|
Report Date : |
09.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
UNIPEC ASIA CO. LTD. |
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|
|
Registered Office : |
Room 1202, 12/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, |
|
|
|
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Country : |
Hong Kong |
|
|
|
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Date of Incorporation : |
28.12.1995 |
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|
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Com. Reg. No.: |
19558953 |
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|
|
|
Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter; crude oil dealer. |
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|
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No. of Employees : |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
No complaints |
|
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
UNIPEC ASIA
CO. LTD.
ADDRESS: Room 1202, 12/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2879 6688, 2520 3609
FAX: 852-2527 2868
Managing Director: Ms. Tian Xiao Yan
Incorporated on: 28th December, 1995.
Organization: Private Limited Company.
Capital: Nominal:HK$624,000,000.00
Issued: HK$624,000,000.00
Business Category: Importer and Exporter; Crude Oil Dealer.
Sinopec Group Turnover:
RMB2,786,045 million Yuan (Year ended
31-12-2012)
Employees: 15.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Very Good.
Registered Head
Office:-
Room 1202, 12/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong.
China Branch
Offices:-
Ningbo, Qingdao, Erlian & Alashankou, China.
Immediate Holding
Company:-
China International United Petroleum & Chemicals Co. Ltd. [UNIPEC]
6A Hui Xin East Street, Chaoyang District, Beijing 100029, China.
[Tel: 86-10-6499 0060, 6499 0323
Fax: 86-10-6499 0022, 6499 0300]
Intermediate Holding
Company:-
China Petroleum & Chemical Corporation, China. [Sinopec]
Ultimate Holding
Company:-
China Petrochemical Corporation, China. [Sinopec Group Company]
Sister Companies:-
Unipec UK Co. Ltd., UK.
Unipec Singapore Pte. Ltd., Singapore.
Unipec Asia Co. Ltd.,Vietnam.
Unipec America Inc., US.
Unipec Kantons Holdings Ltd., Bermuda/Hong Kong.
Associated Companies:-
BASF-YPC Co. Ltd., China.
BP Sinopec (Zhejiang) Petroleum Co. Ltd., China.
BPZR (Ningbo) LPG Co. Ltd., China.
China Aviation Oil Supply Co. Ltd., China.
China Petrochemical International Co. Ltd., China.
China Shipping & Sinopec Suppliers Co. Ltd., China.
Fujian Petrochemical Co. Ltd., China.
Fujian Refining & Petrochemical Co. Ltd., China.
Fujina Petrochemical Co. Ltd., China.
Shanghai Chemical Industry Park Development Co. Ltd., China.
Shanghai Petroleum Co. Ltd., China.
Shanghai Secco Petrochemical Co. Ltd., China.
Sinopec (Hong Kong) Fuel Oil Co. Ltd., Hong Kong.
Sinopec (Hong Kong) Gas Co. Ltd., Hong Kong.
Sinopec (Hong Kong) Ltd., Bermuda/Hong Kong.
Sinopec (Hong Kong) Petroleum Co. Ltd., Hong Kong.
Sinopec (Hong Kong) Petroleum Holding Co. Ltd., Hong Kong.
Sinopec Changjiang Fuel Co. Ltd., China.
Sinopec Chemical Sales Co. Ltd., China.
Sinopec Finance Co. Ltd., China.
Sinopec Fuel Oil Sales Co. Ltd., China.
Sinopec Hainan Refining & Chemical Co. Ltd., China.
Sinopec International Co. Ltd., China.
Sinopec International Petroleum Exploration & Production Ltd., China.
Sinopec Kantons Holdings Ltd., Bermuda/Hong Kong.
Sinopec Qiingdao Refining & Chemical Co. Ltd., China.
Sinopec Qingdao Petrochemical Co. Ltd., China.
Sinopec Sabic Tianjin Petrochemical Co. Ltd., China.
Sinopec Sales Co. Ltd., China.
