|
Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
C. G. S. (HONG KONG) CO. LTD. |
|
|
|
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Registered Office : |
Unit 01A, 15/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.08.2004 |
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Com. Reg. No.: |
34831562 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Steel, strips, sheets, iron ore,
etc |
|
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No. of Employees : |
10 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
|
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) |
|
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 |
C. G. S. (HONG KONG) CO. LTD.
Unit 01A, 15/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road
Central, Hong Kong.
PHONE: 2511 1698, 2167 8621
FAX: 2511 1813
Managing Director: Mr. Xu Jianyu
Incorporated on: 16th August, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
HSTC Group Turnover: RMB4,547,818,300.02 Yuan
(Year ended 31-12-2011)
Employees: 10.
Main Dealing Banker: United
Overseas Bank Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
C. G. S.
(HONG KONG) CO. LTD.
Registered Head
Office:-
Unit 01A, 15/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road
Central, Hong Kong.
Holding Company:-
Hangzhou Cogeneration (Hong Kong) Co. Ltd., Hong Kong. (Same address)
Intermediate
Holding Company:-
Hangzhou Cogeneration Import & Export Co. Ltd. [HCIEC], China.
Penultimate
Holding Company:
Hangzhou Steam Turbine Co. Ltd. [HSTC], China.
Ultimate Holding
Company:-
Hangzhou Steam Turbine Power Group Co. Ltd., China.
Associated/Affiliated
Companies:-
HSTC Group of Companies
Beijing Shengxin Cogeneration Steel Co. Ltd., China.
Brazil Cogeneration Steel Trading Co. Ltd., Brazil.
Guizhou Zhongcheng Concrete Co. Ltd., China.
Hangzhou Bohai Iron & Steel Co. Ltd., China.
Hangzhou Chinen Steam Turbine Power Co. Ltd., China.
Hangzhou Dongfeng Shipbuilding Co. Ltd., China.
Hangzhou Energy-Saving Technologies & Design Institute Ltd., China.
Hangzhou Guoneng Steam Turbine Engineering Co. Ltd., China.
Hangzhou Hangfa Electrical Equipment Co. Ltd., China.
Hangzhou Kaineng Forge Co. Ltd., China.
Hangzhou Nanhua Wood Packing Co. Ltd., China.
Hangzhou Pangtong Electronic Equipment Co. Ltd., China.
Hangzhou Steam Turbine Auxiliary Machine Co. Ltd., China.
Hangzhou Steam Turbine Casting Co. Ltd., China.
Hangzhou Steam Turbine Environmental Engineering Co. Ltd., China.
Hangzhou Steam Turbine Group Equipment System Engineering Co. Ltd.,
China.
Hangzhou Steam Turbine Machinery & Equipment Co. Ltd., China.
Hangzhou Steam Turbine Power Group Packaged Project Engineering Co.
Ltd., China.
Hangzhou Steam Turbine Power Sales Co. Ltd., China.
Hangzhou Tongneng Turbine Machinery Co. Ltd., China.
Hangzhou Zhongneng Steam Turbine Power Co. Ltd., China.
Jiangsu Hanglian Goods & Material Co.
Ltd., China.
Ningbo Relian Iron & Steel Co. Ltd., China.
Shanghai Cogeneration Steel Trading Co. Ltd., China.
Singapore Cogeneration Steel Trading Co. Ltd., Singapore.
Suzhou Jushengtong Cogeneration
Import & Export Co. Ltd., China.
Tangshan Cogeneration Steel Trading Co. Ltd., China.
Tianjin Relian Coated Steel Co. Ltd., China.
Zhangjiagang Bonede Area Relian Iron & Steel Co. Ltd., China.
Zhejiang Hanglian Iron & Steel Co. Ltd., China.
Zhejiang Huayuan Steam Turbine Machinery Co. Ltd., China.
Zhejiang Steam Turbine Packaged Technology Development Co. Ltd., China.
Zhejiang Turbine Import & Export Co. Ltd., China.
etc.
34831562
0917124
Managing Director: Mr. Xu Jianyu
Contact Person: Ms. S. T. Chu
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry dated 16-08-2012)
|
Name |
|
No. of shares |
|
Hangzhou Cogeneration (Hong Kong) Co. Ltd., Hong Kong. |
|
2,000,000 ======= |
(As per registry dated 30-08-2012)
|
Name (Nationality) |
Address |
|
Xu Jian Yu |
Room 401, No. 62, Block 15, Xiahuinancun, Shangchengqu, Hangzhou City,
China. |
|
LU Yong Hong |
Room 206, Unit 10, Block 5, Weiyuanlong, Gongshu District, Hangzhou
City, China. |
|
Yuan Wen Jiong |
Room 401, 2 Lianxinglidonghang, Dahuajiedao, Shantou City, Guangdong
Province, China. |
(As per registry dated 16-08-2012)
|
Name |
Address |
Co. No. |
|
Sky Well Consultants Ltd. |
Unit B, 17/F., Success Commercial Building, 245‑251 Hennessy Road, Wanchai, Hong Kong. |
0612124 |
The subject was incorporated on 16th August, 2004 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 6509, 65/F., The Center,
99 Queen’s Road Central, Hong Kong, moved to Unit 13, 19/F., COSCO Tower,
Grand Millennium Plaza, 183 Queen’s Road Central, Hong Kong in December 2007;
and further to the present address with effect from 1st September, 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Steel,
strips, sheets, iron ore, etc.
