MIRA INFORM REPORT
|
Report Date : |
25.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHINAOIL ( |
|
|
|
|
Registered Office : |
Room 1201, 12/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
10.03.1994 |
|
|
|
|
Com. Reg. No.: |
17966455 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is engaged in Retail sale of gasoline, diesel oil, LPG and
lubricating oil in |
|
|
|
|
No. of Employees : |
20. (Including associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A2 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
CHINAOIL (HONG
KONG) CORPORATION LTD.
ADDRESS: Room 1201, 12/F., Central
Plaza, 18 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2527 8803, 2527 8500
FAX: 852-2155
3990; 2527 4922
E-MAIL: cshk@chinaoil.cn
President: Ms. Wang Lihua
Incorporated on: 10th March, 1994.
Organization: Private Limited Company.
Capital: Nominal: HK$810,487,943.00
Issued: HK$810,487,943.00
Business Category: Oil
Filling Station Operator.
Employees: 20. (Including associates)
Main Dealing Bankers: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
CHINAOIL (HONG
KONG) CORPORATION LTD.
Registered Head
Office:-
Room 1201, 12/F., Central Plaza, 18 Harbour Road, Wanchai,
Hong Kong.
Holding Company:-
China National United Oil Corporation
Petrochina International Plaza, 27 Cheng Fang Road, Beijing, 100033
China.
[Tel: 86-10-6622 7561, Fax:
86-10-6622 7151~52]
Oil Stations:-
1) 80 Pok Fu Lam Road, Hong
Kong. [IL 8986]
2) 137 Tai Hang Road,
Jardine’s Lookout, Hong Kong. [IL 8985]
3) Tung Chung New Town,
Area 26, Lantau Island, Hong Kong.
[TCTL 24]
4) Po Hong Road, Tseung
Kwan O, Sai Kung, New Territories, Hong Kong. [TKOTL 89]
5) Yeung Uk Road, Tsuen
Wan, New Territories, Hong Kong.
[TWTL 408]
Associated/Affiliated
Companies:-
Chinaoil (Japan) Co. Ltd., Japan.
Chinaoil (Singapore) International Pte. Ltd., Singapore.
Chinaoil (USA) Inc., US.
Chinaoil Dalian International Trading Co. Ltd., China.
Chinaoil Shanghai International Trading Co. Ltd., China.
PetroChina International (Hong Kong) Corporation Ltd., Hong Kong. (Same address)
PetroChina International Co. Ltd., China.
PetroChina International Fushun Co. Ltd., China.
Qingdao China Oil Co. Ltd., China.
Soaring Dragon Enterprise Ltd., Hong Kong. (Same address)
17966455
0468715
President: Ms. Wang Lihua
Managing Director: Mr. Wang Zhijun
Nominal Share Capital: HK$810,487,943.00
(Divided into 810,487,943 shares of HK$1.00 each)
Issued Share Capital: HK$810,487,943.00
(As per registry dated 10-03-2012)
|
Name |
|
No. of shares |
|
China National United Oil Corporation Petrochina International Plaza, 27 Cheng Fang Road, Beijing 100033,
China. |
|
810,487,943 ========= |
(As per registry dated 10-03-2013)
|
Name (Nationality) |
Address |
|
SHEN Dingcheng |
Petrochina International Plaza, No. 27 Cheng Fang Road,
Beijing 100032, China. |
|
WANG Lihua |
Petrochina International Plaza, No. 27 Cheng Fang Road,
Beijing 100032, China. |
|
DING Keying |
Petrochina International Plaza, No. 27 Cheng Fang Road, Beijing 100032,
China. |
|
LU Jian Chi |
Flat 925, 112 An De Road, Xicheng District, Beijing, China. |
|
ZGANG Yong Xiang |
Flat 332, 5/F., 20 Xue Yueb Road, Haidian District, Beijing, China. |
|
WANG Zhijun |
Room 1201, 12/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. |
(As per registry dated
03-09-2013)
|
Name |
Address |
Co. No. |
|
W. T. (Secretaries) Ltd. |
Lever 54, Hopewell Centre, 183
Queen’s Road East, Hong Kong. |
0042150 |
The subject was incorporated on 10th March, 1994 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: Oil
Service Stations Operator.
Lines: Retail
sale of gasoline, diesel oil, LPG and lubricating oil in Hong Kong service
stations.
Employees: 20. (Including associates)
Commodities Imported: China,
Southeast Asia
Market: Hong
Kong.
Terms/Sales: COD
(or as per contracted).
