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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
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Name : |
TERRATEC
LTD. |
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Formerly Known As : |
Tunnelling
Equipment Ltd. |
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Registered Office : |
Room 407, 4/F., Empire Centre, 68 Mody Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.12.2008 |
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Com. Reg. No.: |
50128365 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Machine Trader of Tunnel Boring Machines, Raise Boring Machines and other custom-made products for tunnelling and mining applications |
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No. of Employees : |
02 employees |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
TERRATEC LTD.
Room 407, 4/F., Empire Centre, 68 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 3169 3660
FAX: 3169 3661
E-MAIL: info@terratec.com.hk
Managing Director: Mr. Juan Parreno Fernandez
Incorporated on: 19th December, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$200,000.00
Issued: HK$200,000.00
Business Category: Machine Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 407, 4/F., Empire Centre, 68 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Terratec Group Inc., Cayman Island.
Associated
Companies:-
Terratec (India) Pvt. Ltd., India.
Terratec America Inc., Panama.
Terratec Asia Pacific Pty. Ltd., Australia.
50128365
1295661
Managing Director: Mr. Juan Parreno Fernandez
Contact Person: Ms. Vicky Wong
Nominal Share Capital: HK$200,000.00 (Divided into 200,000 shares of HK$1.00 each)
Issued Share Capital: HK$200,000.00
(As per registry
dated 19-12-2011)
|
Name |
|
No. of shares |
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Terratec Group Inc. Scotia Centre, 4/F., P. O. Box 2804, George Town, Grand Cayman KY1-1112, Cayman Island. |
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200,000 ====== |
(As per registry
dated 19-12-2011)
|
Name (Nationality) |
Address |
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Juan PARRENO FERNANDEZ |
Apartment #C1003, 8 Hung Luen Road, Hung Hom Bay, Kowloon, Hong Kong. |
(As per registry
dated 14-03-2012)
|
Name |
Address |
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LAU Pui Yee |
22/F., 6 Knutsford Terrace, Tsimshatsui, Kowloon, Hong Kong. |
The subject was incorporated on 19th December, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Tunnelling Equipment Ltd., name changed to the present style on 18th February, 2009.
Formerly the subject was located at 22/F., 6 Knutsford Terrace, Tsim Sha Tsui, Kowloon, Hong Kong, moved to the present address in June, 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Machine Trader.
Lines: Tunnel Boring Machines, Raise Boring Machines and other custom-made products for
tunnelling and mining applications.
Employees: 2.
Commodities Imported: Australia, etc.
Markets: Africa, Australasia, Central & South America, China, Eastern Europe, Hong Kong, Japan,
South Korea, Middle East, North America, Scandinavia, Southeast Asia, Taiwan, Western Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$200,000.00 (Divided into 200,000 shares of HK$1.00 each)
Issued Share Capital: HK$200,000.00
Indebtedness: JPY14,828,400.00 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 01-06-2012)
Mortgage or
Charge:-
Date of Deposit Deed: 11-12-2009
Amount: All moneys now or at any time in the future owing by the company
Property: By way of a first fixed charge & as a continuing security for the Obligations, the Company
charges and assigns absolutely all its rights, title to and interest in the Accounts & all Deposits from time to time in the Accounts and comprising the Accounts maintained with the Bank
Mortgagee: Citibank N.A., Hong Kong Branch.
Profit or Loss: Made a small profit in 2011.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 200,000 ordinary shares of HK$1.00 each, Terratec Ltd. is wholly owned by Terratec Group Inc. which is a Cayman Island-registered firm. The only director of the subject Juan Parreno Fernandez is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject in fact is an associated company of Terratec Asia Pacific Pty. Ltd. [TAPP] which is an Australia-based firm. Including the subject, TAPP and its associated companies form the Terratec Group [Terratec/Group].
Incorporated in 1990, Terratec is the world-renowned Australian designer and manufacturer of Tunnel Boring Machines, Raise Boring Machines and other custom-made products for tunnelling and mining applications.
Terratec’s main products are TBM, RBM, Conveyor Systems, others. It also offers customers with after-sales services.
Terratec has had an experienced engineering team. The team includes engineers with over 40 years experience in the design and manufacture of tunneling and mining machines who have also worked on some of the world’s largest underground projects.
Terratec’s products have been claimed to be well-known in the industry as “Robust, Durable and Safe”, basic principles which must prevail in the conception of any equipment made to work in the extreme conditions encountered underground. As a provider of Total Tunnelling Solutions, Terratec’s scope of work extends to include operation and maintenance of boring equipment during the execution of works as well as supply of ancillary equipment.
Today, Terratec is well placed to meet the growing global market. Now, Terratec has set up associated companies in the United States and India in order to penetrate the international market further.
The subject’s business in Hong Kong is chiefly handled by Juan Parreno Fernandez. The contact person Ms. Vicky Wong is the personal assistant of Juan Parreno Fernandez.
The main business territories of the subject are Hong Kong, China, Southeast Asia, etc.
As the history of the subject is just about four years in Hong Kong,
on the whole, consider it good for normal credit requirements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.32 |
|
UK Pound |
1 |
Rs.87.36 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.