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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ATL LOGISTICS CENTRE HONG KONG LTD. |
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Registered Office : |
Berth 3, Kwai Chung Container Terminal, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.12.1981 |
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Com. Reg. No.: |
07712080 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Warehouse and Office Leasing, Cargo Handling, Container Freight
Station, Logistics and Distribution Services. |
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No. of Employees : |
1,200 (Group Employees) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
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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 – 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 |
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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 |
ATL LOGISTICS
CENTRE HONG KONG LTD.
ADDRESS: Berth 3, Kwai Chung
Container Terminal, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2489 5572, 2489 5500,
2849 5555
FAX: 852-2408
3125, 2615 1110, 2614 4791
E-MAIL: inquiry@atlhk.com
Managing Director: Mr. Hui Chun
Ping Charles
Incorporated on: 31st December, 1981.
Organization: Private Limited Company.
Capital: Nominal: HK$174,918.00
Issued: HK$174,918.00
Business Category: Operations
of cargo handling and storage facilities.
Group Employees: 1,200.
Main Dealing Bankers: BNP
Paribas, Hong Kong Branch.
Standard
Chartered Bank (HK) Ltd., Hong Kong.
Banking Relation: Sound.
ATL LOGISTICS
CENTRE HONG KONG
LTD.
Registered Head
Office:-
Berth 3, Kwai Chung Container Terminal, Kwai Chung, New Territories,
Hong Kong.
China
Office:- [Operated by subsidiary]
District No. 16, Yantian Port Base, Shenzhen Special Economic Zone,
China. [Tel: (86-755) 2521 8219; Fax: (86-755) 2521 7745]
Division:-
ATL Logistics Centre, Hong Kong.
Holding Company:-
CSX World Terminals Hong Kong Ltd., Hong Kong.
Ultimate Holding
Company:
DP World Ltd., UAE.
Subsidiaries:-
ATL Logistics Centre Yantian Ltd., China.
ATL Thailand Ltd., Thailand.
Associated
Companies:-
DP World Group of
Companies
CSX Orient (Tianjin) Container Terminals Co. Ltd., China.
CSXWT Terminal 8 Ltd., British Virgin Islands.
DP World China Holdings Ltd., Hong Kong.
DP World Infrastructure Ltd., Hong Kong.
DP World Logistics Hong Kong Ltd., Hong Kong.
DP World New World (Tianjin) HK Ltd., Hong Kong.
DP World Tianjin Holdings Ltd., Hong Kong.
DP World Yantai Co. Ltd., China.
DPI Terminals New World (Tianjin) Ltd., Cayman Islands.
DPI Terminals New World Ltd., British Virgin Islands.
Goodman DP World Hong Kong Ltd., Hong Kong.
Jafza International, UAE.
Shanghai Ji Fa Logistics Co. Ltd., China.
Tianjin Orient Container Terminals Co. Ltd., China.
United Asia Terminals (Yantian) Ltd., Hong Kong.
Associated with:-
New World Group of Companies
07712080
0107265
Managing Director: Mr. Hui Chun Ping Charles
Contact Person: Mr. Steven Chung
Nominal Share Capital: HK$174,918.00 (Divided into 100,000 “A” Ordinary
shares, 20,000 “B” Preference shares and 54,918 Non-Voting Deferred shares of
HK$1.00 each)
Issued Share Capital: HK$174,918.00
(As per registry dated 31-12-2013)
|
Name |
|
No. of shares |
||
|
|
|
“A” |
“B” |
Non-Voting Deferred |
|
CSX World Terminals Hong Kong Ltd., Hong Kong. |
|
51,000 |
- |
- |
|
Hetro Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
|
39,000 |
15,918 |
- |
|
Central Development International Holdings Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British
Virgin Islands. |
|
10,000 |
4,082 |
- |
|
New World Development Co. Ltd., Hong Kong. |
|
- |
- |
54,918 |
|
|
|
––––––– |
–––––– |
–––––– |
|
|
Total: |
100,000 ====== |
20,000 ===== |
54,918 ===== |
(As per registry dated 31-12-2013)
|
Name (Nationality) |
Address |
|
HUI Chun Ping, Charles |
Flat B, 10/F., Block 1, Grand Garden, 61 South Bay Road, Hong Kong. |
|
LAM Siu Kwong |
Flat E, 18/F., Willow Mansion, Taikoo Shing, Hong Kong. |
|
Lam Wai Hon, Patrick |
Severn Hill, House 9, 4 Severn Road, The Peak, Hong Kong. |
|
CHAN Sing Huen, Lawman |
Wonderland Villas, Block 10, 3B, Wah King Hill Road, Kowloon, Hong
