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Report Date : |
11.11.2013 |
IDENTIFICATION DETAILS
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Name : |
STEEL HARVEST LTD. |
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Registered Office : |
c/o CK Cheung Consultants Ltd. |
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Country : |
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Date of Incorporation : |
14.01.2008 |
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Com. Reg. No.: |
38852013 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
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No. of Employees : |
No employees in [It is to be noted that the company does not
have its own operating office in |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 |
STEEL HARVEST LTD.
Registered
Office:-
c/o CK Cheung Consultants Ltd.
Suite 3105, 31/F., Office Tower, Convention Plaza, 1 Harbour Road,
Wanchai, Hong Kong.
(Formerly located at:
c/o CK Cheung Consultants Ltd.
Suite 1703, 17/F., Office Tower, Convention Plaza, 1 Harbour Road,
Wanchai, Hong Kong.)
Associated
Company:-
Maanshan City Zhonghuan Industrial Equipment Co. Ltd.
16 Liyuan Road, Maanshan City, Anhui Province, China.
[Tel: 86-555-2266 606 Fax:
86-555-2266 626]
38852013
1203510
14th January, 2008.
Nominal Share Capital: HK$100,000.00
(Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 14-01-2013)
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Name |
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No. of shares |
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XU Xin |
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5,000 |
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ZHANG Xiaoyu |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 14-01-2013)
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Name (Nationality) |
Address |
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ZHANG Xiaoyu |
No. 303, 14th Building, Hai Wai Hai Ming Zhu Yuan, Ma An Shan City,
Anhui Province, China. |
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XU Xin |
No. 303, 14th Building, Hai Wai Hai Ming Zhu Yuan, Ma An Shan City,
Anhui Province, China. |
(As per registry dated 15-06-2013)
|
Name |
Address |
Co. No. |
|
CK Cheung Consultants Ltd. |
Suite 3105, 31/F., Office Tower, Convention Plaza, 1 Harbour Road,
Wanchai, Hong Kong. |
0414656 |
The subject was incorporated on 14th January, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Suite
1703, 17/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai,
Hong Kong where was the old operating address of a consultant firm CK
Cheung Consultants Ltd. It moved to
Suite 3105, 31/F. of the same building with effect from 15th June, 2013, so did
the subject.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Steel Harvest Ltd.
is equally owned by Mr Xu Xin and Mr. Zhang Xiaoyu, both of whom are China
merchants. They are China ID holders and
do not have the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Suite 3105, 31/F., Office Tower, Convention Plaza, 1
Harbour Road, Wanchai, Hong Kong” known as “CK Cheung Consultants Ltd.” which
is handling its correspondences and documents.
This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject has had an associated company in China known as Maanshan
City Zhonghuan Industrial Equipment Co. Ltd. [Zhonghuan]. The subject and Zhonghuan are engaged in the
same lines of business. Zhonghuan is
engaged in the following business:-
Trading in all kinds of industrial machinery & equipment;
Trading in iron & steel materials.
The contact persons of Zhonghuan are Mr Xu Xin and Mr. Zhang Xiaoyu. The manager of the subject in China is Mr.
Leon Fu. The subject’s iron & steel
materials are chiefly sourced from Ma Steel Construction Group Mining Trade
Co., Ltd. and Maanshan Iron & Steel Co. Ltd. Industrial machinery & equipment are
sourced from the manufacturers in China or foreign countries. Its iron & steel materials are also
imported from foreign countries such as India, Russia, etc.
Products are marketed in China and exported to foreign countries such as
the Middle East, Africa, Latin America, etc.
It is also likely that Zhonghuan deals with foreign parties under the
name of the subject and let foreign firms correspond with the subject’s
registered address in Hong Kong. The
China firm also exports commodities to foreign markets under the name of the
subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five years.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.73 |
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|
1 |
Rs.100.92 |
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Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.