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Report Date : |
16.01.2013 |
IDENTIFICATION DETAILS
|
Name : |
RHI REFRACTORIES ASIA LTD. |
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Registered Office : |
Unit 709, 7/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.03.1989 |
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Com. Reg. No.: |
13544366 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of refractory products, etc. |
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No. of Employees : |
8 |
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 |
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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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
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
RHI REFRACTORIES
ASIA LTD.
Address:
Unit 709, 7/F., New East Ocean Centre,
9 Science Museum Road, Tsimshatsui,
Kowloon, Hong Kong.
(Formerly located at:
Unit A, 21/F., CCK Commercial Centre,
289-295 Hennessy Road, Wanchai, Hong Kong.)
PHONE: 2827 6482, 2531 2600
FAX: 2827 5692
Managing Director: Mr. Gunnar
Kunz
Incorporated on: 17th
March, 1989.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Revenues: EUR
1,758.6 million (Year ended 31-12-2011)
Employees:
8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Unit 709, 7/F., New East Ocean Centre, 9 Science Museum Road,
Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Sapref AG Fur Feuerfestes Material, Switzerland.
Ultimate Holding Company:-
RHI AG, Austria.
Associated/Affiliated Companies:-
RHI Group of Companies
Betriebs- und Baugesellschaft mbH, Germany.
CJSC RHI Podolsk Refractories, Russia.
Didier Belgium N.V., Belgium.
Didier Société Industrielle de Production et de Constructions, France.
Didier Vertriebsgesellschaft mbH, Germany.
Didier-Werke AG, Germany.
Dolomite Franchi S.p.A., Italy.
Dr.-Ing. Petri & Co. Unterstützungs-Gesellschaft mbH, Germany.
Dutch Brasil Holding B.V., Netherlands.
Dutch MAS B.V., Netherlands.
Dutch US Holding B.V., Netherlands.
FC Technik AG, Switzerland.
Full Line Supply Africa (Pty) Ltd., South Africa.
GIX International Ltd., UK.
Indresco U.K. Ltd., UK.
Latino America Refractories ApS, Denmark.
Liaoning RHI Jinding Magnesia Co. Ltd., China.
LLC NSK Ogneupor Holding, Russia.
LLC NSK Ogneupor, Russia.
LLC RHI Wostok Service, Russia.
LLC RHI Wostok, Russia.
Lokalbahn Mixnitz-St. Erhard AG, Austria.
Magnesit Anonim Sirketi, Turkey.
Magnesitwerk Aken Vertriebsgesellschaft mbH i.L., Germany.
Magnifin Magnesiaprodukte GmbH & Co KG, Austria.
Magnifin Magnesiaprodukte GmbH, Austria.
Marvo Feuerungs- und Industriebau GmbH, Germany.
Premier Periclase Ltd., Ireland.
Producción RHI México, S. de R.L. de C.V., Mexico.
Radex Vertriebsgesellschaft mbH, Austria.
Refel S.p.A., Italy.
Refractory Intellectual Property GmbH & Co KG, Austria.
Refractory Intellectual Property GmbH, Austria.
RHI Argentina S.R.L., Argentina.
RHI Canada Inc., Canada.
RHI Chile S.A., Chile.
RHI Clasil Ltd., India.
RHI Dinaris GmbH, Germany.
RHI Finance A/S, Denmark.
RHI GLAS GmbH, Germany.
RHI India Private Ltd., India.
RHI Isithebe (Pty) Ltd., South Africa.
RHI Monofrax LLC, USA.
RHI Normag AS, Norway.
RHI Refmex, S.A. de C.V., Mexico.
RHI Réfractaries Algérie E.U.R.L., Algeria.
RHI Refractories (Dalian) Co. Ltd., China.
RHI Refractories (Site Services) Ltd., UK.
RHI Refractories Africa (Pty) Ltd., South Africa.
RHI Refractories Andino C.A., Venezuela.
RHI Refractories Asia Pacific Pte. Ltd., Singapore.
RHI Refractories Brasil Ltda., Brazil.
RHI Refractories Espana, S.L., Spain.
RHI Refractories France S.A., France.
RHI Refractories Holding Co., USA.
RHI Refractories Italiana s.r.l., Italy.
RHI Refractories lbérica, S.L., Spain.
RHI Refractories Liaoning Co. Ltd., China.
RHI Refractories Mercosul Ltda., Brazil.
RHI Refractories Nord AB, Sweden.
RHI Refractories Raw Material GmbH, Austria.
RHI Refractories Site Services GmbH, Germany.
RHI Refractories UK Ltd., UK.
RHI Rückversicherungs AG, Liechtenstein.
RHI Sales Europe West GmbH, Germany.
RHI Trading (Dalian) Co. Ltd., China.
RHI Urmitz AG & Co KG, Germany.
RHI US Ltd., USA.
Societa Dolomite Italiana SDI S.p.A., Italy.
Stopinc AG, Switzerland.
Treuhandgesellschaft Feuerfest mbH i.L., Germany.
Veitscher Vertriebsgesellschaft mbH, Austria.
Veitsch-Radex America Inc., Canada.
Veitsch-Radex America Inc., USA.
Veitsch-Radex GmbH & Co OG, Austria.
Veitsch-Radex GmbH, Austria.
Veitsch-Radex Vertriebsgesellschaft mbH, Austria.
Vera FE, Ukraine.
VRD Americas B.V., Netherlands.