Terms/Buying: As per contracted.
|
Date |
GN No. |
Particulars |
Amount |
|
25-06-2004 |
GN4128 |
Sale of land—Inland Lot No. 8985 at 137 Tai Hang Road, Jardine’s
Lookout, Hong Kong. Sale of land—Inland Lot No. 8986 at 80 Pok Fu Lam Road,
Hong Kong. Sale of land—Tung Chung Town Lot No. 24 at Tung Chung New Town, Area
26, Lantau Islands Sale of land—Tseung Kwan O Town Lot No. 89 at Po Hong Road,
Tseung Kwan O, Sai Kung, New Territories Sale of land—Tsuen Wan Town Lot No. 408 at Yeung Uk Road, Tsuen Wan,
New Territories |
HK$501,000,000 |
Nominal Share Capital: HK$810,487,943.00 (Divided into 810,487,943
shares of HK$1.00 each)
Issued Share Capital: HK$810,487,943.00
Profit & Loss: Business
is profitable.
Condition: Maintaining
in a normal and satisfactory manner.
Facilities: Making
active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China
(Hong Kong) Ltd., Hong Kong.
BNP Paribas,
Hong Kong Branch.
Standing: Very
Good.
Chinaoil (Hong Kong) Corporation Ltd. [Chinaoil HK] was incorporated in
Hong Kong on 10th March, 1994. Formerly it
was jointly owned by three China merchants known as Wang Lihua, holding 50%
interests; Liu Zhongqiu, holding 25%, and Ding Keying, also 25%. Now, their shares have been transferred to
China National United Oil Corporation [Chinaoil] which is a China-based firm.
Your given phone and fax number belong to Chinaoil.
The subject’s business mainly covers the following: Oil Filling Station
and Financial Services.
Business of Filling stations:
The subject operates 5 filling stations in Hong Kong located at Pok Fu
Lam, Tai Hang, Tsuen Wan, Tung Chung and Tseung Kwan O. All of the service stations provide quality
gasoline, diesel and LPG and various selected items in convenience store. In addition, it also provides car care
services.
Financial services:
The subject arranges various settlement and financing (such as loan and
credit facility) services to support its head office oil product import
business. Its capital management also
aims to achieve better financial efficiency throughout the group.
Chinaoil was incorporated and registered at State Administration for
Industry and Commerce on 8th January, 1993, with a registered capital of
RMB1.271 billion Yuan. It is
jointly owned by China National Petroleum Corporation [CNPC] and Sinochem
Corporation. Managed and operated by
CNPC, its activities cover all the regions in the world. Chinaoil is licensed to import and export
crude oil and refined products, and licensed to conduct futures contract
transactions of crude oil and refined products both domestically and internationally. It is also the entity designated by CNPC to
source crude oil and market refined products overseas for refineries under
CNPC, and procure refined products from international market to meet domestic demand.
Backed by CNPC and following the principle of fully utilizing both
domestic and international markets and resources, ChinaOil has been developing
and expanding its business in importing and exporting crude oil, refined
products, petrochemicals, and natural gas, as well as in marine shipping. Its oil trading business has grown rapidly in
recent years with the efforts of extending the use of trading vehicles along
value chain and enriching trade techniques.
Chinaoil HK is also a member of the PetroChina Group. PetroChina Co. Ltd. [PetroChina] is the
holding company of the Group. PetroChina
was established on 5th November, 1999 as part of the restructuring of
CNPC. PetroChina is one of the largest
companies in the PRC in terms of sales and is engaged in a broad range of
activities related to petroleum and natural gas. The American Depositary Shares (ADSS) and H
shares of PetroChina were both listed on the New York Stock Exchange and the
Stock Exchange of Hong Kong Limited in April 2000.
In 2004, Chinaoil HK opened its first two petrol filling stations in
Hong Kong and another three stations in 2005. All stations provide fuel sales and
convenient stores services and some of them even provide LPG filling service
and car wash service. All stations are
equipped with Point-of-Sales system, BackOffice system, HeadQuarter system and
DiT payment system. Chinaoil HK also
launches its in-house card program including Fleet card, VIP card, Fuel card
and Bonus card. Car owners can make
their payments with these cards.
The business of Chinaoil HK is normal and satisfactory.
In FY 2012, the turnover of Chinaoil amounted to US$94,538 million, grew
by 14.4% as compared with US$82,632 million in FY 2011.
The president, Ms. Wang Lihua, aged 51, an MBA degree holder and also a
senior economist, was graduated from University of Petroleum (Beijing). She has more than 22 years experience in
China’s petroleum and petrochemical industry.
Ms. Wang had taken the position of vice chief of plan department of CNPC
from 1987 to 1996. From 1996, she acted
as Vice President of China National Oil Corporation Co. Ltd. and the President
from 1998. From 2002, she took the
office of president of PetroChina International Co. Ltd.
On the whole, in view of the background and parentage of Chinaoil HK,
considered it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.18 |
|
|
1 |
Rs.103.38 |
|
Euro |
1 |
Rs.85.09 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.