MIRA INFORM REPORT

 

 

Report Date :           

10.01.2012

 

IDENTIFICATION DETAILS

 

Name :

GORING  RARE  EARTH  CORPORATION  LTD.

 

 

Registered Office :

c/o Gangfeng Group (HK) Ltd., Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

14.12.2010

 

 

Com. Reg. No.:

53454767

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer and Exporter of Neodymium, praseodymium, dysprosium, terbium, samarium, etc.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company 

 

 

Payment Behaviour :

Unknown

 

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

GORING  RARE  EARTH  CORPORATION  LTD.

 

 

Company ADDRESS

 

c/o Gangfeng Group (HK) Ltd.

Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.

PHONE:            2710 8200

FAX:                 3909 8233

 

Note:   

Your given address 9/F., 126 Harbour Road, Wanchai, Hong Kong does not exist as there is no such a number 126 in Harbour Road, Wanchai, Hong Kong.

 

Your given phone number 852-3050 1025 and fax number 852‑3050 6925 belong to the representative, a Mr. Zhang, of the subject in Hong Kong.

 

 

MANAGEMENT

 

Managing Director:  Mr. Gao Long

 

 

SUMMARY

 

Incorporated on:             14th December, 2010.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10,000.00

 

Business Category:        Rare Earth Trader.

 

Employees:                   Nil.  (Hong Kong)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

c/o Gangfeng Group (HK) Ltd.

Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.

 

Associated Companies:-

Chifeng Tianjiao Rare Earth Co. Ltd., China.

 

Liaoning Goring Rare Earth Corporation Ltd.

 

Hongde New Technology Development Co. Ltd., Ganzhou, Jiangxi Province, China

[Tel: 86-797-2199793;  Fax: 86-799-8122879]

 

Tianjin Creation Ferro Alloy Manufacture Ltd., China.

 

 

BUSINESS REGISTRATION NUMBER

 

53454767

 

 

COMPANY FILE NUMBER

 

1540122

 

 

MANAGEMENT

 

Managing Director:  Mr. Gao Long

 

CAPITAL

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10,000.00

 

SHAREHOLDER

(As per registry dated 14-12-2011)

 

Name

 

No. of shares

GAO Long

 

10,000

=====

 

 

DIRECTOR    

(As per registry dated 14-12-2011)

 

Name

(Nationality)

 

Address

GAO Long

3 Huangling Xitun, Sheungling Village, Ronghuashan Town, Zhuanghe City, Liaoning Province, China.

 

 

SECRETARY

(As per registry dated 14-12-2011)

 

Name

Address

Co. No.

Gangfeng Group (HK) Ltd.

Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong.

1037856

 

 

HISTORY

 

The subject was incorporated on 14th December, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.

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

 

 

OPERATIONS

 

Activities:                      Importer and Exporter.

 

Lines:                           Neodymium, praseodymium, dysprosium, terbium, samarium, etc.

 

Employees:                   Nil.  (Hong Kong)

60.  (China)

 

Commodities Imported:   China, etc.

 

Markets:                       Japan, India, Europe, North America, etc.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               As per contracted.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10,000.00

 

Profit or Loss:                Keeping a balance account in Hong Kong.

 

Condition:                      Business is not active in Hong Kong.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Unknown

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                       Small.

 

 

GENERAL

 

Having issued 10,000 ordinary shares of HK$1.00 each, Goring Rare Earth Corporation Ltd. is wholly owned by Mr. Gao Long who is a China merchant.  He is a China ID holder and does not have the right to reside in Hong Kong permanently.  He is also the only director of the subject.  Currently, he is residing in Zhuanghe City, Liaoning Province, China.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at Room 1318-1320, 13/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon, Hong Kong known as Gangfeng Group (HK) Ltd. which is handling its correspondences and documents.  This firm is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

Your given address 9/F., 126 Harbour Road, Wanchai, Hong Kong does not exist as there is no such a number 126 in Harbour Road, Wanchai, Hong Kong.  As per your given phone number 852-3050 1025 we can reach the representative of the subject who is a Mr. Zhang.  The phone number and fax number 852-3050 6925 belong to the residence of Zhang.  However, he declined to disclose his residential address.  Zhang is also a China merchant.

According to Zhang, the subject has had two associated companies in China, namely, Liaoning Goring Rare Earth Corporation Ltd. [Liaoning Goring] and Hongde New Technology Development Co. Ltd. [Hongde].  The former is in Liaoning Province while the latter is in Jiangxi Province, China.  The contact person of Hongde is Ms. Liu Jing.

Liaoning Goring’s factories in China are able to process individual Rare Earth oxides to a purity of 99.9999% for high-tech Rare Earth doped performance materials.  With patents and special technical know-how on Electrolytic and Vacuum smelting furnaces, the factories produce 99% to 99.999% purity of individual Rare Earth metals and Rare Earth alloys, including Neodymium, Praseodymium, Dysprosium, Terbium and Samarium for Rare Earth magnets, high purity Europium, Yttrium and Gadolinium for super-alloys, Lanthanum‑Rich Mischmetal for NiMH batteries, distilled Terbium and Gadolinium for magnetostrictive materials.

Since Jiangxi Province is China’s main rare earth production base, Hongde was set up in the vicinity of the rare earth product suppliers in Ganzhou City, Jiangxi Province.

According to Mr. Zhang, he is able to arrange factories visits under the requisition of his customers.

The products of Liaoning Goring and Hongde have been exported to Japan, India, Europe, North America, etc.  Overall business is good.

The subject’s business in Hong Kong is not active.  History in Hong Kong is just over a year.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.73

UK Pound

1

Rs.81.34

Euro

1

Rs.67.01

 

 

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

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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%)

 

 

 

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