|
Report Date : |
08.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
SINOSTEEL INTERNATIONAL HOLDING CO. LTD. |
|
|
|
|
Registered Office : |
Room 2601-2608, 26/F., Great Eagle Centre, 23 Harbour Road, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
08.09.2005 |
|
|
|
|
Com. Reg. No.: |
35998109 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of all kinds of iron and steel products and materials, etc. |
|
|
|
|
No. of Employees : |
30. |
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 : |
Good |
|
Payment Behaviour : |
Regular |
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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
SINOSTEEL INTERNATIONAL
HOLDING CO. LTD.
ADDRESS: Room 2601-2608,
26/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong.
PHONE: 3669 9688
FAX: 3669
9666
E-MAIL: hongkong@sinosteel.com
Managing Director: Mr. Chen Hua
Incorporated on: 8th
September, 2005.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Iron and Steel Trader.
Group Annual Turnover: RMB180~200 billion Yuan
Employees:
30.
Main Dealing Banker: Bank of Communications Co. Ltd., Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
Room 2601-2608, 26/F., Great Eagle Centre, 23 Harbour Road, Wanchai,
Hong Kong.
Holding Company:-
Sinosteel Corporation Ltd., China.
Ultimate Holding Company:-
Sinosteel Corporation, China.
Subsidiaries:-
China Sinosteel (Singapore) Pte. Ltd., Singapore.
Golden Prosperity Development Ltd., Hong Kong.
Orient Joyce Investment Ltd., Hong Kong.
Provident Faith Investment Ltd., Hong Kong.
Sinosteel International (Beijing) Co. Ltd., China.
Sinosteel International Ltd., British Virgin Islands/Hong Kong.
Sinosteel International Macao Commercial Offshore Ltd., Macau.
Sinosteel International Plaza (Tianjin) Co. Ltd., China.
Sinosteel Xinyi (Yunnan) Copper Ltd., China.
Associated/Affiliated Companies:-
Sinosteel Group of Companies
ASA Metals Pty. Ltd., South Africa.
China Metallurgical Mining Corporation, China.
Jingjin Business Development Co. Ltd., China.
P.T. Sinosteel Indobersama, Indonesia.
P.T. Sinosteel Indonesia Mining, Indonesia.
P.T. Sinosteel Indonesia, Indonesia.
Sinosteel Anhui Co. Ltd., China.
Sinosteel Anhui Liutangfang Mining Co. Ltd., China.
Sinosteel Anhui Tianyuan Technology Co. Ltd., China.
Sinosteel Anshan Research Institute of Thermo-Energy Co. Ltd., China.
Sinosteel Assets Administration Co. Ltd., China.
Sinosteel Australia Mining Pty. Ltd., Australia.
Sinosteel Australia Pty. Ltd., Australia.
Sinosteel Binhai Industry Co. Ltd., China.
Sinosteel Brasil Metallurgical Trading Ltd., Brazil.
Sinosteel CAM SA, Republique du Cameroun.
Sinosteel Chifeng Jinxin Mining Co. Ltd., China.
Sinosteel Engineering Design & Research Institute Co. Ltd., China.
Sinosteel Equipment & Engineering Co. Ltd., China.
Sinosteel Ever Glory Co. Ltd., Hong Kong.
Sinosteel Fragrant Technical Training Center, China.
Sinosteel Futures Co. Ltd., China.
Sinosteel Gabon Co. Ltd., South Africa.
Sinosteel Germany GmbH, Germany.
Sinosteel Guangdong Co. Ltd., China.
Sinosteel Hengyang Machinery Co. Ltd., China.
Sinosteel Hunan Co. Ltd., China.
Sinosteel Hunan Fenghuang Mining Co. Ltd., China.
Sinosteel India Private Ltd., India.
Sinosteel Investment Co. Ltd., China.
Sinosteel Iron & Steel Co. Ltd., China.
Sinosteel Jilin Carbon Co. Ltd., China.
Sinosteel Jilin Electro-Mechanical Equipment Co. Ltd., China.
Sinosteel Jilin Ferroalloy Co. Ltd., China.
Sinosteel Jinxin Consultation Co. Ltd., China.
Sinosteel Kampuchea Co. Ltd., Cambodia.
Sinosteel Liaoning Co. Ltd., China.
Sinosteel Luoyang Institute of Refractories Research Co. Ltd., China.
Sinosteel Maanshan Institute of Mining Research Co. Ltd., China.
