|
Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
KAILUAN (HONG KONG) CO. LTD. |
|
|
|
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Registered Office : |
Unit 4302A, Level 43, Metroplaza Tower II, 223 Hing Fong Road,
Kwai Chung, New Territories |
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|
|
Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
04.10.2004 |
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|
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Com. Reg. No.: |
34962470 |
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|
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Coal and coal products |
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No. of Employees : |
6. |
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 |
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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) |
|
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
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 |
KAILUAN (HONG
KONG) CO. LTD.
Unit 4302A, Level 43, Metroplaza Tower II, 223 Hing Fong Road,
Kwai Chung, New Territories, Hong Kong.
PHONE: 2401 3168
FAX: 2401 3193
Managing Director: Mr. Gao
Xucheng
Incorporated on: 4th October, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$116,700,000.00
Issued: HK$116,700,000.00
Business Category: Importer
and Exporter.
Group Total Revenue: RMB19,091,266,723.97 Yuan
(Year ended
31-12-2012)
Employees: 6.
Main Dealing Banker: Bank of Communications
Co. Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
KAILUAN (HONG
KONG) CO. LTD.
Registered Head
Office:-
Unit 4302A, Level 43, Metroplaza Tower II, 223 Hing Fong Road,
Kwai Chung, New Territories, Hong Kong.
Holding Company:-
Kailuan (Group) Ltd.
Block East, 70 Xinhua East Road, 063018 Tangshan,
Hebei Province, China.
[Tel: (86-315) 281 2013, 302 2294; Fax: (86-315) 302 6507]
Associated
Companies:-
Canada Zhonghe Investment Ltd., Canada.
Canadian Kailuan Dehua Mines Co. Ltd., Canada.
Kailuan Energy Chemical Co. Ltd., China.
Tangshan Kailuan Carbon Chemical Co. Ltd., China.
Tangshan Kailuan Thermal Power Co. Ltd., China.
Tangshan Koppers Kailuan Carbon Chemical Co. Ltd.,
China.
Tangshan Zhonghao Chemical Co. Ltd., China.
Tangshan Zhongrun Coal Chemical Co. Ltd., China.
34962470
0925883
Managing Director: Mr. Gao
Xucheng
Nominal Share Capital: HK$116,700,000.00 (Divided into 116,700,000
shares of HK$1.00 each)
Issued Share Capital: HK$116,700,000.00
(As per registry dated 04-10-2012)
|
Name |
|
No. of shares |
|
Kailuan (Group) Ltd. Block East, 70 Xinhua East Road, 063018
Tangshan, Hebei Province, China. |
|
116,700,000 ========= |
(As per registry dated 04-10-2012)
|
Name (Nationality) |
Address |
|
GAO Xucheng |
Flat C, 36/F., Tower 6, Island Harbourview, 11 Hoi Fai Road,
Taikoktsui, Kowloon, Hong Kong. |
(As per registry dated 04-10-2012)
|
Name |
Address |
Co. No. |
|
WLLK Secretaries Ltd. |
Room 1101, 11/F., China Insurance Group Building, 141 Des Voeux Road
Central, Hong Kong. |
1130536 |
The subject was incorporated on 4th October, 2004 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: Coal
and coal products.
Employees: 6. (Company)
12,203. (Group)
Commodities Imported: Europe, some
Asian countries, etc.
Markets: China,
other Asian countries, etc.
Group Total Revenue:-
RMB15,154,065,398.81 Yuan (Year ended 31-12-2010)
RMB19,533,549,653.86 Yuan (Year ended 31-12-2011)
RMB19,091,266,723.97 Yuan (Year ended 31-12-2012)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$116,700,000.00
(Divided into 116,700,000 shares of HK$1.00 each)
Issued Share Capital: HK$116,700,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 30,000,000.00 |
|
05-12-2011 |
paid up |
HK$ 86,700,000.00 |
|
|
|
–––––––––––––––––– |
|
Total: |
paid up |
HK$116,700,000.00 ================ |
Mortgage or Charge: (See attachment)
Group Net Profit Attributable to Shareholders:-
RMB868,846,571.29 Yuan (Year ended 31-12-2010)
RMB785,749,582.53 Yuan (Year ended 31-12-2011)
RMB487,872,701.63 Yuan (Year ended 31-12-2012)
Group Profit or Loss: Making a
profit every year.
Condition: Keeping in an active
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Bank of Communications Co. Ltd.,
Hong Kong Branch.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Good.
Having issued 116.7 million ordinary shares of HK$1.00 each, Kailuan
(Hong Kong) Co. Ltd. is a wholly owned subsidiary of Kailuan (Group) Ltd.
