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Report Date : |
07.07.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
c/o HKRTP Ltd. MSH3647, Room 1007, 10/F., Ho King Centre, |
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Country : |
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Date of Incorporation : |
19.01.2007 |
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Com. Reg. No.: |
37564435 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Iron & steel. |
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No of Employees : |
no employees
in Hong Kong (It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address
only. Subject operates from some other country and does not have a base in
Hong Kong. Such companies are registered in Hong Kong just to tax benefit
purpose and due to the strict privacy laws prevailing in the country. In such
cases, the companies are not required to have any employees in Hong Kong nor
do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong
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Payment Behaviour : |
Unknown |
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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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
HONG KONG BAOMIN TRADING LTD.
c/o HKRTP Ltd.
MSH3647, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.
PHONE: Not available.
FAX: Not available.
Managing Director: Mr. Xu Jiti
Incorporated on: 19th January, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$3,500,000.00
Issued: HK$3,500,000.00
Business Category: Iron and Steel Trader.
Employees: Nil.
Main Dealing Banker: BNP Paribas Singapore Branch, Singapore.
Banking Relation: Satisfactory.
Registered Head
Office:-
c/o HKRTP Ltd.
MSH3647, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.
Associated
Companies:-
Guangzhou Baomin Steel Materials Co. Ltd., China.
Hangzhou Baomin Iron & Steel Co. Ltd., China.
Jiangyin Baomin Materials Co. Ltd., China.
Liaoning Baomin Iron & Steel Co. Ltd., China.
Nanjing Baomin Steel Trading Co. Ltd., China.
Ningbo Baomin Iron & Steel Co. Ltd., China.
Shanghai Baomin Import & Export Co. Ltd., China.
Shanghai Baomin Industrial Co. Ltd., China.
Shanghai Baomin Iron & Steel Group Co. Ltd., China.
Tianjin Baomin Iron & Steel Trading Co. Ltd., China.
Wuhan Baomin Iron & Steel Trading Co. Ltd., China.
Wuxi Baomin Iron & Steel Co. Ltd., China.
etc.
37564435
1103461
Managing Director: Mr. Xu Jiti
Nominal Share Capital: HK$3,500,000.00 (Divided into 3,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,500,000.00
(As per registry
dated 19-01-2014)
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Name |
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No.
of shares |
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XU Jiti |
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3,500,000 ======= |
(As per registry
dated 19-01-2014)
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Name (Nationality) |
Address |
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XU Jiti |
16F, No. 661 Xinhai Mansion,
Yixian Road, Shanghai, China. |
(As per registry
dated 19-01-2014)
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Name |
Address |
Co.
No. |
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HKRTP Ltd. |
Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street,
Mongkok, Kowloon, Hong Kong. |
0663489 |
The subject was incorporated on 19th January, 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 and Exporter.
Lines: Iron & steel.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: China, Japan, other Asian countries, Europe, North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$3,500,000.00 (Divided into 3,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,500,000.00
Mortgage or Charge
(since 2008): (See attachment)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· BNP Paribas Singapore Branch, Singapore.
RB
International Finance (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Having issued 3.5 million ordinary shares of HK$1.00 each, Hong Kong Baomin Trading Ltd. is wholly owned by Mr. Joe Xu Jiti who 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 MSH3647, Room 1007, 10/F., Ho King Centre, 2‑16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong known as HKRTP Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of the subject. “MSH3647” is the file number of the subject in the commercial service firm.
The subject has no employees in Hong Kong. It is an iron and steel trader. It has got a main associated company in China known as Shanghai Baomin Iron & Steel Group Co. Ltd. [Baomin/Group] which is a China-based firm. Baomin was established in 2006 in China.
The subject is a member of the Group.
Baomin is trading in hot rolled plate and cold rolled plate. It is a large complex engaged in steel trading, processing, warehousing and transportation and having eight subsidiaries.
Baomin is also engaged in marketing and processing of various specifications of hot rolled steel coils and galvanized steel coils. Its cutting centre and warehouse are located in Fuxing Island which is near by Huangpu River, Shanghai, China. The two facilities cover an area of 60 thousand square meters and the processing plant has been equipped with eight sets state of art cutting equipment and the monthly production capacity is 80 thousand tons of iron and steel. The products cover all domestic hot rolled steel coils which with 1 mm to 25 mm thickness and 600 mm to 2500 mm width.
At present, Baomin is the agent of the following iron and steel mills in China: Baoshan Iron & Steel Group, Shoudu Iron & Steel Group, Anshan Iron & Steel Group, Ma Steel, Ningbo Iron & Steel, Benxi Iron & Steel Group, Tangshan Iron & Steel Group, Taiyuan Iron & Steel Group, Zhujiang Iron & Steel Group, Shagang, Liangang, Ninggang, Beitai Iron & Steel Group, Baotou Iron & Steel, Wuhan Iron & Steel, etc.
The headquarters of Baomin are in Shanghai, China. Now it has set up over ten wholly-owned subsidiaries in main cities of China such as Nanjing, Wuxi, Jiangyin, Hangzhou, Ningbo, Wuhan, Guangzhou, Tianjin, Shenyang, Chongqing, Quanzhou, etc., apart from the subject.
