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Report Date : |
04.06.2013 |
IDENTIFICATION DETAILS
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Name : |
MINMETALS CHEERGLORY LTD. |
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Registered Office : |
11/F., China Minmetals Tower, 79 Chatham Road South, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.11.1981 |
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Com. Reg. No.: |
07514800 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importers and Re-exporters; Investment of Steel products, non-ferrous
metals, minerals, pig iron, cement, hardware, vessels, electric equipment and
products. |
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No. of Employees : |
22 |
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 : |
Good |
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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 |
MINMETALS CHEERGLORY LTD.
11/F., China Minmetals Tower, 79 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
PHONE: 852-2613 6000, 2613 6009
FAX: 852-2810 6187,
2845 9478, 2613 6333
E-MAIL: public@cheerglory.com
Director & General Manager:
Mr. Liang Qing
Incorporated on: 3rd November, 1981.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000,000.00
Issued: HK$107,000,000.00
Business Category: Importers
and Re-exporters; Investment.
Group Turnover: HK$2.0-2.5 billion.
Employees: 22.
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
MINMETALS CHEERGLORY LTD.
Registered Head
Office:-
11/F., China Minmetals Tower, 79 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong.
Immediate Holding
Company:-
Minmetals International Trading Co. Pte. Ltd., Singapore.
Ultimate Holding
Company:-
China Minmetals Corporation,
Minmetals Building, No. 5, Sanlihe Road, Haidian District, Beijing,
China 100044.
Subsidiary/Associated
Companies:-
Asiatic Steel Ltd., Hong Kong. [Dissolved]
Cheemimet Finance Ltd., Hong Kong.
Cheerglory Shipping Ltd., Hong Kong.
China Expand Development Ltd., Hong Kong.
China Mimet Investment Ltd., Hong Kong.
China Minmetals H.K. (Holdings) Ltd., Hong Kong.
China Minmetals NZ Ltd., New Zealand.
Conspring Ltd., Hong Kong. [Dissolved]
International Non-Ferrous Ltd., Hong Kong. [Dissolved]
Janfair Pty. Ltd., Australia.
Minmetals Hong Kong Ltd., Hong Kong.
Minmetals Japan Corp., Japan.
Minmetals Korea Co. Ltd., Korea.
Minmetals Land Ltd., Hong Kong.
Minmetals Shipping (Singapore) Pte. Ltd., Singapore.
Minmetals South-East Asia Corp. Pte. Ltd., Singapore.
Minmetals Tianwei Steel Co. Ltd., China.
MMG Ltd., Hong Kong.
Newglory International Ltd., China.
Oriental Resources Development Ltd., Hong Kong.
Spring Tree Investment Ltd., Hong Kong. [Dissolved]
Super Jack Electric Motor (Hong Kong) Co.
Ltd., Hong Kong.
[Dissolved]
etc.
07514800
0104982
Managing Director: Mr. Liu
Qingchun
Director & General Manager:
Mr. Liang Qing
Nominal Share Capital: HK$500,000,000.00
(Divided into 500,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$107,000,000.00
(As per registry dated 03-11-2012)
|
Name |
|
No. of shares |
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Minmetals International Trading Co. Pte., Ltd. 24 Raffles Place, #19-04 Clifford Centre, Singapore 048621. |
|
107,000,000 ========= |
(As per registry dated 22-04-2013)
|
Name (Nationality) |
Address |
|
LIANG Qing |
29B La Place De Victoria, 632 King’s Road, North Point, Hong Kong. |
|
LIU Qingchun |
Flat B, 26/F., Wisteria Mansion, Taikoo Shing, Hong Kong. |
|
GAO Mingzheng |
16D, Pak Hoi Mansion, Taikoo Shing, Hong Kong. |
(As per registry dated 03-11-2012)
|
Name |
Address |
|
YIN Liang |
Flat C, 24/F., Lotus Mansion, Harbour View Gardens, 6 Taikoo Wan
Road, Taikoo Shing, Hong Kong. |
The subject was incorporated on 3rd November, 1981 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Cheerglory Ltd., name
changed to Cheerglory Traders Ltd. on 29th December, 1981, and further to the
present style on 2nd May, 2012.
Formerly the subject was located at 16/F., Euro Trade Centre, 21-23 Des
Voeux Road Central, Hong Kong, moved to the present address with effect from
1st February, 1999.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importers and Re-exporters;
Investment.
Lines: Steel products,
non-ferrous metals, minerals, pig iron, cement, hardware, vessels, electric
equipment and products.
Office Space: (Rented under a Tenancy
Agreement)
Date of Tenancy
Agreement: 13th December, 2007
Premises: 11th
Floor, China Minmetals Tower, 79 Chatham Road South, Tsimshatsui, Kowloon, Hong
Kong
Period: Two
years ending 31st December, 2009 with an option to renew for a further Term of
one year at open market rent of the premises exclusive of rates, service,
management and air-conditioning charges but otherwise subject to the same terms
Rental: HK$133,239
per calendar month (exclusive of government rates and service, management and
air-conditioning charges)
Other Charges: HK$24,331 per calendar month (being the tenant’s share of service,
management and air-conditioning charges
Employees: 22.
Commodities Imported:-
Metals – China.
Minerals – China.
Aluminium – Canada and U.S.A.
Steel products – Japan and Europe.
Markets: China, Japan, U.S.A., Europe, India,
Africa, Southeast Asia, Taiwan, etc.
Group Turnover: HK$2.0-2.5 billion.
Terms/Sales: L/C, T/T, D/P etc.
Terms/Buying: As per contracted.
Mitsui & Co. Ltd., Japan.
