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Report Date : |
05.09.2013 |
IDENTIFICATION DETAILS
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Name : |
RHI
REFRACTORIES ASIA LTD. |
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Formerly Known As : |
Veitsch-Radex-Didier
Asia Ltd. |
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Registered Office : |
Unit 709, 7/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.03.1989 |
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Com. Reg. No.: |
13544366 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Importer, Exporter, Wholesaler, production, sale and installation of high‑grade ceramic refractory products, the development and implementation of customized system solutions as well as rendering outstanding services for the key industries steel, cement, lime, nonferrous metals, glass and environment-energy-chemicals. · Subject produces ceramic products that are used in high-temperature production processes |
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No. of Employees : |
08 |
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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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.
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Source : CIA |
RHI REFRACTORIES ASIA LTD.
Unit 709, 7/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2827 6482, 2531 2600, 2531 2600
FAX: 852-2827 5692
Managing Director: Mr. Gunnar Kunz
Incorporated on: 17th March, 1989.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Revenues: EUR 1,835.7 million (Year ended 31-12-2012)
Employees: 8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Unit 709, 7/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Sapref AG Fur Feuerfestes Material, Switzerland.
Ultimate Holding
Company:-
RHI AG, Austria.
Associated/Affiliated
Companies:-
RHI Group of Companies
Betriebs- und Baugesellschaft mbH, Germany.
CJSC RHI Podolsk Refractories, Russia.
D.S.I.P.C.-Didier Société Industrielle de Production et de Construction, France.
Didier Belgium N.V., Belgium.
Didier Vertriebsgesellschaft mbH, Germany.
Didier-Werke AG, Germany.
Dolomite Franchi S.p.A., Italy.
Dr.-Ing. Petri & Co. Unterstützungs-Gesellschaft mbH, Germany.
Dutch Brasil Holding B.V., Netherlands.
Dutch MAS B.V., Netherlands.
Dutch US Holding B.V., Netherlands.
FC Technik AG, Switzerland.
Full Line Supply Africa (Pty) Ltd., South Africa.
GIX International Ltd., UK.
Indresco U.K. Ltd., UK.
Interstip (Shanghai) Co. Ltd., China.
Interstop Corporation, US.
Interstop do Brasil i.l., Brazil.
Interstop Licensing LLC, USA.
Latino America Refractories ApS, Denmark.
Liaoning RHI Jinding Magnesia Co. Ltd., China.
LLC NSK Ogneupor Holding, Russia.
LLC NSK Ogneupor, Russia.
LLC RHI Wostok Service, Russia.
LLC RHI Wostok, Russia.
Lokalbahn Mixnitz-St. Erhard AG, Austria.
Magnesit Anonim Sirketi, Turkey.
Magnesitwerk Aken Vertriebsgesellschaft mbH i.L., Germany.
Magnifin Magnesiaprodukte GmbH & Co KG, Austria.
Magnifin Magnesiaprodukte GmbH, Austria.
Marvo Feuerungs- und Industriebau GmbH, Germany.
Mezubag AG, Switzerland.
Premier Periclase Ltd., Ireland.
Producción RHI México S. de R.L. de C.V., Mexico.
Radex Vertriebsgesellschaft mbH, Austria.
Refel S.p.A., Italy.
Refractory Intellectual Property GmbH & Co KG, Austria.
Refractory Intellectual Property GmbH, Austria.
RHI Argentina S.R.L., Argentina.
RHI Canada Inc., Canada.
RHI Chile S.A., Chile.
RHI Clasil Ltd., India.
RHI Dinaris GmbH, Germany.
RHI Finance A/S, Denmark.
RHI GLAS GmbH, Germany.
RHI India Private Ltd., India.
RHI MARVO SRL, Romania.
RHI Monofrax LLC, USA.
RHI Normag AS, Norway.
RHI Refmex S.A. de C.V., Mexico.
RHI Réfractaries Algérie E.U.R.L., Algeria.
RHI Refractories (Dalian) Co. Ltd., China.
RHI Refractories (Site Services) Ltd., UK.
RHI Refractories Africa (Pty) Ltd., South Africa.
RHI Refractories Andino C.A., Venezuela.
RHI Refractories Asia Pacific Pte. Ltd., Singapore.
RHI Refractories Brasil Ltda., Brazil.
