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Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
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Name : |
GOLDEN DRAGON HOLDING (HONG KONG) INTERNATIONAL LTD. |
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Registered Office : |
Room 710, 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 : |
05.11.2007. |
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Com. Reg. No.: |
38594095 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of copper tubes, Brass Tube etc. |
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No. of Employees : |
6. (Including associate) |
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 : |
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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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'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
GOLDEN DRAGON
HOLDING (HONG KONG)
INTERNATIONAL LTD.
ADDRESS: Room 710, 7/F., New East Ocean Centre, 9
Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
Managing Director: Mr. Li Chang Jie
Incorporated on: 5th
November, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$311,844,000.00
Issued: HK$311,844,000.00
Business Category: Brass Tube Trader.
Group Turnover: RMB35,052.0
million Yuan (Year ended 31-12-2011)
Employees:
6. (Including associate)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 710, 7/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui,
Kowloon, Hong Kong.
Holding Company:-
Golden Dragon Precise Copper Tube Group Inc., China.
Associated Companies:-
GD Affiliates S. De R.L. de C.V., Mexico.
GD Affiliates Servicios S. De R.L. de C.V., Mexico.
GD Copper (USA) Inc., USA.
Hong Kong GD Trading Co. Ltd., Hong Kong.
38594095
1181590
Managing Director: Mr. Li Chang
Jie
Nominal Share Capital: HK$311,844,000.00 (Divided into 311,844,000 shares
of HK$1.00 each)
Issued Share Capital: HK$311,844,000.00
(As per registry dated 05-11-2012)
|
Name |
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No. of shares |
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Golden Dragon Precise Copper Tube Group
Inc No. 191 West Renmin Road, Xinxiang City, Hanan, China. |
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311,844,000 ========= |
(As per registry dated 05-11-2012)
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Name (Nationality) |
Address |
|
LI Jian Ping |
937 Dongfang Road, Pudong New Area, Shanghai, China. |
|
LI Chang Jie |
No. 5, Unit 1, 252 Jiefang Road, Weibin District, Xinxiang City,
Hanan, China. |
(As per registry dated 05-11-2012)
|
Name |
Address |
Co. No. |
|
Chairisma Professionals Ltd. |
13/F., Neich Tower, 128 Gloucester Road, Wanchai, Hong Kong. |
0810212 |
The subject was incorporated on 5th November, 2007 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: Brass
Tube Trader.
Lines: All
kinds of copper tubes, etc.
Employees: 6. (Including associate)
Commodities Imported: China, etc.
Markets: China,
Japan, other Asian countries, Europe, etc.
Group Turnover: RMB15,274,6 million Yuan
(Year ended 31-12-2009)
RMB23,256,8
million Yuan (Year ended 31-12-2010)
RMB35,052.0
million Yuan (Year ended 31-12-2011)
RMB16,817.6
million Yuan (6 months ended 30-06-2012)
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$311,844,000.00 (Divided into 311,844,000
shares of HK$1.00 each)
Issued Share Capital: HK$311,844,000.00
Group Profit Attributable to Shareholders:-
RMB123.3 million
Yuan (Year ended 31-12-2009)
RMB178.6 million
Yuan (Year ended 31-12-2010)
RMB130.8 million
Yuan (Year ended 31-12-2011)
RMB 68.6 million Yuan (6 months ended 30-06-2012)
Company Net Profit: RMB 4.2 million
Yuan (Year ended 31-12-2011)
RMB24.7 million Yuan (6 months
ended 30-06-2012)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
Bank of
China (Hong Kong) Ltd., Hong Kong.
Standing:
Normal.
Golden Dragon Holding (Hong Kong) International Ltd. is a wholly-owned
subsidiary of Golden Dragon Precise Copper Tube Group Inc. [GDGroup/Group]
which is a China-based firm.
The subject is trading in all kinds of copper tubes.
The Group, an international leading enterprise in the field of precise
copper tube, is a high-tech shareholding company. Based on its technological innovation, GD
Group establishes copper tube production bases in cities such as Xinxiang,
Shanghai, Zhuhai, Chongqing; in countries as Mexico and the United States, etc,
with almost 30% of the global production of ACR tube, makes it the world
biggest precise copper tube manufacturer and the most powerful base for
technological development and innovation.
In 2011, the sales of the Group reached RMB35 billion Yuan, making it
rank 323rd place of top 500 enterprises in China and 170th place of top 500
manufactures in China.
As the largest precise copper tube manufacture in the world, the leading
products of GD Group are smooth cooper tube with high precision, high efficient
inner-grooved tube, high efficient fin tube, copper tube covered with plastic,
copper alloy tube, capillary tube, tube fittings etc., covers various areas
such as air conditioning and refrigeration, water supply for building, seawater
desalination, oceanic industry, ship building, medical facilities, solar energy
utilization, computer radiating, mobile communication, electronic instrument
and electromagnetic microwave technology.
The products of the Group are exported to worldwide countries. Business is active.
The Group intended to apply as a listed firm in Shanghai Stock Exchange
in 2012. But the application
failed. The reasons were unknown.
The net profit of the subject in FY was just RMB4.2 million Yuan. For the six months ended 30th June, 2012, the
net profit of the subject amounted to RMB24.7 million Yuan.
As the history of the subject is over five years and four months in
Hong Kong, on the whole, consider it good for normal credit requirements.
Brief personal profile of the principal director:-
Mr. Li Chang Jie who was born in 1946, the Han nationality, is the
president of Golden Dragon Precise Copper Tube Group Inc (hereafter as “GD
Group”). He is a senior engineer with
MBA degree and also is a Party member of the CPC. Mr. Li, once had been the plant manager and
secretary of the Party Committee of Xinxiang Oxygen-Free Copper Product Plant,
now is the current board chairman and secretary of the Party Committee of GD
Group. Besides, he has been elected to
be the representative of 10th and 11th National People’s Congress. Owing to his special contribution to the
technology of inner-grooved coiled copper tube, he was awarded “the prominent
contributor to new products development and promoting”. In 2001, with Mr. Li’s participating in
framing the industrial standard of YS/T44-2001 inner-grooved tubes, GD Group
won the 1st prize of S&T Progress Award of Henan Province. In 2006, he won the Special Award of
Industrial Innovation of Henan Province.
In 2009, with his participation, the program “Key Technological Research
on Precise Copper Tube Four-Roller Rolling and Quadruple Cascade Drawing” won
the 1st prize of S&T Progress Award of Xinxiang City.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.37 |
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1 |
Rs.82.07 |
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Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
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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 |
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<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.