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Report No. : |
319302 |
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Report Date : |
29.04.2015 |
IDENTIFICATION DETAILS
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Name : |
HANG TUNG
RESOURCES LTD. |
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Registered Office : |
17/F. & 18/F., Hang Tung Resources Centre, 18 A Kung Ngam Village Road, Shaukeiwan |
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Country : |
Hong Kong
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Date of Incorporation : |
10.04.1984 |
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Com. Reg. No.: |
08960567 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter; Investment Holding and Property Investment of
Textile Materials, Fibres, Wool, Cotton |
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No. of Employees : |
56 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
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.
|
Source
: CIA |
HANG TUNG RESOURCES
LTD.
ADDRESS: 17/F. & 18/F., Hang Tung Resources
Centre, 18 A Kung Ngam Village Road, Shaukeiwan, Hong Kong.
PHONE: 852-2866 2168
FAX: 852-2866 2008
E-MAIL: ironssze@hangtung.com
irons@hangtung.com
MANAGEMENT:
Chairman: Mr. Irons Sze
Incorporated on: 10th April, 1984.
Organization: Private Limited
Company.
Issued Share Capital: HK$20,000,000.00
Business Category: Importer
and Exporter; Investment Holding and Property Investment.
Employees: 56.
Main Dealing Bankers: Bank
of Communications Co. Ltd., Hong Kong Branch.
Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Very Good.
HANG TUNG RESOURCES
LTD.
Registered Head
Office:-
17/F. & 18/F., Hang Tung Resources Centre, 18 A Kung Ngam Village
Road, Shaukeiwan, Hong Kong.
Associated/Affiliated
Companies:-
China Dream Film Culture Industry (HK) Ltd., Hong Kong.
Guangxi Hong Kong Street Development Ltd., China.
Hang Tung Godown Ltd., Hong Kong.
Hang Tung Investment (China) Ltd., Hong Kong.
Hang Tung Investment (International) Ltd., Hong Kong.
Hang Tung Realty (China) Ltd., Hong Kong.
Hang Tung Realty Investment Co. Ltd., Hong Kong.
Hang Tung Resources Finance Ltd., Hong Kong.
Hang Tung Resources Holding Ltd., Hong Kong.
Hang Tung Resources International Ltd., Hong Kong.
Hang Tung Trading Co., Hong Kong.
Hu Yang Holdings Ltd., Hong Kong.
IKT (China) Ltd., Hong Kong.
[Dissolved by Striking Off]
Integral-Kin Tung (Macau) Ltd., Macau.
Integral-Kin Tung Ltd., Hong Kong.
Kin Tung Mineral Products Ltd., Hong Kong.
Shanghai Everbright Real Estate Co. Ltd., China.
Tutex Publishing Ltd., Hong Kong.
Tutex Trading Co. Ltd., Hong Kong.
Xiamen Hang Tung Property Development Ltd., China.
08960567
0135477
Group Chairman: Mr. Irons Sze
Group Managing Director: Mr. Ivis
Sze
HK$20,000,000.00
(As per registry dated 10-04-2015)
|
Name |
|
No. of shares |
|
SZE Wing Hang |
|
2,300,000 |
|
Irons SZE |
|
5,030,000 |
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Ivis SZE |
|
12,640,000 |
|
WU Shu Min |
|
30,000 |
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|
|
––––––––– |
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Total: |
20,000,000 ======== |
(As per registry dated 10-04-2015)
|
Name (Nationality) |
Address |
|
SZE Wing Hang |
B2, Seabranch, 31 Horizon Drive, Chung Hom Kok, Hong Kong. |
|
Ivis SZE |
C1, Seabranch, 31 Horizon Drive, Chung Hom Kok, Hong Kong. |
|
Irons SZE |
Flat A, 22/F., Tower 1, Ruby Court, 55 South Bay Road, Hong Kong. |
|
SZE Wine Him, Jaime |
Flat A, 3/F., Seabranch, 31 Horizon Drive, Chung Hom Kok, Hong Kong. |
SZE Wing Hang (As per registry
dated 10-04-2015)
The subject was incorporated on 10th April, 1984 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 10/F., Belgian House, 77-79
Gloucester Road, Wanchai, Hong Kong, moved to the present address in February
1998.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter; Investment Holding and Property Investment.
Lines: Textile
Materials, Fibres, Wool, Cotton.
Employees: 56.
Commodities Imported: Europe,
India, other Asian countries.
Markets: China,
Taiwan, South Korea, North Korea, East Europe.
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
MEMBERSHIP: The Chinese
General Chamber of Commerce, Hong Kong. The Chinese Manufacturers’
Association of
Hong Kong, Hong Kong.
Issued Share Capital: HK$20,000,000.00
Mortgage or Charge (since 2005): (See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping
in an active and good condition.
Facilities: Making
active use of general banking facilities.
Payment: Met on time.
Commercial Morality: Very Good.
Bankers:-
Bank of Communications Co. Ltd., Hong Kong Branch.
