|
Report Date : |
26.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
HANG TUNG RESOURCES LTD. |
|
|
|
|
Registered Office : |
17/F. & 18/F., Hang Tung Resources Centre, 18 A Kung Ngam Village Road, Shaukeiwan |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
10.04.1984 |
|
|
|
|
Com. Reg. No.: |
08960567 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is trading in textile materials, stone articles and chemical
products |
|
|
|
|
No. of Employees : |
55 |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
Source
: CIA |
HANG TUNG
RESOURCES LTD.
ADDRESS: 17/F. & 18/F., Hang Tung Resources
Centre, 18 A Kung Ngam Village Road, Shaukeiwan, Hong Kong.
PHONE: 852-2866
2168
FAX: 852-2866
2008
E-MAIL: ironssze@hangtung.com
irons@hangtung.com
Chairman: Mr. Irons Sze
Incorporated on: 10th April, 1984.
Organization: Private Limited Company.
Capital: Nominal: HK$20,000,000.00
Issued: $20,000,000.00
Business Category: Importer
and Exporter; Investment Holding and Property Investment.
Employees: 55.
Main Dealing Bankers: Bank of
Communications Co. Ltd., Hong Kong Branch.
Bank of China
(Hong Kong) Ltd., Hong Kong.
Banking Relation: Very Good.
HANG TUNG
RESOURCES LTD.
Registered Head
Office:-
17/F. & 18/F., Hang Tung Resources Centre, 18 A Kung Ngam Village Road,
Shaukeiwan, Hong Kong.
Associated/Affiliated
Companies:-
China Dream Film Culture Industry (HK) Ltd., Hong Kong.
Guangxi Hong Kong Street Development Ltd., China.
Hang Tung Godown Ltd., Hong Kong.
Hang Tung Investment (China) Ltd., Hong Kong.
Hang Tung Investment (International) Ltd., Hong Kong.
Hang Tung Realty (China) Ltd., Hong Kong.
Hang Tung Realty Investment Co. Ltd., Hong Kong.
Hang Tung Resources Finance Ltd., Hong Kong.
Hang Tung Resources Holding Ltd., Hong Kong.
Hang Tung Resources International Ltd., Hong Kong.
Hang Tung Trading Co., Hong Kong.
Hu Yang Holdings Ltd., Hong Kong.
IKT (China) Ltd., Hong Kong.
Integral-Kin Tung (Macau) Ltd., Macau.
Integral-Kin Tung Ltd., Hong Kong.
Kin Tung Mineral Products Ltd., Hong Kong.
Shanghai Everbright Real Estate Co. Ltd., China.
Tutex Publishing Ltd., Hong Kong.
Tutex Trading Co. Ltd., Hong Kong.
Xiamen Hang Tung Property Development Ltd., China.
08960567
0135477
Group Chairman: Mr. Irons Sze
Group Managing Director: Mr. Ivis Sze
Nominal Share Capital: HK$20,000,000.00
(Divided into 20,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$20,000,000.00
(As per registry dated 10-04-2014)
|
Name |
|
No. of shares |
|
SZE Wing Hang |
|
2,300,000 |
|
Irons SZE |
|
5,030,000 |
|
Ivis SZE |
|
12,640,000 |
|
WU Shu Min |
|
30,000 |
|
|
|
––––––––– |
|
|
Total: |
20,000,000 ======== |
(As per registry dated 10-04-2014)
|
Name (Nationality) |
Address |
|
SZE Wing Hang |
B2, Seabranch, 31 Horizon Drive, Chung Hom Kok, Hong Kong. |
|
Ivis SZE |
C1, Seabranch, 31 Horizon Drive, Chung Hom Kok, Hong Kong. |
|
Irons SZE |
Flat A, 22/F., Ruby Court, Tower 1, 55 South Bay Road, Hong Kong. |
|
SZE Wine Him, Jaime |
Flat A, 3/F., Seabranch, 31 Horizon Drive, Chung Hom Kok, Hong Kong. |
SZE Wing Hang (As per registry
dated 10-04-2014)
The subject was incorporated on 10th April, 1984 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 10/F., Belgian House, 77-79
Gloucester Road, Wanchai, Hong Kong, moved to the present address in February
1998.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter; Investment Holding and Property Investment.
