|
Report No. : |
353354 |
|
Report Date : |
15.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
TIANJIN METALLURGICAL NO.1 STEEL GROUP (HONGKONG) CO.
LTD. |
|
|
|
|
Registered Office : |
Flat 1603, 16/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
24.12.2008 |
|
|
|
|
Com. Reg. No.: |
50151100 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Iron and Steel
Materials. |
|
|
|
|
No. of Employees : |
4 |
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 |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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 |
TIANJIN METALLURGICAL
NO.1 STEEL GROUP
(HONGKONG) CO. LTD.
ADDRESS: Flat
1603, 16/F., Office Tower, Convention Plaza, 1 Harbour Road, Wanchai,
Hong Kong.
PHONE: 2596
0330, 2528 4855, 5130 3502
E-MAIL: wangna@tjyejin.com
Managing Director:
Mr. Wang Tianxu
Incorporated on: 24th December, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Flat 1603, 16/F., Office Tower, Convention Plaza, 1
Harbour Road, Wanchai, Hong Kong.
Holding Company:-
Tianjin Metallurgical No.1 Steel Group Co. Ltd., China.
Associated Companies:-
Fujian Jinfu Trade Co. Ltd., China.
Guangdong No. 1 Iron & Steel Trade Co. Ltd., China.
Ningbo H.M.T. Commercial & Trading Co. Ltd., China.
Qianan Zhayi Iron & Steel Group Co. Ltd., China.
Singapore Long Sing International Pte. Ltd., Singapore.
Tianjin Cold Rolled Plate Co. Ltd., China.
Tianjin Metallurgical No. 1 International Trade Co. Ltd.,
China.
Tianjin Runchang Trading Co. Ltd., China.
etc.
50151100
1296622
Managing Director:
Mr. Wang Tianxu
HK$10,000,000.00
(As per registry dated 24-12-2014)
|
Name |
|
No. of shares |
|
Tianjin Metallurcical No.1 Steel Group Co. Ltd. North Town, Government Wangwenzhuang Village, Xiqing
District, Tianjin, China. |
|
10,000,000 ======== |
(As per registry dated 24-12-2014)
|
Name (Nationality) |
Address |
|
WANG Tianxu |
Room 202, 2 Building, No.3 Taixing Road, Hedong
District, Tianjin, China. |
(As per registry dated 24-12-2014)
|
Name |
Address |
|
WANG Na |
Flat 1603, 16/F., Office Tower, Convention Plaza,
1 Harbour Road, Wanchai, Hong Kong. |
The subject was
incorporated on 24th December, 2008 as a private limited liability company
under the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Tianjin Metallurgy Group (Hongkong) Co.
Ltd., name changed to the present style on 21st December, 2010.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of iron and steel materials, etc.
Employees: 4.
Commodities Imported: China,
other Asian countries, Russia, etc.
Markets: Asia,
Europe, US, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$10,000,000.00
Mortgage or Charge (since November 2013): (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:-
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Oversea-Chinese
Banking Corporation Ltd., Hong Kong Branch.
Agricultural Bank of
China Ltd., Hong Kong Branch.
Bank of
Communications Co. Ltd., Hong Kong Branch.
Standing: Normal.
Tianjin Metallurgical
No.1 Steel Group (Hongkong) Co. Ltd. is a wholly-owned subsidiary of Tianjin
Metallurgical No.1 Steel Group Co. Ltd. [TM1SG] which is a China-based company.
The subject is
trading in all kinds of iron and steel materials manufactured by its parent in
China.
TM1SG, under the
Tianjin Bohai Iron and Steel Group and Tianjin Metallurgy Group, is integrating
iron, steel, metal rolling, deep processing and trading. It is also engaged in logistics, real estate
business, etc.
The annual output of
TM1SG is 3.5 million tons of iron, 5 million tons of iron and steel materials.
TM1SG has eight associated
manufacturing enterprises in China. Its
total assets amount to more than RMB twenty billion yuan. Currently, the Group has more than 10000
employees. Its annual sales income is
about RMB70 billion Yuan.
TM1SG has got the
ISO9001:2008, OSHMS occupational safety and health management system and EMS
environment management system certification.
The main products of
TM1SG are: pellets, pig iron, steel, strip, hot rolling steel sheet, hot
rolling, hot-rolled strip, cold rolled sheet, galvanized sheet, galvanized
steel strip, cold-formed steel, structural components, etc.
Products are sold
throughout the country and exported to Latin American, European and American
countries, etc.
The director of the
subject Mr. Wang Tianxu is also the Chairman and Secretary of the Communist
Party Committee of TM1SG.
The business of the
subject in Hong Kong is handled by Ms. Wang Na.
History in Hong Kong is about seven years.
The subject is fully
supported by TM1SG.
On the whole,
consider the subject good for normal credit requirements.
(Since November 2013)
|
Date |
Description of Instrument |
Mortgagee |
|
12-11-2013 |
Deed of Indemnity, Charge
Over Deposit and Set-Off |
Bank of Communications Co. Ltd., Hong Kong Branch. |
|
30-07-2014 |
Trade Finance Security
Assignment |
Agricultural Bank of China Ltd., Hong Kong Branch. |
|
15-10-2014 |
Assignment of Contracts |
Oversea-Chinese Banking Corporation Ltd.,
Hong Kong Branch. |
|
21-07-2015 |
Trade Finance Security
Agreement |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.99 |
|
|
1 |
Rs.101.78 |
|
Euro |
1 |
Rs.73.47 |
|
HKD |
1 |
Rs.8.64 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.