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Report Date : |
29.10.2012 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
c/o Hongkong
Managers & Secretaries Ltd., Room 3401-3402, 34/F., |
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Country : |
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Date of Incorporation : |
09.12.2006 |
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Com. Reg. No.: |
37455614 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Copper tubes, copper fittings, other copper or brass products, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 |
|
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 |
HONG KONG HAILIANG METAL TRADING LTD.
c/o Hongkong Managers & Secretaries Ltd.
Room 3401-3402, 34/F., AIA Tower, 183 Electric Road, North Point, Hong Kong.
PHONE: 3528 0290
FAX: 2887 2054
Managing Director: Mr. Chen Dong
Incorporated on: 9th December, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$233,220,000.00
Issued: HK$233,220,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Turnover: RMB11,877,884,365.59 (Year ended 31-12-2011)
Company Turnover: RMB5,902,284,100 (Year ended 31-12-2011)
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Fairly satisfactory.
Registered Head
Office:-
c/o Hongkong Managers & Secretaries Ltd.
Room 3401-3402, 34/F., AIA Tower, 183 Electric Road, North Point, Hong Kong.
Holding Company:-
Zhejiang Hailiang Co. Ltd., China.
Ultimate Holding
Company:-
Hailiang Group Co. Ltd., China.
Associated Companies:-
Hailiang Group (USA) Inc., USA.
Shanghai Hailiang Copper Co. Ltd., China.
Vietnam Hailiang Metal Products Manufacturing Co. Ltd., Vietnam.
Zhejiang Hailiang International Trade Co. Ltd., China.
etc.
37455614
1094229
Managing Director: Mr. Chen Dong
Nominal Share Capital: HK$233,220,000.00 (Divided into 233,220,000 shares of HK$1.00 each)
Issued Share Capital: HK$233,220,000.00
(As per registry
dated 09-12-2011)
|
Name |
|
No. of shares |
|
Zhejiang Hailiang Co. Ltd. Diankou, Zhuji, Zhejiang Province, China. |
|
233,220,000 ========= |
(As per registry
dated 09-12-2011)
|
Name (Nationality) |
Address |
|
CHEN Dong |
Diankou, Supply & Marketing Corporation, Zhuji, Zhejiang Province, China. |
(As per registry
dated 09-12-2011)
|
Name |
Address |
Co.
No. |
|
Hongkong Managers & Secretaries Ltd. |
Room 3401-3402, 34/F., AIA Tower, 183 Electric Road, North Point, Hong Kong. |
0020984 |
The subject was incorporated on 9th December, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered office was located at Room 1005, 10/F., Railway Plaza, 39 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, while its head office was located at Flat D, 15/F., Celeste Court, 12 Fung Fai Terrace, Happy Valley, Hong Kong, moved to the present address in June 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Copper tubes, copper fittings, other copper or brass products, etc.
Employees: Nil.
Commodities Imported: India, Europe, etc.
Markets: China, Japan, other Asian countries, Europe, etc.
Group Turnover: RMB 6,052,315,951.24 (Year ended 31-12-2009)
RMB 9,052,592,859.38 (Year ended 31-12-2010)
RMB11,877,884,365.59 (Year ended 31-12-2011)
Company Turnover: RMB5,902,284,100 (Year ended 31-12-2011)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$233,220,000.00 (Divided into 233,220,000 shares of HK$1.00 each)
Issued Share Capital: HK$233,220,000.00
Alternation of
Capital:-
|
09-12-2006 |
paid up |
HK$ 23,000,000.00 |
|
31-12-2008 |
paid up |
HK$ 210,220,000.00 |
|
|
|
–––––––––––––––––– |
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Total: |
paid up |
HK$ 233,220,000.00 ================ |
Increase of
Nominal Capital:-
|
From |
HK$23,000,000.00 |
to |
HK$233,220,000.00 |
on |
31-12-2008 |
Mortgage or Charge: (See attachment)
Group Net Profit: RMB175,420,550.96 (Year ended 31-12-2009)
RMB236,855,390.09 (Year ended 31-12-2010)
RMB229,374,812.24 (Year ended 31-12-2011)
Total Assets: RMB819,695,400 (As at 31-12-2011)
Net Assets: RMB183,664,800 (As at 31-12-2011)
Net Profit: RMB21,596,000 (Year ended 31-12-2011)
Profit or Loss: Group makes a small profit every year.
