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Report Date : |
20.09.2012 |
IDENTIFICATION DETAILS
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Name : |
USR HONGKONG
LTD. |
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Registered Office : |
Room 1401, 14/F., World Commerce Centre, |
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Country : |
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Date of Incorporation : |
26.04.2006 |
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Com. Reg. No.: |
36691699 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Iron & Steel Trader of all kinds of iron and steel materials, chemicals, plastic, rubber, etc |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – 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 |
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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 |
USR HONGKONG
LTD.
c/o Orion House
Secretarial Ltd.
Room 1401, 14/F.,
World Commerce Centre, Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 2736 7372
FAX: 2736 8895
Managing
Director: Mr. Charles Vincent Kim
Incorporated on: 26th April, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Iron & Steel Trader.
Annual Turnover: US$39,908,330 (Year ended 31-03-2011)
Employees: Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
USR HONGKONG
LTD.
Registered
Office:-
c/o Orion House
Secretarial Ltd.
Room 1401, 14/F.,
World Commerce Centre, Harbour City, 7‑11 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Companies:-
Qingdao USR
International Trading Co. Ltd., China.
Qingdao Zhongshiyu
Inc., China.
36691699
1040671
Managing
Director: Mr. Charles Vincent Kim
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$100.00
(As per registry dated 26-04-2012)
|
Name |
|
No.
of shares |
|
Charles
Vincent KIM |
|
60 |
|
HOR Jung Jin |
|
40 |
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|
|
––– |
|
|
Total: |
100 === |
(As per registry dated 26-04-2012)
|
Name (Nationality) |
Address |
|
Charles Vincent
KIM |
Room 25 A3, Unit 2, Donghai Shijia, 41#
Dinghai West Road, Qingdao, China. |
(As per registry dated 26-04-2012)
|
Name |
Address |
Co.
No. |
|
Orion
House Secretarial Ltd. |
Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong. |
1296458 |
The
subject was incorporated on 26th April, 2006 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Iron & Steel Trader.
Lines: All kinds of iron and steel materials, chemicals, plastic, rubber, etc.
Employees: Nil.
Commodities Imported: China, Russia, other Asian countries, etc.
Markets: China, other Asian countries, etc.
Annual Turnover: US$ 5,790,440 (Year ended 31-03-2009)
US$34,008,014 (Year ended 31-03-2010)
US$39,908,330 (Year ended 31-03-2011)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Net Profit: US$ 29,046 (Year ended 31-03-2009)
US$ 82,179 (Year ended 31-03-2010)
US$113,356 (Year ended 31-03-2011)
Profit or Loss: Made small profits in the past three years.
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.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having
issued 100 ordinary shares of HK$1.00 each, USR Hongkong Ltd. is jointly owned
by Mr. Charles Vincent Kim, holding 60% interests; Mr. Hor Jung Jin, holding
40%. The first is a Canada passport
holder and 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 “Room
1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton Road, Tsimshatsui,
Kowloon, Hong Kong” known as “Orion House Secretarial 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 has had an associated company Qingdao USR International Trading Co.
Ltd. [Qingdao USR] which is in Qingdao City, Shandong Province, China.
The
subject and Qingdao USR are engaged in the same lines of business.
Qingdao
USR, an international trading firm, was established in 2004 with main activities
in steel, iron ore, steel scrap, coal, chemicals, plastic materials, rubber,
and other raw materials products.
Qingdao USR is an experienced trading company with close business
relationship with many overseas partners.
It
has had an associated company Qingdao Zhongshiyu Inc. which was founded in
2007. This firm is located in the Free
Trade Zone, Qingdao City, Shandong Province, China. It is engaged in raw materials importing,
transporting and warehousing.
For
the year ended 31st March, 2011, the sales of the subject amounted to US$39.9
million, grew by 17.4% as compared with US$34.0 million in FY 2010; net
profit for the year was US$113,356, grew by 37.9% as compared with US$82,179 in
FY 2010.
The
subject is fully supported by Qingdao USR.
History in Hong Kong is over 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 amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.25 |
|
|
1 |
Rs.88.14 |
|
Euro |
1 |
Rs.71.03 |
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.