Lines: Textile
materials, fibres, wool, cotton
Employees: 55.
Commodities Imported: Europe,
India, other Asian countries
Markets: China,
Taiwan, South Korea, North Korea, East Europe
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
The Chinese General Chamber of Commerce, Hong Kong.
The Chinese Manufacturers’ Association of Hong Kong, Hong Kong.
Nominal Share Capital: HK$20,000,000.00
(Divided into 20,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$20,000,000.00
Mortgage or Charge (since 2005):
(See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping
in an active and good manner.
Facilities: Making
active use of general banking facilities.
Payment: Reliable.
Commercial Morality: Very Good.
Bankers:- Bank
of Communications Co. Ltd., Hong Kong Branch.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Very Good.
Hang Tung Resources Ltd. is a well-established company owned by the Sze
family. The largest shareholder Mr. Ivis
Sze is holding 63.2% of the subject’s interests.
The subject is principally trading in textile materials, stone articles
and chemical products. In 1985, it set
up its first textile factory in Mongolia with Chinese partner Liaoning
Provincial Textile Industrial Bureau, a government body. It then has established factories in
Shanghai, Fujian, Jiangsu and Guangdong in the following years. Now it has about 9 associated factories in
China.
The subject’s core business is trading in textile fibres such as wool,
cotton, acrylic yarn, nylon yarn, other synthetic yarns. It is trading in the following commodities:
raw cotton, baseball cap, cotton lint. Commodities are imported form South
Korea, India, Japan and Taiwan. Prime
markets are China and the other Asian countries. Business is active.
The subject is also an investment holding company with interests in
joint ventures in China and also owns real estate properties in Hong Kong and
China. The subject has good connection
with some of the China national organizations.
Now, the subject has had a number of affiliated/associated companies
engaged in diversified economy such as trading, real estate investments,
finance and publications. The subject
has had an associated company Kin Tung Mineral Products Ltd. which is engaged
in civil engineering construction.
Besides, the subject has had another associated company Integral-Kin
Tung Ltd. in Hong Kong. This firm is
trading in marble and granite. It is
also a marble and granite project contractor.
This firm is located at a different address.
The annual total turnover of the subject and its associated companies
has been significant.
The subject and its associated companies form the Hang Tung Group. The Group Chairman is Dr. Sze Chi Ching, JP.
Now, the Group is managed by the four sons of Dr. Sze Chi Ching, namely,
Sze Wing Hang, Irons Sze, Ivis Sze, and Sze Wing Him Jaime. Sze Wing Him is responsible for making
investments for the Group.
Mr. Sze Wing Hang is also director of the following companies:
·
Guangxi Hong Kong Street Development Ltd., China;
·
Shanghai Everbright Real Estate Co. Ltd., China;
&
·
Xiamen Hang Tung Property Development Ltd., China.
The above-mentioned companies are engaged in property development.
Mr. Irons Sze is also the director of Continental Holdings Ltd. which is
a listed firm in Hong Kong. He has been
elected as the 39th President of The Chinese Manufacturers’ Association of Hong
Kong.
According to the subject, its annual sales turnover in textiles
(especially cotton spinning) ranges from RMB1.0 to 1.2 billion Yuan.
The history of the subject in Hong Kong is over thirty years.
On the whole, consider it good for normal business engagements.
Brief information of the principal director:-
Mr. Irons SZE (Chairman) graduated with a Bachelor’s degree in
Science from University of Wisconsin, United States in 1985. Mr. Sze has extensive experience in
investment and corporate management and is currently the chief executive
officer and managing director of a private company, Hang Tung Resources Holding
Ltd., and holds directorship in various private companies. Mr. Sze is an executive member of the Beijing
Committee of the Chinese People’s Political Consultative Conference. He is also the vice-chairman of Hunan
Province Youth Federation and the vice president of the Chinese Manufacturers’
Association of Hong Kong. He is also a
member of the Council and Court of Lingnan University (2008 to 2011) and
elected as a member of Election Committee of the Chief Executive of the Hong
Kong Special Administrative Region (2007 to 2012).
