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Report No. : |
318225 |
|
Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
|
Name : |
ANGANG GROUP HONG KONG CO. LTD. |
|
|
|
|
Registered Office : |
Room 3412-3413, 34/F., Convention Plaza, Office Tower, 1 Harbour Road,
Wanchai |
|
|
|
|
Country : |
Hong Kong. |
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|
|
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Date of Incorporation : |
21.12.1998 |
|
|
|
|
Com. Reg. No.: |
22169882 |
|
|
|
|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Importer and Exporter of All kinds of iron and steel, iron ores |
|
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No. of Employee : |
12 |
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 : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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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 |
ANGANG GROUP HONG KONG CO. LTD.
ADDRESS: Room
3412-3413, 34/F., Convention Plaza, Office Tower, 1 Harbour Road, Wanchai, Hong
Kong.
PHONE: 852-2802
8318, 2231 7300
FAX: 852-2802
8636
E-MAIL: aghk@netvigator.com
Managing
Director: Mr. Li Dongwei
Incorporated
on: 21st
December, 1998.
Organization: Private Limited Company.
Issued Share
Capital: HK$787,769,350.00
Business Category: Iron and Steel Trader.
Employees: 12.
Main Dealing
Banker: China Development Bank
Corporation Hong Kong Branch.
Banking
Relation: Good.
Registered Head Office:-
Room 3412-3413, 34/F.,
Convention Plaza, Office Tower, 1 Harbour Road, Wanchai, Hong Kong.
Holding Company:-
Angang Group
International Trade Corporation, China.
Ultimate Holding Company:-
Angang Group
Company, China.
Associated Companies:-
Angang Australia Pty. Ltd., Australia.
Angang Cold Rolled Steel (Putian) Co. Ltd., China.
Angang Group Aluminium Powder Co. Ltd., China.
Angang Group Hong Kong (Holdings) Ltd., Hong Kong. (same address)
Angang Group International Trade Corporation Bayuquan Co., China.
Angang Group International Trade Corporation Beijing Co., China.
Angang Group International Trade Corporation Dalian Co., China.
Angang Group International Trade Corporation Northwest Co., China.
Angang Group International Trade Corporation Shanghai Co., China.
Angang Group International Trade Corporation Shenzhen Co., China.
Angang Group International Trade Corporation Spot Sale Co., China.
Angang Group International Trade Corporation Yantai Co., China.
Angang Group International Trade Corporation Zhongnan Co., China.
Angang Group Investment (Australia) Pty. Ltd., Australia.
Angang Steel Distribution (Hefei) Co. Ltd., China.
Angang Steel Distribution (Wuhan) Co. Ltd., China.
Angang Steet Co. Ltd., China. (A
listed firm in Hong Kong)
[Formerly known as New Steel Co. Ltd.]
China Niobium Investment Holdings Ltd., Hong Kong.
Gindalbie Metals Ltd., Australia.
Guangzhou Angang Steel Processing Co. Ltd., China.
Karara Mining Ltd., Australia.
Pangang Group Co. Ltd., China.
Pangang Group Steel Vanadium & Titanium Co. Ltd., China.
Processing Co. Ltd., China.
Tianjin Angang Tiantie Cold Rolled Sheets Group Ltd., China.
22169882
0663041
Managing
Director: Mr. Li Dongwei
HK$787,769,350.00
(As per registry
dated 21-12-2014)
|
Name |
|
No. of shares |
|
Angang Group
International Trade Corporation 322 South Zhong
Hua Road, Anshan, Liaoning, China. |
|
787,769,350 ========= |
(As per registry
dated 21-12-2014)
|
Name (Nationality) |
Address |
|
LI Daguang |
Room 3412-3413,
34/F., Convention Plaza, Office Tower, 1 Harbour Road, Wanchai, Hong Kong. |
|
ZHANG Xiaogang |
Flat 5, 6/F., Block
C, Great George Building, 11 Great George Street, Causeway Bay, Hong Kong. |
|
LI Dongwei |
Flat 5, 6/F.,
Block C, Great George Building, 11 Great George Street, Causeway Bay, Hong
Kong. |
|
YU Wanyuan |
Flat 5, 6/F.,
Block C, Great George Building, 11 Great George Street, Causeway Bay, Hong
Kong. |
|
YI Li |
5-1-25, No. 19
Building, Eleventh District, Tiedong, Anshan, Liaoning, China. |
|
YAO Lin |
No. 3-5-34, No.
406 Building, Zhonghua Road, Tiedong, Anshan, Liaoning, China. |
|
TANG Fuping |
No. 21, 5/F.,
Second Unit, No. 75 Building, Wenhua Street, Tiedong, Anshan, Liaoning,
China. |
(As per registry
dated 21-12-2014)
|
Name |
Address |
|
GE Suying |
Room 3412-3413, 34/F.,
Convention Plaza, Office Tower, 1 Harbour Road, Wanchai, Hong Kong. |
The subject was
incorporated on 21st December, 1998 as a private limited liability company
under the Hong Kong Companies Ordinance.