Kong. |
|
William Junior Guilherme, DOO |
60 Peak Road, The Peak, Hong Kong. |
|
TO Tsan Wai |
Flat C, 18/F., Tower 3, Tierra Verda, Tsing Yi, New Territories,
Hong Kong. |
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TSANG Yam Pui |
4/F., Block 29, Baguio Villa, Victoria Road, Hong Kong. |
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CHEUNG Chin Cheung |
11H, Middle Lane, Discovery Bay, Hong Kong. |
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Philip John PEARCE |
Apartment K, 10/F., Block A-4m Scenie Villas, 2‑28 Scenic
Villa Drive, Hong Kong. |
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Kristoffer Allan HARVEY |
1/F North, 30 Stubbs Road, Mid-Level East, Hong Kong. |
|
LEE Wai Ho, Stephen |
25/F., Celestial Heights, 12 Clestial Avenue, Ho Man Tin, Kowloon,
Hong Kong. |
|
David Anthony HINCHEY |
Flat C, 2/F., Fortune Court, 43 Kennedy Road, Hong Kong. |
|
Rashed Ali Hassan Abdulla |
Room 5623, The Harbour View Place, 1 Austin Road West, Kowloon, Hong
Kong. |
|
Yuvraj NARAYAN |
Frond P, Villa #8, Palm Jumeirah, Dubai, UAE. |
|
Anil WATS |
Villa M-13, Frond M, Palm Jumeirah, Dubai, UAE. |
|
MAK Bing Leung, Rufin |
Room 1404, 14/F., Block B,Villa Rocha, 10 Broaswood Road, Happy
Valley, Hong Kong. |
CHAN Sing Huen, Lawman (As per registry dated 31-12-2013)
The subject was incorporated on 31st December, 1981 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Asia Terminals Ltd., name
changed to the present style on 15th December, 2000.
Apart from these, neither material change nor amendment has been ever traced
and noted.
Activities &
Lines: Warehouse and Office
Leasing, Cargo Handling, Container Freight Station, Logistics and Distribution
Services.
Group Employees: 1,200.
Business Territories: Hong Kong, China
Nominal Share Capital: HK$174,918.00
(Divided into 100,000 “A” Ordinary shares, 20,000 “B” Preference shares
and 54,918 Non-Voting Deferred shares of HK$1.00 each)
Issued Share Capital: HK$174,918.00
Mortgage or Charge:-
Date of The Subordination Agreement:
24-12-1991
Amount: To secure the
due and punctual payment of all amounts which are or at any time in the future
may become payable by the Borrower, including contingent liabilities, under the
Loan Agreement dated 10-12-1990
Property: By way of Assignment: All sums which are at the time of the
Subordination Agreement or may thereafter become owing by the Borrower to the
Subordinated Lender
Mortgagee: Standard
Chartered Bank, Hong Kong Branch.
[Now known as Standard Chartered Bank (HK) Ltd.]
Profit & Loss: Operation
is profitable.
Condition: Business is active and good.
Facilities: Making active use of general
banking facilities.
Payment: Reliable.
Commercial Morality: Very Good.
Bankers:-
BNP Paribas, Hong Kong Branch.
Standard Chartered Bank (HK) Ltd.,
Hong Kong.
Standing: Very Good.
ATL Logistics Centre Hong Kong Ltd. [ATL] formerly was known as Asia
Terminals Ltd. which was incorporated in December 1981. It was renamed as the present style in
December 2000.
The ultimate holding company of ATL DP World Ltd. [DP World] is a UAE‑based
company.
ATL owns and operates ATL
Logistics Centre which is the world’s first and largest intelligent
multi-storey drive-in cargo logistics centre.
ATL Logistics Centre offers
warehouse and office leasing as well as a full range of cargo handling,
container freight station [CFS], logistics and distribution services. ATL
Logistics Centre is conveniently located in the heart of Kwai Chung
Container Terminals and within easy reach of Hong Kong’s commercial and
population centres, airport, as well as the Mainland border. Phases I and II of this ultra-modern
facility, providing in total 150,000 sq.m. of spaces, have been completely
successful in terms of spaces fully let, cargo handled and rental
increases. ATL Logistics Centre also had government approval to build Phases
III, IV and V of the container freight station facilities, adjacent to its
existing structure. Construction of the
whole project was completed in July 1994.
The average occupancy rate of ATL
Logistics Centre is over 90%. In
order to maintain its premier position, ATL
Logistics Centre has already upgraded both its hardware and software to
enhance the quality of its services.
