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Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
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Name : |
SINO DRAGON TRADING LTD. |
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Registered Office : |
C/o Excel Registrations Ltd. Room 1905, 19/F., Nam Wo Hong Building,
148 Wing Lok Street, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.09.2007 |
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Com. Reg. No.: |
38519724 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Iron Ore, Steel, Metallurgical
Equipment & Materials, Coal and Related Products. |
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No of Employees : |
01 |
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 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 |
SINO DRAGON
TRADING LTD.
ADDRESS: C/o Excel Registrations Ltd.
Room 1905, 19/F., Nam Wo Hong Building, 148 Wing Lok Street, Sheung Wan,
Hong Kong.
PHONE: 852-2568
9333, 5686 5677
FAX: 852-2568
9330
E-MAIL: hlmyhk@126.com
Managing Director: Mr. Wang Yunpu
Incorporated on: 21st September,
2007.
Organization: Private Limited
Company.
Issued Share Capital: HK$307,310,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employee: 1.
Main Dealing Banker: DBS Bank
(Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
SINO DRAGON
TRADING LTD.
Registered Head Office:-
c/o Excel Registrations Ltd.
Room 1905, 19/F., Nam Wo Hong Building, 148 Wing Lok Street, Sheung Wan,
Hong Kong.
Office in China:-
No. 63, Zhong Jing Avenue, Xi Xia County, Henan Province, China.
Holding Company:-
Henan Longcheng Group Co. Ltd., China.
Associated
Companies:-
Henan Longcheng Efficient-Coal Technical Application Co. Ltd., China.
Henan Longcheng Heavy Steel-Structure Co. Ltd., China.
Longcheng Metallurgy Co. Ltd., China.
Nanyang Hanye Special Steel Co. Ltd., China.
Success Mining Co. Ltd., Malaysia.
Xixia Dinosaurs Relics Garden Tourism Co. Ltd., China.
Xixia Longcheng Metallurgical Materials Co. Ltd., China.
Xixia Longcheng Special Materials Co. Ltd., China.
Xixia longtangou Tourism Development Co. Ltd., China.
Xuchang Mining Co. Ltd., China.
38519724
1169235
Managing Director: Mr. Wang Yunpu
HK$307,310,000.00
(As per registry dated 21-09-2014)
|
Name |
|
No. of shares |
|
Henan Longcheng Group Co. Ltd. No. 63, Zhong Jing Avenue, Xi Xia County, Henan Province, China. |
|
307,310,000 ========= |
(As per registry dated 21-09-2014)
|
Name (Nationality) |
Address |
|
WANG Yunpu |
Guan He Road, Cheng Guan Town, Xi Xia County, He Nan Province, China. |
(As per registry dated 21-09-2014)
|
Name |
Address |
Co. No. |
|
Excel Registrations Ltd. |
Room 1905, 19/F., Nam Wo Hong Building, 148 Wing Lok Street, Sheung
Wan, Hong Kong. |
1046730 |
The subject was incorporated on 21st September, 2007 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,
Exporter and Wholesaler.
Lines: Iron ore,
steel, metallurgical equipment & materials, coal and related products.
Employees: 1.
Commodities Imported: India,
Europe, Russia
Markets: China, Japan,
other Asian countries, Europe
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$307,310,000.00
Mortgage or Charge (since September 2011): (See attachment)
Profit or Loss: Making a very
small profit every year.
Condition: Keeping in a normal
manner.
Facilities: Making fairly active
use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
DBS Bank (Hong Kong) Ltd., Hong Kong.
ABN AMRO Bank N.V., Hong Kong Branch.
China Merchants Bank Co. Ltd., Hong Kong.
China Minsheng Banking Corp. Ltd., Hong Kong
Branch
Standing: Small.
Having issued 307,310,000 ordinary shares of HK$1.00 each, Sino Dragon Trading
Ltd. is a wholly owned subsidiary of Henan Longcheng Group Co. Ltd. [Longcheng
Group] which is a China-based company.
The director of the subject Wang Yunpu is a China merchant. He is a China passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 1905, 19/F., Nam Wo Hong Building, 148 Wing Lok
Street, Sheung Wan, Hong Kong known as Excel Registrations Ltd. which is
handling its correspondences and documents.
This secretarial company is also the corporate secretary of the
subject. One of the employees of the
secretarial company has been assigned to handle the business of the
subject. The phone number of this
employee is
852-5686 5677.
The main office of the subject is in Henan Province, China.
The subject, established in September 2007, is a comprehensive importing
and exporting company mainly engaged in mine investing, abroad investing and
trading of ore, steel, metallurgical equipment and materials, and related
elements.
