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Report Date : |
28.03.2014 |
IDENTIFICATION DETAILS
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Name : |
CONCORD INTERNATIONAL OIL LTD. |
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Registered Office : |
Room 605, 6/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.09.1992 |
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Com. Reg. No.: |
16072748 |
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Legal Form : |
Private Limited Company |
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Line Of Business : |
· Trader of Jatropha Oil, Corn Oil, Palm Oil & Sunflower Oil ·
subject is also exporter
and distributor of coal · trader of all kinds of petroleum products, coal and related chemical products |
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No. of Employees : |
10 |
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 : |
Regular |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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
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 |
CONCORD
INTERNATIONAL OIL LTD.
Room 605, 6/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2376 1861, 2376 1891,
2376 1865
FAX: 852-2735 0179
E-MAIL: andychan17@biznetvigator.com
Managing Director: Mr. Leung Kai Fai
Incorporated on: 3rd
September, 1992.
Organization: Private
Limited Company.
Capital: Nominal: HK$12,500,000.00
Issued: HK$12,500,000.00
Business Category: Broker/Trader;
Transhipment Agent.
Annual Turnover: US$25-30 million.
Employees:
10.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 605, 6/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated
Companies:-
Concord (Tianjin) Petro-Chemical Co. Ltd., China.
Concord Asia Pacific Investment Ltd., Hong Kong.
Concord International Management Ltd., Hong Kong.
16072748
0377481
Managing Director: Mr. Leung Kai
Fai
Contact Persons: Mr. Xiang Yu,
Mr. Andy Chan
Nominal Share Capital: HK$12,500,000.00
(Divided into 125,000 shares of HK$100.00 each)
Issued Share Capital: HK$12,500,000.00
(As per registry dated 03-09-2013)
|
Name |
|
No. of shares |
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CHEUNG Sui Ling |
|
32,500 |
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LEUNG Kai Fai |
|
86,250 |
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LEUNG Man Him |
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6,250 |
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––––––– |
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Total: |
125,000 ====== |
(As per registry dated 03-09-2013)
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Name (Nationality) |
Address |
|
CHEUNG Yan Lam |
Flat C1, 3/F., Sunderland Estate, 1 Hereford Road, Kowloon, Hong Kong. |
|
LEUNG Kai Fai |
House G, 28 LaSalle Road, Kowloon, Hong Kong. |
|
LEUNG Man Him |
House 16, Mount Beacon, 20 Cornwall Street, Kowloon, Hong Kong. |
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CHEUNG Sui Ling |
House G, 28 LaSalle Road, Kowloon, Hong Kong. |
CHEUNG Sui Ling (As per registry
dated 03-09-2013)
The company was incorporated on 3rd September, 1992 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: Broker/Trader; Transhipment
Agent.
Lines: All kinds of
petroleum products, oil, coal and related chemical products.
Employees: 10.
Commodities Imported From: Southeast Asia, etc.
Markets:
China,
other Asian countries, etc.
Annual Turnover: US$25-30
million.
Terms/Sales:
Various
terms.
Terms/Buying: L/C,
T/T, D/P, etc.
The Chinese General Chamber of Commerce,
Hong Kong.
Nominal Share Capital: HK$12,500,000.00
(Divided into 125,000 shares of HK$100.00 each)
Issued Share Capital: HK$12,500,000.00
Mortgage or Charge (Since September
2010): (See
attachment)
Profit & Loss: Business
is profitable.
Condition:
Keeping
in an active and satisfactory condition.
Facilities: Making
active use of banking facilities.
Payment:
So
far so good.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Australia and New
Zealand Banking Group Ltd., Hong Kong.
DBS Bank (Hong
Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Very
Good.
Having issued 125,000 ordinary shares of HK$100.00 each, Concord International Oil Ltd. is jointly owned by Mr. Leung Kai Fai, holding 69% interests; Ms. Cheung Sui Ling, holding 26%, and Mr. Leung Man Him, 5%. Being Hong Kong merchant, all are directors of the subject.
The subject is
trading in all kinds of petroleum products, coal and related chemical
products. China and the other
Asian countries
are its prime markets.
In recent years,
it also has been trading in the following commodities:-
Jatropha Oil, Corn Oil, Palm Oil & Sunflower Oil
The subject is
also a coal exporter and distributor.
Most of its coal is sourced from Shanxi Province, China.
The subject has
had an associated company Concord (Tianjin) Petro‑Chemical Co. Ltd.
[Concord Tianjin] which is in Tianjin, China.
Business commenced
on 4th August, 1994, Concord Tianjin is trading in all kinds of petroleum
products. With a registered capital of
RMB500,000 Yuan, Concord Tianjin is in Tianjin Bonded Zone. Leung Kai Fai is the General Manager of
it. Now, Concord Tianjin has become one
of the significant petro-chemical product trader in Tianjin, China. The legal representative of Concord Tianjin
is Zhang Jianwu.
The subject is
chiefly owned by Mr. Leung Kai Fai who was an ex-employee of Feoso Oil. He had been in charge of lubricating oil
sales for ten years. He left Feoso and
started his own business in 1992.
Leung Kai Fai is a
“horse-owner” in Hong Kong. He is also
engaged in horses raising and breeding.
He is a rather significant character in Horse Racing field in Hong Kong.
The subject has
had an associated company in Hong Kong known as Concord Asia Pacific Investment
Ltd. [CAPIL] located at the same address.