Formerly the subject
was located at Room 1706-1707, 17/F., Shui On Centre, 6-8 Harbour Road,
Wanchai, Hong Kong, moved to the present address in December 2003.
Apart from these,
neither material change nor amendment has been ever traced and noted
.
Activities: mporter and Exporter.
Lines: All kinds of iron and
steel, iron ores
Employees: 12.
Commodities
Imported: Imported from Europe, South
America, Japan
Markets: North America, Europe
and Southeast Asia, Middle East
Terms/Sales: As
per contracted.
Terms/Buying: Various
terms.
Issued Share
Capital: HK$787,769,350.00
Mortgage or Charge:
(See attachment)
Profit & Loss: Made a small profit in 2013.
Condition: Keeping in an active state.
Facilities: Making active use of
general banking facilities.
Payment: So
far so good.
Commercial
Morality: Good.
Bankers:-
China Development
Bank Corporation Hong Kong Branch.
BNP Paribas,
Hong Kong Branch.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Standard Chartered
Bank (HK) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Angang Group Hong
Kong Co. Ltd. is a wholly-owned subsidiary of Angang Group International Trade
Corporation which is a China-based firm.
The ultimate holding company of the subject is Angang Group Company,
also a China-based firm.
The subject is
mainly engaged in importing iron ore, exporting steel products, ocean shipment
and relevant bank business. It is providing
customers with professional service. It
has had a stable customer base in North America, Europe and Southeast
Asia. The subject is playing an
important role for the internationalisation of the Angang Group. It will continue to expand its steel products
trading business and also bids for international engineering projects,
technology exchange, etc. Furthermore,
as an overseas trading arm of the Angang Group, the subject will establish
branches in the United States and Europe so as to penetrate the markets
further.
The Angang Group’s
products include hot rolling plate, cool rolling plate, medium and heavy plate,
section products, section steel wire roll, seamless steel pipe.
In Hong Kong, the subject
has had a main associated company known as Angang Steel Co. Ltd. [ASCL] which
is a listed firm in Hong Kong. It bears
stock code 347.
The subject’s main
affiliated company is Angang Group International Trade Corporation
[AGITC]. AGITC is also a wholly-owned
subsidiary of Angang Group.
AGITC is one of the
first international trade enterprises in China’s metallurgical field that has
got the right in importing and exporting.
It is the exclusive agent to do the import and export business for the
Angang Group and it is also the bridge linking the Angang Group and the rest of
the world. AGITC’s annual imports and
exports totalling about US$450 million.
AGITC is the main firm to sell the Angang Group’s products in China and
abroad. Every year, AGITC sells about 4
million tons of iron and steel and the annual consolidated sales amounted to
nearly RMB10 billion Yuan. AGITC has had
8 branches in the economic zones and in some large cities of China. It also has 25 sales offices.
The subject is one
of the two overseas branches while the other one is in Australia. AGITC also has set up branch companies in the
United States and in some of the European Countries. Now, AGITC has got more than
600 business partners in over 40 countries and regions throughout the
world. Over 90% of the steel products
sold by AGITC have been manufactured according to the international
standards. Besides, the products of the
Angang Group have got the ISO 9002 certification.
AGITC has more than
10 scientific and technical research and engineering institutes in China.
AGITC exports about
one million tons of steel products annually.
Main products are plates, hot rolled coils, cold rolled coils, heavy
rail, petroleum pipes, section steel, wire rod, slab and billet, pig iron and
so on. Prime markets and regions include
Southeast Asia, Europe, North America, South America, the Middle East, Japan,
South Korea, Hong Kong, Taiwan
AGITC also imports
raw materials and fuels needed by the Angang Group such as iron ore, scrap, HBI
powder, etc. AGITC also exports all
kinds of by‑products such as industrial refractory material, coking coal
and series of chemical products. Raw
materials and fuels are mainly imported from Australia, India, South Africa,
Brazil, Japan, Europe, North America, etc.
The refractory and chemical products are mainly exported to Japan, South
Korea, Russia, Europe, and Southeast Asia.
Business has been active.
ASCL (formerly
known as Angang New Steel Company Limited) was formally established on the 8th
May 1997 as a joint-stock limited company.
ASCL was
established as a joint-stock limited company under the Company Law of the
People’s Republic of China (the “PRC”), with Anshan Iron & Steel Group
Company (“Angang Holding”) as the sole promoter.
The Company was subsequently
listed on The Stock Exchange of Hong Kong Limited on 24th July 1997.
