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Report Date : |
23.04.2013 |
IDENTIFICATION DETAILS
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Name : |
KING STEEL METAL CO. LTD. |
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Registered Office : |
C/o Hongkong King & Kirin Business Ltd. Room 905, 9/F., Workingberg Commercial Building, 41-47 Marble Road |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.07.2008. |
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Com. Reg. No.: |
39596048 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer and trader all kinds of metal tube manufacturing machinery and equipment, iron & steel 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 (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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
KING STEEL
METAL CO. LTD.
Address: c/o Hongkong
King & Kirin Business Ltd.
Room 905,
9/F., Workingberg Commercial Building,
41-47
Marble Road,
Hong Kong.
(Formerly located at:
Flat B, 6/F., TEDA Building,
87 Wing Lok Street,
Sheung Wan, Hong Kong.)
PHONE: 2811 3620
FAX: 2811 3621
Managing Director: Mr. Ye Zhi
Yong
Incorporated on: 24th
July, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Metal tube manufacturing machinery and equipment manufacturer
and trader.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Hongkong King & Kirin Business Ltd.
Room 905, 9/F., Workingberg Commercial Building, 41-47 Marble Road, Hong
Kong.
Associated Companies:-
Foshan Kingsteel Metal Co. Ltd., China.
Foshan Yuancheng Machinery Manufacture Co. Ltd., China.
39596048
1259334
Managing Director: Mr. Ye Zhi
Yong
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,00.000
(As per registry dated 24-07-2012)
|
Name |
|
No. of shares |
|
YE Zhi Yong |
|
10,000 ===== |
(As per registry dated 24-07-2012)
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Name (Nationality) |
Address |
|
YE Zhi Yong |
Room 801, No 234, Jinbi Er Street, South Industrial Road, Haizhu
District, Guangzhou City, Guangdong Province, China. |
(As per registry dated 24-07-2012)
|
Name |
Address |
Co. No. |
|
Hongkong King & Kirin Business Ltd. |
Room 905, 9/F., Workingberg Commercial Building, 41-47 Marble Road,
Hong Kong. |
0996994 |
The subject was incorporated on 24th July, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Flat B,
6/F., TEDA Building, 87 Wing Lok Street, Sheung Wan, Hong Kong, moved to the
present address in July 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Metal
tube manufacturing machinery and equipment manufacturer and trader.
Lines: All
kinds of metal tube manufacturing machinery and equipment, iron & steel
products, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: Japan,
other Asian countries, Europe, 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$10,00.000
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.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, King Steel Metal
Co., Ltd. is wholly owned by Mr. YE Zhi Yong who is a China merchant. He is a China ID 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 905, 9/F., Workingberg Commercial Building, 41-47
Marble Road, Hong Kong” known as “Hongkong King & Kirin Business 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 in Foshan
City, Guangdong Province, China known as Foshan Kingsteel Metal Co. Ltd. [FKM],
a China-based firm. The contact person
of FKM is also Ye Zhi Yong.
FKM is founded in 1999 and located at Shishan Town, Nanhai, Foshan City,
Guangdong Province, China. It is a
large-sized enterprise professionally‑manufacturing stainless steel
products. It has over 1,000 employees
and 100 of them are technicians. FKM
owns modern factory buildings and office building and covers an area of 30,000
sq.m.
In recent years, FKM has been exporting its products to the
international market. FKM has 3
manufacturing plants in Guangdong Province, one produces stainless steel
machines, the other produces stainless steel coils, sheets and pipes, the third
factory produces stainless steel ornaments.
In order to maintain the technical leadership of the products, FKM has
cooperated with the US Huiji Group, the US ANC Group, Showy International of
Singapore and other world famous companies, and jointly developed products with
South China University of Technology, Northwest Polytechnical University,
Beijing Research Institute of Nonferrous Metals and other famous universities
and research institutes in China as well as Xiangfan Sen’an Pipelines Sci-tech
Company, based on military technology. Our company is the director unit of
“China Pipe and Pipelines Expert Committee” of the Construction Ministry of
China and “Special Committee of China’s Science & Technology Center”.
FKM has got ISO9001:2000 International Certification. Its stainless steel products have been widely
sold to Europe, America, the Middle East, Southeast Asia and the other
countries.
The subject has had another associated firm in China known as Foshan
Yuancheng Machinery Manufacture Co. Ltd.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four years.
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.54.16 |
|
|
1 |
Rs.82.45 |
|
Euro |
1 |
Rs.70.70 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
-- |
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.