Sinopec Senmei (Fujian) Petroleum Ltd., China.
Sinopec Shanghai Petrochemical Co. Ltd., China.
Sinopec Shell (Jiangsu) Petroleu Marketing Co. Ltd., China.
Sinopec Yangzi Petrochemical Co. Ltd., China.
Sinopec Yizheng Chemical Fibre Co. Ltd., China.
Sinopec Zhongyuan Petrochemical Co. Ltd., China.
State Power-Sinopec (Ningxia) Energy Chemical Co. Ltd., China.
Zhongtian Synergetic Energy Co. Ltd., China.
etc.
19558953
534589
Director & General Manager: Ms. Tian Xiao Yan
Nominal Share Capital: HK$624,000,000.00 (Divided into 624,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$624,000,000.00
(As per registry dated 28-12-2012)
|
Name |
|
No. of shares |
|
China International United Petroleum & Chemicals Co. Ltd. 6A Hui Xin East Street, Chaoyang District, Beijing 100029, China.. |
|
624,000,000 ========= |
(As per registry dated 28-12-2012)
|
Name (Nationality) |
Address |
|
TIAN Xiao Yan |
Room 1806, 18/F., Block B, Hongway Garden, 8 New Market Street, Sheung Wan, Hong Kong. |
|
DAI Zhaoming |
6A Huixin East Street, Chaoyang District, Beijing 100029, China. |
|
TAN Kefei |
6A Huixin East Street, Chaoyang District, Beijing 100029, China. |
TIAN Xiao Yan (As per
registry dated 28-12-2012)
The subject was incorporated on 28th December, 1995 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; Transhipment Agent.
Lines: Crude oil and petrochemical products.
Employees: 15.
Commodities Imported: Sourced from worldwide countries.
Market: China, etc.
Sinopec Group Turnover:-
RMB1,495,148 million Yuan (Year ended 31-12-2008)
RMB1,345,052 million Yuan (Year ended 31-12-2009)
RMB1,913,182 million Yuan (Year ended 31-12-2010)
RMB2,505,683 million Yuan (Year ended 31-12-2011)
RMB2,786,045 million Yuan (Year ended 31-12-2012)
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$624,000,000.00 (Divided into 624,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$624,000,000.00
Sinopec Group Profit Attributable to Shareholders:
RMB31,180 million Yuan (Year ended 31-12-2008)
RMB63,129 million Yuan (Year ended 31-12-2009)
RMB71,782 million Yuan (Year ended 31-12-2010)
RMB73,225 million Yuan (Year ended 31-12-2011)
RMB63,897 million Yuan (Year ended 31-12-2012)
Profit or Loss: Group business is profitable.
Condition: Business is active.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
Coöperatieve Centrale Raiffeisen - Boerenleenbank B.A., Hong Kong Branch. [Shortening name: Rabobank]
Standing: Very Good.
Unipec Asia Co. Ltd. [UACL] was incorporated in Hong Kong on 28th December, 1995 as a private limited liability company. With a nominal and issued share capital of HK$624 million, UACL is a wholly-owned subsidiary of China International United Petroleum & Chemicals Co. Ltd. [UNIPEC] which is in turn a subsidiary of China Petroleum & Chemical Corporation [Sinopec]. Both are significant firms in China.
UNIPEC is one of a key subsidiaries of Sinopec and is responsible for the trading of crude oil and petrochemical products.
UNIPEC is mainly engaged in the import of crude oil, import and export of oil products, oil processing business for Sinopec system. It is also involved in other various international oil trading business as well. Since its establishment, it has been continuing to upgrade its market competitiveness, enhance international co-operation, and expand international petroleum resources.
UNIPEC’s headquarters are located at 6-A Huixin East Street, Chaoyang District, Beijing. It has seven departments namely: Administration Office, Finance & Accounting Department, Crude Oil Department, Oil Products Department, Shipping Department, Planning & Information Department and Risk Management Department.
