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Report Date : |
01.11.2013 |
IDENTIFICATION DETAILS
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Name : |
SINO DRAGON TRADING LTD. |
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Registered Office : |
Room 1905, 19/F., |
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Country : |
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Date of Incorporation : |
21.09.2007 |
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Com. Reg. No.: |
38519724 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Iron ore, steel, metallurgical
equipment & materials, coal and related products. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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 |
SINO DRAGON
TRADING LTD.
Room 1905, 19/F., Nam Wo Hong Building, 148 Wing Lok Street,
Sheung Wan, Hong Kong.
PHONE: 852-2568 9333
FAX: 852-2568 9330
E-MAIL: hlmyhk@126.com
Managing Director: Mr. Wang Yunpu
Incorporated on: 21st
September, 2007.
Organization: Private
Limited Company.
Capital: Nominal: HK$307,310,000.00
Issued: HK$307,310,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd.,
Banking Relation: Satisfactory.
SINO DRAGON
TRADING LTD.
Registered Head
Office:-
Room 1905, 19/F., Nam Wo Hong Building, 148 Wing Lok Street, Sheung Wan,
Hong Kong.
Holding Company:-
Henan Longcheng Group Co. Ltd., China.
Associated
Companies:-
Henan Longcheng Efficient-Coal Technical Application Co. Ltd., China.
Henan Longcheng Heavy Steel-Structure Co. Ltd., China.
Longcheng Metallurgy Co. Ltd., China.
Nanyang Hanye Special Steel Co. Ltd., China.
Success Mining Co. Ltd., Malaysia.
Xixia Dinosaurs Relics Garden Tourism Co. Ltd., China.
Xixia Longcheng Metallurgical Materials Co. Ltd., China.
Xixia Longcheng Special Materials Co. Ltd., China.
Xixia longtangou Tourism Development Co. Ltd., China.
Xuchang Mining Co. Ltd., China.
etc.
38519724
1169235
Managing Director: Mr. Wang Yunpu
Nominal Share Capital: HK$307,310,000.00 (Divided into 307,310,000
shares of HK$1.00 each)
Issued Share Capital: HK$307,310,000.00
(As per registry dated 21-09-2013)
|
Name |
|
No. of shares |
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Henan Longcheng Group Co. Ltd. No. 63, Zhong Jing Avenue, Xi Xia County, He Nan Province, China. |
|
307,310,000 ========= |
(As per registry dated 21-09-2013)
|
Name (Nationality) |
Address |
|
WANG Yunpu |
Guan He Road, Cheng Guan Town, Xi Xia County, He Nan Province, China. |
(As per registry dated 21-09-2013)
|
Name |
Address |
Co. No. |
|
Excel Registrations Ltd. |
Room 1905, 19/F., Nam Wo Hong Building, 148 Wing Lok Street, Sheung
Wan, Hong Kong. |
1046730 |
The subject was incorporated on 21st September, 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: Importer,
Exporter and Wholesaler.
Lines: Iron
ore, steel, metallurgical equipment & materials, coal and related products.
Employees: 8.
Commodities Imported: India, Europe, Russia, etc.
Markets: China,
Japan, other Asian countries, Europe, etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$307,310,000.00 (Divided
into 307,310,000 shares of HK$1.00 each)
Issued Share Capital: HK$307,310,000.00
Mortgage or Charge (since September
2011): (See attachment)
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.
Bankers:
DBS Bank (Hong Kong) Ltd., Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
China Merchants Bank Co. Ltd., Hong Kong.
Standing:
Normal.
Having issued 307,310,000 ordinary shares of HK$1.00 each, Sino Dragon
Trading Ltd. is a wholly owned subsidiary of Henan Longcheng Group Co. Ltd.
[Longcheng Group] which is a China-based company. The director of the subject Wang Yunpu is a
China merchant. He is a China passport
holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject, established in September 2007, is a comprehensive importing
and exporting company mainly engaged in mine investing, abroad investing and
trading of ore, steel, metallurgical equipment and materials, and related
elements.
