MIRA INFORM REPORT

 

 

Report Date :           

12.04.2012

 

IDENTIFICATION DETAILS

 

Name :

CRM  (HONG  KONG)  HOLDINGS  LTD.

 

 

Formerly Known As :

Union Park Co. Ltd

 

 

Registered Office :

Room 601-602, 6/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

25.03.1993

 

 

Com. Reg. No.:

16750396

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer, Exporter and Wholesaler of Iron and steel, diesel oil, railways, iron ore, metals and mineral products, coke, etc.

 

 

No. of Employees :

15.  (Including associates)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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, 2012

 

Country Name

Previous Rating

                   (31.12.2011)                  

Current Rating

(31.03.2012)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

CRM  (HONG  KONG)  HOLDINGS  LTD.

 

 

Company ADDRESS

 

Room 601-602, 6/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.

PHONE:            Not available

FAX:                 Not available

E-MAIL:            crm_hk@126.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Li Ming

 

 

SUMMARY

 

Incorporated on:             25th March, 1993.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$1,070,800,000.00

Issued:              HK$1,070,800,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   15.  (Including associates)

 

Main Dealing Banker:     Bank of China (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:           Good.

Company ADDRESS

 

Registered Head Office:-

Room 601-602, 6/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.

 

Holding Company:-

China Railway Materials Commercial Co. Ltd., China.

 

Associated Companies:-

·         China Railway Materials (Australia) Pty. Ltd., Australia.

·         China Railway Materials Beijing Co., China.

·         China Railway Materials Chengdu Co., China.

·         China Railway Materials Co. Ltd., China.

·         China Railway Materials Co. Ltd., Hong Kong.  (Same address)

·         China Railway Materials Development Holding Co. Ltd., China.

·         China Railway Materials Guangzhou Co., China.

·         China Railway Materials Harbin Co., China.

·         China Railway Materials Import & Export Co. Ltd., China.

·         China Railway Materials Shanghai Co., China.

·         China Railway Materials Shenyang Co., China.

·         China Railway Materials Tianjin Co., China.

·         China Railway Materials Trading Co. Ltd., China.

·         China Railway Materials Wuhan Co., China.

·         China Railway Materials Xi’an Co., China.

·         China Railway Modern Logistics Technology Co. Ltd., China.

·         China Railways Leasing Co. Ltd., China.

·         CRM (Hong Kong) Trading Ltd., Hong Kong.  (Same address)

·         CRM Beijing Taibo Real Estate Co. Ltd., China.

·         CRM Chaohu Railway Cement Factory, China.

·         CRM Coal Marketing Co., China.

·         CRM Harbin Logistics Center, China.

·         CRM Pingdingshan Concrete Sleepers Factory, China.

·         CRM Tianjin Oil Storage Center, China.

·         CRM Wuhan Wood Presentation Factory, China.

·         CRM Yingtan Wood Presentation Factory, China.

·         Liuzhou Logistics Park, China.

·         PetroChina & CRM Oil Marketing Co. Ltd., China.

·         Shenzhen Sunray (Group) Co. Ltd., China.

·         SINOPEC & CRM Oil Marketing Co. Ltd., China.

·         Transgoods America Inc., USA., etc.

 

 

BUSINESS REGISTRATION NUMBER

 

16750396

 

COMPANY FILE NUMBER

 

0412564

 

 

MANAGEMENT

 

Managing Director:  Mr. Li Ming

 

 

CAPITAL

 

Nominal Share Capital:               HK$1,070,800,000.00 (Divided into 970,800,100 Ordinary shares and

99,999,900 Non-voting Deferred shares of HK$1.00 each)

 

Issued Share Capital:                 HK$1,070,800,000.00

 

 

SHAREHOLDER

(As per registry dated 25-03-2011)

 

Name

 

No. of shares

 

 


Ordinary

Non-voting Deferred

China Railway Materials Commercial Co. Ltd.

168 West Railway Station Road (South), Fengtai District, Beijing, China.

 

970,800,100

=========

99,999,900

========

 

 

DIRECTORS

(As per registry dated 27-09-2011)

 

Name

(Nationality)

 

Address

LI Ming

Room 808, 1 Dongjing Street, Guangzhou, Guangdong Province, China.

 

ZHENG Lie

Room 601-602, 6/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.

 

YANG Xiao Yan

Room 601-602, 6/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.

 

SECRETARY

(As per registry dated 25-03-2011)

 

Name

Address

Co. No.

VMC Secretaries Ltd.

Room 1617-1618, 16/F., Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.

0750831

 

 

HISTORY

 

The subject was incorporated on 25th March, 1993 as a private limited liability company under the Hong Kong Companies Ordinance.

Originally the subject was registered under the name of Union Park Co. Ltd., name changed to the present style on 8th April, 2011.

Formerly the subject was located at Room 210, 2/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room 601-602, 6/F. of the same building with effect from 20th October, 2011.

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

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Iron and steel, diesel oil, railways, iron ore, metals and mineral products, coke, etc.

 

Employees:                   15.  (Including associates)

 

Commodities Imported:   Asian countries, Europe, etc.

 

Markets:                       China, other Asian countries, etc.