Bank of China (Hong Kong) Ltd., Hong Kong.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Hang Tung Resources Ltd. is a well-established company owned by the Sze
family. The largest shareholder Mr. Ivis
Sze is holding 63.2% of the subject’s interests.
The subject is principally trading in textile materials, stone articles
and chemical products. In 1985, it set
up its first textile factory in Mongolia with Chinese partner Liaoning
Provincial Textile Industrial Bureau, a government body. It then has established factories in
Shanghai, Fujian, Jiangsu and Guangdong in the following years. Now it has about 9 associated factories in
China.
The subject’s core business is trading in textile fibres such as wool,
cotton, acrylic yarn, nylon yarn, other synthetic yarns, etc. It is trading in the following commodities as
well: raw cotton, baseball cap, cotton lint, etc. Commodities are imported form South Korea,
India, Japan and Taiwan. Prime markets
are China and the other Asian countries.
Business is active.
The subject is also an investment holding company with interests in
joint ventures in China and also owns real estate properties in Hong Kong and
China. The subject has good connection
with some of the China national organizations.
Now, the subject has had a number of affiliated/associated companies
engaged in diversified economy such as trading, real estate investments,
finance and publications. The subject
has had an associated company Kin Tung Mineral Products Ltd. which is engaged
in civil engineering construction.
Besides, the subject has had another associated company Integral-Kin
Tung Ltd. in Hong Kong. This firm is
trading in marble and granite. It is
also a marble and granite project contractor.
This firm is located at a different address.
The annual total turnover of the subject and its associated companies
has been significant.
The subject and its associated companies form the Hang Tung Group. The Group Chairman is Dr. Sze Chi Ching, JP.
Now, the Group is managed by the four sons of Dr. Sze Chi Ching, namely,
Sze Wing Hang, Irons Sze, Ivis Sze, and Sze Wing Him Jaime. Sze Wing Him is responsible for making
investments for the Group.
Mr. Sze Wing Hang
is also director of the following companies:
The above-mentioned companies are engaged in property development.
Mr. Irons Sze is also the director of Continental Holdings Ltd. which is
a listed firm in Hong Kong. He has been
elected as the 39th President of The Chinese Manufacturers’ Association of Hong
Kong.
According to the subject, its annual sales turnover in textiles
(especially cotton spinning) ranges from RMB1.0 to 1.2 billion Yuan. Overall business is good. In the years ahead, the subject will make more
investments in China.
All the family member of the Szes are famous characters both in Hong
Kong and China.
The history of the subject in Hong Kong is over thirty-one years.
On the whole, consider it good for normal business engagements.
Brief personal profile of the principal director:-
Mr. Irons SZE, (Chairman) graduated with a Bachelor’s degree in Science
from University of Wisconsin, United States in 1985. Mr. Sze has extensive experience in
investment and corporate management and is currently the chief executive
officer and managing director of a private company, Hang Tung Resources Holding
Ltd., and holds directorship in various private companies. Mr. Sze is an executive member of the Beijing
Committee of the Chinese People’s Political Consultative Conference. He is also the vice-chairman of Hunan
Province Youth Federation and the vice president of the Chinese Manufacturers’
Association of Hong Kong. He is also a
member of the Council and Court of Lingnan University (2008 to 2011) and
elected as a member of Election Committee of the Chief Executive of the Hong
Kong Special Administrative Region (2007 to 2012).
(Since 2005)
|
Date |
Description of
Instrument |
Mortgagee |
|
05-08-2005 |
Supplement to Security Document |
Bank of Communications Co. Ltd., Hong Kong Branch. |
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31-08-2007 |
Deed of Charge Over Securities |
Bank of Communications Co. Ltd., Hong Kong Branch. |
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22-02-2008 |
Deed of Charge Over Securities |
Bank of Communications Co. Ltd., Hong Kong Branch. |
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18-06-2009 |
Deed of Indemnity, Charge Over Deposit and Set-Off |
Bank of Communications Co. Ltd., Hong Kong Branch. |
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10-10-2012 |
Customer Agreement between the Customer, Bank Morgan Stanley AG
(“BMSAG”) and Morgan Stanley & Co. International plc (“MSIP”) constituted
by inter alia General Dealing Terms |
Bank Morgan Stanley AG Bahnhofstrasse 92, CH-8021 Zurich, Switzerland. ; and Morgan Stanley
& Co. International plc 25 Cabot Square, Canary Wharf, London E14 14QA, England. |
|
18-03-2013 |
Security Over Deposits With the Bank |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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16-05-2014 |
Charge Over Deposits |
Hang Seng Bank Ltd., Hong Kong. |
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13-10-2014 |
Security Agreement |
Bank Morgan Stanley AG Bahnhofstrasse 92, CH-8021 Zurich, Switzerland. ; and Morgan Stanley
& Co. International plc 20 Bank Street, Canary Wharf, London E14 4AD, England. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.33 |
|
|
1 |
Rs.96.52 |
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Euro |
1 |
Rs.68.93 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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.