Condition: Group keeps in a satisfactory manner.
Facilities: Adequate for current running.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· China Construction Bank Corporation, Hong Kong Branch.
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
· Australia & New Zealand Banking Group Ltd., Hong Kong Branch.
Standing: Small.
Having issued 233,220,000 ordinary shares of HK$1.00 each, Hong Kong Hailiang Metal Trading Ltd. is a wholly owned subsidiary of Zhejiang Hailiang Co. Ltd. [Hailiang] which is a China-based firm. The only director of the subject Chen Dong is a China ID holder.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 3401-3402, 34/F., AIA Tower, 183 Electric Road, North Point, Hong Kong known as Hongkong Managers & Secretaries Ltd. which is handling its correspondences and documents. Hongkong Managers & Secretaries Ltd. is also the corporate secretary of the subject. The subject has no employees in Hong Kong.
The Hailiang Group is controlled by Mr. Chen Dong who is also the director of the subject. He is currently residing in Zhuji City, Zhejiang Province, China.
The subject’s parent Hailiang is one of the largest manufacturers for copper and copper alloy products such as copper tube, brass tube, copper fittings, brass fittings, copper alloy tube, copper water tube, insulated copper tubes and plastic-coated copper tubes, brass rods, etc. The annual production capacity of Hailiang is over 180,000 tons. It has got the ISO 9001 certification and also the certifications approved for different products in different markets such as NSF, UPC, WHI and KITEMARK, SAI, SGS, SABS, C-TPAT, etc. Hailiang’s products are able to satisfy the requirements of various customers. One of Hailiang’s US customers is Abco Metals Inc. Hailiang’s products are usually shipped by Shanghai Hailiang Copper Co. Ltd. Currently, Hailiang Group has over 4,500 employees in China. Including the employees in the other countries, the Group has about 11,872 persons.
Hailiang deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Hailiang also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
For the year ended 31st December, 2011, the turnover of the subject amounted to RMB5,902.3 million and net profit was RMB21.6 million.
For the year ended 31st December, 2011, the turnover of the Group amounted to RMB11,877.9 million and net profit was RMB229.4 million. Profit margin was low in the year.
The subject’s business in Hong Kong is not very active. History in Hong Kong is just about six years.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements in small credit amount or on secured basis.