(Since 2005)
|
Date |
Particulars |
Amount |
|
05-08-2005 |
Instrument: Supplement to Security Document Property: As security for the Secured Indebtedness, the Company further charges
the Charged Assets in favour of the Lender Mortgagee: Bank of Communications Co. Ltd.,
Hong Kong Branch. |
Secured Indebtedness |
|
31-08-2007 |
Instrument: Deed of Charge Over Securities Property: The security created hereunder in respect of each of the Securities Mortgagee: Bank of Communications Co. Ltd.,
Hong Kong Branch. |
All actions, suits, proceedings, claims, demands, losses, damages,
costs, fees, expenses and/or liabilities |
|
22-02-2008 |
Instrument: Deed of Charge Over Securities Property: The security created hereunder in respect of each of the Securities Mortgagee: Bank of Communications Co. Ltd.,
Hong Kong Branch. |
All actions, suits, proceedings, claims, demands, losses, damages,
costs, fees, expenses and/or liabilities |
|
18-06-2009 |
Instrument: Deed of Indemnity, Charge Over Deposit
and Set-Off Property: By way of Fixed Charge to the Bank all the Company’s estate, right, title,
claim, benefit and interest to and in the Deposit (Account No.
02753200084665) and all interest from time to time payable thereon together
with all title deeds and documents relating thereto Mortgagee: Bank of Communications Co. Ltd.,
Hong Kong Branch. |
All actions, suits, proceedings, claims, demands, losses, damages,
costs, fees, expenses and/or liabilities |
|
10-10-2012 |
Instrument: Customer Agreement between the
Customer, Bank Morgan Stanley AG (“BMSAG”) and Morgan Stanley & Co.
International plc (“MSIP”) constituted by inter alia General Dealing Terms Property: Fixed Charge The General Terms, as continuing security for the payment, performance
and discharge of all Liabilities, the Customer charges by way of first fixed
charge with full title gurantee or, if the Customer is a trustee, with
limited title guarantee, free of any adverse interest whatsoever: (a) To MSIP as trustee for
the benefit of itself and BMSAG, the MSIP Other Secured Assets (b) To BMSAG, Singapore
Branch as trustee for the benefit of BMSAG and MSIP, the BMSAG Other Secured
Assets (c) To BMSAG, all the
Customer’s rights, title and interest, present and future, in and to BMSAG
Cash (d) To MSIP, all the
Customer’s rights, title and interest, present and future, in and to MSIP
Cash Assignment The General Terms, as continuing security for the payment and discharge of all Liabilities, the Customer assigns absolutely and
with full title guarantee: (a) To BMSAG all the
Customer’s rights, title and interest, present and future, in and to the
balance of the balance of MSIP Cash after the operation of any Set-Off
Process. (b) MSIP all of the
Customer’s rights, title and interest, present and future, in and to the
balance of BMSAG Cash after the operation of any Set-Off Process Mortgagee: Bank Morgan Stanley AG Bahnhofstrasse 92, CH-8021 Zurich, Switzer. ; and Morgan Stanley & Co. International plc 25Cabot Square, Canary Wharf, London E14 14QA, England. |
The Customer’s Liabilities to the Morgan Stanley Companies |
|
18-03-2013 |
Instrument: Security Over Deposits With the Bank Property: The amount for CNY equivalent to HK$154,640,000.00 - under Deposit A/C
No. 110-223773 Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i)All monies in any currency owing by the Company; (ii)Interest on
such monies; (iii)All expenses of the chargee |
|
16-05-2014 |
Instrument: Charge Over Deposits Property: In consideration of the Bank granting to the Chargor the Banking
Facilities, the Chargor, as legal and beneficial owner, charges, by way of
first fixed charge, to the Bank all the right, title and interest of the
Chargor in and to the Deposit as a continuing security for the payment and
discharge of all of the Secured Moneys.
Where an amount is specified in the Schedule as the Maximum Liability,
the aggregate liability ultimately enforceable against the Chargor shall not
exceed the Maximum Liability and this Charge shall not secure any further
amount of facilities beyond the Maximum Liability unless with the Chargor’s
consent. If no amount has been
specifies as the Maximum Liability in the Schedule, the aggregate liability
ultimately enforceable against the Chargor shall be deemed to be unlimited Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
Account No. 773‑408869 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.28 |
|
|
1 |
Rs.102.28 |
|
Euro |
1 |
Rs.82.05 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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.