UNIPEC has three wholly-owned overseas subsidiaries including UACL, UNIPEC UK Co. Ltd. and UNIPEC Singapore Pte. Ltd. together with an UNIPEC Representative Office in Vietnam.
In addition, UNIPEC also set up four domestic branches which consist of UNIPEC Ningbo Branch, UNIPEC Qingdao Branch, UNIPEC Erlian Branch and UNIPEC Alashankou Branch.
Sinopec Group is a super-large petroleum and petrochemical enterprise group which was established in July 1998 on the basis of the former China Petrochemical Corporation. Sinopec Group is a state-owned company solely invested by the State, functioning as a state-authorized investment organization in which the state holds the controlling share. Headquartered in Beijing, Sinopec Group has a registered capital of RMB182 billion Yuan.
Sinopec Group executes the investor rights over related state assets owned by its full subsidiaries, controlled companies and share-holding companies. These rights include receiving returns on assets, making major decisions and appointing management teams. The Group operates, manages and supervises state assets according to related laws, and shoulders the corresponding responsibility of maintaining and increasing the value of state assets. China Petroleum & Chemical Company (Sinopec Corp.), controlled by Sinopec Group, issued H-shares and A-shares at overseas and home respectively in October 2000 and August 2001 and was listed on stock markets in Hong Kong, New York, London and Shanghai. The total number of shares of Sinopec Corp. was 86.7 billion, in which Sinopec Group owns 75.84%, international investors own 19.35% and domestic investors own 4.81%.
Sinopec Group’s key business activities include: industrial investment and investment management; the exploration, production, storage and transportation (including pipeline transportation), marketing and comprehensive utilization of oil and natural gas; oil refining; the wholesale of gasoline, kerosene and diesel; the production, marketing, storage, transportation of petrochemicals and other chemical products; the design, construction and installation of petroleum and petrochemical engineering projects; the overhaul and maintenance of petroleum and petrochemical equipments; the manufacturing of electrical and mechanical equipments; the research, development, application and consulting services of technology, information and alternative energy products, the import and export of commodities and technologies both for the Group and as a proxy (with the exception of those commodities and technologies that are either banned by the State or to be carried out by the state-designated companies).
In 2012, the Group’s total revenues and other operating income increased by 11.2% from the previous year to RMB2,786 billion Yuan (2011: RMB2,506 billion Yuan). Profits attributable to equity shareholders of the Company under International Financial Reporting Standards decreased by 12.8% to RMB63.9 billion Yuan (2011: RMB73.2 billion Yuan), while net profits attributable to equity shareholders of the Company, under China Accounting Standards for Business Enterprises, dropped by 11.4% to RMB63.5 billion Yuan.
In the first half of 2013, under the backdrop of steady economic growth coupled with increased domestic demand for oil and chemical products, the Group actively expanded its sales volume. Turnover and other operating revenues were RMB1,415.2 billion Yuan, representing a year-on-year increase of 5.0%, and the operating profit was RMB46.7 billion Yuan, representing a year-on-year increase of 16.6%.
Most of the crude oil and a small portion of natural gas produced by the Group were used internally for refining and chemical production with the remainder sold to external customers. In the first half of 2013, the turnover from crude oil, natural gas and other upstream products sold externally amounted to RMB28.0 billion Yuan, increased by 7.8% year on year, accounting for 2.0% of the Group’s turnover and other operating revenues. The change was mainly due to the growth in the sales volume of crude oil exceeding the decrease in the price of crude oil, plus the increase in the sales volume and price of natural gas over the same period in 2012.
UACL is acting as one of its marketing arms in Hong Kong and is trading in crude oil and petrochemical products.
UACL is fully supported by Sinopec Group.
On the whole, in view of the parentage of UACL, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.69 |
|
|
1 |
Rs.99.20 |
|
Euro |
1 |
Rs.83.69 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.