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Report Date : |
27.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
C.
G. S. ( |
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Registered Office : |
Unit 01A, 15/F., Low Block, Grand Millennium Plaza, 181
Queen’s Road Central |
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Country : |
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Date of Incorporation : |
16.08.2004 |
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Com. Reg. No.: |
34831562 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Steel, strips, sheets, iron ore, etc. |
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No. of Employees : |
10 |
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 |
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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, 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 |
C. G. S.
(HONG KONG) CO.
LTD.
Unit 01A, 15/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road Central, Hong Kong.
PHONE: 2511 1698, 2167 8621
FAX: 2511 1813
Managing Director: Mr. Xu Jianyu
Incorporated on: 16th August, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Exporter and Wholesaler.
HSTC Group Turnover: RMB4,547,818,300.02 (Year ended 31-12-2011)
Employees: 10.
Main Dealing Banker: United Overseas Bank Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 01A, 15/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road Central, Hong Kong.
Holding Company:-
Hangzhou Cogeneration (Hong Kong) Co. Ltd., Hong Kong. (Same address)
Intermediate
Holding Company:-
Hangzhou Cogeneration Import & Export Co. Ltd. [HCIEC], China.
Penultimate
Holding Company:
Hangzhou Steam Turbine Co. Ltd. [HSTC], China.
Ultimate Holding
Company:-
Hangzhou Steam Turbine Power Group Co. Ltd., China.
Associated/Affiliated
Companies:-
HSTC
Group of Companies
Beijing Shengxin Cogeneration Steel Co. Ltd., China.
Brazil Cogeneration Steel Trading Co. Ltd., Brazil.
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 Group Equipment System 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.
Jiangsu Hanglian Goods & Material Co.
Ltd., China.
Ningbo Relian Iron & Steel Co. Ltd., China.
Shanghai Cogeneration Steel Trading Co. Ltd., China.
Singapore Cogeneration Steel Trading Co. Ltd., Singapore.
Suzhou Jushengtong Cogeneration
Import & Export Co. Ltd., China.
Tangshan Cogeneration 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.
34831562
0917124
Managing Director: Mr. Xu Jianyu
Contact Person: Ms. S. T. Chu
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry
dated 16-08-2011)
|
Name |
|
No. of shares |
|
Hangzhou Cogeneration (Hong Kong) Co. Ltd., Hong Kong. |
|
2,000,000 ======= |
(As per registry
dated 16-08-2011)
|
Name (Nationality) |
Address |
|
Xu Jian Yu |
Room 401, No. 62, Block 15, Xiahuinancun,
Shangchengqu, Hangzhou City, China. |
|
LU Yong Hong |
Room 206, Unit 10, Block 5, Weiyuanlong, Gongshu District, Hangzhou City, China. |
|
Yuan Wen Jiong |
Room 401, 2 Lianxinglidonghang, Dahuajiedao, Shantou City, Guangdong Province, China. |
(As per registry
dated )16-08-2011
|
Name |
Address |
Co.
No. |
|
Sky Well Consultants Ltd. |
Unit B, 17/F., Success Commercial Building, 245‑251 Hennessy Road, Wanchai, Hong Kong. |
0612124 |
The subject was incorporated on 16th August, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
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.
Activities: Importer, Exporter and Wholesaler.
Lines: Steel, strips, sheets, iron ore, etc.
Employees: 10.
Commodities Imported: India, other Asian countries, Europe, Americas, etc.
Markets: China, Japan, other Asian countries, etc.
HSTC Group Turnover: RMB3,319,171,377.40 (Year ended 31-12-2008)
RMB3,586,010,243.78 (Year ended 31-12-2009)
RMB4,276,205,308.54 (Year ended 31-12-2010)
RMB4,547,818,300.02 (Year ended 31-12-2011)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge
(since 2006): (See attachment)
HSTC Group Net
Profit Attributable to Shareholders:-
RMB573,649,026.96 (Year ended 31-12-2008)
RMB583,517,590.81 (Year ended 31-12-2009)
RMB680,184,677.22 (Year ended 31-12-2010)
RMB640,387,703.33 (Year ended 31-12-2011)
Profit or Loss: Business is profitable.
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:-
· United Overseas Bank Ltd., Hong Kong Branch.
ABN AMRO Bank N.V., Hong Kong Branch.
Standing: Normal.
C. G. S. (Hong Kong) Co. Ltd. is a wholly-owned subsidiary of Hangzhou Cogeneration (Hong Kong) Co. Ltd. [HCHK] which is a Hong Kong-registered firm located at the same operating address.
