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Report Date : |
03.12.2014 |
IDENTIFICATION DETAILS
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Name : |
TRAXYS FAR EAST LTD. |
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Registered Office : |
15/F., Centre Point, 181-185 Gloucester Road, Wanchai |
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Country : |
Hongkong |
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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 Ferrous and Non-Ferrous Metal. |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hongkong |
A1 |
A1 |
|
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 |
HONGKONG - 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 has no tariffs on imported goods, and it levies excise
duties on only four commodities, whether imported or produced locally: 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, its continued reliance
on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
TRAXYS FAR EAST LTD.
ADDRESS: 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.
Issued Share Capital: HK$23,260,002.00
Business Category: Ferrous
and Non-ferrous metal trader.
Employees: 10.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
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 (Shanghai) Trading Co. Ltd., China.
Traxys Africa Pty. Ltd., South Africa.
Traxys Australia Pty. Ltd., Australia.
Traxys Brasil Ltda., Brazil.
Traxys Deutschland GmbH, Germany.
Traxys Europe SA, Luxembourg.
Traxys France, France
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.
U.P. Power Marketing LLC, US.
White Pine Electric Power LLC, US.
etc.
32172158
0773726
Managing Director: Ting Nang,
Norman
HK$23,260,002.00
(As per registry
dated 24-10-2014)
|
Name |
Occupation |
No. of shares |
|
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 24-10-2014)
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Name (Nationality) |
Address |
|
Serge Joseph Pierre WEBER |
9, rue de la Gare, L-8705 Useldange, Luxembourg. |
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Paul Georges Marie Albert ROESELER |
114 Avenue Orban, 1150 Bruxelles, Belgium. |
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Jean-Dominique, Marie Yves Bernard 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 Albert Olivier Ghislain DE BUSSCHER |
180B, rue de Reckenthal L-2410 Strassen, Luxembourg. |
(As per registry
dated 24-10-2014)
|
Name |
Address |
Co. No. |
|
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, other 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.
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: Good.
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,
etc.
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.
In 2006, both Arcelor and Umicore sold a majority stake in Traxys to the
management of Traxys in a buyout sponsored by two pre-eminent private equity
firms: Pegasus Capital Advisors and Kelso & Company. Subsequently, Resource Capital Funds became a
shareholder.
In July 2014, global alternative asset manager The Carlyle Group
(NASDAQ: CG), together with affiliates of Louis M. Bacon, the founder, Chairman,
Chief Executive Officer and principal investment manager of Moore Capital
Management, L.P., acquired a majority interest in Traxys from Pegasus, Kelso
and RCF. As part of the transaction,
Traxys management increased its investment stake in the company.
Traxys has become a global leader in financing, marketing, distribution
and financial services for the mining, metals and minerals industries. With more than 20 global locations, Traxys
continues to add offices, create partner networks, and is aggressively focusing
on business development and investment in and with its customers.
Now the Group has over 300 employees in over 20 offices worldwide. Its annual turnover is in excess of US$6
billion.
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.
The Group has set up an associated company in Shanghai, China.
Being a veteran in metal trading, 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 over thirteen years in Hong Kong, on
the whole, consider it good for normal business engagements.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.97.39 |
|
Euro |
1 |
Rs.77.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.