The total employees of the Group is about 360 persons in China. Annual sales turnover ranges from RMB6.0 to 6.2 billion Yuan. It sells over 1.2 million tonnes of iron and steel every year in average. Business is active and profitable.
The contact person of Baomin is also Mr. Xu Jiti.
The subject is fully supported by Baomin. However, its business in Hong Kong is not active. History in Hong Kong is over seven years.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis or in very small credit amounts.
NOTE :
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
(Since 2008)
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Date |
Particulars |
Amount |
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04-11-2008 |
Instrument: Trade Finance Security Assignment Property: 1. All the present and future rights, title, interests and benefits of the Company in and to the following assets: (i) The Export Credits; (ii) The Export Collections Bills; (iii) The Sales Contracts; (iv) The Invoice Receivables; (v) The Trade Documents; (vi) The Insurances; (vii) All claims; (viii) The Goods together with their proceeds; & (ix) The Charged Account and all monies. 2. Pledges to the Bank the Pledged Goods and the Trade Documents Mortgagee: RZB Austria Finance (Hong Kong) Ltd. [Now known as RB International Finance
(Hong Kong) Ltd.] |
All obligations and liabilities of the Company owed to
RZB Austria Finance (Hong Kong) Ltd. |
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04-11-2008 |
Instrument: Letter of Pledge Property: Any documents, bills of exchange, negotiable instruments, documents of title, transport documents, insurance policies, delivery orders, godown warrants and any other documents which are now or may in the future be in the Bank’s possession (“the Pledged Documents”) and the goods and produce to which the Pledged Documents related which are now or may in the future be in the Bank’s possession (“the Pledged Goods”). Mortgagee: RZB Austria Finance (Hong Kong) Ltd. [Now known as RB International Finance
(Hong Kong) Ltd.] |
All obligations and liabilities nature owed by the
Company to RZB Austria Finance (Hong Kong) Ltd. |
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04-11-2008 |
Instrument: Third Party Charge Over Cash Deposits Property: All amounts deposited and all other moneys from time to time standing to credit of or earned on any current, deposit or other account held by the Company with the RZB Austria Finance (Hong Kong) Ltd. in Beijing or elsewhere, including, without limitation, all moneys in the accounts together with all amounts of interest accruing or accrued thereon. Mortgagee: RZB Austria Finance (Hong Kong) Ltd. [Now known as RB International Finance
(Hong Kong) Ltd.] |
All monies and liabilities |
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19-03-2010 |
Instrument: Deed of Charge (the “Deed”) Property: As security for the due payment and discharge of the Secured Amounts, the Company: (a) Charges to the Bank by way of floating charge all its right, title and interest in and to all Goods; (b) Charges to the Bank by way of first fixed charge all its right, title and interest in and to all Credit Balances; (c) Assigns to the Bank by way of first fixed security all Contract Rights and the benefit of any Security Interest and securities for the time being held by the Company in respect of any such Contract Rights. Mortgagee: BNP Paribas Singapore Branch |
All monies and liabilities |
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25-09-2013 |
Instrument: Charge on Collateral Account Property: All and any money from time to time standing to the credit of or earned on such account(s) as shall from time to time be designated by the Lender as the Company’s collateral account(s) with the Lender in Hong Kong or elsewhere, including, without limitation, all interest accruing or accrued thereon. Mortgagee: RB International Finance (Hong Kong) Ltd.,
Hong Kong. |
All moneys and liabilities |
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25-09-2013 |
Instrument: Letter of Pledge Property: Any documents, bills of exchange, negotiable instruments, documents of title, transport documents, insurance policies, delivery orders, godown warrants and any other documents which are now or may in the future be in the Lender’s possession (“the Pledged Documents”) and the goods and produce to which the Pledged Documents related which are now or may in the future be in the Bank’s possession (“the Pledged Goods”). Mortgagee: RB International Finance (Hong Kong) Ltd.,
Hong Kong. |
All obligations and liabilities |
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25-09-2013 |
Instrument: Trade Finance Security Assignment Property: (a) Assigns and agrees to assign absolutely to the Lender all the present and future rights, title, interests and benefits of the Company in and to the following assets: (i) The Export Credits; (ii) The Export Collections Bills; (iii) The Sales Contracts; (iv) The Shipping Contracts; (v) The Guarantees; (vi) The Invoice Receivables; (vii) The Trade Documents; (viii) The Insurances; & (ix) All claims, remedies and proceeds in connection with any of the foregoing. (b) Charges and agrees to charge to the Lender by way of first fixed charge all the present and future rights, title, interests and benefits of the Company in and to the following assets: (i) The Goods together with their proceeds; & (ii) The Charged Account and all monies at any time standing to the credit of the Charged Account, including all interests from time to time accrued or accruing on such monies. (c) Pledges and agrees to pledge to the Lender the Pledged Goods and the Trade Documents which are now or may in the future be in the Lender’s possession. Mortgagee: RB International Finance (Hong Kong) Ltd.,
Hong Kong. |
All obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.79 |
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1 |
Rs.102.66 |
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Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
MNL |
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 |
-- |
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.