[Kailuan/Kailuan Group], a China-based firm.
Kailuan is the holding company of Kailuan Energy Chemical Co. Ltd.
[Kailuan Energy] which is a listed firm (“A Share”) in China. Its shares, bearing code No. 600997, are traded
in Shanghai Stock Exchange Co. Ltd.
Formerly known as Kailuan Clean Coal Co. Ltd., Kailuan Energy changed
name to the present one on 12th February, 2009.
Kailuan Energy was established by Kailuan (Group) Limited Liability
Corporation and the co-sponsors including China Cinda Asset Management
Corporation, Shanghai Baosteel International Economic & Trading
Corporation, China Huarong Assets Management Corporation, China Coal Research
Institute and Southeast Jiaotong University.
Kailuan Energy is a China-based company principally engaged in mining,
washing, processing and sale of coal products.
Its main products are metallurgical coke, washed coal, methanol, coal
tar, crude benzol and other coking products.
It operates its businesses through coal business, which offers raw coal
products and washed coal products, as well as coal chemical business, which
provides coke such as metallurgical coke and others, methanol, pure benzene and
other coking products. During the year
ended 31st December, 2012, Kailuan Energy produced approximately 7.3957 million
tons of metallurgical coke, and 8.8523 million tons of raw coal. It distributes its products in domestic and
overseas markets.
Kailuan Energy had four major subsidiaries, which involved in production
and processing of coal, coke and coal tar, as well as investment business of
projects.
Now, the Kailuan Group has diversified its business to produce coal
chemical products. Its business
territories has been expanded from Tangshan of Hebei Province to Inner
Mongolia, Xinjiang, Tianjin, Beijing, Ningbo, and even Canada.
The business scope of the Group covers hotel services, logistics, energy
investments, thermal power, trading, etc.
Besides, Kailuan Group is seeking an overseas initial public offering
[IPO].
The Group plans to raise around RMB15 billion Yuan initially. It has hired Beijing Zhonghan Hailian Asset
Management Co. to advise on capital‑raising, including the introduction
of foreign strategic investors.
For the year ended 31st December, 2012, the sales of the Group amounted
to RMB19.1 billion Yuan, decreased by 2.0% as compared with RMB19.5 billion
Yuan in FY 2011; profit attributable to shareholders was RMB487.9 million Yuan,
decreased by 37.9% as compared with RMB785.7 million Yuan in FY 2011.
The total employees of the Group were about 12,230 as at end of
2012. The Group keeps on expanding by
setting up associated firms in Canada.
The Group has set up a firm in Canada known as Canadian Kailuan Dehua
Mines Co. Ltd. Now, this firm has been
exploring a coal field in Canada and the second phase of exploitations have
been completed. A number of chemical
projects are under construction.
The subject is fully supported by the Kailuan Group. History in Hong Kong is over eight years.
On the whole, consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
27-09-2005 |
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.
027-536-0-200588-8, 027-536-2-003336-2 and 027-536-9-302461-8) and all
interest from time to time payable thereon and together with all title deeds
and documents relating thereto Mortgagee: Bank of Communications, Hong Kong
Branch. |
All actions, suits, proceedings, claims, demands, losses, damages,
costs, fees, expenses and/or liabilities |
|
31-08-2009 |
Instrument: Deed of Indemnity, Charge Over Deposit
and Set-Off Property: All the Company’s estate, right, title, claim, benefit and interest to
and in the Deposit (No. 012-1768073-2) and all interest from time to time
payable thereon and together with all title deeds or documents relating
thereto Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
All moneys in respect of general banking facilities |
|
17-04-2012 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner:- (A) Assigns and agrees to
assign absolutely to the Bank all the present and future rights, title,
interests and benefits of the Borrower in and to the following assets:- (i) Export Credits; (ii) Export Collection
Bills; (iii) Sales Contracts; (iv) Export Invoice
Receivables; (v) Insurances; (vi) Trade Documents; and (vii) All claims, remedies
and proceeds in connection with any of the foregoing; and (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 in and to the following
assets: (i) the Goods together with their proceeds; and (ii) the Deposit; and (C) Pledges & agrees
to pledge to the Bank the Pledged Goods and the Trade Documents which are now
or may in the future be in the possession of the Bank Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations and liabilities of whatever nature of the Borrower
owed to the Bank at any time |
|
17-04-2012 |
Instrument: Security Over Deposit in respect of
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account
No. 873530003225 and all deposits from time to time therein Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All monies and liabilities, present of future, actual or contingent,
which are now or shall at any time or times hereafter be or become due,
owing, payable or incurred to the Chargee by the Borrower on any account |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.10 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.72.80 |
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.