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Report Date : |
19.10.2013 |
IDENTIFICATION DETAILS
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Name : |
TRAXYS
FAR EAST LTD. |
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Formerly Known
as: |
Sogem (Far East)
Ltd |
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Registered Office : |
15/F., Centre Point, |
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Country : |
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Date of Incorporation : |
24.10.2001 |
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Com. Reg. No.: |
32172158 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Aluminium Ingots, Zinc Ingots, Brass Ingots, Tin-lead Ingots, Lead Ingots, Cobalt Ingots, Cadmium, Cobalt Oxide, Nickle, Nickle Foam, SHG Zinc, Selenium Powder, Germanium Wafers |
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No. of Employees : |
10 |
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 – March 31st, 2013
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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.
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Source : CIA |
TRAXYS FAR EAST LTD.
15/F., Centre Point, 181-185 Gloucester Road, Wanchai, Hong Kong.
PHONE: 852-3969 1781
FAX: 852-3969 1789, 2887 0893
E-MAIL: info@traxys.com
Managing Director: Ting Nang, Norman
Incorporated on: 24th October, 2001.
Organization: Private Limited Company.
Capital: Nominal: HK$23,280,000.00
Issued: HK$23,260,002.00
Business Category: Ferrous and Non-ferrous metal trader.
Employees: 10.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
Registered Head
Office:-
15/F., Centre Point, 181-185 Gloucester Road, Wanchai, Hong Kong.
Holding Company:-
Traxys S.a.r.l, Luxembourg.
Associated
Companies:-
L’Anse Warden Electric Co. LLC., US.
Traxys (Beijing) Industrial Raw Materials Trading Ltd., China.
Traxys Africa Pty. Ltd., South Africa.
Traxys Australia Pty. Ltd., Australia.
Traxys Brasil Ltda., Brazil.
Traxys Deutschland GmbH, Germany.
Traxys India, India.
Traxys Metales y Quimicos S.L.U., Spain.
Traxys Mexico SA, Mexico.
Traxys North America LLC, US.
Traxys Peru SAC., Peru.
Traxys Projects LT, US.
Traxys Russia, Russia.
Traxys S.A., Luxembourg.
Traxys Turkey, Turkey.
Traxys U.K. Ltd., UK.
Traxys Europe SA, Luxembourg.
U.P. Power Marketing LLC, US.
White Pine Electric Power LLC, US.
etc.
32172158
0773726
Managing Director: Ting Nang, Norman
Nominal Share Capital: HK$23,280,000.00 (Divided into 23,280,000 shares of HK$1.00 each)
Issued Share Capital: HK$23,260,002.00
(As per registry
dated 24-10-2012)
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Name |
Occupation |
No.
of shares |
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Traxys S.a.r.l 19-21, route d’Arlon L-8009 Strassen Grand-Duchy of Luxembourg. |
Corporation |
23,260,002 ======== |
(As per registry
dated 24-10-2012)
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Name (Nationality) |
Address |
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Serge Joseph
Pierre WEBER |
9, rue de la Gare, L-8705
Useldange, Luxembourg. |
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Michel
M.V.G.G. LE CLEF |
88, Route de Bettembourg,
L-5811 Fentange, Luxemburg. |
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Paul G.M.A.
ROESELER |
East Lake Villas, Apartment A 1101
35, Dongzhimenwai Main Street, Beijing 100027, China. |
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Jean-Dominique
SOREL |
5, avenue Gaston Diderich
L-1420 Luxembourg. |
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Daniel J MARX |
303 Mercer Street, Apartment
#B 602, New York, NY 10003, US. |
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TING Nang,
Norman |
Unit 221, Orchid Garden, 18
Xinjin Road, Chaoyang District, Beijing, Post Code 100015, China. |
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Bernard A.O.G. DE BUSSCHER |
180B, rue de Reckenthal L-2410
Strassen, Luxembourg. |
(As per registry
dated 18-03-2013)
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Name |
Address |
Co.
No. |
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Topfit Enterprises Ltd. |
Suite 901, 9/F., Wayson Commercial House, 68-70 Lockhart
Road, Wanchai, Hong Kong. |
0599602 |
The subject was incorporated on 24th October, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Sogem (Far East) Ltd., name changed to the present style on 14th December, 2005.
Last time, the subject was located at Suite 1502, 15/F., Chinachem Century Tower, 178 Gloucester Road, Wanchai, Hong Kong, moved to the present address with effect from 28th January, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Ferrous and Non-ferrous metal trader.
Lines: Non-ferrous metal, alloys, metals.
Employees: 10.
Commodities Imported: Belgium, other European countries, etc.
Markets: China, other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$23,280,000.00 (Divided into 23,280,000 shares of HK$1.00 each)
Issued Share Capital: HK$23,260,002.00
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: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 23,260,002 ordinary shares of HK$1.00 each, Traxys Far East Ltd. is a wholly owned subsidiary of Traxys S.a.r.l [Traxys] which is a Luxembourg based firm.
The subject is
trading in the following products:-
Aluminium Ingots, Zinc Ingots, Brass Ingots, Tin-lead Ingots, Lead Ingots, Cobalt Ingots, Cadmium, Cobalt Oxide, Nickle, Nickle Foam, SHG Zinc, Selenium Powder, Germanium Wafers
Most of the commodities are imported from Belgium, prime markets are China and the other Asian countries, etc. Business is rather active.
The predecessor of the subject Sogem (Far East) Ltd. was engaged in the same lines of business.
Traxys provides financial and logistical solutions for the ferroalloy, metal, mineral, mining, and energy industries. It focuses on the marketing and sourcing of base metals and concentrates, minor and alloying metals, industrial minerals and chemicals, materials for steel mills and foundries, and carbon products. Traxys also provides marketing and trading services, which include off-take agreements, market support, agencies, logistics, hedging, and credit risk coverage. In addition, it operates electric power generation stations in Michigan, as well as provides electricity to retail customers and to the state. It has strategic partnerships with Molycorp Minerals LLC, Sublime Technologies, Kanawha River Terminals, and First Uranium Corporation. Traxys was formerly known as Sogem S.A. and it changed its name to Traxys S.A. in January 2003. The company was founded in 1919 and is based in Luxembourg.
Norman Ting is one of the directors of the subject. Now he is in Beijing, China administering the business of the Traxys Group in China.
Trading veteran Norman Ting has returned to the metals sector, joining Traxys as chairman of its Far East unit after less than two years with infrastructure group Ausenco. Ting’s new role was effective from 23rd December, 2011. He is responsible for running and developing Traxys activities in China and the rest of Asia. It is therefore the subject is also under his management.
As the history of the subject is about twelve years in Hong Kong, on the whole, consider it good for normal business engagements.
REMARKS:
Brief personal profile of the CEO of Traxys Group:-
Mr. Mark S. Kristoff has been the Chief Executive Officer of the Traxys Group since April 2005. He serves as the Chief Executive Officer of Traxys North America LLC and Traxys S.A. He had served as Chief Operating Officer of Traxys S.A. from 8th July, 2003 to April 2005. He also had served as the president of Considar Inc. from 1991 to 2003. His experience in global trading, financing, supply chain management, and the distribution of metals in the rare earths markets. He has been a Director of Neo Material Technologies Inc. since May 2012. He serves as Director of MolyCorp. Minerals, LLC. He has been a Director of Molycorp, Inc. since September 2008. He had served as Director of Purple Communications, Inc. from June 1998 to 12th September, 2006. Mr. Kristoff graduated from Cornell University with a BA in Economics in 1984.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.28 |
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1 |
Rs.99.03 |
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Euro |
1 |
Rs.83.80 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.