Employees: 10.
Commodities Imported: India, other
Asian countries, Europe, Americas, etc.
Markets: China,
Japan, other Asian countries, etc.
HSTC Group Turnover:
RMB3,319,171,377.40 Yuan (Year ended 31-12-2008)
RMB3,586,010,243.78 Yuan (Year ended 31-12-2009)
RMB4,276,205,308.54 Yuan (Year ended 31-12-2010)
RMB4,547,818,300.02 Yuan (Year ended 31-12-2011)
RMB3,291,713,228.11 Yuan (9 months ended 30-09-2012)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$2,000,000.00
(Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge (since 2006): (See attachment)
HSTC Group Net Profit Attributable to Shareholders:-
RMB573,649,026.96 Yuan (Year
ended 31-12-2008)
RMB583,517,590.81 Yuan (Year
ended 31-12-2009)
RMB680,184,677.22 Yuan (Year
ended 31-12-2010)
RMB640,387,703.33 Yuan (Year
ended 31-12-2011)
RMB509,077,227.18 Yuan (9 months
ended 30-09-2012)
Profit or Loss: Business
is lucrative.
Condition: Keeping in an active
condition.
Facilities: Is
making use of general banking facilities.
Payment: Met as agreed.
Commercial Morality:
Satisfactory.
Bankers:- United Overseas
Bank Ltd., Hong Kong Branch.
ABN AMRO Bank N.V., Hong Kong Branch.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Good.
C. G. S. (Hong Kong) Co. Ltd. is a wholly-owned subsidiary of Hangzhou
Cogeneration (Hong Kong) Co. Ltd. [HCHK] which is a Hong Kong-registered firm
located at the same operating address.
HCHK is a wholly-owned subsidiary of Hangzhou Cogeneration Import &
Export Co. Ltd. [HCIEC] which is a China-based firm. In turn, HCIEC is a subsidiary of Hangzhou
Steam Turbine Co. Ltd. [HSTC] which is a listed firm in Shenzhen Special
Economic Zone, China. HSTC is
63.64%-owned by Hangzhou Steam Turbine Power Group Co. Ltd. [HSTPG], also a
China-based firm.
The subject is an iron and steel trader.
The subject exports its commodities to Africa, Australia, Central and
South America, other Asian countries, Eastern and Western Europe, etc. Business is rather active. The manager of the subject Ms. S. T. Chu is a
Hongkongnese.
Since 1988, HSTPG has ranked the top three in the integrated benefit
indexes in the same trade domestically.
In 2005, it was listed in the top 500 enterprises in China. It is also a public listed company in
Shenzhen B Share Market. HSTPG is
controlled by Hangzhou State-owned Assets Administrative Committee which is a
government organization belongs to the Hangzhou City Government.
The subject is trading in iron and steel, steel strips, steel sheets,
iron ore, etc. Commodities are imported
from India, other Asian countries, Europe, South America, etc. Prime markets are China, Japan and other
Asian countries. It is also responsible
for acquiring commodities for HSTPG and HSTC.
Founded in October 1997 and with a registered capital of RMB100 million
Yuan, HCIEC is a state-owned holding company under the jurisdiction of
HSTPG. Since 1988, HSTPG has ranked the
top three in the integrated benefit indexes in the same trade domestically; in
2005, it was listed in the top 500 enterprises in China. HCIEC is trading in iron and steel raw
materials, semi-finished products and finished products. Now its main business includes three main
parts: exporting, importing and domestic trading.
HCIEC’s steel products export business has extended to countries and areas
as Korea, Taiwan, Vietnam, Thailand, the Philippines, Singapore, Indonesia, the
Middle East, Australia, Europe, America etc.
The import business is HCIEC’s traditional core business. HCIEC now keeps frequent business contacts
with countries and areas around the world as Russia, Ukraine, South Africa,
Turkey, India, Brazil, Europe, etc.
Especially in 2005, HCIEC opened up its import business of iron ore,
mill scale, nickel ore and established stable supply channels in India,
Australia, Indonesia and South America.
HCIEC also has a significant share in the domestic market, its main
customers extend all over the provinces and municipalities around China as
Zhejiang, Shanghai, Jiangsu, Shandong, Tianjin, Beijing, Sichuan, Guangdong,
Fujian, etc. HCIEC’s outstanding
commercial reputation enables it to keep better business relationships with
many steel mills, distributors, and end users.