RHI Refractories Espana S.L., Spain.
RHI Refractories France S.A., France.
RHI Refractories Holding Co., USA.
RHI Refractories Italiana s.r.l., Italy.
RHI Refractories lbérica S.L., Spain.
RHI Refractories Liaoning Co. Ltd., China.
RHI Refractories Mercosul Ltda., Brazil.
RHI Refractories Nord AB, Sweden.
RHI Refractories Raw Material GmbH, Austria.
RHI Refractories Site Services GmbH, Germany.
RHI Refractories UK Ltd., UK.
RHI Rückversicherungs AG, Liechtenstein.
RHI Sales Europe West GmbH, Germany.
RHI Trading (Dalian) Co. Ltd., China.
RHI Urmitz AG & Co KG, Germany.
RHI US Ltd., USA.
Societa Dolomite Italiana SDI S.p.A., Italy.
Stopinc AG, Switzerland.
Veitscher Vertriebsgesellschaft mbH, Austria.
Veitsch-Radex America Inc., Canada.
Veitsch-Radex America Inc., USA.
Veitsch-Radex GmbH & Co OG, Austria.
Veitsch-Radex GmbH, Austria.
Veitsch-Radex Vertriebsgesellschaft mbH, Austria.
Vera FE, Ukraine.
VRD Americas B.V., Netherlands.
Zimmermann & Jansen GmbH, Germany.
etc.
13544366
0245767
Managing Director: Mr. Gunnar Kunz
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000.00
(As per registry
dated 17-03-2013)
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Name |
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No.
of shares |
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Sapref AG Fur Feuerfestes
Material Picassoplatz 4, CH-4010, Basel,
Switzerland. |
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99 |
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VRD Americas B.V. Velperweg
81, 6824 HH Arnhem, Netherlands. |
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1 |
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––– |
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Total: |
100 === |
(As per registry
dated 17-03-2013)
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Name (Nationality) |
Address |
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San San AW |
Blk 183 Jelebu Road, #08-48,
Singapore 670183. |
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Michael
WILLIAMS |
38 Third Street, East Coast
Park, Singapore 455513. |
(As per registry
dated 17-03-2013)
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Name |
Address |
Co.
No. |
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Liang’s Corporate Services Ltd. |
Unit B, 15/F., C.M.A. Building, 64 Connaught Road
Central, Hong Kong. |
1657094 |
The subject was incorporated on 17th March, 1989 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Quing Yui Trading Ltd., name changed to Far East Sinter Trade Ltd. on 15th May, 1990; changed to Veitsch-Radex Asia Ltd. on 3rd January, 1997; to Veitsch-Radex-Didier Asia Ltd. on 16th March, 1998 and further to the present style on 10th January, 2001.
Last time, the subject was located at Unit A, 21/F., CCK Commercial Centre, 289-295 Hennessy Road, Wanchai, Hong Kong, moved to the present address in September 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of refractory products.
Employees: 8.
Commodities Imported: China, other Asian countries, etc.
Markets: Singapore, other Asian countries, Europe, etc.
Group Revenues: EUR 1,596.7 million (Year ended 31-12-2008)
EUR 1,236.9 million (Year ended 31-12-2009)
EUR 1,522.9 million (Year ended 31-12-2010)
EUR 1,758.6 million (Year ended 31-12-2011)
EUR 1,835.7 million (Year ended 31-12-2012)
EUR 912.8 million (6 months ended 30-06-2012)
EUR 870.7 million (6 months ended 30-06-2013)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000.00
Group Profit form
Continuing Operations:-
· EUR 101.8 million (Year ended 31-12-2008)
· EUR 21.4 million (Year ended 31-12-2009)
· EUR 104.6 million (Year ended 31-12-2010)
· EUR 120.8 million (Year ended 31-12-2011)
· EUR 113.5 million (Year ended 31-12-2012)
· EUR 62.3 million (6 months ended 30-06-2012)
· EUR 83.3 million (6 months ended 30-06-2013)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory condition.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
RHI Refractories Asia Ltd. is a subsidiary company of Sapref AG Fur Feuerfestes Material, a Switzerland-based firm. Its ultimate holding company RHI AG [RHI/or referred to Group when including associates] is an Austria‑based and listed firm.