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               Various terms.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$1,070,800,000.00 (Divided into 970,800,100 Ordinary shares and 99,999,900 Non-

voting Deferred shares of HK$1.00 each)

 

Issued Share Capital:                 HK$1,070,800,000.00

 

Mortgage or Charge (since 2009): (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:-

·         Bank of China (Hong Kong) Ltd., Hong Kong.

·         UBS AG, Hong Kong Branch.

·         China Development Bank Corporation, Hong Kong Branch.

 

Standing:  Good.

 

 

GENERAL

 

CRM (Hong Kong) Holdings Ltd. is a subsidiary company of China Railway Materials Commercial Co. Ltd. [CRM] which is a China-based firm.

CRM is a large-scale China government-owned enterprise, focusing on integrated services to the railway industry and integrated services to the supply chain of steel business.  CRM’s nation-wide marketing and logistics network has led to its leading position in the supply of railway materials, also making it the largest integrated service provider for steel trading business and one of China’s largest exporters of railway products.  Headquartered in Beijing, CRM has expanded with overseas branches and offices in the United States, Australia, Hong Kong and Sierra Leone.

CRM has been restructured from the former China Railway Materials Commercial Corporation, with the approval by the State-owned Assets Supervision & Administration Commission of the State Council [SASAC].

In 2010, CRM’s sales revenue reached RMB154.1 billion Yuan, ranking the 430th among the World Top 500 Enterprises, the 58th among China’s Top 500 Enterprises, the 1st among China’s Top 100 Steel Traders and the 1st in the service industry of logistics, warehousing, transportation and distribution.

Appointed by the Ministry of Railways [MOR], CRM is the supplier of rails for MOR’s railway overhauling, maintenance, and construction, and provides quality monitoring and after sales services.

CRM has built four quality monitoring posts in Anshan Iron & Steel Group Corporation, Baotou Iron & Steel (Group) Co. Ltd., Panzhihua Iron & Steel Group and Wuhan Iron and Steel (Group) Co., which are entrusted by the Ministry of Railways to supervise the production process and to detect flaws so as to guarantee the quality of rails. CRM also has ability of coordinating with the four plants and 11 welded-rail sites.

CRM has supplied rails for all important railway construction, such as Beijing-Tianjin Dedicated Passenger Line, Wuhan-Guangzhou Dedicated Passenger Line, Beijing-Shanghai High Speed Railway etc., establishing good partnership with customers.

There are several store bases for providing rail storage and distribution service to customers as well as railway line supporting equipment supply service.  In recent years, CRM has supplied about 30 million tons of rails both home-made and imported, among which imported rails amounted to over 1 million tons.  In 2009, CRM supplied nearly 2 million tons of rails.

In 2009, a joint venture between CRM and Baogang Group-Baogang & CRM Track Co. Ltd. was set up to build rail welding line on which welded rail can be produced as long as 500 meters.  With an annual capacity of 400,000 tons of rail, the plant is expected to go into production in 2010.  That will be the first rail welding line located in rail plant.

Supported by rail, wheel, materials for manufacturing loco and rolling stock and other railway materials business, CRM has great cooperative relationship with many large domestic steel groups.  At present, CRM has built strategic alliances and partnership with Anshan Iron & Steel Group Corporation, Wuhan Iron & Steel Group, Baotou Iron & Steel (Group) Co. Ltd., Panzhihua Iron & Steel Group, MaSteel Group and Shougang Group.

CRM is the biggest provider of rail, wheel and H style steels.  CRM’s products variety covers as large as railway materials billet and advance steel products, which make great contributions on China’s railway construction and many significant projects like Beijing Olympics Stadiums, Reconstruction of Beijing Railway Station and Beijing West Railway Station, China National Theatre, Capital Museum, CCTV’s new building and China Millennium Monument.

CRM has professional salespersons for steels.  Its sales branches cover more than 30 major cities and key steel markets in China.  CRM has nearly 1,000 professional steel sales persons who have professional market research ability and quick response ability, ensuring that CRM can provide customers integration solution including procurement, transportation, storage, processing and distribution.  In 2009, CRM sold 15.88 million tons of steels.

The subject is engaged in the same lines of business as CRM.

Currently, CRM has over 9,300 persons.  The annual sales turnover of CRM ranges from RMB155 to 160 billion Yuan.  Business is profitable.

The subject is fully supported by CRM.  History in Hong Kong is over nineteen years.

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

MORTGAGE OR CHARGE

(Since 2009)

 

Date

Particulars

Amount

07-05-2010

Instrument:      Memorandum of Charge

Property:

All the Company’s present and future rights, title and interest in and to and pledges the Charged Assets

Mortgagee:      UBS AG, Switzerland.

The Secured Indebtedness

30-12-2010

Instrument:      A Deed of Security over Shares

Property:

The Chargor charges as beneficial owner in favour of the Lender, as security for the payment and discharge of the Secured Obligations, by way of continuing first fixed charge, all of the Chargor’s right, title and interest

Mortgagee:      China Development Bank Corporation, China.

All obligations

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.55

UK Pound

1

Rs.81.95

Euro

1

Rs.67.57

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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