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Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
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Name : |
WOGEN PACIFIC LTD. |
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Registered Office : |
Room 2808, 28/F., China Resources Building, 26 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.06.1996 |
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Com. Reg. No.: |
19978478 |
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Legal Form : |
Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Ferrous metal, non-ferrous metal |
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No. of Employees : |
6 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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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 |
WOGEN PACIFIC LTD.
ADDRESS: Room 2808, 28/F., China
Resources Building, 26 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2827 1712
FAX: 852-2827 0422
E-MAIL: traders@wogen.com
Managing Director: Mr. Marshall
Henry Byres
Incorporated on: 21st June, 1996.
Organization: Limited Company
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: BNP
Paribas S. A., Hong Kong.
Banking Relation: Good.
WOGEN PACIFIC
LTD.
Registered Head
Office:-
Room 2808, 28/F., China Resources Building, 26 Harbour Road, Wanchai,
Hong Kong.
Holding Company:-
Wogen Group Ltd., UK.
Ultimate Holding
Company:-
Sanctuary Partners Ltd., UK.
Associated
Companies:-
Wogen do Brasil Participacoes e Representacoes Ltda., Brazil.
Wogen Metal Commercial (Shanghai) Ltd., China.
Wogen Metals LLC, Russia.
Wogen Mining Industry & Trade Ltd., Turkey.
Wogen Resources Ltd., UK.
Wogen Resources South Africa (Pty.) Ltd., South Africa.
Wogen Titanium Ltd., UK.
19978478
0553748
Managing Director: Mr. Marshall Henry Byres
Contact Person: Ms. Li Sau Mui
Nominal Share Capital: HK$500,000.00
(Divided into 5,000 shares of HK$100.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 21-06-2013)
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Name |
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No. of shares |
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Wogen Group Ltd. 4 The Sanctuary, Westminster, London SW1P 3JS, UK. |
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5,000 ==== |
(As per registry dated 21-06-2013)
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Name (Nationality) |
Address |
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Marshall Henry BYRES |
Flat A, 2/F., Hatton House, 15 Kotewall Road, Mid Levels, Hong Kong. |
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Neil POULTER |
11 Knox Close, Church Crookham, Fleet, Hampshire, GU52 6TR, UK. |
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Damian Alexander BROUSSE |
Bridgefoot, Stedham, Midhurst, West Sussex GU29 OPT, UK. |
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LI Sau Mui |
Flat B, 12/F., Hing On Mansion, On Shing Terrace, Taikoo Shing, Hong
Kong. |
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Ross Jay SABBERTON |
Flat B, 3/F., Block 5, Pacific View, 38 Tai Tam Road, Hong Kong. |
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Alexander Ackerl WILLIAMS |
22/F., Wing Way Court, 31 Kennedy Road, Hong Kong. |
(As per registry dated 21-06-2013)
|
Name |
Address |
Co. No. |
|
KT First Secretary Ltd. |
Room 2702-2703, 27/F., Bank of East Asia Harbour View Centre, 56
Gloucester Road, Wan Chai, Hong Kong. |
0681483 |
The subject was incorporated on 21st June, 1996 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Veritas
Resources Ltd., name changed to the present style on 1st October, 1996.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Ferrous metal, non-ferrous metal
Employees: 6.
Commodities Imported: Russia,
India, South America, China
Markets: UK, other European countries.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P
Nominal Share Capital: HK$500,000.00
(Divided into 5,000 shares of HK$100.00 each)
Issued Share Capital: HK$500,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
BNP Paribas S.A., Hong Kong Branch.
BNP Paribas S.A., France.
Standing: Normal.
Wogen Pacific Ltd. is a wholly-owned subsidiary of Wogen Group Ltd.
[Wogen/Wogen Group] which is a UK-based company. The ultimate holding company Sanctuary
Partners Ltd. [Sanctuary Partners] is also a UK-based firm.
The subject is trading in all kinds of ferrous and non-ferrous metals.