ASCL recorded a net
profit attributable to shareholders of RMB770 million Yuan for the year ended
31st December 2013. The net loss
attributable to shareholders of the Company for the year ended 31st December
2012 was RMB4,025 million Yuan.
The operating
income of ASCL in the FY 2013 amounted to RMB75,329 million Yuan (2012:
RMB78,214 million Yuan).
For the 9 months
ended 30th September 2014, the operating income of ASCL amounted to RMB57,186
million Yuan (same period of 2013: RMB56,106 million Yuan). Net profit attributable to shareholders was
RMB923 million Yuan (same period of 2013: RMB765 million Yuan).
In 2013, the steel
and iron industry of China remained sluggish.
The contradictory relationship between supply and demand was still
severe. The price of iron ore remained
high but that of steel stayed low.
However, the situation has been changed in FY 2014.
The legal
representative of ASCL is Zhang Xiaogang who is one of the directors of the
subject.
As at 31st December
2013, ASCL had 33,520 employees.
The subject is
fully supported by the Angang Group.
On the whole,
consider the subject good for normal business engagements.
Brief personal profile
of the principal director:-
Mr. ZHANG Xiaogang, professor-level senior engineer holding a
PhD degree in engineering, is the Chairman of the ASCL and Angang Holding,
Chairman as well as General Manager of Angang Group Company. Mr. Zhang has obtained a bachelor’s
degree from Wuhan University, a master’s degree from North-eastern University
and a PhD degree from the Central Iron & Steel Research Institute. He has been working for Angang Group Company
over 30 years and has held various senior management positions in Angang Group
Company, including the Head of the Technology Department and the Deputy Chief
Engineer of Angang Holding, the General Manager of ANSI and the Standing Deputy
General Manager of Angang Holding. He is an alternate member of the Seventeenth
Central Committee of the Communist Party of China, a representative of the
Eleventh National People’s Congress and a member of the Eighteen Session of the
Central Committee for Discipline Inspection of the Communist Party of China. Mr. Zhang is an expert in metallurgical
industry with extensive knowledge in the development and innovation of
metallurgical technology. He was a
member of the expert panel in the “State 863 and 973 Projects”, Chairman of
China Iron and Steel Association, and was awarded the First Prize for
Scientific and Technological Progress by the State. Mr. Zhang is currently the Chairman of World
Steel Association, a member of the expert panel of the Standardization
Administration of China, the Director of the Steel Rolling Academic Committee,
the Chairman of International Organization for Standardization ISO/PC17/SC17
and the Director of Low Alloy Steel Academic Committee of The Chinese Society
for Metals.
Mr. YU Wanyuan, Director of the Company,
Deputy General Manager and Chief accountant of Angang Group Company and a
professor-level senior accountant. Mr.
Yu joined Angang Holding in 1998. Mr. Yu
graduated from Northeastern Univesity with a bachelor’s degree in mechanical
engineering. He studied at School of
Economics of Xiamen University in 1984.
He obtained his second bachelor’s degree in management engineering from
Northeastern University in 1990. Mr. Yu
has held positions as Deputy Director of financial Department of Northeastern
University, the Accounting Director of Shenyang Xinji Real Estate Development
Company, Deputy Chief Accountant of Northeastern University, the Assistant to
General Manager, Deputy Chief Accountant, Chief Accountant and the Head of the
Department of Finance and Accounting of Angang Holding.
|
Date |
Particulars |
Amount |
|
24-10-2000 |
Instrument: Charge
Over Deposits – CD 1(89) Property: 1) By fixed Charge: all the Company’s rights in respect of (i)
Time deposit of US$780,000; and (ii) all other sums in any currency from
time to time standing to the credit of the Company or the credit of any other
person for the Company’s benefit on any deposit account with the Bank,
Standard Chartered Asia Ltd. or Standard Chartered Finance Ltd., including
additions to or renewals or replacements of such sum; and all interest
thereon 2) By assignment: all Deposits held with Standard Chartered
Asia Ltd. or Standard Chartered Finance Ltd. Mortgagee: Standard
Chartered Bank, Hong Kong Branch.
[Now known as Standard Chartered Bank (HK) Ltd.] |
To secure the
payment or discharge of all moneys, obligations and liabilities, actual or
contingent, now or at any time due, owing or incurred by the Company to the
Bank whether alone or jointly and whether as principal or as surety |
|
29-10-2001 |
Instrument: Deed
of Charge on Deposit Property: The Charged
Moneys as defined in the Deed of Charge on Deposit Account No.
00001-065406-141-59 Mortgagee: BNP
Paribas, Hong Kong Branch. |
The Liabilities as
defined in the Deed of Charge on Deposit |
|
24-04-2002 |
Instrument: Charge
on Cash Deposit Property: A first fixed
charge on a deposit dated 24-04-2002 of variable amount covering outstanding
obligations Mortgagee: Fortis
Bank Asia HK, Hong Kong Branch.
