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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
EVERRICH GLOBAL RESOURCE CO. LTD. |
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Registered Office : |
c/o Hong Kong
Daiyan Registrations Ltd. Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon |
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Country : |
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Date of Incorporation : |
28.04.2009 |
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Com. Reg. No.: |
50615940 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is an iron and steel trading company |
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No. of Employees : |
No employees in Hongkong 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. |
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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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
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Source
: CIA |
EVERRICH
GLOBAL RESOURCE CO.
LTD.
Registered
Office:-
c/o Hong Kong
Daiyan Registrations Ltd.
Room 2101, 21/F.,
Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong Kong.
Holding
Company:-
Shanghai Easteel
Industrial Co. Ltd., China.
50615940
1335092
28th April, 2009.
HK$7,800,000.00
(As
per registry dated 28-04-2014)
|
Name |
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No.
of shares |
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Shanghai Easteel Industrial Co. Ltd. Room 2-174, No. 1, Lane 5300, Wenchuan Road, Baoshan District,
Shanghai, China. |
|
7,800,000 ======= |
(As
per registry dated 28-04-2014)
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Name (Nationality) |
Address |
|
DUAN Ying Yi |
Room 1306, Building 1, No. 58 East Xinjian
Road, Minhang District, Shanghai, Chian. |
|
XI Jin Song |
Room 1306, Building 1, No. 58 East Xinjian
Road, Minhang District, Shanghai, Chian. |
(As
per registry dated 28-04-2014)
|
Name |
Address |
Co.
No. |
|
Hong
Kong Daiyan Registrations Ltd. |
Room 2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street,
Kowloon, Hong Kong. |
0952329 |
Everrich
Global Resource Co. Ltd. was incorporated on 28th April, 2009 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
2101, 21/F., Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong
Kong’ known as ‘Hong Kong Daiyan Registrations 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 7,800,000
ordinary shares of HK$1.00 each which are wholly-owned by Shanghai Easteel
Industrial Co. Ltd. [Easteel], a China-based company.
The
directors of the subject Mr. Duan Ying Yi and Mr. Xi Jin Song are China
merchant. Both are China ID holders and
do not have the right to reside in Hong Kong permanently.
Easteel
is an iron and steel trading company.
The subject is engaged in the same lines of business, more or less.
As
a China’s emerging steel trading company, Easteel is a China-based steel mill
with solid resource channels and global business network in products
distributing. It is committed to
providing customers with the best services relating iron and steel.
The
subject and Easteel are trading in the following commodities: Steel /
hot-rolled sheet (roll) / P hot rolled coil, steel / hot-rolled sheet (roll) /
boat roll, steel / hot-rolled sheet (roll) / mechanical structural steel, steel
/ cold rolled sheet (roll) / cold rolled plate (volume), steel / plate / P
Plate, steel / plate / high-strength sheet steel / coating / hot galvanized,
steel / coating / hot galvanized painted steel / wire / High Line, charge / ore
/ iron ore, etc.
Products are marketed in
China, exported to the other Asian countries, Europe, etc.
Easteel has established a
joint venture with two Chinese steel companies (Yanshan Iron & Steel, Yong
Yang Steel). Now, the joint venture has
become one of China’s 20 large-scale iron and steel enterprises. In less than three years, the joint venture
has marketed and exported more than 3 million tons of steel.
Easteel
also has set up associated processing centres in Tianjin and the other large
cities of China.
Besides,
Easteel has set up offices in Beijing, Tianjin, Hangzhou, Jinan, and
Dalian. Business in China is active.
The
subject has been banking with the following banks:-
·
BNP Paribas (China) Ltd.,
Shanghai, China.
·
Rabobank Nederland, Shanghai,
China.
·
BNG Paribas, Singapore.
·
Rabobank International, Hong Kong.
·
ING Bank, N.V. Hong Kong Branch,
Hong Kong.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over five years and four 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 |
Description of
Instrument |
Mortgagee |
|
26-08-2010 |
Charge Over Stocks and Receivables |
Fortis Bank S.A. / N.V. Singapore Branch. Unit 4301, Jin Maoo Tower, 88 Century Boulevard,
Pudong, Shanghai 200121, China. |
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16-12-2010 |
Trade Finance Security Assignment |
Rabobank Nederland 19/F., HSBC Tower, No. 1000 Lujiazui Road,
Pudong, Shanghai, China. |
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16-04-2011 |
Transfer of
Security executed by Fortis Bank, BNP Paribas (China) Ltd. |
BNP Paribas (China) Ltd. |
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22-08-2011 |
Deed of Charge |
BNP Paribas |
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16-01-2013 |
Trade Finance
Security Assignment |
Cooperatieve Centrale
Raiffeisen-Boerenleenbank B.A. [Business names: Rabobank Nederland, Rabobank
and Rabobank International], Hong Kong Branch. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.61 |
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|
1 |
Rs.100.48 |
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Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
PDT |
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.