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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SINOMATERIAL INTERNATIONAL CO.
LTD. |
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Registered Office : |
c/o HKCN Secretary Services Ltd. Room 2107, 21/F., C C WU Building, 302‑308 Hennessy Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.09.2013 |
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Com. Reg. No.: |
62076633 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available |
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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
|
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.
|
Source
: CIA |
SINOMATERIAL INTERNATIONAL
CO. LTD.
Registered
Office:-
c/o HKCN Secretary Services Ltd.
Room 2107, 21/F., C C WU Building, 302‑308 Hennessy Road, Wanchai, Hong Kong.
Associated
Company:-
Shanghai Sinomaterial International Co. Ltd.
Unit 1501, Tower B, City Centre, 100 Zunyi Road, Shanghai, China.
[Tel: 86-21-6127 9585, 6127 9502
Fax: 86-21-6127 9508, 6127 9559
E-mail: zwgj.list@sinomaterial.com.cn ]
62076633
1970665
23rd September, 2013.
Nominal Share Capital: US$1,500,000.00 (Divided into 1,500,000 shares of US$1.00 each)
Issued Share Capital: US$1,500,000.00
(As per registry
dated 01-11-2013)
|
Name |
|
No. of shares |
|
LI Zhi Guang |
|
1,200,000 |
|
XU Yi |
|
300,000 |
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–––––––– |
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Total: |
1,500,000 ======= |
(As per registry
dated 23-09-2013)
|
Name (Nationality) |
Address |
|
LI Zhi Guang |
Unit 1501, Building B, No.100,
Zunyi Road, Shanghai, China. |
(As per registry
dated 23-09-2013)
|
Name |
Address |
Co.
No. |
|
HKCN Secretary Services Ltd. |
Room 2107, 21/F., C C WU Building, 302‑308 Hennessy
Road, Wanchai, Hong Kong. |
0837258 |
Sinomaterial International Co. Ltd. was incorporated on 23rd September, 2013 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 2107, 21/F., C C WU Building, 302‑308 Hennessy Road, Wanchai, Hong Kong” known as “HKCN Secretary Services Ltd.” which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 1.5 million ordinary shares of US$1.00 each of which 80% are owned by Mr. Li Zhi Guang while 20% are owned by Mr. Xu Yi. The former is also the only director of the subject. He is a China passport holder and does not have the right to reside in Hong Kong permanently.
The subject has had an associated company Shanghai Sinomaterial International Co. Ltd. [Sinomaterial] which is in Shanghai, China. Your given phone and fax number 86-21-6127 9585 and 86-21-6127 9508 respectively belong to Sinomaterial.
Sinomaterial is an iron and steel product trader.
Sinomaterial is a China-based and globally oriented company which focuses on steel importing and exporting. The main shareholders and management members are professionals who have over a decade experience and profound knowledge in the steel industry.
Determined to promote the steel from China in the world market, Sinomaterial is specialized in its China resources.
Sinomaterial
trades in the following products:
Various kinds of long products, plates and pipes, including wire rod, rebar, section steel, hot-rolled coils and plates, cold-rolled coils and plates, galvanized coils and plates, colour coated coils and plates, seamless pipe and welded pipe
Sinomaterial has been cooperating with various types of domestic and foreign customers, and major domestic steel companies such as Xinyu, Lianyuan, Ma An Shan, Tangshan Iron and Steel, Handan, Xuanhua, Benxi, Sha Steel, Yong Steel, etc.
Products are exported to Europe, North and South America, Southeast Asia and the Middle East. It has long term business partners in Singapore, Indonesia, the Philippines, Taiwan, Thailand, India, Pakistan, the United Arab Emirates, Turkey, Germany, Italy, Spain, Peru, South Africa, West Africa, East Africa and the other countries.
Sinomaterial has
been banking with the following banks:
Raiffeisen Bank, Rabobank International, BNP Paribas and Shanghai Pudong Development Bank.
The business of Sinomaterial is active. Annual sales turnover is very significant.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eight months.
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.
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.
|
Date |
Particulars |
Amount |
|
13-11-2013 |
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. |
Indemnity made or issued to or at the request of the
Company, or in any other manner whatsoever, including commission, discount,
all financing, banking, legal and other fees, costs, charges and expenses
whatsoever and also interest on the foregoing, and including, without
prejudice to the generality of the above, all amounts whatsoever which the
Facility Letter No. 2013 1024 0876 20001 dated 24th October, 2013 in respect
of US$8,000,000.00 |
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13-11-2013 |
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 and the goods and produce to which the Pledged Documents relate 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 |
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13-11-2013 |
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: 1) The Export Credits; 2) The Export Collection Bills; 3) The Sales Contracts; 4) The Shipping Contracts; 5) The Guarantees; 6) The Invoice Receivables; 7) The Trade Documents; 8) The Insurances; & 9) 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 right, title, interests and benefits of the Company in and to the following assets: 1) The Goods together with their proceeds; 2) The Charged Account and all monies at any time standing to the credit of the Charged Account, including all interest 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 |
|
27-02-2014 |
Instrument: Deed of Charge Property: (a) All and any goods and any right, title or interest of the Company therein now or in the future purchased or to be purchased by the Company. (b) All documentary credits, bills of exchange, promissory notes, instruments. Bills of lading, letters of indemnity, payment undertakings, delivery orders, warehouse receipts, hedging contracts, insurance certificates and etc. (c) All and any credit balances of the Company now or in the future made by or held for the account of the Company at any branch of the Bank. (d) Absolutely assigns and charges to Bank by way of first fixed security and assignment all Contract Rights. Mortgagee: BNP Paribas, Hong Kong Branch. |
All moneys and liabilities whatsoever which now are or
at any time hereafter may be due, owing or payable, in any currency, to the
Bank |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.06 |
|
|
1 |
Rs.99.61 |
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Euro |
1 |
Rs.88.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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.