[Name changed to Belgian Bank but the business was taken over by
Industrial & Commercial Bank of China (Asia) Ltd.] |
To secure all
obligations and liabilities |
|
12-08-2004 |
Instrument: Assignment
of DC Proceeds re export bills restricted to other banks for
negotiation/payment Property: By way of
assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing
proceeds payable or to be paid to the Customer under the Documentary Credits,
all the Customer’s right, title and interest in the said Documentary Credits
and the benefit of all powers and remedies for enforcing the Documentary
Credits Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or
other advances made or to be made by the Bank to the Customer against
documents submitted under a Documentary Credit, all monies and liabilities in
any currency owing by the Customer to the Bank at any time, whether
separately or jointly, actually or contingently, present or future, interest
on all loans and advances and such monies and all expenses of the Bank in
perfecting or enforcing the Assignment |
|
31-08-2011 |
Instrument: Subordination
& Assignment Deed made between the company, China Niobium Investment
Holdings Ltd and the Lender Property: By way of Clause
3.1 (Assignment) of the Deed, the Subordinated Lender, as beneficial owner
and as continuing security for the irrevocable and unconditional payment or
discharge of all Senior liabilities, assigns absolutely to the Lender all its
rights, title and interest and benefit from time to time in respect of:- A) All of its Shareholder Loan Rights; B) Each Subordinated Instrument to which
the Subordinated Lender is a party. Mortgagee: China
Development Bank Corporation, Hong Kong Branch. |
To Senior
liabilities, as per the facility Agreement dated 31st August, 2011 |
|
31-08-2011 |
Instrument: Share
Charge Over the entire share capital of china Niobium Investment Holdings Ltd.
made between the chargors, the Borrower and the Chargee Property: By Clause 2.1 of
the Charge of the Charge, in consideration of the Chargee agreeing to make
the facility available to the Borrower upon the terms and conditions of the
Finance Documents, the Chargor as legal and beneficial owner of the Shares,
hereby charges the Security Assets owned by it to the Chargee by way of first
fixed charge as continuing security for the payment and discharge of the
Secured Obligations Mortgagee: China
Development Bank Corporation, Hong Kong Branch. |
To Secured
Obligations as per Facility Agreement dated 31st August, 2011. |
|
21-12-2011 |
Instrument: Account
Chargee dated 21st December 2011 Property: 1) General (a) All the
security created under the Deed:- i) Is created in favour of the Lender; ii) Is created over present and future
assets of the Chargor; and iii) Is security for the payment and
discharge of all the Secured Liabilities 2) Credit
balances The Chargor,
agrees to charge by way of a first fixed charge all of its rights in respect
of any amount standing to the credit of each Security Account and the debt
represented by it in favour of the Lender Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
All present and
future obligations and liabilities of the Chargor to the Lender under each
Finance Document:- a) The US$125,000,000 term loan
facilities agreement dated 21st December 2011; b) An AUD Repayment Election Notice; c) A Fee Letter; d) A Forex Forward Confirmation; e) The Letter of Comfort; f) A Security Document; g) A Spot Confirmation; h) A Utilisation Request; i) Any other document designated as
such by the Lender and the Chargor. |
|
21-12-2011 |
Instrument: Assignment
of Intercompany Loan Property: 1) General (a) All the security
created under the Deed:- i) Is created in favour of the Lender; ii) Is created over present and future
assets of the Assignor; and iii) Is security for the payment,
discharge and performance of all the Secured Liabilities 2) Intercompany
Loan The Assignor, as
beneficial owner and as security for the payment and discharge of all Secured
Liabilities, assigns and agrees to assign absolutely, subject to a proviso
for re-assignment on redemption, all of its rights in respect of the
Intercompany Loan and Intercompany Loan Agreement in favour of the Lender Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
All present and
future obligations and liabilities under each Finance Document:- a) The US$125,000,000 term loan facility
agreement 21st December, 2011; b) An AUD Repayment Election Notice; c) A Fee Letter; d) A Forex Forward Confirmation; e) The Letter Forward Comfort; f) A Security Document; g) A Spot Confirmation; h) A Utilisation Request; or i) Any other document designed as such
by the Lender and the Assignor |
|
29-04-2013 |
Instrument: Trade
Finance Security Assignment Property: 1. By way of fixed charge all the
Chargor’s right, title, interest and benefit from time to time in and to any amount
standing to the credit of the Charged Account and the debt represented by it. 2. By way of assignment, all the
Chargor’s right, title, interest and benefit from time to time in and to the
Assigned Assets. Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the
payment and satisfaction of all present and future obligations and
liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.56 |
|
|
1 |
Rs.93.56 |
|
Euro |
1 |
Rs.67.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ASH |
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.