ATL has expanded its warehousing facilities outside Hong Kong. ATL Thailand Ltd. was incorporated to develop
and manage a container freight station in Thailand. It is a joint-venture between ATL, holding
49%, and Thai partners the White Group and National Finance & Securities,
jointly holding 51%. The construction
cost was about HK$150 million. The 39‑hectare
freight station site was bought for a consideration of HK$40 million.
ATL provides comprehensive one-stop cargoes handling services, container
terminal services and trucking services to meet customers’ needs. It has set up a new facility in Yantian known
as ATL Logistics Centre Yantian Ltd. [ATL Yantian] which is a China
Customs approved export warehouse located in the vicinity of Yantian International
Container Terminal. ATL Yantian
commenced its operations in January 2002.
It brings together the expertise of ATL and other members of the DP
World Group to provide logistics and warehousing services to customers.
The ultimate holding company, DP World is an Emirati marine terminal
operator. It is based in Dubai and is
one of the largest marine terminal operators in the world. It operates more than 60 terminals across six
continents, with container handling generating around 80% of its revenue. In addition, the company has 11 new
developments and major expansions underway in 10 countries. In 2011, DP World handled nearly 55 million
TEU (twenty-foot equivalent container units) across its portfolio from the Americas
to Asia.
DP World was founded in 2005 by merging Dubai Ports Authority and Dubai
Ports International (which was founded in 1999). It purchased Peninsular and Oriental Steam
Navigation Company (P&O) of the United Kingdom in 2006 for £3.9 billion
(US$7 billion), which was at the time the world’s fourth largest ports
operator. Shares representing 20% of the
company were floated on the NASDAQ Dubai stock exchange in 2007. The company does not currently operate in the
United States where its purchase of a number of US ports led to high-level
controversy.
In the second quarter of 2010 DP World gave the go-ahead for
construction of the £1.5 billion London Gateway port. Work started in February 2010 with the port
due to open in the fourth quarter of 2013.
By April 2011, Moody’s upgraded DP World’s financial status to
“investment grade”. In June 2011, the
company dual listed on the London Stock Exchange. Since December 2010, DP World has undertaken
a series of asset disposals, exiting markets where it does not have a
significant presence and seeking to redeploy funds in fast-growing markets.
In 2013, DP World handled more than 55 million TEU (twenty-foot
equivalent container units) across its portfolio from the Americas Asia. With a pipeline of expansion and development
projects in key markets, including India, Africa and the Middle East, capacity
is expected to rise to more than 100 million TEU by 2020, in line with market
demand. It employs 30,000 people.
The history of the subject in Hong Kong is over 32 years.
On the whole, in view the parentage of ATL, consider it good for normal
business engagements.
Brief personal profile of the directors and CEOs:-
Sultan Ahmed Bin Sulayem Group Chief Executive Officer
Mohammed Sharaf has served as Group Chief Executive Officer of the Group
since 2005 and as a Director of the Company since 30th May 2007. He joined Dubai Ports Authority in 1992, and
in 2001 he became Managing Director of DP World FZE. In this position, he oversaw the Group’s
growth into an international business and performed central roles in developing
its first international operations at the terminals of Jeddah (Saudi Arabia),
Constanta (Romania) and Vizag (India) and in developing its national operations
at Jebel Ali and Port Rashid terminals.
He began his shipping career at Holland Hook terminal in The Port of New
York/New Jersey and has more than 20 years experience in the transport and
logistics business. He is also Chairman
of Tejari World FZ LLC. A citizen of the
United Arab Emirates, he is 51 years old.
Mr. Yuvraj Narayan Chief
Financial Officer
Yuvraj Narayan has served as Chief Financial Officer of the Group since
2005 and as a Director of the Company since 9 August 2006. He joined DP World FZE in 2004. He serves as Non-Executive Director of IDFC
Securities Limited. He previously served
as Non-Executive Director of Istithmar World PJSC and as ANZ Group’s Head of
Corporate and Project Finance for South Asia before becoming Chief Financial
Officer of Salalah Port Services in Oman.
He is a qualified Chartered Accountant and has a wealth of experience in
the ports and international banking sectors.
A citizen of the Republic of India, he is 56 years old.
Mr. Steven CHUNG is the General Manager for Sales and Marketing of
ATL. Mr. Chung joined ATL in 1997 after
many years of extensive experience in the commercial real estate industry
specializing in the sale and leasing of prime warehouse property on behalf of
multi-national corporations. Mr. Chung
came to ATL via CB Richard Ellis where he headed up the industrial department.
and has primary responsibility on all leasing matters in ATL. Steven Chung holds a Bachelor of Economics
degree from University of New England in Australia where he has reside for 15
years before relocating to Hong Kong.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.23 |
|
|
1 |
Rs.101.68 |
|
Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.