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Report Date : |
02.06.2014 |
IDENTIFICATION DETAILS
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Name : |
BAOSTEEL RESOURCES INTERNATIONAL CO.
LTD. |
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Formerly Known as: |
Bao Steel Hong Kong
Trading Co. Ltd |
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Registered Office : |
Room 2901, 29/F., Office Tower, Convention Plaza, 1
Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.10.1995 |
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Com. Reg. No.: |
19403671 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
engaged in supplying ore, coal, ferroalloys and nonferrous metals, stainless raw materials and scrap steels and providing logistic services as it has been providing customers with fine quality products and value added services. Subject is trading in the following products:- · Coke & Semi Coke Of Coal (Coal include metallurgical coke to China, Japan, South East Asia, Taiwan, Europe & Brazil); · Iron (Iron ore, manganese ore, chrome ore from Australia, Brazil, India, South Africa, Canada, Russia & Indonesia); & · Metal Scrap (Scarp steel from Japan, US, South America, Europe & Russia). |
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No. of Employees |
20 |
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 – 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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 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.
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Source : CIA |
BAOSTEEL RESOURCES INTERNATIONAL CO. LTD.
Room 2901, 29/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2827 7773, 2519 9916
FAX: 852-2879 4879, 2598 5917
E-MAIL: bgresources@baosteel.com
Managing Director: Mr. Li Qingyu
Incorporated on: 10th October, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$8,603,693,544.00
Issued: HK$8,603,693,544.00
Business Category: Importer, Wholesaler and Exporter.
Employees: 20.
Main Dealing Banker: China Development Bank Corporation Hong Kong Branch, Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 2901, 29/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong.
Holding Company:-
Baosteel Group Corporation
Baosteel Tower, No. 370 Pudian Road, Pudong New District, Shanghai, 200122 China.
Associated/Affiliates
Companies:-
Bao Chico Resource Ltd., Hong Kong.
Bao-Island Enterprises Ltd., Hong Kong.
Bao-NYK Shipping Co. Ltd., Hong Kong.
Baoshan Iron & Steel Co. Ltd., China.
Baosteel (Brasil) Do Lita, Brasil.
Baosteel America Inc., U.S.A.
Baosteel Australia Mining Co. Pty. Ltd., Australia.
Baosteel Comprehensive Industries Development Co. Ltd., China.
Baosteel Engineering & Technology Group Co. Ltd., China.
Baosteel Group Finance Co. Ltd., China.
Baosteel Group Xinjiang Bayi Iron & Steel Co. Ltd., China.
Baosteel Huangshi Coated & Galvanized Sheet Co. Ltd., China.
Baosteel Metal Co. Ltd., China.
Baosteel Resources Co. Ltd., China.
Baosteel Resources Singapore Co. Pty. Ltd., Singapore.
Baosteel Resources South Africa Pty. Ltd., South Africa.
Baosteel Singapore Pte. Ltd., Singapore.
Baosteel Special Steel Co. Ltd., China.
Baosteel Stainless Steel Co. Ltd., China.
Baosteel Trading Europe GmbH, Germany.
Baosteel-NSC/Arcolor Autornotive Steel Sheets Co. Ltd., China.
Bao-Trans Enterprises Ltd., Hong Kong.
Guangdong Shaoguan Iron & Steel Co. Ltd., China.
Hong Kong Hai Bao Shipping Co. Ltd., Hong Kong.
Howa Trading Ltd., Japan.
Huabao Investment Co. Ltd., China.
Huabao Securities Co. Ltd., China.
Huabao Trust Co. Ltd., China.
Nantong Baosteel Iton & Steel Co. Ltd., China.
Ningbo Baoxin Stainless Steel Co. Ltd., China.
Ningbo Iron & Steel Co. Ltd., China.
PT Baosteel Resources Indonesia, Indonesia.
Shanghai Baosteel Chemical Co. Ltd., China.
Shanghai Baosteel International Economic & Trading Co. Ltd., China.
Shanghai Baosteel Software Co. Ltd., China.
Shanghai Meishan Iron & Steel Co. Ltd., China.
VISA Bao Ltd., India.
Yantai Baosteel Pipe Co. Ltd., China.
Yantai Lubao Steel Pipe Co. Ltd., China., etc.
19403671
0527537
Managing Director: Mr. Li Qingyu
Nominal Share Capital: HK$8,603,693,544.00 (Divided into 8,603,693,544 shares of HK$1.00 each)
Issued Share Capital: HK$8,603,693,544.00
(As per registry
dated 10-10-2013)
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Name |
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No.
of shares |
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Baosteel Group Corporation Baosteel Tower, No. 370 Pudian Road, Pudong New District,
Shanghai, China. |
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8,603,693,544 ========== |
(As per registry
dated 24-12-2013)
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Name (Nationality) |
Address |
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ZHANG Dianbo |
Room 302, Block 6, 333 Tongji
Road, Baooshan District, Shanghai, China. |
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GUO Bin |
Room 2901, 29/F., Office
Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong. |
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LI Qingyu |
Room 2901, 29/F., Office
Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong. |
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NIU Jiageng |
Room 2901, 29/F., Office
Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong. |
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XIA Jiang |
Room 2901, 29/F., Office
Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong. |
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SONG Bin |
Room 2901, 29/F., Office
Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong. |
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DAI Zhihao |
Room 2901, 29/F., Office
Tower, Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong. |
(As per registry
dated 10-10-2013)
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Name |
Address |
Co.
