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Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
|
Name : |
BAOSTEEL
STS H.K. LTD. |
|
|
|
|
Registered Office : |
Room 909, 9/F., Wayson Commercial Building, 28 Connaught
Road West, Sheung Wan |
|
|
|
|
Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
24.02.2011 |
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|
|
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Com. Reg. No.: |
53810866 |
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|
|
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Legal Form : |
Private Limited Company |
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Line of Business : |
Stainless Steel Material Trader all kinds of stainless steel materials, etc |
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|
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong |
|
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 – 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 |
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. Source : CIA |
BAOSTEEL STS
H.K. LTD.
c/o
Esmond W. T. Leung & Co.
Room 909,
9/F., Wayson Commercial Building, 28 Connaught Road West, Sheung Wan, Hong
Kong.
PHONE: 2850 6311
FAX: 2850 4140
E-MAIL: sysop@wtleungco.com
Managing
Director: Mr. Xu Chaoming
Incorporated on: 24th February, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Stainless Steel Material Trader.
Employees: Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
BAOSTEEL STS
H.K. LTD.
Registered Office:-
c/o
Esmond W. T. Leung & Co.
Room
909, 9/F., Wayson Commercial Building, 28 Connaught Road West, Sheung Wan, Hong
Kong.
53810866
1565128
Managing
Director: Mr. Xu Chaoming
Nominal
Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued
Share Capital: HK$10,000.00
(As per registry dated 24-02-2012)
|
Name |
|
No. of shares |
|
XU Chaoming |
|
4,500 |
|
WEN Xiaoping |
|
4,500 |
|
LIANG Lixin |
|
1,000 |
|
|
|
––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated 24-02-2012)
|
Name (Nationality) |
Address |
|
WEN
Xiaoping |
Room 31-32G, Zhong Xing Court,
Chong Yin Garden, Fu Tian Division, Shenzhen SEZ, China. |
|
XU
Chaoming |
Room 31-32G, Zhong Xing Court,
Chong Yin Garden, Fu Tian Division, Shenzhen SEZ, China. |
(As per registry dated 24-02-2012)
|
Name |
Address |
Co. No. |
|
W.H.S Consultants Ltd. |
Room 907, 9/F., Wayson Commercial Building,
28 Connaught Road West, Sheung Wan, Hong Kong. |
0873536 |
The subject was incorporated on 24th February, 2011 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.
Activities: Stainless Steel Material Trader.
Lines: All kinds of stainless steel materials, etc.
Employees: Nil.
Commodities Imported: China, etc.
Markets: China, Japan, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
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: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Too early to comment
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Baosteel STS
H.K. Ltd. is jointly owned by Mr. Xu Chaoming, holding 45% interests; Ms. Wen
Xiaoping, also holding 45%; Ms. Liang Lixin, 10%. All are China merchants and currently
residing in China while the former two are also directors of the subject. They are China passport holders and do not
have the right to reside in Hong Kong permanently. Xu and Wen seem to be a couple.
The subject does not have its own operating office. Its registered office is in an accountant
firm located at “Room 909, 9/F., Wayson Commercial Building, 28 Connaught Road
West, Sheung Wan, Hong Kong” known as “Esmond W. T. Leung & Co.” which is
handling its correspondences and documents.
Your given phone and fax number 2850 6311 and 2850 4140 respectively
belong to Esmond W. T. Leung & Co.
The subject has no employees in Hong Kong. It is trading in stainless steel
products. Most of the commodities are
sourced from China iron & steel mills.
Shanghai Baoshan Iron & Steel Co., Ltd. [Baoshan] is one of its main
suppliers. Baoshan belongs to Shanghai
Baosteel Iron & Steel Group [Baosteel].
The shareholders of the subject are not the managing personnel of
Baosteel Group.
The subject is also not a subsidiary company of the Baosteel
Group.
All the stainless steel materials are marketed in China and
exported to the other Asian countries.
Business is till under development.
The registered address of the directors is in a residential
building in Shenzhen Special Economic Zone, China.
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 L/C
basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.45 |
|
|
1 |
Rs.87.98 |
|
Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.