Sinosteel Mining Co. Ltd., China.
Sinosteel Northern Metal Resources Co. Ltd., China.
Sinosteel Ocean Investment Co. Ltd., Australia.
Sinosteel Philippines Co. Ltd. Inc., Philippines.
Sinosteel Property Management Co. Ltd., China.
Sinosteel Qinghai Ferroalloy Co. Ltd., China.
Sinosteel Raw Materials Co. Ltd., China.
Sinosteel Refractory Co. Ltd., China.
Sinosteel Scie-Tech Development Co., China.
Sinosteel Shandong Fuquan Mining Development Co. Ltd., China.
Sinosteel Shandong Mining Co. Ltd., China.
Sinosteel Shanghai Advanced Graphite Material Co. Ltd., China.
Sinosteel Shanghai Co. Ltd., China.
Sinosteel Shanxi Co. Ltd., China.
Sinosteel Shenyang Co. Ltd., China.
Sinosteel Shenzhen Co. Ltd., China.
Sinosteel Shipping & Forwarding Co. Ltd., China.
Sinosteel Sichuan Carbon Co. Ltd., China.
Sinosteel Sichuan Co. Ltd., China.
Sinosteel South Africa Pty. Ltd., South Africa.
Sinosteel Tendering Co. Ltd., China.
Sinosteel Tiancheng Environmental Protection Science & Technology
Co. Ltd., China.
Sinosteel Tianjin Co. Ltd., China.
Sinosteel Tianjin Geological Academy Co. Ltd., China.
Sinosteel Trading Co. Ltd., China.
Sinosteel Uranium SA Pty. Ltd., Australia.
Sinosteel Wuhan Safety & Environmental Protection Research Institute
Co. Ltd., China.
Sinosteel Xi’an Heavy Machinery Co. Ltd., China.
Sinosteel Xingtai Machinery & Mill Roll Co. Ltd., China.
Sinosteel Xinjiang Co. Ltd., China.
Sinosteel Yantai Steel Grating Co. Ltd., China.
Sinosteel Zhejiang Co. Ltd., China.
Sinosteel Zhengzhou Research Institute of Steel Wire & Steel Wire
Products Co. Ltd., China.
Sinosteel Zimbabwe Ltd., Zimbabwe.
Tubatse Chrome Minerals Pty. Ltd., South Africa.
Vietnam-China Metal Form Co. Ltd., Vietnam.
Zimasco Consolidated Enterprises Ltd., Zimbabwe.
etc.
35998109
0994622
Managing Director: Mr. Chen Hua
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 08-09-2012)
|
Name |
|
No. of shares |
|
Sinosteel Corporation Ltd. 19/F., Building A, 8 Haidian Street, Haidian District, Beijing, China. |
|
10,000,000 ======== |
(As per registry dated 08-09-2012)
|
Name (Nationality) |
Address |
|
JIA Baojun |
8 Haidian Street, Beijing, China. |
|
LI Yi |
8 Haidian Street, Beijing,, China. |
|
LIU Andong |
304, South Door, Building A3, Sanlihedong Road, West District,
Beijing, China. |
|
LIU Zengtian |
Room 307, 308 Building 9, 55 An De Street, Dong Cheng District,
Beijing, China. |
|
CHEN Hua |
Flat 3501D, Block D, Fortress Metro Tower, 238 King’s Road, North
Point, Hong Kong. |
(As per registry dated 08-09-2012)
|
Name |
Address |
Co. No. |
|
Fu Tang Secretarial Services Ltd. |
16/F., Kailey Tower, 16 Stanley Street, Central, Hong Kong. |
0327024 |
The subject was incorporated on 8th September, 2005 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
and Exporter.
Lines: All
kinds of iron and steel products and materials, etc.
Employees: 30.
Commodities Imported: Europe, Russia, South America, etc.
Markets: China,
Europe, Russia, other Asian countries, Central & South America, etc.
Annual Turnover: RMB180~200 billion Yuan
Terms/Sales: As per
contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Indebtedness: HK$4,768,028,521.75 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 08-09-2012)
Mortgage or Charge (since 2008): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active state.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of Communications Co. Ltd.,
Hong Kong Branch.
Morgan Stanley Bank International (China)
Ltd., China.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Standing:
Very Good.
Sinosteel International Holding Co. Ltd. is a wholly-owned subsidiary of
Sinosteel Corporation Ltd. which is a Beijing-based firm. Sinosteel Corporation Ltd. belongs to the
Sinosteel Corporation [Sinosteel].