Marubeni Corporation, Japan.
etc.
The Hong Kong Chinese Enterprises Association, Hong Kong.
Nominal Share Capital: HK$500,000,000.00
(Divided into 500,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$107,000,000.00
Total Assets: HK$2.5 billion.
Profit & Loss: Business is profitable.
Condition: Keeping in an active and
good manner.
Facilities: Making active use of general
banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Bank of Communications Co. Ltd.,
Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
Calyon, Hong Kong Branch.
China Merchants Bank Co. Ltd., China.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
JPMorgan Chase Bank, N.A., Hong Kong
Branch.
Mizuho Corporate Bank Ltd., Hong Kong
Branch.
Nanyang Commercial Bank Ltd.,
Hong Kong.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
The Bank of Tokyo-Mitsubishi UFJ Ltd.,
Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
etc.
Banking:-
One bank source reports subject has
maintained a well conducted current account in the books of them since November
1981. Moderate overdraft facilities have
been granted to them. They have handled
their L/C with satisfactory results.
Standing: Very Good.
Minmetals Cheerglory Ltd. [MCL] was directly 100%-owned by China
Minmetals Corporation [CMC] {formerly known as China National Metals &
Minerals Import & Export Corporation [MINMETALS]}, a significant
China-based firm. In October 1996, all
the shares owned by MINMETALS were transferred to China Minmetals H.K.
(Holdings) Ltd. [CMHK] which was incorporated in April 1996. CMHK is a new subsidiary of On
27th March, 2012, CMHK transferred all its shares to Minmetals
International Trading Co. Pte. Ltd. which is a Singapore-based firm.
MCL was officially founded in November 1981 and engaged in the business
of non‑ferrous metals, minerals, steel products, pig iron, cement and
metallic products.
Through years’ of efforts, MCL has established extensive business links
in Hong Kong, Macau and many overseas countries. Its business range has been widely expanded
from trading to production, the items it now handles goes far beyond the scope
of metals and minerals and its business volume has been constantly increasing.
It is trading in the following products chiefly:-
Minerals (Coke & Coal to Japan, South Korea, USA & Taiwan),
Steel (To Japan, Korea, Europe & South America, South East Asia.),
Stainless Steel (To Japan, Korea, Europe & United States.)
Its products are exported to Australia, Central & South America,
Japan, North America, Southeast Asia, Taiwan, etc. besides marketing in China.
MCL has set up the following divisions:-
·
Development Division;
·
Enterprises Management Division;
·
Finance Division;
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First Export Division of Metals and Minerals;
·
Non-Ferrous Metals Import Division;
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Second Export Division;
·
Steel Import Division; &
·
Transportation Division.
·
etc.
MCL has established subsidiary companies or joint ventures in Japan,
Germany, Mauritius, and domestically in Shanghai, Shenzhen SEZ and Jilin
Province.
Founded in 1950, CMC is one of the largest state-owned conglomerates
that operates globally with core businesses in exploration, mining, smelting,
processing and trading for metals and minerals, and is also engaged in finance,
real estate, and mining and metallurgic technology. The annual revenue of CMC for 2012 is
approximately RMB325.0 billion and was selected by the US Fortune Magazine in
2012 as one of the world top 500 enterprises, ranking 169.
CMC has also actively participated in commercial estate development, construction and installation business in recent
years since it established the residential development and industrial
estates. Thus it has accumulated
considerable resources for its real estate division. Excluding real estate development projects
under Minmetals Land, CMC has a total gross floor area of approximately 7.5
million square metres of residential and industrial estates in the Pan Bohai
Rim region and the eastern part and central part of China. Furthermore, it has an industrial site of 30
square kilometres in Yingkou City, Liaoning Province.
CMC through its Hong Kong subsidiary, Minmetals HK, holds approximately
62.05% equity interest in Minmetals Land.
Having approved by the State‑owned Assets Supervision and
Administration Commission of the State Council to include property development
and operation as one of its core businesses, CMC announced its intention to
transform Minmetals Land into its sole listed real estate flagship. Through gradual asset injection and
consolidation of its real estate resources, CMC aims at achieving the listing
of all of its real estate businesses and turning Minmetals Land eventually into
a leading and influential real estate development corporation, which creates
better returns to its shareholders, employees and the society.
MCL is fully supported by CMC.
History in Hong Kong is over 31 years.
On the whole, in view of the background and parentage of MCL, consider
it good for normal business engagements.
Property information of the company:-
|
Property
Location |
Owner |
Date of Purchase |
Purchased |
|
16/F., Euro Trade Centre, 21‑23 Des Voeux Road Central,
Hong Kong. |
Cheerglory Traders Ltd. |
20-11-1984 |
HK$7,681,060 |
|
Flat A on 11/F., Flat G on 7/F., 10/F., 11/F., 12/F. & 27/F., Flat
H on 7/F., 10/F., 11/F. & 14/F., Pak Hoi Mansion, Kwun Hoi Terrace,
Taikoo Shing, Hong Kong. |
Cheerglory Traders Ltd. |
09-08-1985 |
HK$7,137,000 |
|
Flat G on 22/F., Pak Hoi Mansion, Kwun Hoi Terrace, Taikoo Shing, Hong
Kong. |
Cheerglory Traders Ltd. |
26-07-1985 |
HK$ 665,000 |
|
Flat F on 23/F., Pak Hoi Mansion, Kwun Hoi Terrace, Taikoo Shing, Hong
Kong. |
Cheerglory Traders Ltd. |
19-04-1990 |
HK$1,310,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.57 |
|
|
1 |
Rs.86.15 |
|
Euro |
1 |
Rs.73.64 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
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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 |
|
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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.