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Report No. : |
319108 |
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Report Date : |
24.04.2015 |
IDENTIFICATION DETAILS
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Name : |
RHI REFRACTORIES ASIA LTD. |
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Registered Office : |
Unit 709, 7/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.03.1989 |
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Com. Reg. No.: |
13544366 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of
refractory products. |
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No. of Employees : |
8 |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
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 |
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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
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Source
: CIA |
RHI
REFRACTORIES ASIA LTD.
ADDRESS: Unit 709, 7/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2827 6482, 2531 2600, 2531 2600
FAX: 852-2827 5692
MANAGEMENT
Managing Director: Mr. Gavin John Mcilveney
Incorporated on: 17th March, 1989.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Revenues: EUR 1,721.2 million (Year ended 31-12-2014)
Employees: 8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Unit 709, 7/F., New East Ocean Centre, 9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Sapref AG Fur Feuerfestes Material, Switzerland.
Ultimate Holding Company:-
RHI AG, Austria.
Associated/Affiliated Companies:-
RHI Group of Companies
13544366
0245767
Managing Director: Mr. Gavin John Mcilveney
HK$1,000.00
(As per registry dated 17-03-2015)
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Name |
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No. of shares |
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Sapref AG Fur Feuerfestes Material Picassoplatz 4, CH-4010, Basel, Switzerland. |
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99 |
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VRD Americas B.V. Velperweg 81, 6824 HH Arnhem, Netherlands. |
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1 |
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––– |
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Total: |
100 === |
(As per registry dated 17-03-2015)
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Name (Nationality) |
Address |
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Gavin John MCILVENEY |
8 Keng Chin Road, #03-11 Cyan, 258710, Singapore. |
(As per registry dated 17-03-2015)
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Name |
Address |
Co. No. |
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Liang’s Corporate Services Ltd. |
Unit B, 15/F., C.M.A. Building, 64 Connaught Road Central, Hong Kong. |
1657094 |
The subject was incorporated on 17th March, 1989 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Quing Yui Trading Ltd., name changed to Far East Sinter Trade Ltd. on 15th May, 1990; changed to Veitsch-Radex Asia Ltd. on 3rd January, 1997; to Veitsch-Radex-Didier Asia Ltd. on 16th March, 1998 and further to the present style on 10th January, 2001.
Last time, the subject was located at Unit A, 21/F., CCK Commercial Centre, 289-295 Hennessy Road, Wanchai, Hong Kong, moved to the present address in September 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of refractory products
Employees: 8.
Commodities Imported: China, other Asian countries
Markets: Singapore, other Asian countries, Europe
Group Revenues: EUR 1,522.9 million (Year ended 31-12-2010)
EUR 1,758.6 million (Year ended 31-12-2011)
EUR 1,835.7 million (Year ended 31-12-2012)
EUR 1,754.7 million (Year ended 31-12-2013)
EUR 1,721.2 million (Year ended 31-12-2014)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P
Issued Share Capital: HK$1,000.00
Group Profit form Continuing Operations:-
EUR 104.6 million (Year ended 31-12-2010)
EUR 120.8 million (Year ended 31-12-2011)
EUR 113.5 million (Year ended 31-12-2012)
EUR 62.7 million (Year ended 31-12-2013)
EUR 52.5 million (Year ended 31-12-2014)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory condition.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
RHI Refractories Asia Ltd. is a subsidiary company of Sapref AG Fur Feuerfestes Material, a Switzerland-based firm. Its ultimate holding company RHI AG [RHI/or referred to Group when including associates] is an Austria‑based and listed firm.
The subject is trading in the same commodities as the Group.
RHI’s core business comprises the production, sale and installation of high‑grade ceramic refractory products, the development and implementation of customized system solutions as well as rendering outstanding services for the key industries steel, cement, lime, nonferrous metals, glass and environment-energy-chemicals.
RHI is a global industrial group, which maintains its headquarters in Austria. RHI produces ceramic products that are used in high-temperature production processes exceeding 1,200°C.
The business activities of the RHI Group comprise the three segments Steel, Industrial and Raw Materials. The Industrial segment supplies the cement, lime, glass, non-ferrous metals, environment (waste incineration), energy (refractory construction) and chemical (petrochemicals) industries. The Raw Materials segment covers the value-added activities of the Group’s mining and raw material operations, which primarily supply the Steel and Industrial segments.
The headquarters is based in Vienna, Austria. The RHI share is listed on the Prime Market of the Vienna Stock Exchange (ATX).
With roughly 8,000 employees, 32 production facilities and more than 70 sales offices, RHI serves more than 10,000 customers from the steel, cement, nonferrous metals, glass, energy and chemical industries in nearly all countries of the world. RHI produces more than 1.7 million tons of refractory products per year and supplies customized product and system solutions.
The production of refractories is resource-intensive. The naturally occurring raw materials magnesite and dolomite are used as basic materials. Roughly 70% of the global deposits are located in three countries: China, North Korea and Russia. RHI covers approximately 80% of its requirements from eight Group-owned raw material sites and is therefore largely independent of raw material markets.
RHI has built one of the largest fusion plants for magnesia raw materials for more than EUR 75 million in Norway. In this fusion plant, magnesia obtained from sea water is converted to fused magnesia, a high-grade refractory raw material, at temperatures about 2,800 degrees. With a capacity of approximately 85,000 tons per year, the plant is one of the largest worldwide. 120 employees is working at the plant.
With the acquisition of Stopinc AG, Switzerland at the beginning of the year 2012 and of the Indian company Orient Refractories Ltd. in early 2013, the Group opened the door to the world of flow control further, where it wants to strengthen its number two position.
Revenue in the past financial year 2014 amounted to € 1,721.2 million, after € 1,754.7 million in the year 2013. While revenue in the Steel Division rose by 1.0%, the Industrial Division recorded a decline in revenue by 8.5% compared to the previous year as customers in the nonferrous metals business unit postponed major repairs and due to weaker demand in the glass business.
Profit from continuing operations in the year amounted to € 52.5 million, decreased by 16.3% as compared with € 62.7 million.
The RHI Group’s sales volume rose from roughly 1,768,000 tons in the previous year to roughly 1,868,000 tons in the past financial year. This is primarily attributable to increased sales activities of the Raw Materials Division. By stepping up the sale of dolomite dust and by-products created in the production of fused magnesia, such as magnesium lime to fertilizer producers, sales volume grew by roughly 69,000 tons. The remaining amount of roughly 31,000 tons results largely from the positive business development in the Steel Division, especially in India and the Middle East.
The parent company of the Group is RHI AG, which is headquartered in Austria at Wienerbergstrasse 9, 1100 Vienna.
The total employees of the Group was 8,016 as at 31st December, 2014.
The subject is fully supported by the Group.
As the history of the subject is over 26 years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.19 |
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1 |
Rs.94.94 |
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Euro |
1 |
Rs.67.66 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
VNT |
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.