The subject is trading in iron and steel products for building and
construction.
The followings are the core business of the subject:-
1.
To participate in the core business and product of
Sinosteel for internationalised operation;
2.
To optimised overseas assets and operating
structure;
3.
To participate in overseas resources exploiting and
domestic and overseas investment project of Sinosteel;
4.
To develop capital operation fully utilizing integral
assets and resources of Sinosteel;
5.
To exploit the third national business;
6.
To manage business and capital operation of
overseas organs of Sinosteel.
Sinosteel is a central enterprise under the administration of the
State-Owned Assets Supervision and Administration Commission of the PRC. There are 86 subsidiaries under the
jurisdiction of Sinosteel, among which 63 are in China and 23 abroad. In 2009, the core businesses revenue of
Sinosteel reached RMB164 billion Yuan, ranking the 352nd of the World Top 500
according to the 2010 Fortune’s list.
Sinosteel is mainly engaged in developing and processing of
metallurgical mineral resources, trading in metallurgical raw materials and
products and offering clients with related engineering technical services and
equipment. It is a large multi-national
enterprise with core businesses that integrate resources development, trading
and logistics, engineering project and science and technology, equipment
manufacturing and engaged in specialized service, providing comprehensive
auxiliary service for steel industry, especially steel mills.
Sinosteel is one of the state-owned enterprises that has been seeking
for economic and technological cooperation from abroad. It has been striving for the exploration and
application of the global distribution of metallurgical mineral resources. As early as in the 1980s, Sinosteel began to
develop overseas resources, in terms of iron ore, chrome ore, manganese ore,
nickel ore and uranium ore, and has established safe, stable and reliable
resource supplying chain.
The followings are the main product lines of Sinosteel:-
·
Carbon Products;
·
Coking Products;
·
Electronic Magnetic Materials;
·
Equipment Manufacturing;
·
Ferro-alloy;
·
Ferrous Metal Minerals;
·
Non-Ferrous Metals;
·
Non-Metal Minerals;
·
Refractory; &
·
Steel/Finished Steel Products.
Sinosteel possesses global-running sales network and logistics service
system. It is the raw material supplier
and sales-agent for major Chinese steel mills, many of which Sinosteel has
entered into long-term strategic partnership.
Its trading transactions in iron ore, chrome ore, DRI, fluorspar, coke,
manganese ore, scrap, steel products, manganese and rare earth are in the
leading position in China, which generate important influence in steel
industry.
The scientific and technological companies under Sinosteel have solid
research foundation and strength in the fields of geological exploration,
beneficiation, heat engineering, environmental protection, refractory
materials, metal products and engineering design, etc. Boasting several stand-alone intellectual
property rights, they accommodate 10 state-level research centres and are
qualified to carry out master and doctor education. As a result of industrialization of research
findings, dozens of production lines have been established with products
prevailing in domestic and international markets.
Sinosteel is qualified to undertake project engineering and purchase,
construction and auxiliary supply. As
the agent for many Chinese and international equipment and technology
suppliers, Sinosteel provides financing and bidding services for big Chinese
steel mills on technique modification and project importation. Sinosteel consultancy is the only
metallurgical company in China that is given exclusive investment evaluation
entrusted by the National Development and Reform Commission.
Sinosteel also has established internationally heavy metallurgical
machinery manufacturing base that integrates heavy machinery research and
development, core products manufacturing and general and sub-project bidding,
and the largest domestic manufacturing and researching and developing bases in
refractory, carbon, ferroalloy with the highest comprehensive strengths. Via improving the supporting role of its
industrial enterprises, Sinosteel unceasingly promotes capabilities at
providing comprehensive auxiliary services to steel industry, especially steel
mills in China.
After many years of development, Sinosteel keeps on expanding.
The business of Sinosteel was good in the past years. With the favourable market environment, the
business of overseas resources development, iron ore, steel products, project
contracts, equipment manufacturing, new materials, etc. in Sinosteel run well.
Sinosteel is preparing to be listed in China. The IPO of Sinosteel Corporation Ltd. is
proceeding. It has already passed the
environmental inspection while the other preparation proceeds orderly.
The subject is fully supported by Sinosteel. Most of the directors of the subject are also
the directors of Sinosteel. For
instance, the director of the subject Jia Baojun is also the President of
Sinosteel.
