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Report Date : |
31.10.2014 |
IDENTIFICATION DETAILS
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Name : |
MANUCHAR STEEL HONG KONG LTD. |
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Registered Office : |
Suite 1005-1006, 10/F., China Insurance Group Building, 73 Connaught Road Central |
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Country : |
Hongkong |
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Date of Incorporation : |
22.12.2006 |
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Com. Reg. No.: |
37489219 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Iron and Steel, Related Products. |
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No. of Employees : |
10. (Including Associate) |
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 : |
No Complaints |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hongkong |
A1 |
A1 |
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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 |
HONGKONG - 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 |
MANUCHAR STEEL HONG KONG LTD.
ADDRESS: Suite 1005-1006, 10/F., China
Insurance Group Building, 73 Connaught Road Central, Hong Kong.
PHONE: 852-3162
8302
FAX: 852-3162
8313
E-MAIL: anthony.maas@manuchar.com
Managing Director: Mr. Anthony G.S.B. Maas
Incorporated on: 22nd December, 2006.
Organization: Private Limited Company.
Capital: Nominal:
€100,000.00
Issued: €100,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 10. (Including associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Suite 1005-1006, 10/F., China Insurance Group Building,
73 Connaught Road Central, Hong Kong.
Immediate Holding
Company:-
Manuchar Steel N.V., Belgium.
Rietschoorvelden 20, 2170 Antwerp, Belgium.
[Tel: 32-3-640 8430
Fax: 32-3-640 9330
E-mail: contact@manucharsteel.com]
Ultimate Holding
Company:-
Manuchar N.V., Belgium.
Rietschoorvelden 20, 2170 Antwerp, Belgium.
[Tel: 32-3-640 9302
Fax: 32-3-640 9330
E-mail: contact@manuchar.com]
Associated/Affiliated
Companies:-
Baubur NV, Belgium.
LDI International NV, Belgium.
Manuchar (Shanghai) Co. Ltd., China.
Manuchar (Thailand) Ltd., Thailand.
Manuchar Hong Kong Ltd., Hong Kong.
(Same address)
Manuchar Kenya Ltd., Kenya.
Manuchar Middle East FZE, UAE.
Manuchar Philippines Inc., Philippines.
Manuchar South Africa (Pty) Ltd., South Africa.
Manuchar Steel NV, Belgium.
Manuchar Vietnam Ltd., Vietnam.
Parts Trading Co. NV, Belgium.
etc.
37489219
1097316
Managing Director: Mr. Anthony
G.S.B. Maas
Nominal Share Capital: €100,000.00
(Divided into 10,000 shares of €10.00 each)
Issued Share Capital:
€100,000.00
(As per registry
dated 22-12-2013)
|
Name |
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No. of shares |
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Manuchar Steel N.V. 2170 Antwerp-Merksem, Rietschoorvelden 20, Belgium. |
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10,000 ===== |
(As per registry
dated 22-12-2013)
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Name (Nationality) |
Address |
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Anthony G.S.B. MAAS |
Flat C, 29 Seahorse Lane, Discovery Bay Beach Village, Lantau Island,
New Territories, Hong Kong. |
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Philippe L.M. HUYBRECHS |
Breemlaan 20, 2530 Boechout, Belgium. |
(As per registry
dated 22-12-2013)
|
Name |
Address |
Co. No. |
|
Manylike Services Ltd. |
Room 1-3, 10/F., Kwan Chart Tower, 6 Tonnochy Road, Wanchai, Hong
Kong. |
0237093 |
The subject was incorporated on 22nd December, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Suite 2106, 21/F., The Centrium,
60 Wyndham Street, Central, Hong Kong, moved to the present address
in June 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Iron
and steel, related products
Employees: 10. (Including associate)
Commodities Imported: Imported from
Latin America, Southeast Asia, Europe, etc.
Markets: Worldwide
countries.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: €100,000.00
(Divided into 10,000 shares of €10.00 each)
Issued Share Capital: €100,000.00
Profit & Loss: Business
is profitable.
