|
Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
HANGZHOU COGENERATION (HONG KONG) CO. LTD. |
|
|
|
|
Registered Office : |
Unit 01A, 15/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road
Central |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
31.05.2005 |
|
|
|
|
Com. Reg. No.: |
35682324 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Steel, Strips, Sheets, Iron Ore |
|
|
|
|
No. of Employees |
12. (Including associates) |
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 : |
Good |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 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 |
HANGZHOU
COGENERATION (HONG KONG) CO. LTD.
ADDRESS: Unit 01A, 15/F., Low Block,
Grand Millennium Plaza, 181 Queen’s Road Central, Hong Kong.
PHONE: 852-2511 1698, 2167 8621
FAX: 852-2511 1813
Managing Director: Mr. Jiang Yuanqing
Incorporated on: 31st May, 2005.
Organization: Private Limited Company.
Issued Capital: RMB100,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
HSTC Group Turnover:-
RMB5,064,643,686.67
Yuan (Year ended 31-12-2013)
Employees: 12. (Including associates)
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Very Good.
Registered Head
Office:-
Unit 01A, 15/F., Low Block, Grand Millennium Plaza, 181 Queen’s Road
Central, Hong Kong.
Holding Company:-
Hangzhou CIEC Group Co. Ltd., China.
Ultimate Holding
Company:-
Hangzhou Steam Turbine Power Group Co. Ltd., China.
Associated/Affiliated
Companies:-
HSTC Group of Companies
Beijing Shengxin Cogeneration Steel Co. Ltd., China.
C. G. S. (Hong Kong) Co. Ltd., Hong Kong. (Same address)
Dushan Zhongcheng Shangtong Co. Ltd., China.
Guizhou Zhongcheng Concrete Co. Ltd., China.
Hangzhou Bohai Iron & Steel Co. Ltd., China.
Hangzhou Cogeneration Import & Export Co. Ltd., China.
Hangzhou Energy-Saving Technologies & Design Institute Ltd., China.
Hangzhou Guoneng Steam Turbine Engineering Co. Ltd., China.
Hangzhou Kaineng Forge Co. Ltd., China.
Hangzhou Pangtong Electronic Equipment Co. Ltd., China.
Hangzhou Steam Turbine Auxiliary Machine Co. Ltd., China.
Hangzhou Steam Turbine Casting Co. Ltd., China.
Hangzhou Steam Turbine Co. Ltd., China.
Hangzhou Steam Turbine Group Equipment System Engineering Co. Ltd.,
China.
Hangzhou Steam Turbine Heavy Industry Co. Ltd., China.
Hangzhou Steam Turbine Machinery & Equipment Co. Ltd., China.
Hangzhou Zhongneng Steam Turbine Power Co. Ltd., China.
Kunming Hangzhong Steam Turbine Technical Service Co. Ltd., China.
PT. Hangzhou Chinen Turbine Indonesia, Indonesia.
Shanghai Cogeneration Steel Trading Co. Ltd., China.
Shijiazhuang Hangneng Steam Turbine Technical Co. Ltd., China.
Singapore (Cogeneration) Steel Pte. Ltd., Singapore.
Suzhou Jushengtong Cogeneration Import & Export Co. Ltd., China.
Tangshan Cogeneration Steel Trading Co. Ltd., China.
Tangshan Hangneng Steam Turbine Technical Service Co. Ltd., China.
Wulumuqi Hangzhongneng Steam Turbine Technical Service Co. Ltd., China.
Xinjiang Hangzhou Steam Turbine Packaged Technology Development Co. Ltd.,
China.
Zhejiang Huayuan Steam Turbine Machinery Co. Ltd., China.
Zhejiang Steam Turbine Assembling Technologies Development Co. Ltd.,
China.
Zhejiang Turbine Import & Export Co. Ltd., China.
Zhejiang Hanglian Iron & Steel Co. Ltd., China.
etc.