This firm purchased a residential unit in Tsimshatsui, Kowloon, Hong
Kong at a consideration of HK$14.393 million in May 2009. In May 2012, CAPIL sold the premises at a
consideration of HK$22.88 million. The
firm got a net profit of HK$8.487 million.
The annual sales
turnover of the subject ranges from US$25 to 30 million. Making a profit every year.
The contact person
of the subject is Mr. Andy Chan.
As the history of
the subject is over 21 years in Hong Kong, on the whole, consider it good for
normal business engagements.
Property
information of directors:-
1. Property Location: Flat B on 9/F., 104 Broadway, Mei Foo
Sun Chuen, Kowloon, Hong Kong.
Owner: Leung Kai Fai & Cheung
Sui Ling
Date of Purchase: 09-07-1996
Purchased Price: HK$7,380,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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09-07-1996 |
- |
Bank of Communications, Hong Kong Branch. |
Mortgage to secure general banking facilities |
2. Property Location: Flat C on 11/F., 6 Broadway, Mei Foo
Sun Chuen, Kowloon, Hong Kong.
Owner: Cheung Yan Lam
Date of Purchase: 07-08-1996
Purchased Price: HK$1,200,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
07-08-1996 |
- |
Bank of Communications, Hong Kong Branch. |
Mortgage to secure general banking facilities |
(Since September
2010)
|
Date |
Particulars |
Amount |
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24-08-2010 |
Instrument: Security Agreement over Bank Account Property: By way of a first fixed charge all of the Chargor’s rights in respect
of any amount standing to the credit of the Account from time to time and the
debt represented by it Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future
obligations and liabilities |
|
15-02-2011 |
Instrument: Charge on Cash Deposit to secure
Liabilities of the Depositor Property: 1) By way of first fixed
charge and agreement to charge: the Deposit and all right, title and interest
of the Company 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 Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money & liabilities |
|
18-08-2011 |
Instrument: Charge Over Deposit Property: Deposit Account: All of the Deposit’s time & fixed deposit accounts opened,
maintained or held with ANZ at its Hong Kong Branch and all other sums from
time to time standing to the credit of all of the Depositor's accounts with
ANZ or to which the Depositor is beneficially entitled, whether at ANZ’s Hong
Kong brance or at any of ANZ’s other branches or offices, whether in the same
or in any other currency & whether in addition to or by way of renewal
for or replacement for any sum previously deposited by the Depositor with ANZ
or otherwise, together in each case with any interest from time to time
accruing in respect thereof Secured Facilities: Each financial facility provided by ANZ to the Depositor from time to
time Limits of Charge: Notwithstanding any of the provisions of the Charge, the amount
recoverable from the Depositor under the Charge shall not exceed the
aggregate of: (a) US$1,500,000; and (b) An amount equal to the aggregate of all interest, costs &
expenses and other amounts due by the Depositor under the Charge or due by
the Depositor under any document, agreement or notice evidencing the Secured
Obligations Mortgagee: Australia & New Zealand Banking
Group Ltd., Hong Kong Branch. |
All moneys & performance of all other obligations that the
Depositor |
|
01-11-2011 |
Instrument: Security Over Deposit with the Bank
Placed in Specified Account Property: A deposit with chargee in the amount of all monies under Deposit A/C
No. 491-265138-201 from time to time standing to the credit of the account
specified in the Schedule, including any interest accrued thereon Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount secured |
|
20-04-2012 |
Instrument: Charge Over Deposit Property: The Chargor, as legal & beneficial owner, charges:- a) By way of a first
fixed charge, with full title guarantee, all Deposits in all Accounts and all
right, title & interest, both present and future, in and to such Deposits
& Accounts in favour of the Chargee as continuing security for the due
and punctual payment and performance of the Secured b) By way of first
floating charge, the security created of the if and insofar as the same is
ineffective as a first fixed charge for any reason Mortgagee: Australia & New Zealand Banking
Group Ltd., Hong Kong Branch. |
Payment of all moneys & performance of all other obligations that
the Chargor and/or the Customer |
|
09-08-2013 |
Instrument: Trade Finance Security Agreement Property: For good & valuable consideration, receipt of which is
acknowledged, the Borrower as beneficial owner and as continuing security for
the payment of all secured liabilities:- A) Assigns and agrees to
assign absolutely to the Bank all the presend and future rights, title,
interests and benefits of the Borrower in and to the following assets:- 1) The Export Credits; 2) The Export Collection
Bills; 3) The Sales Contracts; 4) The Invoice
Receivables; 5) The Purchases
Contracts; 6) The Insurances; 7) The Trade Documents; 8) The Bills of Exchange; 9) The Related
Collaterals; & 10) All claims, remedies
and proceeds in connection with any of the foregoing B) Charges and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights, title, interest & benefits of the Borrower in and to the
following assets:- 1) The Goods together with their proceeds; 2) The Deposit, and 3) To the extent any Security Asset is not effectively assigned under
sub-clause such Security Asset C) Pledges and agrees to
pledge to the Bank, the Bills of Exchange, the Pleges Goods & the Trade
Documents which are now or may in the future be in actual or constructive
possession of the Bank; and D) Charges and agrees to
charge to the Bank by way of first floating charge all the present and future
rights, title, interest & benefits of the Borrower in and to any Security
Asset which is described in the above sub-clauses (a), (b) and (c). Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All monies, obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
|
UK Pound |
1 |
Rs.99.65 |
|
Euro |
1 |
Rs.82.91 |
INFORMATION DETAILS
|
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 |
-- |
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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.