In 2011, HCIEC sold 18 million ton in volume. Its sales turnover reached RMB40,700 million
Yuan and the net profit achieved was RMB604 million Yuan, which increased by
69.6% and 43.35% respectively. Up to
September 2012, HCIEC sold 13.7 million ton and sales turnover reached
RMB30,413 million Yuan, which increased by 12% and 8% respectively as compared
with the same period of previous year.
In 2004, HCIEC was conferred the title of one of the Top 100 Hangzhou
Municipal Enterprises Taxpayer. From
2004 to 2007, HCIEC had got the ‘Gold Dragon Award’ of Import and Export Trade
Company by the government of Hangzhou.
In 2006, HCIEC was conferred by the government of Zhejiang Province the
title as one of the ‘Top Law-abiding and Credit Import and Export
Enterprises’. In 2011 and 2012, HCIEC
ranked the 4th in the top 100 steel trade enterprises and among top 500 foreign
trade enterprises in China in 2012.
HCIEC has an outstanding competitive superiority in respect of capital
strength and banking credit. Its credit
facility has reached RMB16,800 million Yuan in Industrial & Commercial Bank
of China, China Construction Bank, Agricultural Bank of China, China Merchants
Bank, China Ever Bright Bank, China Minsheng Bank, Shanghai Pudong Development
Bank, etc.
The credit facility of the subject is US$1,800 million in United
Overseas Bank, De Nederlandsche Bank and Communication Bank of Hong Kong
Special Administrative Region.
HSTC is principally engaged in the design, manufacture and sale of
industrial steam turbines and related auxiliaries and components. This company offers its products under two
categories: industrial steam turbines and power-generating steam turbines,
which are used in the fields of petroleum, chemical industry, electricity
power, metallurgy, construction material and light textile. HSTC’s impulse turbines include condensing
turbines, extraction condensing turbines and backpressure turbines, while its
reaction turbines include condensing turbines, extraction condensing turbines,
multi-stage backpressure turbines and extraction backpressure turbines. It distributes its products within China’s
domestic market and to overseas markets.
HCIEC has set up the following main departments:-
The directors of the subject are Mr. Xu Jianyu, Mr. Lu Yonghong and
Mr. Yuan Wenjiong. All of them are
also directors of HCHK.
The General Manager of HCIEC is Mr. Jiang Yuanqing, Deputy General
Manager is Mr. Xu Jianyu, and Executive Vice Manager is Mr. Jiang Yuanshun.
For the year ended 31st December, 2011, the turnover of HSTC Group
amounted to RMB4,547.8 million Yuan, net profit attributable to shareholder of
HSTC was RMB640.4 million Yuan. Business
was good in the year.
For the 9 months ended 30th September, 2012, the turnover of HSTC Group
amounted to RMB3,291.7 million Yuan, grew by 3.2% as compared with RMB3,189.2
million Yuan of the same period of previous year; net profit attributable to
shareholder of HSTC was RMB509.1 million Yuan, grew by 21.5% as compared with
RMB419.0 million Yuan of the same period of previous year. Business was also good.
The subject is fully supported by HCHK and HCIEC.
On the whole, in view of the background and parentage of the subject, consider
it good for normal business engagements.
(Since 2006)
|
Date |
Particulars |
Amount |
|
24-01-2006 |
Instrument: Assignment of
Letters of Credit Property: All the Borrower’s rights, title, interest and
benefit in and to all and any moneys now or at any time due or owing to the
Borrower Mortgagee: United Overseas
Bank Ltd., Singapore. |
To secure general banking facilities |
|
24-01-2006 |
Instrument: Charge Over
Account and Set-Off Property: All the Borrower’s rights, title and
interest in and to the Account Mortgagee: United Overseas
Bank Ltd., Singapore. |
To secure general banking facilities |
|
24-01-2006 |
Instrument: General
Memorandum of Pledge of Goods Property: All the Borrower’s rights, title and
interest in and to the Merchandise Mortgagee: United Overseas
Bank Ltd., Singapore. |
To secure general banking facilities |
|
16-03-2012 |
Instrument: Trade Finance
Security Assignment Property: The Borrower as beneficial owner and as
security for the payment of all Secured Liabilities Mortgagee: United Overseas
Bank Ltd., Singapore. |
All obligations and liabilities |
|
28-03-2012 |
Instrument: Security
Memorandum (First Party) Property: The Company hereby assigns and agrees to
assign absolutely and unconditionally to the Bank all its right, title and
interest in and to each Receivable as continuing security for the payment or
discharge of the Secured Liabilities Mortgagee: ABN AMRO Bank N.V.,
Singapore. |
All indebtedness, obligations and
liabilities |
|
26-07-2012 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all Secured Liabilities: Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations and liabilities of the Borrower owed to the Bank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
UK Pound |
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.