35682324
0974210
Managing Director: Mr. Jiang Yuanqing
RMB100,000,000.00
(As per registry dated 31-05-2014)
|
Name |
|
No. of shares |
|
Hangzhou CIEC Group Co. Ltd. 24-27/F., Han Jia Building, 8 Dangui Street, Fuchun Road, Hangzhou
CBD, Jianggan District, Hangzhou City, Zhejiang Province, China. |
|
100,000,000 ========= |
(As per registry dated 31-05-2014)
|
Name (Nationality) |
Address |
|
JIANG Yuanqing |
4 Xingqiao Road, Xiacheng District, Hangzhou City, Zhejiang Province,
China. |
|
XU Jianyu |
Room 401, No. 62, Block 15, Xiahuinancun, Shangchengqu, Hangzhou City,
Zhejiang Province, China. |
|
LU Yonghong |
Room 206, Unit 10, Block 5, Weiyuanlong, Gongshu District, Hangzhou
City, Zhejiang Province, China. |
|
YUAN Wenjiong |
Room 401, No. 2 Lianxinglidonghang, Dahuajiedao, Shantou City,
Guangdong Province, China. |
|
JIANG Yuanshun |
Room 2-401, Building 37, Dong Yuan Xin Chun, Xiacheng District,
Hangzhou City, Zhejiang Province, China. |
(As per registry dated 31-05-2014)
|
Name |
Address |
Co. No. |
|
Sky Well Consultants Ltd. |
Unit B, 17/F., Success Commercial Building, 245-251 Hennessy Road,
Wanchai, Hong Kong. |
0612124 |
The subject was incorporated on 31st May, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of C. G. S. (Hong
Kong) International Trading Co. Ltd., name changed to the present style on
24th August, 2005.
Formerly the subject was located at Room 6509, 65/F., The Center,
99 Queen’s Road Central, Hong Kong, moved to Unit 13, 19/F., COSCO Tower,
Grand Millennium Plaza, 183 Queen’s Road Central, Hong Kong in December 2007;
and further to the present address with effect from 1st September, 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Steel,
strips, sheets, iron ore.
Employees: 12. (Including associates)
Commodities Imported: India, other Asian countries, Europe, Americas, etc.
Markets: China,
Japan, other Asian countries, etc.
HSTC Group Turnover:-
RMB3,319,171,377.40
Yuan (Year ended 31-12-2008)
RMB3,586,010,243.78
Yuan (Year ended 31-12-2009)
RMB4,276,205,308.54
Yuan (Year ended 31-12-2010)
RMB4,547,818,300.02
Yuan (Year ended 31-12-2011)
RMB4,575,383,435.46
Yuan (Year ended 31-12-2012)
RMB5,064,643,686.67
Yuan (Year ended 31-12-2013)
Terms/Sales:
L/C or
as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Issued Capital: RMB100,000,000.00
Mortgage or Charge (since 2006): (See attachment)
HSTC Group Net Profit Attributable to
Shareholders of the Listed Company:-
RMB573,649,026.96
Yuan (Year ended 31-12-2008)
RMB583,517,590.81
Yuan (Year ended 31-12-2009)
RMB680,184,677.22
Yuan (Year ended 31-12-2010)
RMB640,387,703.33
Yuan (Year ended 31-12-2011)
RMB735,102,032.17
Yuan (Year ended 31-12-2012)
RMB653,356,182.05
Yuan (Year ended 31-12-2013)
Profit or Loss: Business is profitable.
Condition:
Keeping
in an active condition.
Facilities:
Making
very active use of general banking facilities.
Payment:
Met
trade commitments as contracted.
Commercial Morality: Good.
Bankers:-
ABN Amro Bank N.V.
10 Collyer Quay, #07-01 Ocean Financial Centre, 049315, Singapore.
ABN AMRO Bank
N.V., Hong Kong Branch.
Bank of
Communications Co. Ltd., Hong Kong Branch.
BNP Paribas,
Hong Kong Branch.
China Construction
Bank Corporation, Hong Kong Branch.
China Merchants
Bank Co., Ltd., Hong Kong.
CITIC Bank International
Ltd., Hong Kong.
DBS Bank Ltd.,
Hong Kong Branch.
Deutsche Bank
(China) Co. Ltd.
