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Report Date : |
04.09.2012 |
IDENTIFICATION DETAILS
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Name : |
HONG KONG BAOMIN TRADING LTD. |
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Registered Office : |
C/o HKRTP Ltd. MSH3647, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.01.02007 |
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Com. Reg. No.: |
37564435 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of Iron & steel, etc. |
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No. of Employees : |
Not Available |
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RATING & COMMENTS
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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 – March 31st, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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.
Source
: CIA
HONG KONG
BAOMIN TRADING LTD.
ADDRESS: c/o HKRTP Ltd.
MSH3647, Room 1007, 10/F., Ho King Centre, 2-16
Fa Yuen Street, Mongkok, Kowloon, Hong Kong.
PHONE: Not available
Managing Director: Mr. Xu Jiti
Incorporated on: 19th
January, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$3,500,000.00
Issued: HK$3,500,000.00
Business Category: Iron and Steel Trader.
Employees:
Nil.
Main Dealing Banker: BNP Paribas Singapore Branch, Singapore.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o HKRTP Ltd.
MSH3647, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok,
Kowloon, Hong Kong.
Associated Companies:-
Guangzhou Baomin Steel Materials Co. Ltd., China.
Hangzhou Baomin Iron & Steel Co. Ltd., China.
Jiangyin Baomin Materials Co. Ltd., China.
Liaoning Baomin Iron & Steel Co. Ltd., China.
Nanjing Baomin Steel Trading Co. Ltd., China.
Ningbo Baomin Iron & Steel Co. Ltd., China.
Shanghai Baomin Import & Export Co. Ltd., China.
Shanghai Baomin Industrial Co. Ltd., China.
Shanghai Baomin Iron & Steel Group Co. Ltd., China.
Tianjin Baomin Iron & Steel Trading Co. Ltd., China.
Wuhan Baomin Iron & Steel Trading Co. Ltd., China.
Wuxi Baomin Iron & Steel Co. Ltd., China.
etc.
37564435
1103461
Managing Director: Mr. Xu Jiti
Nominal Share Capital: HK$3,500,000.00 (Divided into 3,500,000 shares of
HK$1.00 each)
Issued Share Capital: HK$3,500,000.00
(As per registry dated 19-01-2012)
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Name |
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No. of shares |
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XU Jiti |
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3,500,000 ======= |
(As per registry dated 19-01-2012)
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Name (Nationality) |
Address |
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XU Jiti |
16F, No. 661 Xinhai Mansion, Yixian Road, Shanghai, China. |
(As per registry dated 19-01-2012)
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Name |
Address |
Co. No. |
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HKRTP Ltd. |
Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok,
Kowloon, Hong Kong. |
0663489 |
The subject was incorporated on 19th January, 2007 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: Importer
and Exporter.
Lines: Iron
& steel, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: China,
Japan, other Asian countries, Europe, North America, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$3,500,000.00 (Divided into 3,500,000 shares
of HK$1.00 each)
Issued Share Capital: HK$3,500,000.00
Mortgage or Charge (Since 2008): (See attachment)
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: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
BNP Paribas Singapore Branch, Singapore.
RB International Finance (Hong Kong)
Ltd., Hong Kong.
Standing:
Normal.
Having issued 3.5 million ordinary shares of HK$1.00 each, Hong Kong
Baomin Trading Ltd. is wholly owned by Mr. Joe Xu Jiti who is a China
merchant. He is a China passport holder
and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at MSH3647, Room 1007, 10/F., Ho King Centre, 2‑16
Fa Yuen Street, Mongkok, Kowloon, Hong Kong known as HKRTP 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. It is an iron and steel trader. It has got a main associated company in China
known as Shanghai Baomin Iron & Steel Group Co. Ltd. [Baomin/Group] which
is a China-based firm. Baomin was
established in 2006 in China.
The subject is a member of the Group.
Baomin is trading in hot rolled plate and cold rolled plate.