Condition: Keeping
in an active state.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
Manuchar Steel Hong Kong Ltd. is a 100%-owned subsidiary of Manuchar
Steel N.V. which in turn is wholly-owned by Manuchar N.V. [Manuchar], both are
Belgium-based firms.
Incorporated in December 2006, the subject is a member of the
Manuchar Group which is engaged in diversified economy.
The subject is chiefly trading in iron and steel and related
products. Manuchar Steel has developed
relations with most of the steel mills in Latin America, Europe, Turkey, CIS,
India, South Korea and China. It has
also created niche markets for the mills in developing countries and receive
monthly allocations which it promotes in close cooperation with the steel manufacturers. Its products include pig iron, billet and
bloom, cold rolled coil, bars, etc.
The subject has got an affiliated company Manuchar Hong Kong Ltd.
[Manuchar HK] located at its operating address.
Incorporated on 18th October, 2004, Manuchar HK is engaged in the
same lines of business as the subject, more or less. However, Manuchar HK carries more products
than the subject.
Manuchar, located in Antwerp, is a trader, distributor and a logistics
service provider. It carries chemicals,
steel and wood. Over the past years,
Manuchar recorded a strong growth in business.
The Group is trading in the following commodities:-
· Chemicals & Fertilizers;
· Building Materials;
· Minerals & Ferro-alloys;
· Pharmaceuticals - LDI International;
· Polymers;
· Pulp & Paper;
· Spare Parts & Mining Products - PTC;
· Steel;
· Special Steel and Metals - Baubur; &
· Wood.
The subject is trading in the same commodities as the Group.
Currently, Manuchar is providing its clients with the following business
scope:-
· Sourcing of products (mainly chemicals, steel and wood) from worldwide suppliers;
· Organisation of logistics between producers and customers;
· Financing of goods during transportation;
· Further handling and repackaging of goods; &
· Distribution and marketing of these products through its local network, etc.
Manuchar offers its clients with these services through a wide local
distribution and sourcing network which extends today to 25 countries in Latin
America, Africa, the Middle East and larger parts of Asia. It has got its own offices in the following
regions and countries:-
· Latin America.
· South America — Brazil, Venezuela, Colombia, Ecuador, Peru, Bolivia, Chile and Argentina.
· Central America — Mexico, El Salvador, Honduras.
· Caribbean — Dominican Republic, Cuba.
· Africa — Nigeria, South Africa, Uganda.
· Asia — China, India, Thailand, the Philippines, Hong Kong.
· Europe — Belgium, Oekraïne, Russia.
Manuchar’s Hong Kong office is the subject and its associate. Manuchar has got a significant subsidiary known
as Manuchar (Shanghai) Co. Ltd. [Manuchar China] which acts a bridge linking
China with the rest of the world. Now,
Manuchar has set up offices in Beijing, Shanghai, Tianjin, and Guangzhou. The logistics system developed by Manuchar
China is able to organize and monitor several full cargo vessels per week.
Manuchar China also helps Chinese companies to raise their
competitiveness by sourcing raw materials for them with the lowest prices from
worldwide countries.
Manuchar and Rossari Biotch, an Indian firm, jointly set up Manuchar
China. This firm is the sole agent for
Manuchar’s and Rossari Biotch’s products in China. Rossari Biotch is a leader in India producing
fine chemical products.
The subject acts as a foothold for Manuchar to penetrate the China
market further.
The subject’s business in Hong Kong is chiefly administered by Mr.
Anthony G.S.B. Maas who is a Belgian.
Being a member of the Patrick Maas family, he has been in Hong Kong for
a very long time. Now, he is a Hong Kong
ID holder.
The consolidated annual turnover of the Group ranges from EUR 600 to 700
million.
On the whole, since the history of the subject in Hong Kong is over
seven years and ten months, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
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|
1 |
Rs.98.21 |
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Euro |
1 |
Rs.77.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.