|
Date |
Particulars |
Amount |
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01-12-2008 |
Instrument: Charge Over Account Property: As beneficial owner, hereby charges by way of first fixed charge and assigns and releases to the Bank all the Chargor’s interest and benefit in, and rights and title to, all the deposits, funds and interests from time to time standing to the credit of the Account Mortgagee: China Construction Bank Corporation, Hong Kong Branch. |
The Charge is a continuing security for the due and punctual payment or discharge of all moneys, obligations and liabilities |
|
31-05-2011 |
Instrument: Agreement for Pledge of Receivables Property: The creditor’s rights to receivables enjoyed at present or in the future by the Customer against Debtor(s) of Receivables under the Underlying Transaction; the Receivables should be direct into the receipt account. Transaction between Hong Kong Hailiang Metal Trading Ltd. and the following Debtors of Receivables: 1. 99 Fitting, LLC, USA. 2. A.Y. Mcdonald Mfg. Co., USA. 3. Admiralty Industries, Corp., USA. 4. All Metal Sales, Inc., USA. 5. All States Distributors Inc., USA. 6. American Industrial Heat Transfer, Inc., USA. 7. Arrow Fabricated Tubing, Ltd., USA. 8. Blueridge, USA. 9. Bramec Corp., USA. 10. Carrier corporation, USA. etc. Mortgagee: HSBC Bank (China) Co. Ltd., |
(i) all monies and liabilities in any currency owing by the Customer to the Bank at any time; (ii) interest on such monies; and (iii) all expenses of the Bank |
|
30-08-2011 |
Instrument: Agreement for Pledge of Receivables Property: The creditor’s rights to receivables enjoyed at present or in the future by the Customer against Debtor(s) of Receivables under the Underlying Transaction; the Receivables should be direct into the receipt account. Transaction between Hong Kong Hailiang Metal Trading Ltd. and the following Debtors of Receivables: 1. Airedale Int Air Condition Ltd., UK. 2. Alcobre S.A., Spain. 3. Cb Supplies Ltd., Canada. 4. FJ-Tomo Corporation, Taiwan. 5. International Co for A/C & Electric Appliance Industries, Egypt. 6. Vianney Industries, Inc., USA. 7. Poongsan Corporation, Korea. 8. Taiwan Hitachi Co. Ltd., Taiwna. 9. J.W. Harris Co. Inc., USA. 10. Ultimate Parts Co. Ltd., Thailand. etc. Mortgagee: HSBC Bank (China) Co. Ltd., |
(i) all monies and liabilities in any currency owing by the Customer to the Bank at any time; (ii) interest on such monies; and (iii) all expenses of the Bank |
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21-02-2012 |
Instrument: Agreement for Pledge of Receivables Property: The creditor’s rights to receivables enjoyed at present or in the future by the Customer against Debtor(s) of Receivables under the Underlying Transaction; the Receivables should be direct into the receipt account. Transaction between Hong Kong Hailiang Metal Trading Ltd. and the following Debtors of Receivables: 1. Yoowon Electronics Co. Ltd., Thailand. 2. SNC Pyongsan Evolution Co. Ltd., Thailand. 3. Dunham-Bush Industries Sdn Bhd, Malaysia. 4. Frimetal S.A., Roasrio Argentina. 5. C.T.I. Compania Tecno Industrial S.A., Chile. 6. Cem S.A., Chile. 7. Electrolux Home Products Italy Spa, Italy. 8. Onninen Oy, Finland. Mortgagee: HSBC Bank (China) Co. Ltd., |
(i) all monies and liabilities in any currency owing by the Customer to the Bank at any time; (ii) interest on such monies; and (iii) all expenses of the Bank |
|
25-07-2012 |
Instrument: Agreement for Pledge of Receivables Property: The creditor’s rights to receivables enjoyed at present or in the future by the Customer against Debtor(s) of Receivables under the Underlying Transaction; the Receivables should be direct into the receipt account. Transaction between Hong Kong Hailiang Metal Trading Ltd. and the following Debtors of Receivables: 1. Sheng Tai Brassware (Thailand) Co. Ltd., Thailand. 2. Everwell Parts. Inc., USA. 3. American Coil, USA. 4. Aerofin Corporation, USA. 5. Oemtube Assemblies, USA. 6. Dievo Distribuicao E Comercio S/A, Brazil. 7. Industrias Jorvan S.A., Colombia. 8. Conbraco Industries, Inc., USA. 9. Mastertec Holdings Ltd., Hong Kong. 10. hyssenkrupp Materials Ca, Ltd., Canada. etc. Mortgagee: HSBC Bank (China) Co. Ltd., |
(i) all monies and liabilities in any currency owing by the Customer to the Bank at any time; (ii) interest on such monies; and (iii) all expenses of the Bank |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.63 |
|
UK Pound |
1 |
Rs.86.18 |
|
Euro |
1 |
Rs.69.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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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 |
|
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 |
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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 |
|
---- |
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.