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Report Date : |
19.08.2013 |
IDENTIFICATION DETAILS
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Name : |
SINOWAY INTERNATIONAL HOLDINGS LTD. |
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Registered Office : |
Unit 1402-1403, 14/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.01.2001 |
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Com. Reg. No.: |
31636044 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Carbon, petroleum coke, fertilizer, sulphur, coal, etc. |
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No. of Employees : |
10. (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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
SINOWAY INTERNATIONAL
HOLDINGS LTD.
ADDRESS: Unit 1402-1403, 14/F., Lippo
Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2736 3936
FAX: 852-2736 2899
E-MAIL: service@sinowaypetro.com
Managing Director: Mr. Liu Tao
Incorporated on: 15th
January, 2001.
Organization: Private
Limited Company.
Capital: Nominal: HK$100,000,000.00
Issued: HK$100,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
10. (Including associates)
Main Dealing Banker: ING Bank N.V., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 1402-1403, 14/F., Lippo Sun Plaza, 28
Canton Road, Tsimshatsui, Kowloon, Hong Kong.
China & Overseas Offices:
Beijing:
Suite 1505, Building A, Nanxincang Business
Tower, 22 Dongsishitiao, Dongcheng District, 100007 Beijing, China.
[Tel: (86-10) 8405 7598 Fax: (86-10) 6505 8550]
Nanjing:
Suite D701, 98 Longpan road, .210042 Nanjing
City, Jiangsu Province, China.
[Tel: (86-25) 51860438; (86-25) 85420732
Fax: (86-25) 51860436]
Canada:
190 Wildwood Trail, Mississauga, Ontario,
Canada L4Z 3V3
[Tel: (905) 568-3928 Fax: (905) 568-8932]
United States
Tel:001- 4083684800
Associated Companies:-
Sinoway Carbon Energy Holdings Ltd., Hong Kong.
Sinoway International Management Ltd., Hong Kong.
31636044
0744435
Managing Director: Mr. Liu Tao
Contact Person: Mr. Alan Chui
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$100,000,000.00
(As per registry dated 15-01-2013)
|
Name |
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No. of shares |
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LIU Tao |
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100,000,000 ========= |
(As per registry dated 15-01-2013)
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Name (Nationality) |
Address |
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LIU Tao |
Suite 1505, Nanxincang International Tower, 22 Dongsishitiao,
Dongcheng District, Beijing, China 100007. |
(As per registry dated 15-01-2013)
|
Name |
Address |
Co. No. |
|
YSB (Secretaries) Ltd. |
Units B & C, 16/F., Eton Building, 288 Des Voeux Road Central,
Hong Kong. |
0108564 |
The subject was incorporated on 15th January, 2001 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: Carbon,
petroleum coke, fertilizer, sulphur, coal, etc.
Employees: 10. (Including associates)
Commodities Imported: India, other Asian countries, etc.
Markets: China,
other Asian countries, Europe, North America, etc.
Terms/Sales: CAD, L/C, T/T,
etc.
Terms/Buying: L/C, Advanced
T/T, etc.
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$100,000,000.00
Mortgage or Charge (since August 2010): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities: Making rather active use of general banking
facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
ING Bank N.V., Hong Kong Branch.
RB International Finance (Hong Kong)
Ltd., Hong Kong.
Standing:
Normal.
Having issued 100 million ordinary shares of HK$1.00 each, Sinoway
International Holdings Ltd. is wholly owned by Mr. Liu Tao 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. Currently Liu Tao is residing in Beijing,
China.
The subject has had China offices in Beijing and Nanjing, Jiangsu
Province, China. Its overseas offices
are in Canada and the United States.
The subject has been developing business relationship with worldwide
partners and has become one of leading suppliers on petroleum coke and calcined
petroleum coke. Besides, the subject is
also trading in other products including Fertilizer, Sulphur, and Coal.