The history of the subject in Hong Kong is over seven years.
On the whole, consider the subject good for normal business engagements.
(Since 2008)
|
Date |
Particulars |
Amount |
|
01-09-2008 |
Instrument: Deed of Indemnity, Charge Over Deposit
and Set-Off Property: By way of Fixed Charge to the Bank all the Company’s estate, right, title,
claim, benefit and interest to and in the Deposit (Account No. 02753220078754
and 02753293100491) and all interest from time to time payable thereon and
together with all title deeds and documents relating thereto Mortgagee: Bank of Communications Co. Ltd.,
Hong Kong Branch. |
All actions, suits, proceedings, claims, demands, losses, damages,
costs, fees, expenses and/or liabilities |
|
23-12-2009 |
Instrument: An Assignment of Shareholder Loans Property: a) All the security
created under the Deed b) If the rights of an
Assignor under a document cannot be secured without the consent of a party to
that document c) The Security Agent
holds the benefit of the Deed on trust for the Finance Parties Mortgagee: Morgan Stanley Bank International
(China) Ltd., China. |
All present and future obligations and liabilities |
|
23-12-2009 |
Instrument: A Share Mortgage Property: 3,455/100,000th parts or shares of and in Inland Lot No. 8392 (Entire
26/F. of Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong.) Mortgagee: Morgan Stanley Bank International
(China) Ltd., China. |
All present and future obligations and liabilities |
|
16-04-2010 |
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, interests and benefits of the
Borrower; (b) charges and agrees to charge to the Bank by way of first fixed
charge all the present and future rights, title, interests and benefits of
the Borrower; and (c) pledges and agrees to pledge to the Bank the Pledged
Goods and the Trade Documents Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations and liabilities |
|
16-07-2010 |
Instrument: Transfer of Security executed by
Fortis Bank [Transferor], BNP Paribas [Transferee] and the Chargor [Transfer] Property: The Transferor as chargee assigns and transfers to the Transferee all the
right, title, benefit, power and interest of the Transferor of and in the
Assets and the Security and all appurtenances thereto Mortgagee: BNP Paribas, Hong Kong Branch. |
(i) the Secured Debt and (ii) the payment by the Transferee to the
Transferor of any amount |
|
25-07-2011 |
Instrument: Deed of Charge Property: All moneys & liabilities whatsoever which now are or at any time
hereafter may be due, owing or payable, in any currency, to the Bank by the
Company, actually or contingently, solely or jointly and severally with
another or other, as principal or surety, for any reason & on any
account, with reference to any bill, note or other security, in connection
with any advance, loan, credit, guarantee or indemnity made or issued to or
at request of the Company Mortgagee: Banque Paribas, Hong Kong
Branch. [Renamed to Paribas but merged
into BNP Paribas] |
To secure all present & future indebtedness, obligations and
liabilities |
|
25-07-2011 |
Instrument: Pledge & Master Trust Receipt Property: As beneficial owner & as a continuing security for the payment or
discharge in full of the Secured liabilities, hereby pledges & agrees to
pledge to the Bank all of its right, title & interest in and to the
Pledged Assets from time to time Mortgagee: Banque Paribas, Hong Kong
Branch. [Renamed to Paribas but merged
into BNP Paribas] |
Secured liabilities means all present and future indebtedness,
obligations & liabilities of the Company |
|
17-01-2012 |
Instrument: General Agreement for Banking
Facilities Property: (A) Charges to the Lender,
by way of first fixed charge:- 1) All the right, title
& interest of the Company whatsoever, present & future 2) All dividends payable
& other distributions made in relation to any of the Securities (B) Assigns, and agrees to
assign absolutely to the Lender all its right, both present & future,
relating to any of the Securities including, without limitation:- 1) its rights against any
relevant clearing system, including right relating to or against any
depositary, custodian, nominee, clearing house or system, investment manager
or similar person with whom any of the Securities may be deposited to the
extent of those Securities; 2) right it may have
against any person to require delivery to it of any of the Securities; 3) Its rights to give
instructions relating to any of the Securities, and 4) All claims for damages
and rights to receive moneys due or to become due for any reason whatsoever
in respect of any of the Securities Mortgagee: China Development Bank Corporation, Hong Kong
Branch. |
All moneys, obligations & liabilities which are now or at any time
after the date of the Agreement become due, owing incurred and payable by the
Company to the Lender anywhere |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.98 |
|
|
1 |
Rs.88.11 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.