At present, Baomin is the agent of the following iron and steel mills in
China: Baoshan Iron & Steel Group, Shoudu Iron & Steel Group, Anshan
Iron & Steel Group, Ma Steel, Ningbo Iron & Steel, Benxi Iron &
Steel Group, Tangshan Iron & Steel Group, Taiyuan Iron & Steel Group,
Zhujiang Iron & Steel Group, Shagang, Liangang, Ninggang, Beitai Iron &
Steel Group, Baotou Iron & Steel, Wuhan Iron & Steel, etc.
The headquarters of Baomin are in Shanghai, China. Now it has set up over ten wholly-owned
subsidiaries in main cities of China such as Nanjing, Wuxi, Jiangyin, Hangzhou,
Ningbo, Wuhan, Guangzhou, Tianjin, Shenyang, Chongqing, Quanzhou, etc., apart
from the subject.
The total employees of the Group is about 360 persons in China. Annual sales turnover ranges from RMB6.0 to
6.2 billion Yuan. It sells over 1.2
million tonnes of iron and steel every year in average. Business is active and profitable.
The contact person of Baomin is also Mr. Xu Jiti.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five years and
seven months.
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.
(Since 2008)
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Date |
Particulars |
Amount |
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04-11-2008 |
Instrument: Trade Finance Security Assignment Property: 1. All the present and
future rights, title, interests and benefits of the Company in and to the following
assets:-(i) the Export Credits; (ii) the Export Collections Bills; (iii) the Sales Contracts; (iv) the
Invoice Receivables; (v) the Trade Documents; (vi) the Insurances; (vii)
all claims; (viii) the Goods together with their proceeds; and (ix) the
Charged Account and all monies 2. Pledges to the Bank
the Pledged Goods and the Trade Documents Mortgagee: RZB Austria Finance (Hong Kong)
Ltd. [Now known as RB International
Finance (Hong Kong) Ltd.] |
All obligations and liabilities of the Company owed to RZB Austria
Finance (Hong Kong) Ltd. |
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04-11-2008 |
Instrument: Letter of Pledge Property: Any documents, bills of exchange, negotiable instruments, documents of
title, transport documents, insurance policies, delivery orders, godown warrants
and any other documents which are now or may in the future be in the Bank’s
possession (“the Pledged Documents”) and the goods and produce to which the
Pledged Ducoments related which are now or may in the future be in the Bank’s
possession (“the Pledged Goods”). Mortgagee: RZB Austria Finance (Hong Kong)
Ltd. [Now known as RB International
Finance (Hong Kong) Ltd.] |
All obligations and liabilities nature owed by the Company to RZB
Austria Finance (Hong Kong) Ltd. |
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04-11-2008 |
Instrument: Third Party Charge Over Cash Deposits Property: All amounts deposited and all other moneys from time to time standing
to credit of or earned on any current, deposit or other account held by the
Company with the RZB Austria Finance (Hong Kong) Ltd. in Beijing or
elsewhere, including, without limitation, all moneys in the accounts together
with all amounts of interest accruing or accrued thereon. Mortgagee: RZB Austria Finance (Hong Kong)
Ltd. [Now known as RB International
Finance (Hong Kong) Ltd.] |
All monies and liabilities |
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19-03-2010 |
Instrument: Deed of Charge (the “Deed”) Property: As security for the due payment and discharge of the Secured Amounts,
the Company: (a) charges to the Bank by way of floating charge all its right,
title and interest in and to all Goods; (b) charges to the Bank by way of
first fixed charge all its right, title and interest in and to all Credit
Balances; (c) assigns to the Bank by way of first fixed security all Contract
Rights and the benefit of any Security Interest and securities for the time
being held by the Company in respect of any such Contract Rights. Mortgagee: BNP Paribas Singapore Branch |
All monies and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.45 |
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1 |
Rs.87.98 |
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Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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.