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Report Date : |
20.12.2013 |
IDENTIFICATION DETAILS
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Name : |
YE-STEEL TRADING CO. LTD. |
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Registered Office : |
c/o Hong Kong Daiyan Registrations Ltd. Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.09.2008 |
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Com. Reg. No.: |
39751935 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of iron and steel products |
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No. of Employees : |
No Employees in Hong Kong It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there. |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
YE-STEEL TRADING CO.
LTD.
ADDRESS: c/o Hong Kong Daiyan Registrations Ltd.
Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong Kong.
PHONE: 852-3645 8129
FAX: 852-3645 8092
Managing Director: Mr. Wang Shuli
Incorporated on: 4th September, 2008.
Organization: Private Limited Company.
Capital: Nominal:HK$7,800,000.00
Issued: HK$10,000.00
Business Category: Iron and Steel Trader.
Employees: Nil.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Hong Kong Daiyan Registrations Ltd.
Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong Kong.
Holding Company:-
Beijing YE-Steel Trading Co. Ltd., China.
Associated/Affiliated
Companies:-
Dalian Bread Talk Food & Beveerage Management Co. Ltd., China.
Everrich AG, Switzerland.
Everrich America LLC, USA.
Everrich Global Resource Co. Ltd., Hong Kong.
Everrich International Investment Ltd., Hong Kong. [Dissolved]
Everrich Investment Holdings Co. Ltd., Hong Kong.
Everrich Shanghai Co. Ltd., China.
Jinan Easteel Co. Ltd., China.
Shanghai Easteel Industrial Co. Ltd., China.
Shanghai Shunye Iron & Steel Group Co. Ltd., China.
Steelvision International Trading Co. Ltd., China.
Tianjin Bengang-Longshine Steel Processing Co. Ltd., China.
Tianjin Hengshun Logistics Co. Ltd., China.
Zhejiang Fortune Import & Export Trading Co. Ltd., China.
39751935
1270362
Managing Director: Mr. Wang Shuli
Nominal Share Capital: HK$7,800,000.00 (Divided into 7,800,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER: (As per registry dated 04-09-2013)
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Name |
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No. of shares |
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Beijing YE-Steel Trading Co. Ltd. Room 1802, No. 55 Building, Dong Sanhuan Middle Road, Chaoyang District, Beijing, China. |
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10,000 ===== |
DIRECTORS: (As per registry dated 04-09-2013)
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Name (Nationality) |
Address |
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XIA Hongwei |
Room 201, 29 Lane 4633, Dushi Road, Minhang District, Shanghai, China. |
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WANG Shuli |
8 Shuichang Village, Malanzhuang Town, Qian’an City, Hebei Province, China. |
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ZHANG Hai |
35 Liuguanying Village, Malanzhuang Town, Qian’an City, Hebei Province, China. |
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XI Jinsong |
Room 702, 1 Lane 315, Wudong Road, Yangpu District, Shanghai, China. |
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CUI Qingyuan |
201, Agricultural Bank Family Building, Qian’an Town, Qian’an City, Hebei Province, China. |
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DUAN Yingqi |
Room 201, 16 Lane 308, Yushan Road, Pudong New District, Shanghai, China. |
SECRETARY: (As per registry dated 04-9-2013)
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Name |
Address |
Co. No. |
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Hong Kong Daiyan Registrations Ltd. |
Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong Kong. |
952329 |
The subject was incorporated on 4th September, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at “Room 1613, 16/F., Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong” where was the operating address of an account firm known as T. N. Lui & Co. The subject moved to the present address in March 2013 as it has changed its commercial service provider.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of iron and steel products.
Employees: Nil.
Commodities Imported: China, India, Russia, etc.
Markets: China and the other foreign countries.
Terms/Sales: As per contracted.
Terms/Buying: On various terms.
Nominal Share Capital: HK$7,800,000.00 (Divided into 7,800,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (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 contracted.
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank (Hong Kong) Ltd., Hong Kong.
Standard Bank Plc, United Kingdom.
United Overseas Bank Ltd., Hong Kong Branch.
Standing: Small.
YE-Steel Trading Co. Ltd. is a wholly-owned subsidiary of Beijing YE-Steel Trading Co. Ltd. [Beijing YE-Steel] which is a China-based firm.
The subject does not have its own operating office. Its registered office is in a secretarial firm located at Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong Kong known as Hong Kong Daiyan Registrations Ltd. which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
All the directors of the subject are China ID Cards holders and currently residing in China.
Beijing YE-Steel is a member of Shanghai Shunye Iron & Steel Group Co. Ltd. which is a Shanghai-based firm.
The subject has had a significant steel company in Shanghai is known as Shanghai Easteel Industrial Co. Ltd.
Beijing YE-Steel is an importer of iron and steel from abroad and markets the products in China, so does the subject. At present, Beijing YE-Steel has set up offices in Beijing and Guangzhou, besides the subject.
Beijing YE-Steel was established in September 2007 in Beijing. As a joint venture company between Qianan Yangang (Yanshan Iron & Steel Co. Ltd.) and Everrich, it focuses on the domestic sales of Yangang’s products. In 2008, it sold 320,000 metric tons of iron and steel in the first year.
Beijing YE-Steel is trading in HR strip, billet, slab, wire rod, debar, round bar, steel pipe, H beam, channel, iron ore, blind coal, etc.
Everrich is an affiliate of Shanghai Easteel Industrial Co. Ltd. [Shanghai Easteel] which focuses on the export of flat steel products. It has successively built strategic partnership with Benxi Iron & Steel Co. Ltd. [Benxi Steel], Tangshan Iron & Steel Co. Ltd. [Tangang] and Baoshan Iron & Steel Co. Ltd. [Baogang]. In 2008, it exported 720,000 metric tons of iron and steel to worldwide countries.