Concerning petroleum coke, the subject acts as one of the major traders
dealing in Chinese sources petroleum coke for export into the Middle East, East
Asia and North America. Meanwhile, it is
importing anode graded and fuel graded petroleum coke to China and third
countries.
Concerning calcined petroleum coke, it is a king of main raw material of
anode for smelter industry. The subject
has supplied the major western aluminium smelters with this type of
product. In the early 2010, the subject
set up a calciner with 560 kt/a capacity in Shandong Province, China. The first phase, with a 280 kt/a capacity,
was completed in the first quarter of 2013.
The subject imported the first shipment of High Sulfur Petcoke and
supplied to Chinese market in the second half of 2001. In 2002 and 2003, it supplied around 250,000
MT petroleum coke to Chinese market. Now
it is acting as the leading supplier to supply Chinese petroleum coke to
worldwide customers and US petroleum coke to China and third countries.
The subject is engaged in the fertilizer business in both China and the
main international markets.
Sulphur is converted into sulphuric acid and consumed for a number of
chemical and industrial applications.
These applications include the leaching of ores, the production of
agricultural chemicals, the production of plastics and synthetic rubber, the
processing of pulp and paper, and the production of general chemicals.
The subject also trades in bituminous coal and coking coal and the
related products.
Besides, the subject has been engaged in importing and exporting varies
kinds of oils and bulk chemicals, like aromatics, olefins, etc. from China and
wholesale of base oil in China for more than 10 years.
The subject has had the following two associated companies located at
the same address:-
Sinoway Carbon Energy Holdings Ltd. [SCE]
Sinoway International Management Ltd. [SIM]
Mr Alan Chui is the Chief Operating Officer of the subject and Executive
Director of SCE which is a leading player in the Chinese petroleum coke
business. Chui has over 25 years of
senior management and entrepreneurial experience in trading, manufacturing,
banking, venture capital, FMCG, e‑Commerce and IT industries in Hong
Kong, Toronto, Shanghai, Beijing and Singapore.
For the past few years, he has devoted his time and effort to his Alma
Mater serving as the President of the HK PolyU MBA Alumni Association and Board
Member of the Federation of the Hong Kong Polytechnic University Alumni
Association for two consecutive terms.
Chui also sits on the committee of the School-Company-Parent Program
initiated by the Young Entrepreneurs Development Council in 2003 in Hong Kong.
Chui holds an MBA with distinction from the Hong Kong Polytechnic
University, completed the Private Equity and Venture Capital Executive Training
by Harvard Business School and is a fellow member of the Hong Kong Institute of
Directors.
The business of the subject is active.
It made good profits in the some of the past years.
As the history of the subject is over twelve years in Hong Kong, on
the whole, consider it good for normal business engagements.
(Since August 2010)
|
Date |
Particulars |
Amount |
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30-07-2010 |
Instrument: First 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 Raiffeisen Zentralbank Oessterreich AG 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 moneys & liabilities whatsoever which now are or at any time
hereafter may be due, owing or payable, in any currency, to the RZB Austria
Finance (Hong Kong) Ltd. by the company |
|
08-11-2010 |
Instrument: Letter of Pledge Property: A pledge upon all negotiable instruments and upon all produce and
goods and all bills of lading, warrants, delivery orders, wharfingers or other
warehouse keepers certificates or receipts and upon all documents of title
whatsoever and the produce and goods to which the same relate Mortgagee: ING Bank N.V., Hong Kong Branch. |
All monies |
|
01-12-2011 |
Instrument: Deed of Charge and Assignment of
Receivables Property: The Assignor executes and delivers this Deed in favour of the
Assignees as security for the payment of the Secured Amounts and the
performance and discharge of all undertakings, covenants, terms and
conditions on the part of the Assignor under or in connection with the
Facilities or this Deed Mortgagee: ING Bank N.V., Hong Kong Branch. |
All monies |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.82 |
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|
1 |
Rs.96.57 |
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Euro |
1 |
Rs.82.45 |
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 |
-- |
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.