The subject has set up the following departments: Steel trading Dept.,
Metallurgy material trading Dept., Iron ore Trading Dept., Mining investment
Dept., Finance Dept. and Logistics Services Dept.
The subject has made investments in Xuchang Mining Co. Ltd, Henan
Longcheng Special Materials Co. Ltd., Nanyang Hanye Special Steel Co. Ltd. and
Henan Longcheng Efficient-Coal Technical Application Co. Ltd. in China and
Success Mining Co. Ltd. in Malaysia.
The subject has had agencies in Indonesia, Germany, Russia, Mexico,
South Korea and Taiwan.
Longcheng Group is a non-governmental joint-stock high technology
enterprise. Its headquarters are located
in Xixia, Henan Province, China.
Since the establishment in 1988, Longcheng has been engaged in iron ore
sourcing, special steel, machine manufacturing, metallurgy, high efficiency
coal-using, engineering technology, steel structure, international trading and
tourism, etc. It has five
solely-invested corporations, namely, Nanyang Hanye Special Steel Co. Ltd.
[Nanyang Hanye], Xixia Longcheng Special Materials Co. Ltd., Xixia Longcheng
Metallurgy Materials Co. Ltd., Henan Longcheng Heavy Steel-Structure Co. Ltd.,
Longcheng High-Efficient Coal-used Co. Ltd, Hanlong Trading Co. Ltd., Xixia
Dinosaurs Relics Garden Tourism Co. Ltd. and two holding enterprises known as
Xuchang Mining Co. Ltd. and Xixia Longtangou Tourism Development Co. Ltd.
Longcheng Group is engaged in iron-ore sourcing, trading in steel
products, metallurgical material products, coal and related products, etc. Its Nanyang Hanye Special Steel Co. Ltd. is
able to produce 4 million tonnes of iron and steel materials yearly. The first phase of Nanyang Hanye was
completed in July 2011 and the second phase will be completed in early
2015. The third phase will begin after
the second phase is completed. The total
investment will be up to RMB1,205 million Yuan.
Nanyang Hanye has more than 1,000 employees.
The total employees of the Group is over 10,000 in China.
The chairman of the Group is Mr. Zhu Shucheng and executive
director/general manger is Mr. Wang Yunpu.
Wang is also the only director of the subject.
The subject is fully supported by the Longcheng Group. History is over seven years and two months in
Hong Kong.
Since the subject’s registered office is in a secretarial company,
consider it good for business engagements on L/C basis or in very small credit
amounts.
(Since September 2011)
|
Date |
Particulars |
Amount |
|
16-09-2011 |
Instrument: Charge Over Deposits Property: A) The sum now or hereafter deposited by the company or for the
company benefit in the account B) All other sums in any currency
from time to time standing to the company credit or the credit of any other
person for the company benefit, whether alone or jointly with others, on any
deposit account with the Bank, including additions to or renewals or
replacements of such sum Charged Account: 20094834 Mortgagee: China Merchants Bank Co. Ltd.,
Hong Kong Branch. |
To secure all moneys obligations and liabilities whether actual or
contingent now or at anytime hereafter due owing or incurred to the bank by
Sino Dragon Trading Ltd. anywhere |
|
07-09-2011 |
Instrument: Deposit Account Pledge Agreement Property: Account No.: NRA755918331310801 Amount: RMB167,043,931.08 Rate of Interest: 0.6% Mortgagee: China Minsheng
Banking Corp. Ltd., Hong Kong Branch. |
All monies and liabilities |
|
24-02-2012 |
Instrument: Security Memorandum Property: The company hereby assigns and agrees to assign absolutely and
unconditionally to the bank all its right, title and interest in and to each
receivable as continuing security for the payment or discharge of the secured
liabilities Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. |
All indebtedness, obligations and liabilities |
|
27-11-2012 |
Instrument: Security Memorandum Property: The company hereby assigns and agrees to assign absolutely and unconditionally
to the bank all its right, title and interest in and to each receivable as
continuing security for the payment or discharge of the secured liabilities Mortgagee: ABN AMRO Bank N.V., Hong Kong
Branch. |
All indebtedness, obligations and liabilities |
|
09-08-2013 |
Instrument: Charge on Cash Deposit to secure
liabilities Property: 1) By way of first fixed
charge and agreement to charge: The Deposit and all right and interest of the company whatsoever,
present and future, thereto and therein, together with any certificates of
deposit or other securities evidencing title, or otherwise relating, thereto
and any account to which the same is credited 2) By way of set-off: Any sum standing to the credit of any one or more of the accounts of
the company with the bank wheresoever situate Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
TPT |
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.