One Raffles Quay, #18-00, South Tower, 048583, Singapore.
Deutsche Bank AG
One Raffles Quay, #18-00, South Tower, 048583, Singapore.
Fortis Bank,
Hong Kong Branch.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
United Overseas
Bank Ltd.
80 Raffles Place, UOB Plaza, 048624, Singapore.
Wing Lung Bank Ltd.,
Hong Kong.
Standing:
Very
Good.
Hangzhou Cogeneration (Hong Kong) Co. Ltd. formerly was a wholly-owned
subsidiary of Hangzhou Cogeneration Import & Export Co. Ltd. [HCIEC] which
is a China-based firm. Now the holding company
has been changed. The new holding
company Hangzhou CIEC Group Co. Ltd. [CIEC] is also a China-based company.
The subject has had an associated company Hangzhou Steam Turbine Co.
Ltd. [HSTC] which is a listed firm in Shenzhen Special Economic Zone,
China. HSTC is 63.64%-owned by Hangzhou
Steam Turbine Power Group Co. Ltd. [HSTPG], also a China-based firm.
Since 1988, HSTPG has ranked the top three in the integrated benefit
indexes in the same trade domestically.
In 2005, it was listed in the top 500 enterprises in China. It is also a public listed company in
Shenzhen B Share Market. HSTPG is
controlled by Hangzhou State-owned Assets Administrative Committee which is a
government organization belongs to the Hangzhou City Government.
The subject is trading in iron and steel, steel strips, steel sheets,
iron ore. Commodities are imported from
India, other Asian countries, Europe, South America, etc. Prime markets are China, Japan and other
Asian countries. It is also responsible
for acquiring commodities for HSTPG and HSTC.
CIEC was founded in October 1997.
It is a state-owned company engaged in steel products with a registered
capital of RMB500 million Yuan. CIEC is
a subsidiary company of HSTPG. It has
over 10 wholly-owned domestic subsidies mostly located in Hangzhou, Shanghai,
Suzhou, Tangshan, Tianjin and Beijing.
Meanwhile, CIEC has established overseas subsidies in Singapore, Hong
Kong, the United States, Brazil, and Vietnam.
HSTPG has been regarded as the top 3 in the domestic index system of
economic benefit in the steam turbine and power industry since 1988. In 2005, it was honoured as one of the top
500 enterprises in China, and ranked the first 10 places of municipal
industrial enterprises in Hangzhou. In
2012, its sales turnover was RMB46 billion Yuan with a total profit
RMB1.8 billion Yuan.
CIEC is trading in iron and steel raw materials, semi-finished products
and finished products. Now CIEC’s main
business includes three parts: importing, exporting and domestic trading. In 2011, CIEC sold 18 million tons of iron
and steel products. Its sales turnover
reached RMB40,700 million Yuan and the net profit was RMB604 million Yuan,
which increased by 69.6% and 43.35% respectively as compared with previous
year. In 2012, CIEC sold 19.43 million
ton and its sales turnover reached RMB41,500 million Yuan.
In 2004, CIEC was granted the honour of Top 100 Hangzhou Municipal
Enterprises Taxpayer. From 2004 to 2007,
CIEC was successively granted the honour of “Gold Dragon Award” of Import and Export
Trade Company by the government of Hangzhou.
In 2011 and 2012, CIEC ranked the 4th in the top 100 steel trade
enterprises and among top 500 foreign trade enterprises in China in 2012.
CIEC’s domestic credit facility has reached RMB17,800 million Yuan in
Industrial and Commercial Bank of China, China Construction Bank, Agricultural
Bank of China, China Merchants Bank, China Ever Bright Bank, China Minsheng
Bank and Shanghai Pudong Development Bank, etc.
In terms of overseas banking operation, the subject and Singapore
(Cogeneration) Steel Co., Ltd. have achieved US$ 2,000 million of credit
facility from various overseas banks, such as Standard Charted Bank, Bank of
China (Hong Kong), ABN AMRO Bank, China Construction Bank (Hong Kong),
HSBC, ISBC Asia, China merchants bank offshore banking department, Bank of
Communication (Hong Kong), UOB, SMBC, DBS, etc., which provides a solid and
broad platform to support CIEC’s development.
