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Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
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Name : |
MASSIVE
COMMODITIES LTD. |
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Registered Office : |
c/o SBC Corporate Services Ltd. Room D, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.02.2012 |
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Com. Reg. No.: |
59462405 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of carbon products, etc. |
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No. of Employees : |
Not available |
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 – 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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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 |
MASSIVE COMMODITIES LTD.
c/o SBC Corporate Services Ltd.
Room D, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 2507 7219
FAX: 2507 7225
Managing Director: Mr. Yang Guang
Incorporated on: 28th February, 2012.
Organization: Private Limited Company.
Capital: Nominal: US$1,000,000.00
Issued: US$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o SBC Corporate Services Ltd.
Room D, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
Associated
Company:-
Sinosteel Jilin Carbon Co. Ltd., China.
Shanghai Carbon Co. Ltd., China.
59462405
1710822
Managing Director: Mr. Yang Guang
Nominal Share Capital: US$1,000,000.00 (Divided into 1,000,000 shares of US$1.00 each)
Issued Share Capital: US$1,000,000.00
(As per registry
dated 28-02-2013)
|
Name |
|
No.
of shares |
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YANG Guang |
|
1,000,000 ======= |
(As per registry
dated 28-02-2013)
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Name (Nationality) |
Address |
|
YANG Guang |
Room 202, No. 292, Lane 99,
Wan Ding Road, Min Hang District, Shanghai, China. |
(As per registry
dated 28-02-2013)
|
Name |
Address |
Co.
No. |
|
SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong
Road, Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
The subject was incorporated on 28th February, 2012 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, Exporter and Wholesaler.
Lines: All kinds of carbon products, etc.
Employees: Nil.
Commodities Imported: China, etc.
Markets: Asian countries, Europe, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: US$1,000,000.00 (Divided into 1,000,000 shares of US$1.00 each)
Issued Share Capital: US$1,000,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Unknown
Commercial Morality: Satisfactory
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 1 million ordinary shares of US$1.00 each, Massive Commodities Ltd. is wholly owned by Mr. Yang Guang 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 “Room D, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong” known as “SBC Corporate Services 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 trading in all kinds of carbon products.
It has had the
following two associated companies:-
· Sinosteel Jilin Carbon Co. Ltd. [SJC], China.
· Shanghai Carbon Co. Ltd. [SCC], China.
SJC is a listed firm in China. Its associated company is SCC which is located at 4221 Longwu Road, Minhang District, Shanghai, China. The legal representative is Mr. Yang Guang. The registered capital of SCC was RMB73.6934 million Yuan. SCC is a state-owned enterprise.
SJC is a China-based company primarily engaged in manufacture and sale of carbon products. The Company’s main products are graphite electrodes, including common graphite electrodes, high power graphite electrodes and ultra-high power graphite electrodes, as well as graphite anodes, graphite blocks, graphite bricks for blasts, carbon blocks, pastes and carbon fibre products, among others, which are applied for metallurgy, machinery, electronics, medicals and new materials, among others. It distributes its products in both domestic and overseas markets. During the year ended 31st December, 2012, the Company produced approximately 104,826 metric tons of carbon products.
For the nine months ended 30th September 2012, SJC’s revenues decreased 10% to RMB1.16 billion Yuan. Net loss totalled RMB102.4 million Yuan vs. income of RMB4.8 million Yuan . Revenues reflect a decrease in demand for the Company’s products and services due to unfavourable market conditions. Net loss reflects Finance Expenses increase of 10% to RMB67million Yuan (expense), Investment income increase from RMB630,000 Yuan (income) to RMB1.9 million Yuan (expense).
The subject’s business in Hong Kong is not active. History in Hong Kong is 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.53.94 |
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UK Pound |
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
---- |
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.