumitomo Warehouse (Hong Kong) Ltd.

The Sumitomo Trust Finance (H.K.) Ltd.

The parent company, Sumitomo Corporation, is the key member of the Sumitomo Group.  It was established in 1919 and went public with shares listed in Japan in August 1949.  Now its shares are listed on the stock exchanges in Tokyo, Osaka, Nagoya and Fukuoka of Japan as well as on the Frankfurt stock exchange.

Sumitomo Corporation not only conducts commodity transactions in all industries utilizing worldwide networks, but also provides related customers with various financing, serves as an organizer and a coordinator for various projects, and invests in businesses from the information industry to the retailing industry.  It thus shows great diversification as an integrated business enterprise.

Sumitomo Corporation now has 26 domestic offices, 115 overseas offices in 65 countries.  It has 5,159 employees at the end of March 2011.

For the year ended 31st March, 2011, the total revenues of the Sumitomo Group amounted to ¥3,102.0 billion, grew by 7.6% as compared with ¥2,884.2 billion in FY 2010; net income was ¥202.7 billion, grew by 30.6% as compared with ¥155.2 billion in FY 2010.  Total revenues and net income of the Group in FY 2011 were satisfactory.

The Sumitomo Group employed 64,886 (consolidated) people worldwide at the end of March 2011.

The subject is fully supported by the Sumitomo Group.  History in Hong Kong is over thirty-one years.

On the whole, in view of the subject’s parentage and lines of business, consider it good for normal business engagements.

 

REMARKS:

 

Court case:-

Action Date

Case No.

Plaintiff

Defendant

Cause

Amount

Mar. 1992

-

Far East Iron Works Ltd.

Sumitomo Corporation (Hong Kong) Ltd.

Breach of Contract

HK$5,899,327

Dec. 1992

H9096

MIF Corporation (HK) Ltd.

Sumitomo Corporation (Hong Kong) Ltd. and other

Amount Due

HK$3,133,898
HK$1,000,000
HK$1,390,100

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.62

UK Pound

1

Rs.76.68

Euro

1

Rs.66.47

 

 

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%)

 

 

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.