For the year ended 31st December, 2013, the turnover of HSTC Group
amounted to RMB5,064.6 million Yuan, increased by 0.6% (2012: RMB4,575.4
million), net profit attributable to shareholder of HSTC was RMB653.4 million,
decreased by 11.1% (2012: RMB735.1 million).
Business was good in the past years.
Now, the annual sales of the subject amount to HK$8.1 to 8.5 billion,
profit ranges from HK$60 to 65 million.
The subject is fully supported by CIEC.
History in Hong Kong is over nine years.
On the whole, in view of the background and parentage of the subject,
consider it good for normal business engagements.
(Since 2006)
|
Date |
Description of
Instrument |
Mortgagee |
|
28-12-2006 |
Deed of Indemnity, Charge Over Deposit and Set-Off |
Bank of Communications Co. Ltd., Hong Kong Branch. |
|
30-08-2007 |
Trade Finance Security Assignment |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
05-09-2007 |
Charge Over Deposits – CD 1 (06) |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
31-03-2010 |
Mortgage |
Bank of Communications Co. Ltd., Hong Kong Branch. |
|
28-05-2010 |
Security Over Deposits |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
19-07-2010 |
Charge on Cash Deposit to secure Liabilities of the Depositor |
DBS Bank Ltd., Hong Kong Branch. |
|
26-07-2010 |
Charge on Cash Deposit to secure Liabilities of the Depositor |
DBS Bank Ltd., Hong Kong Branch. |
|
07-09-2010 |
Security Agreement over Bank Account |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
07-09-2010 |
Pledge over Deposit and Account Management Agreement |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
28-10-2010 |
Charge on Cash Deposit |
CITIC Bank International Ltd., Hong Kong. |
|
28-10-2010 |
Trade Finance Security Assignment |
CITIC Bank International Ltd., Hong Kong. |
|
02-11-2010 |
Pledge and Master Trust Receipt |
BNP Paribas, Hong Kong Branch. |
|
02-11-2010 |
Deed of Charge |
BNP Paribas, Hong Kong Branch. |
|
20-10-2011 |
Pledge over Deposit and Account Management Agreement |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
21-11-2011 |
Pledge Confirmation (the “Confirmation”) |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
28-11-2011 |
Pledge Confirmation (the “Confirmation”) |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
04-01-2012 |
Pledge Confirmation (the “Confirmation”) |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
28-02-2012 |
Pledge Confirmation (the “Confirmation”) |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
08-03-2012 |
Pledge Confirmation (the “Confirmation”) |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
16-03-2012 |
Trade Finance Security Assignment (the “Assignment”) |
United Overseas Bank Ltd. |
|
28-03-2012 |
Security Memorandum (First Party) |
ABN Amro Bank N.V. |
|
17-04-2012 |
Pledge Confirmation (the “Confirmation”) |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
26-07-2012 |
Trade Finance Security Assignment |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
|
26-12-2012 |
Charge Over Deposits |
China Merchants Bank Co. Ltd., Hong Kong Branch. |
|
26-03-2013 |
Security Memorandum |
ABN AMRO Bank N.V., Hong Kong Branch. |
|
15-05-2013 |
Security Over Deposit in respect of Obligations of the Depositor |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
|
15-05-2013 |
Security Over Deposit in respect of Obligations of a Third Party |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
|
27-05-2013 |
Security Agreement Over Bank Account |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
07-08-2013 |
Trade Finance Security Assignment |
China Merchants Bank Co. Ltd., Hong Kong Branch. |
|
16-08-2013 |
Trade Finance Security Agreement |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
11-12-2013 |
Pledge Confirmation |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
29-01-2014 |
Agreement of Cash Pledge |
Deutsche Bank (China) Co. Ltd. |
|
29-01-2014 |
Security Agreement |
Deutsche Bank AG |
|
19-06-2014 |
Pledge Confirmation |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
|
|
1 |
Rs.98.21 |
|
Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.