HCHK is a wholly-owned subsidiary of Hangzhou Cogeneration Import & Export Co. Ltd. [HCIEC] which is a China-based firm. In turn, HCIEC is a subsidiary of Hangzhou Steam Turbine Co. Ltd. [HSTC] which is a listed firm in Shenzhen Special Economic Zone, China. HSTC is 63.64%-owned by Hangzhou Steam Turbine Power Group Co. Ltd. [HSTPG], also a China-based firm.
The subject is an iron and steel trader. The subject exports its commodities to Africa, Australia, Central and South America, other Asian countries, Eastern and Western Europe, etc. Business is rather active. The manager of the subject Ms. S. T. Chu is a Hongkongnese.
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 China. It is also a public listed company in Shenzhen B Share Market. In 2006, its sale turnover was as high as RMB7 billion. 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 India, other Asian countries, Europe, South America, etc. Prime markets are China, Japan and other Asian countries. It is also responsible for acquiring commodities for HSTPG and HSTC.
Founded in October 1997 and with a registered capital of RMB100 million, 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 China. 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 2009, 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 opened up international market and brought about
extraordinary development in export business.
HCIEC’s steel products export business has extended to countries and
areas as Korea, Taiwan, Vietnam, Thailand, the Philippines, Singapore,
Indonesia, the Middle East, Australia, Europe, America etc. The import business is HCIEC’s traditional
core business. HCIEC now keeps frequent
business contacts with countries and areas around the world as Russia, Ukraine,
South Africa, Turkey, India, Brazil,
Europe, etc. Especially in 2005, HCIEC
opened up its import business of iron ore, mill scale, nickel ore and
established stable supply channels in India, Australia, Indonesia and South
America. HCIEC also has a significant share
in the domestic market, its main customers extend all over the provinces and
municipalities around China as Zhejiang, Shanghai, Jiangsu, Shandong, Tianjin,
Beijing, Sichuan, Guangdong, Fujian, etc. HCIEC’s outstanding
commercial reputation enables it to keep better business relationships with
many steel mills, distributors, and end users.
HCIEC has an outstanding competitive superiority in respect of capital strength and banking credit. Its credit facility has reached RMB620 million in Industrial & Commercial Bank of China, China Construction Bank, Agricultural Bank of China, China Merchants Bank, China Ever Bright Bank, China Minsheng Bank, Shanghai Pudong Development Bank, etc.
The credit facility of the subject is US$300 million in United Overseas Bank, De Nederlandsche Bank and Communication Bank of Hong Kong Special Administrative Region.
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 China’s domestic market and to overseas markets.
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
The directors of the subject are Mr. Xu Jianyu, Mr. Lu Yonghong and Mr. Yuan Wenjiong. All of them are also directors of HCHK.
The General Manager of HCIEC is Mr. Jiang Yuanqing, Deputy General Manager is Mr. Xu Jianyu, and Executive Vice Manager is Mr. Jiang Yuanshun.
In
2007, the sales of HCHK 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. However, no sales
turnover was issued in 2010.
For the year ended 31st December, 2011, the turnover of HSTC Group amounted to RMB4,547.8 million, net profit attributable to shareholder of HSTC was RMB640.4 million. Business was good in the year.
The subject is fully supported by HCHK and HCIEC.
On the whole, in view of the background and parentage of the subject, consider it good for normal business engagements.
(Since 2006)
|
Date |
Particulars |
Amount |
|
24-01-2006 |
Instrument: Assignment of
Letters of Credit Property: All the Borrower’s rights, title, interest and benefit in and to all
and any moneys now or at any time due or owing to the Borrower Mortgagee: United Overseas Bank
Ltd., Singapore. |
To secure
general banking facilities |
|
24-01-2006 |
Instrument: Charge Over Account
and Set-Off Property: All the Borrower’s rights, title and interest in and to the Account Mortgagee: United Overseas Bank
Ltd., Singapore. |
To secure
general banking facilities |
|
24-01-2006 |
Instrument: General Memorandum
of Pledge of Goods Property: All the Borrower’s rights, title and interest in and to the Merchandise Mortgagee: United Overseas Bank
Ltd., Singapore. |
To secure
general banking facilities |
|
16-03-2012 |
Instrument: Trade Finance
Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all Secured Liabilities Mortgagee: United Overseas Bank
Ltd., Singapore. |
All
obligations and liabilities |
|
28-03-2012 |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.57 |
|
UK Pound |
1 |
Rs.85.03 |
|
Euro |
1 |
Rs.69.56 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.