The subject has had an affiliated company Everrich Global Resource Co. Ltd. in Hong Kong.
Shanghai Easteel is specialized in domestic and international trading business for China iron and steel products. As a member of Shanghai Shunye Iron & Steel Group, Shanghai Easteel has already established business ties with two large scaled steel enterprises in China (Yangang and Yongyang Steel). With stable purchase channel, Shanghai Easteel has become a major trading partner with over 20 steel enterprises and has expanded business ties with many end users all over the world.
Shanghai Easteel has traded almost 3,000,000 metric tons of steel trading in less than three years. It also has set up several overseas and local wholly owned subsidiaries, joint ventures and offices.
In 2008, with good understanding of the Chinese steel industry and good ability for taking opportunity, Shanghai Easteel has established a joint venture of coil centres with Benxi Steel in Tianjin.
In the year 2009, Shanghai Easteel made investments in Dalian BreadTalk F&B Management Co., Ltd.
It is likely that Shanghai Easteel or Beijing YE-Steel deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. These two companies also export commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The business of Beijing Ye-Steel is chiefly handled by Ms. Xia Hongwei who is also a director of the subject while the business of Shanghai Easteel is handled by Mr. Duan Yingqi, etc.
The subject’s business in Hong Kong is not very active.
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.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
|
Date |
Particulars |
Amount |
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09-07-2009 |
Instrument: Charge on Cash Deposit to secure Liabilities of the Depositor Property: 1) By way of first fixed charge and agreement to charge: the Deposit and all right, title and interest of the Company 2) By way of set-off: any sum standing to the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
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30-09-2010 |
Instrument: Trade Finance Security Deed Property: The company as beneficial owner and as security for the payment of all secured liabilities A) Assigns and agrees to assign absolutely to the Bank all the present and future rights title, interest and benefits of the company in and to the following assets:- 1) The Export Credit; 2) The Export Collection Bills; 3) The Contracts; 4) The Invoice Receivables; 5) The Trade Documents; 6) The Insurances; and 7) All claims, remedies and proceeds in connection with any of the foregoing; B) Charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interest and benefits of the company in and to the following assets:- 1) The goods together with their proceeds; and 2) The Charged account and all monies at any time standing to the credit of the charged account, including all interest from time to time accrued or accruing on such monies C) Pledges and agrees to pledge to the Bank the pledged goods and the trade documents which are at the date of the deed or may thereafter be in the Bank’s possession Mortgagee: Standard Bank Plc, 20 Gresham Strreet, London EC2V 7JE |
All obligations and liabilities |
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02-11-2010 |
Instrument: Charge Over Account and Set-Off Property: All the company’s rights, title and interest in and to the account Mortgagee: United Overseas Bank Ltd. 80 Raffles Place, UOB Plaza, Singapore 048624 |
To secure general banking facilities granted to the company |
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02-11-2010 |
Instrument: Addendum to charge over account and Set‑Off Property: The addendum, as an integral part of the charge undertaking, varies the charge undertaking in terms of the deposits in the account being differentiated and identified as being protected or not protected by or under the scheme and the guarantee and such variation shall come to effect from the date of the charge undertaking until the expiry date. From the date immediately following the expiry date, the payment of compensation fro your deposits with respect to the protection limit pursuant to the protection level following the principles of the scheme shall remain applicable, as and wherever appropriate Mortgagee: United Overseas Bank Ltd. 80 Raffles Place, UOB Plaza, Singapore 048624 |
To secure general banking facilities granted to the company |
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02-11-2010 |
Instrument: General Memorandum of Pledge of Goods Property: All the company’s rights, title and interest in and to the Merchandise Mortgagee: United Overseas Bank Ltd., 80 Raffles Place, UOB Plaza, Singapore 048624 |
To secure general banking facilities granted to the company |
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02-11-2010 |
Instrument: Assignment of Letters of Credit Property: All the company’s right, title, interest and benefit in and to all and any moneys now or at any time due or owing to the company under or in connection with each of the export credits and all other rights and benefits whatsoever accruing now or at any time to the company thereunder or in connection therewith upon the terms set out in the assignment of letters of credit Mortgagee: United Overseas Bank Ltd., 80 Raffles Place, UOB Plaza, Singapore 048624 |
To secure general banking facilities granted to the company |
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24-04-2012 |
Instrument: Trade Finance Security assignment Property: The Borrower as beneficial owner and as security for the payment of all secured liabilities:- A) Assigns and agrees to assign absolutely to the bank all the present and future rights, title, interest and benefits of the borrower in and to the following assets:- 1) The Export Credit; 2) The Export Collection Bills; 3) The Sales Contracts; 4) The Export Invoice Receivables; 5) The Insurances; 6) The Trade Documents; and 7) All claims, remedies and proceeds in connection with any of the foregoing B) Charges and agrees to charge to the bank by way of first charge all the present and future rights, title, interest and benefits of the borrower in and to the following assets: 1) The Goods together with their proceeds; 2) The Pledged goods; 3) The Deposit; 4) To the extent any security assets is not effectively assigned under sub-clause, such security asset; and C) Pledges and agrees to pledge to the bank the pledged goods and the trade documents which are now or may in the future be in the future be in the possession of the Bank Mortgagee: United Overseas Bank Ltd., 80 Raffles Place, UOB Plaza, Singapore 048624 |
All obligations & liabilities of whatever nature of the borrower owed to the bank at any time |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
|
|
1 |
Rs.102.15 |
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Euro |
1 |
Rs.85.29 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
|
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 |
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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 |
|
<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.