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Report No. : |
337864 |
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Report Date : |
24.08.2015 |
IDENTIFICATION DETAILS
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Name : |
PANSEN CO.
LTD. |
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Registered Office : |
Unit 1606, 16/F., Harcourt House, 39 Gloucester Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.01.2006 |
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Com. Reg. No.: |
36423808 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is trader of iron, steel, all kind of iron and steel product |
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No. of Employee : |
8 (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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
PANSEN
CO. LTD.
Unit 1606, 16/F., Harcourt
House, 39 Gloucester Road, Wanchai, Hong Kong.
PHONE: 852-2528 7933
FAX: 852-2528 6222
E-MAIL: shrileylui@xtsteel.com.hk
Managing
Director: Mr. Yuan Shizhen
Incorporated
on: 17th January, 2006.
Organization: Private Limited Company.
Issued Share
Capital: HK$1.00
Business Category: Iron and Steel Trader.
Employees: 8 (Including associate)
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Head Office:-
Unit 1606, 16/F.,
Harcourt House, 39 Gloucester Road, Wanchai, Hong Kong.
Holding Company:-
China Special
Steel Wire Rod Group Ltd., British West Indies.
Associated Companies:-
Xingtai Iron &
Steel Corporation Ltd.
Gangtie
South Road, Qiaoxi, Xingtai City, Hebei Province, China.
Xingtai Steel
Precision Engineering Co. Ltd., China.
Xinggang Supplying
Chain Shenzhen Co. Ltd., China.
36423808
1019941
Managing
Director: Mr. Yuan Shizhen
Contact
Person: Ms. Lui Lai Ha, Shriley
HK$1.00
(As
per registry dated 17-01-2015)
|
Name |
|
No.
of share |
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China Special Steel Wire Rod Group Ltd. Century Yard, Cricket Square, Hutchins Drive, P.O. Box 2681 GT, George
Town, Grand Cayman, British West Indies. |
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1 = |
(As
per registry dated 31-07-2015)
|
Name (Nationality) |
Address |
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YUAN Shizhen |
Room 1001, Tower 1, East Living District,
Xingtai Iron & Steel Corporation Limited, Xingtai, Hebei Province, China. |
|
YUAN Xixian |
Room 901, Tower 1, East Living District,
Xingtai Iron & Steel Corporation Limited, Xingtai, Hebei Province, China. |
(As
per registry dated 17-01-2015)
|
Name |
Address |
|
LUI
Lai Ha |
Flat G, 1/F., Block 3, Belair Monte, 3 Ma Sik Road, Fanling, New
Territories, Hong Kong. |
The
subject was incorporated on 17th January, 2006 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Iron and Steel Trader.
Lines: All kinds of iron and steel
products.
Employees: 8.
(Including associate)
Commodities
Imported: China,
etc.
Markets: Hong Kong, other Asian
countries, Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: As per contracted.
Issued Share
Capital: HK$1.00
Mortgage or
Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking
facilities.
Payment: Met trade commitments as required.
Commercial
Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
ABN AMRO Bank
N.V., Hong Kong Branch.
Standing: Normal.
Pansen
Co. Ltd. is a wholly-owned subsidiary of China Special Steel Wire Rod Group
Ltd. [CSSWR] which is a BVI-registered company.
CSSWR
is a large special steel wire rod producer in China. The subject is engaged in importing iron ore
for CSSWR and exporting the products of steel wire rods for its parent.
The
subject and CSSWR are associated companies of Xingtai Iron & Steel
Corporation Ltd. [XTI&S], a significant iron & steel manufacturing
company in China. The subject is the
Hong Kong company of XTI&S.
The
directors of the subject are Mr. Yuan Shizhen and Mr. Yuan Xixian. Both are China merchants. The President of XTI&S is also Mr. Yuan
Shizhen while Mr. Yuan Xixian is the General Manager.
XTI&S
produces and sells special steel wire rods in China. Its products include stainless steel and 17
series of carbon steel, covering more than 300 steel grades and 1800
categories, such as cold heading steel, tyre cord steel, spring steel, bearing
steel, pre-stress steel, welding steel, pure iron, etc. In 2011, the stainless steel workshop was put
into operation, which can produce stainless steel series 300 and series
400. At present the total production
capacity of stainless steel is over 200,000 tonnes.
The
company’s products are used in automobile and motorbike, railway and express
way construction, bridge building, mechanical hardware, home appliances, aerospace,
electromagnetic, welding, screen, architecture, large mechanical, energy ocean,
and photovoltaic applications. It also
exports its products to customers in Europe, America, and South-east Asia.
XTI&S
was formerly known as Xingtai Iron and Steel Company and changed its name to
Xingtai Iron and Steel Corp., Ltd. in December 1996. The company was founded in 1958 and is based
in Xingtai, Hebei Province, China.
XTI&S’
“Three Persons” brand was conferred the title of the Most Influence Brand of
Metallurgical Industry, and the trademark of “Three Persons” was conferred the
title of ‘Hebei Famous Trademark’.
XTI&S’
products are widely used in different fields.
The cold heading steel, approved already by some high-end customer, such
as Honda, DFMC, Korea Bolt, is the material of producing high quality parts and
fasteners, which are used in hardware making, home appliances field, automobile
and motorbike industry, and even aerospace industry. The cold forming products are applied by
AUTOLIV, the largest air bag and safety belt producer in the world. The tyre cord steel is approved as qualified
material by Brcatel, and KIS WIRE. The
hard wire products are used to making high strength and low slackness steel
wire and wire rope, meeting the demands of railway and express way
construction, bridge building, and had played an important role in the
construction of some National Key Projects, including Olympic stadiums, Jing-Hu
high speed railway system and Nanxi Yangzi River Bridge. Some high-tech products are exported to
Europe, American and South-east Asia and established good reputation among the
customers.
Based
on the approval of ISO9001 (2000 version): International Quality System
Certificate, XTI&S has become the first metallurgical enterprise in China
which passed the integrated certificates of ISO/TS16949:2002: International
Automobile Quality Management System, OHSAS18001:2001 the Occupational Health
and Safety Management System Regulation and ISO14001:2004, the Environment
Management System.
The
subject and CSSWR are fully supported by XTI&S. The contact person of the subject is Ms. Lui
Lai Ha.
As
the history of the subject is over nine years and seven months in
Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Description of
Instrument |
Mortgagee |
|
04-11-2014 |
Security
Memorandum (First Party) |
ABN AMRO Bank N.V., Hong Kong Branch. |
|
15-06-2015 |
Trade Finance
Security Agreement |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.83 |
|
|
1 |
Rs.103.39 |
|
Euro |
1 |
Rs.74.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
ASH |
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 |
-- |
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.