No. |
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Bremen Nominees Ltd. |
22/F., Infinitus Plaza, 199 Des Voeux Road Central, Hong
Kong. |
0333260 |
The subject was incorporated on 10th October, 1995 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Bao Steel Hong Kong Trading Co. Ltd., name changed to the present style on 23rd July, 2010.
The subject has increased its share capital for several times.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Wholesaler and Exporter.
Lines: Iron and steel products.
Employees: 20.
Commodities Imported: Mainly imported from Europe, Russia, China, etc.
Markets: Worldwide.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$8,603,693,544.00 (Divided into 8,603,693,544 shares of HK$1.00 each)
Issued Share Capital: HK$8,603,693,544.00
Mortgage or Charge:- (See attachment)
Profit & Loss: Business is profitable.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
· China Development Bank Corporation Hong Kong Branch, Hong Kong.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong
Standing: Very Good.
Baosteel Resources International Co. Ltd. is a private limited company wholly-owned by Baosteel Group Corporation [BGC] which is a Shanghai-based and registered company.
The subject is BGC’s Hong Kong marketing associate. The subject is responsible for marketing BGC’s products, mainly iron and steel materials as well as chemicals. It also imports raw materials and equipment for BGC.
The subject mainly is engaged in mineral resource investment, trading and logistics services.
The subject is
trading in the following products:
· Coke & Semi Coke Of Coal (Coal include metallurgical coke to China, Japan, South East Asia, Taiwan, Europe & Brazil);
· Iron (Iron ore, manganese ore, chrome ore from Australia, Brazil, India, South Africa, Canada, Russia & Indonesia); &
· Metal Scrap (Scarp steel from Japan, US, South America, Europe & Russia).
Its prime markets are Central & South America, China, Japan, Southeast Asia, Taiwan, Western Europe, etc.
The subject is engaged in supplying ore, coal, ferroalloys and nonferrous metals, stainless raw materials and scrap steels and providing logistic services as it has been providing customers with fine quality products and value added services.
The subject has
been granted the following qualifications:
· Import and export business qualification;
· iron-ore import license
· Coal business license of qualification
· Authorized shipper of exported coke
· Collection and purchase license of regenerative scrap metals
· ISO9001 certification
BGC is a typical enterprise arising from China’s reform and opening-up. The construction of Baosteel commenced on the bank of Yangtze River in north Shanghai on 23rd December, 1978. After over 35 years of development, BGC has grown into a competitive iron and steel group. At the end of 2012, Baosteel had a total of 130,401 employees located throughout the world.
In 2012, BGC achieved steel output of 43.83 million tons and a total profit of RMB 10.4 billion Yuan, ranking the second among the world’s iron and steel enterprises. In 2013, Baosteel was listed among the Fortune Global 500 by the US Fortune magazine for the tenth consecutive year and ranked the 222nd. In addition, BGC has also been awarded the honour of the “World’s Most Admired Company” for another year and the highest credit ranking among the world’s iron and steel enterprises by the Big Three credit rating agencies, namely Standard & Poor’s, Moody’s and Fitch Ratings.
In 2012, BGC has been recognized jointly by the Ministry of Industry and Information Technology and the Ministry of Finance as the “National Model Enterprise for Technological Innovation” and won the “China Charity Award”, the top government award in Chinese philanthropy, for the fourth consecutive year.
The subject is fully supported by BGC. Its history in Hong Kong is over 18 years.
On the whole, in view of the background and parentage of the subject, consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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22-06-1996 |
Instrument: Security Over Deposits with the Bank (Limited Company – Under
Seal Property: US$40,000 and any further sums hereafter standing to the credit of the Company’s A/C No. 485-212880 and any deposit accounts with the Bank Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
To secure general banking facilities |
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31-08-2011 |
Instrument: Share Charge Over the entire share capital of China Niobium
Investment Holdings Ltd. made between the Chargors, the Borrower and the
Chargee Property: By Clause 2.1 of the Charge of the Charge, in consideration of the Chargee agreeing to make the facility available to the Borrower upon the terms and conditions of the Finance Documents, the Chargor as legal and beneficial owner of the Shares, hereby charges the Security Assets owned by it to the Chargee by way of first fixed charge as continuing security for the payment and discharge of the Secured Obligations Mortgagee: China Development Bank Corporation, Hong Kong Branch. |
To Secured Obligations |
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31-08-2011 |
Instrument: Subordination and Assignment Deed made between the
Subordinated Lenders, the Borrower and the Lender Property: By way of Clause 3.1 of the Deed, the Subordinated Lender, as beneficial owner and as continuing security for the irrevocable and unconditional payment or discharge of all Senior liabilities, assigns absolutely to the Lender all its right, title and interest and benefit from time to time in request of: A) All of its Shareholder Loan Right; and B) Each Subordinated Instrument to which the Subordinated lender is a party Mortgagee: China Development Bank Corporation, Hong Kong Branch. |
To secured Liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.03 |
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|
1 |
Rs.98.91 |
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Euro |
1 |
Rs.80.34 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.