Zimmermann & Jansen GmbH, Germany.
etc.
13544366
0245767
Managing Director: Mr. Gunnar
Kunz
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of HK$10.00
each)
Issued Share Capital: HK$1,000.00
(As per registry dated 17-03-2012)
|
Name |
|
No. of shares |
|
Sapref AG Fur Feuerfestes Material Picassoplatz 4, CH-4010, Basel, Switzerland. |
|
99 |
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VRD Americas B.V. Velperweg 81, 6824 HH Arnhem, Netherlands. |
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1 |
|
|
|
––– |
|
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Total: |
100 === |
(As per registry dated 17-03-2012)
|
Name (Nationality) |
Address |
|
Gunnar KUNZ |
21 Jalan Raja Udang, #14-01 The Arte, Singapore 329215. |
|
Michael WILLIAMS |
38 Third Street, East Coast Park, Singapore 455513. |
(As per registry dated 17-03-2012)
|
Name |
Address |
Co. No. |
|
Liang’s Corporate Services Ltd. |
Unit B, 15/F., C.M.A. Building, 64 Connaught Road Central, Hong
Kong. |
1657094 |
The subject was incorporated on 17th March, 1989 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Quing Yui
Trading Ltd., name changed to Far East Sinter Trade Ltd. on 15th May, 1990;
changed to Veitsch-Radex Asia Ltd. on 3rd January, 1997; to
Veitsch-Radex-Didier Asia Ltd. on 16th March, 1998 and further to the present
style on 10th January, 2001.
Last time, the subject was located at Unit A, 21/F., CCK Commercial
Centre, 289-295 Hennessy Road, Wanchai, Hong Kong, moved to the present address
in September 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of refractory products, etc.
Employees: 8.
Commodities Imported: China, other Asian countries, etc.
Markets: Singapore,
other Asian countries, Europe, etc.
Group Revenues: EUR 1,467.6 million
(Year ended 31-12-2007)
EUR 1,596.7
million (Year ended 31-12-2008)
EUR 1,236.9
million (Year ended 31-12-2009)
EUR 1,522.9
million (Year ended 31-12-2010)
EUR 1,758.6 million (Year ended 31-12-2011)
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of
HK$10.00 each)
Issued Share Capital: HK$1,000.00
Group Profit form Continuing Operations:
EUR 113.1
million (Year ended 31-12-2007)
EUR 101.8
million (Year ended 31-12-2008)
EUR 21.4 million
(Year ended 31-12-2009)
EUR 104.6
million (Year ended 31-12-2010)
EUR 120.8
million (Year ended 31-12-2011)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities:
Is making use
of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Satisfactory.
RHI Refractories Asia Ltd. is a subsidiary company of Sapref AG Fur
Feuerfestes Material, a Switzerland-based firm.
Its ultimate holding company RHI AG [RHI/or referred to Group when
including associates] is an Austria-based and listed firm.
The subject is trading in the same commodities as the Group.
RHI’s core business comprises the production, sale and installation of
high-grade ceramic refractory products, the development and implementation of
customized system solutions as well as rendering outstanding services for the
key industries steel, cement, lime, nonferrous metals, glass and
environment-energy-chemicals.
RHI AG is a world market and technology leader in high-grade ceramic
refractory materials. As a global player
with Austrian roots, RHI employs approximately 8,000 people at 32 production
sites in Europe, North and South America and China, and is represented by more
than 70 sales offices on four continents.
The headquarters is based in Vienna, Austria. The RHI share is listed on the Prime Market
of the Vienna Stock Exchange (ATX).
RHI has built one of the largest fusion plants for magnesia raw
materials for more than 75 million euros in Norway. In this fusion plant, magnesia obtained from
sea water is converted to fused magnesia, a high-grade refractory raw material,
at temperatures about 2,800 degrees.
With a capacity of approximately 85,000 tons per year, the plant is one
of the largest worldwide. 120 employees
will work at the plant in full operation.
The sales volume of the RHI Group was increased from 1,786,745 metric
tons in 2010 by 9% to 1,948,309 metric tons in the year 2011. The RHI Group’s revenues rose by 15.5% to a
record EUR 1,758.6 million in 2011 (previous year: EUR 1,522.9 million) and
were characterized by strong world steel production, especially in the first
half of the year, and a good investment climate in the Industrial segment. In addition to the Steel Division, the business
units nonferrous metals and environment, energy, chemicals generated an
all-time high in revenues. Revenues from long-term manufacturing contracts rose
from EUR 49.3 million in 2010 to EUR 57.6 million in the year 2011, which was
primarily attributable to a ferrochrome project in Kazakhstan.
RHI is a global industrial group, which maintains its headquarters in
Austria. RHI produces ceramic products that are used in high-temperature
production processes exceeding 1,200°C.
The business activities of the RHI Group comprise the three segments
Steel, Industrial and Raw Materials. The
Industrial segment supplies the cement, lime, glass, non-ferrous metals,
environment (waste incineration), energy (refractory construction) and chemical
(petrochemicals) industries. The Raw
Materials segment covers the value-added activities of the Group’s mining and
raw material operations, which primarily supply the Steel and Industrial
segments.
The parent company of the Group is RHI AG, which is headquartered in
Austria at Wienerbergstrasse 9, 1100 Vienna.
The subject is fully supported by the Group.
As the history of the subject is over 23 years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.54 |
|
|
1 |
Rs.89.69 |
|
Euro |
1 |
Rs.72.85 |
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.