The subject is trading in the same commodities as the Group.
RHI’s core business comprises the production, sale and installation of high‑grade ceramic refractory products, the development and implementation of customized system solutions as well as rendering outstanding services for the key industries steel, cement, lime, nonferrous metals, glass and environment-energy-chemicals.
RHI is a global industrial group, which maintains its headquarters in Austria. RHI produces ceramic products that are used in high-temperature production processes exceeding 1,200°C.
The business activities of the RHI Group comprise the three segments Steel, Industrial and Raw Materials. The Industrial segment supplies the cement, lime, glass, non-ferrous metals, environment (waste incineration), energy (refractory construction) and chemical (petrochemicals) industries. The Raw Materials segment covers the value-added activities of the Group’s mining and raw material operations, which primarily supply the Steel and Industrial segments.
RHI AG is a world market and technology leader in high-grade ceramic refractory materials. As a global player with Austrian roots, RHI has 32 production sites in Europe, North and South America and China, and is represented by more than 70 sales offices in four continents.
RHI serves more than 10,000 customers in the steel, cement, nonferrous metals, glass, energy and chemicals industries in nearly all countries of the world. RHI produces more than 2 million tons of refractory products annually and supplies customized product and system solutions.
The headquarters is based in Vienna, Austria. The RHI share is listed on the Prime Market of the Vienna Stock Exchange (ATX).
RHI has built one of the largest fusion plants for magnesia raw materials for more than 75 million euros in Norway. In this fusion plant, magnesia obtained from sea water is converted to fused magnesia, a high-grade refractory raw material, at temperatures about 2,800 degrees. With a capacity of approximately 85,000 tons per year, the plant is one of the largest worldwide. 120 employees is working at the plant.
The production of refractory products is resource-intensive. The basic materials used are the naturally occurring raw materials magnesite and dolomite. Some 70% of the global deposits are located in three countries: China, North Korea and Russia. RHI covers about 80% of its requirements with raw materials from its own sites and is therefore largely independent from the raw material markets.
Due to growing demand and export restrictions in China, prices have more than tripled. For this reason, RHI increasingly invests in raising the level of self-sufficiency. The expansion of the mines in Turkey and Austria and acquisitions have enabled RHI to increase the self-sufficiency level to roughly 80%. In this, an alternative raw material production method based on seawater is also used. RHI strives to maintain the self-sufficiency level stable even during the growth period.
With the acquisition of Stopinc AG, Switzerland at the beginning of the year 2012 and of the Indian company Orient Refractories Ltd. in early 2013, the Group opened the door to the world of flow control further, where it wants to strengthen its number two position.
In the year 2012, RHI generated 56% of its revenues in the emerging markets; in the year 2020, this share may already amount to some 70%.
In FY 2012, the RHI Group’s sales volume dropped by 5.0% from 1,948,000 tons in the year 2011 to 1,850,000 tons, which was primarily due to weaker steel business in Europe and weaker cement and glass business in Asia.
Although sales volume was lower, revenues of the RHI Group reached a new record level of € 1,835.7 million in 2012 (previous year: € 1,758.6 million). The increase by 4.4% in comparison with 2011 is primarily attributable to price increases realized in the market, shifts in product mix and the positive effects of a weaker euro-dollar exchange rate. Consequently, the Steel Division increased revenues slightly by 0.5% despite a decline in sales volume by 6.8%, generating the highest revenues in the company’s history. The Industrial Division also realized record revenues. As the business units nonferrous metals and environment, energy, chemicals developed very positively, revenues were up 9.8% despite a 6.5% decline in sales volume.
For the 6 months ended 30th June, 2013, the sales of RHI amounted to : €870.7 million, decreased by 4.6% as compared with €912.8 million the same period of previous year. In the period, its profit was €83.3 million, grew by 33.7% as compared with the same period of previous year.
The parent company of the Group is RHI AG, which is headquartered in Austria at Wienerbergstrasse 9, 1100 Vienna. For the 6 months ended 2013, it had 8,420 employees. The increase of employees was due to the integration of Orient Refractories Ltd. in Indian in April 2013.
The subject is fully supported by the Group.
As the history of the subject is over 24 years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.67.03 |
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UK Pound |
1 |
Rs.104.32 |
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Euro |
1 |
Rs.88.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.