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Report No. : |
351699 |
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Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ANGANG GROUP HONG KONG CO. LTD. |
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Registered Office : |
Room 3412-3413,
34/F., Convention Plaza, Office Tower, 1 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.12.1998 |
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Com. Reg. No.: |
22169882 |
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Legal Form : |
Private Limited Company. |
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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 |
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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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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 |
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
MANAGEMENT:
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.
Operating Income of Angang Steet Co. Ltd.
[ASCL]:
RMB74,046 million Yuan (Year ended 31-12-2014)
Employees:
12.
Group Employees: 38,477.
(As of 30-06-2015)
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: Importer
and Exporter.
Lines: All
kinds of iron and steel, iron ores.
Operating Income of ASCL:
RMB75,329 million Yuan (Year ended 31-12-2013)
RMB74,046 million Yuan (Year ended 31-12-2014)
RMB38,177 million Yuan (6 months ended 30-06-2014)
RMB28,992 million Yuan (6 months ended 30-06-2015)
Employees: 12.
Group Employees: 38,477. (As of 30-06-2015)
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)
Net Profit Attributable to Owners of ASCL:
RMB770 million Yuan (Year ended 31-12-2013)
RMB928 million Yuan (Year ended 31-12-2014)
RMB577 million Yuan (6 months ended 30-06-2014)
RMB155 million Yuan (6 months ended 30-06-2015)
Profit or Loss (Since August 2011): Group business is profitable.
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.
The Export-Import Bank of China, China.
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. 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. 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. 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.
For the year ended 31st December, 2014, ASCL
recorded a net profit attributable to shareholders of the Company of RMB928
million Yuan (2013: RMB770 million Yuan).
Its operating income was RMB74,046 million Yuan (2013: RMB75,329 million
Yuan).
During FY 2014, ASCL produced 21,780,000 tons
of iron, 21,450,000 tons of steel and 20,050,000 tons of steel products,
representing an increase of 0.7%, 3.05% and 3.51%, respectively, as compared
with the previous year. Sale of steel products amounted to 19,990,000 tons,
representing an increase of 5.12% as compared with the previous year. The Group also realized a 99.70%
sale-to-production ratio for steel products.
In the first half year of 2015, ASCL achieved
an operating revenue of RMB28,992 million Yuan, representing a decrease of
24.06% as compared with the corresponding period of the previous year which was
RMB38,177 million Yuan. The operating
cost was RMB25,402 million Yuan, representing a decrease of 25.63% as compared
with the corresponding period of the previous year. ASCL also achieved a net profit attributable
to the shareholders of RMB155 million Yuan, representing a decrease of 73.14%
(same period of previous year: RMB577 million Yuan).
The legal representative of ASCL is Zhang
Xiaogang who is one of the directors of the subject. However, he resigned on 30th March, 2015.
As at 30th June 2015, ASCL had 38,477
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. 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 University 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.
(Since August 2011)
|
Date |
Description of Instrument |
Mortgagee |
|
31-08-2011 |
Subordination & Assignment Deed made
between the company, China Niobium Investment Holdings Ltd and the Lender |
China Development Bank Corporation,
Hong Kong Branch. |
|
31-08-2011 |
Share Charge Over the entire share capital
of china Niobium Investment Holdings Ltd. made between the chargors, the
Borrower and the Chargee |
China Development Bank Corporation,
Hong Kong Branch. |
|
21-12-2011 |
Account Chargee dated 21st December 2011 |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
|
21-12-2011 |
Assignment of Intercompany Loan |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
|
29-04-2013 |
Trade Finance Security Assignment |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
|
21-04-2015 |
Trade Finance Security Agreement |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
|
17-06-2015 |
Deed of Charge |
BNP Paribas, Hong Kong Branch. |
|
17-06-2015 |
Pledge and Master Trust Receipt |
BNP Paribas, Hong Kong Branch. |
|
02-11-2015 |
Subordination and Assignment Deed |
The Export-Inport Bank of China |
|
02-11-2015 |
Share Charge Over the Entire Share Capital
of Chian Niobium Investment Holdings Ltd. |
The Export-Inport Bank of China |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.62 |
|
|
1 |
Rs.100.34 |
|
Euro |
1 |
Rs.70.67 |
|
HKD |
1 |
Rs.8.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TRU |
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.