The subject has set up the following departments: Steel trading Dept.,
Metallurgy material trading Dept., Iron ore Trading Dept., Mining investment
Dept., Finance Dept. and Logistics Services Dept.
The subject has made investments in Xuchang Mining Co., Ltd, Henan
Longcheng Special Materials Co., Ltd., Nanyang Hanye Special Steel Co., Ltd.
and Henan Longcheng Efficient-Coal Technical Application Co., Ltd. in China and
Success Mining Co., Ltd. in Malaysia.
The subject has had agencies in Indonesia, Germany, Russia, Mexico,
South Korea and Taiwan.
Longcheng Group is a non-governmental joint-stock high technology
enterprise. Its headquarters are located
in Xixia, Henan Province, China.
Since the establishment in 1988, Longcheng has been engaged in iron ore
sourcing, special steel, machine manufacturing, metallurgy, high efficiency
coal-using, engineering technology, steel structure, international trading and
tourism, etc. It has five
solely-invested corporations, namely, Nanyang Hanye Special Steel Co., Ltd.,
Xixia Longcheng Special Materials Co., Ltd., Xixia Longcheng Metallurgy
Materials Co., Ltd., Henan Longcheng Heavy Steel-Structure Co., Ltd., Longcheng
High-Efficient Coal-used Co., Ltd, Xixia Dinosaurs Relics Garden Tourism Co.,
Ltd. and two holding enterprises known as Xuchang Mining Co., Ltd. and Xixia
Longtangou Tourism Development Co., Ltd.
Longcheng Group is engaged in iron-ore saucing, trading in steel
products, metallurgical material products, coal and related products, etc.
The chairman of the Group is Mr. Zhu Shucheng and executive
director/general manger is Mr. Wang Yunpu.
Wang is also the only director of the subject.
The business of the subject is active.
It is fully supported by the Longcheng Group.
As the history of the subject is over six years in Hong Kong, on the
whole, consider it good for normal business engagements.
(Since September 2011)
|
Date |
Particulars |
Amount |
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16-09-2011 |
Instrument: Charge Over Deposits Property: A) The sum now or hereafter deposited by the company or for the
company benefit in the account B) All other sums in any
currency from time to time standing to the company credit or the credit of
any other person for the company benefit, whether alone or jointly with
others, on any deposit account with the Bank, including additions to or
renewals or replacements of such sum Charged Account: 20094834 Mortgagee: China Merchants Bank Co. Ltd.,
Hong Kong Branch. |
To secure all moneys obligations and liabilities whether actual or
contingent now or at anytime hereafter due owing or incurred to the bank by Sino
Dragon Trading Ltd. anywhere |
|
07-09-2011 |
Instrument: Deposit Account Pledge Agreement Property: Account No.: NRA755918331310801 Amount: RMB167,043,931.08 Rate of Interest: 0.6% Mortgagee: China Minsheng
Banking Corp. Ltd., Hong Kong Branch. |
All monies and liabilities |
|
24-02-2012 |
Instrument: Security Memorandum Property: The company hereby assigns and agrees to assign absolutely and
unconditionally to the bank all its right, title and interest in and to each receivable
as continuing security for the payment or discharge of the secured
liabilities Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. |
All indebtedness, obligations and liabilities |
|
27-11-2012 |
Instrument: Security Memorandum Property: The company hereby assigns and agrees to assign absolutely and
unconditionally to the bank all its right, title and interest in and to each
receivable as continuing security for the payment or discharge of the secured
liabilities Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. |
All indebtedness, obligations and liabilities |
|
09-08-2013 |
Instrument: Charge on Cash Deposit to secure
liabilities Property: 1) By way of first fixed
charge and agreement to charge: The Deposit and all right and interest of the company whatsoever,
present and future, thereto and therein, together with any certificates of
deposit or other securities evidencing title, or otherwise relating, thereto
and any account to which the same is credited 2) By way of set-off: Any sum standing to the credit of any one or more of the accounts of
the company with the bank wheresoever situate Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.29 |
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Euro |
1 |
Rs.84.12 |
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 |
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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 |
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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.