The subject has been one of the key members of the Wogen Group.
Since the early 1970’s Wogen has conducted its business through Wogen
Resources Ltd. (based in London) and the subject. In the mid 2000’s Wogen set up a Chinese
wholly-owned subsidiary (called Wogen Metal Commercial Shanghai) which carries
out domestic trade inside China in RMB.
In 2009, Wogen Resources South Africa Ltd. was incorporated as a trading
company in order to purchase raw materials from the region. In December 2011, Wogen’s Russian domestic
trading company “Wogen Metals LLC” was incorporated, advantageously equipped to
buy and sell in local currency.
During the commodities boom of the 2000’s Wogen listed on the AIM market
in London in 2005. Due to the difficult
market conditions and illiquidity in the trading in the company’s shares, 4
years later the management team (under the title Sanctuary Partners) completed
a buy-out which now sees the company once again wholly owned by its
employees. The buy-out was completed in
2009.
Damian Brousse has taken over the helm as Managing Director of Sanctuary
Partners and Wogen Resources Ltd. Ross
Sabberton has relocated to Hong Kong as Managing Director of the Group’s
Asian businesses and has now been joined by Alex Williams. Since 2010, the Group has opened offices in
the Ukraine, Turkey and Vietnam.
Whilst Wogen Resources and the subject are the flagship trading
companies, the ultimate holding company and supervisory board is Sanctuary
Partners with Tony Shearer as non-exec Director and its Founder Colin Williams,
non‑Exec-Chairman.
The Wogen Group employs more than 60 people worldwide; at its head office
in London and in several other cities, namely Beijing, Shanghai, Guangzhou,
Hong Kong, Moscow, Zaporozhye, Rio De Janeiro, Madrid, Düsseldorf and
Johannesburg.
The subject is trading in the same products as the Group. Wogen has grown into one of the most
diversified suppliers of high-value raw materials to the non-ferrous industry
worldwide; be it for steel applications, aerospace, electronics, foundries,
pigments or the alloying industry.
It is supplying Cobalt, Chrome, Titanium, Tantalum, Molybdenum and
Niobium to the aerospace and super alloy industry. It also supplies Ferro Chrome, Ferro
Molybdenum, Ferro Titanium, Ferro Tungsten, and Ferro Vanadium to many of the
world’s largest steel companies.
In recent years Wogen has been developing its focus on sourcing Chrome
Ores and Concentrates, Manganese Ores and other bulk materials for the
metallurgical industry of China.
The subject’s business is chiefly handled by Ms. Li Sau Mui who is one
of the directors of the subject.
As the history of the subject is over 17 years in Hong Kong, on the
whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
07-12-2011 |
Instrument: Account Pledge Agreement Property: Pledged Accounts Each of the accounts in Schedule 1 of the Agreement, being accounts
No. 34348U & 34353K with the account bank BNP Paribas. Pledged Assets The credit balance, of the pledge accounts on the date on which it
exercised its rights under Clause 6 of the Agreement after taking account of
debits and credit previously initiated by not yet completed. Each amount
credited to the pledged accounts shall automatically form part of the Pledged
Assets Mortgagee: BNP Paribas S.A. |
The liabilities of the Obligors to the Finance Parties under a
facility agreement relating to a secured uncommitted borrowing base facility
of $100,000,000 with an accordion feature to increase the facility to up to
$150,000,000 dated 7th December 2011 and made among, inter alia, (1)Wogen
group Ltd., Wogen Pacific Ltd., Wogen Resources Ltd. and Wogen Resources
South Africa (Proprietary) Ltd. as original borrowers. (2) Sanctuary Partners
Ltd. as original guarantor. (3) BNP Paribas S.A., DBS Bank Ltd., London
Branch, ING Belgium, Brussels, Geneva branch and Standard Chartered Bank as
original lenders and (4) The Security Agent |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
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|
1 |
Rs.100.23 |
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Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.