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Report No. : |
307037 |
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Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
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Name : |
TEWOO PRODUCTS & ENERGY RESOURCES ( |
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Registered Office : |
23/F, AXA Centre, |
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Country : |
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Date of Incorporation : |
02.06.2011 |
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Com. Reg. No.: |
58459576 |
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Legal Form : |
private limited liability company |
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Line of Business : |
Importer, Exporter and Wholesaler Iron and steel, coal,
wire rod. |
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No. of Employees : |
10 |
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
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A2 |
A2 |
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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 34.9 million
in 2012, 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 46.6% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4%
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
|
Source
: CIA |
TEWOO
PRODUCTS & ENERGY
RESOURCES (HONG KONG)
DEVELOPMENT CO. LTD.
Unit 5, 17/F., China
Merchants Tower, Shun Tak Centre, 166-200 Connaught Road Central, Sheung Wan,
Hong Kong.
PHONE: 852-2587 8769
FAX: 852-2587 8799
Managing
Director: Mr. Chu Xiang Qing
Incorporated on: 2nd June, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$30,000,000.00
Issued: HK$30,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 10.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
TEWOO
PRODUCTS & ENERGY
RESOURCES (HONG KONG)
DEVELOPMENT CO. LTD.
Registered Office:-
JTJ943, Room 2105, 21/F., Trend Centre, 29-31 Cheung Lee Street, Chaiwan, Hong Kong.
Head Office:-
Unit 5, 17/F., China Merchants Tower, Shun Tak Centre, 166‑200 Connaught Road Central, Sheung Wan, Hong Kong.
Holding Company:-
Tianjin Products & Energy Resources Development Co. Ltd., China.
Ultimate Holding Company:-
Tianjin Materials & Equipment Group Corporation, China.
Associated/Affiliated
Companies:-
TEWOO Group of Companies
Beijing Jinhaotong Materials Co. Ltd., China.
Shaanxi TEWOO Products & Energy Resources Development Co. Ltd., China.
Tangshan Caofeidian TEWOO Logistics Co. Ltd., China.
TEWOO (H.K.) International Logistics Co. Ltd., Hong Kong.
TEWOO (H.K.) Ltd., Hong Kong.
TEWOO General (Tianjin) Steel & Raw Material Co. Ltd., China.
TEWOO Import & Export (HK) Ltd., Hong Kong.
TEWOO Metal (H.K.) Ltd., Hong Kong.
TEWOO Metals (Shanghai) Co. Ltd., China.
TEWOO Metals International Trade Co. Ltd., China.
TEWOO Quebec Lithium Co. Ltd., China.
TEWOO Singapore Pte. Ltd., Singapore.
TEWOO USA Inc., USA.
TEWOO-ITC Global Trading Co. Ltd., China.
Tianjin Huawu Trade Co. Ltd., China.
Tianjin Jingjin Industry & Trade Development Co. Ltd., China.
Tianjin King Hall Hotel, China.
Tianjin Linktone Co. Ltd., China.
Tianjin Linktone International Trade Co. Ltd., China.
Tianjin Products & Energy Resources Japan Co. Ltd., Japan.
58459576
1611056
Managing
Director: Mr. Chu Xiang Qing
Nominal Share
Capital: HK$30,000,000.00 (Divided into 30,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$30,000,000.00
(As
per registry dated 02-06-2014)
|
Name |
|
No.
of shares |
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Tianjin Products & Energy Resources
Development Co. Ltd. No. 40
Dongliujing Road, Hebei District, Tianjin, China. |
|
30,000,000 ======== |
(As
per registry dated 19-08-2014)
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Name (Nationality) |
Address |
|
LIU Zhi Jun |
JTJ943, Room 2105, 21/F., Trend Centre,
29-31 Cheung Lee Street, Chaiwan, Hong Kong. |
|
CHU Xiang Qing |
JTJ943, Room 2105, 21/F., Trend Centre,
29-31 Cheung Lee Street, Chaiwan, Hong Kong. |
|
QIANG Jun |
Room 1-1503, TJ, Henghua Building, 501
Dagu South Road, Hexi District, Tianjin, China. |
(As
per registry dated 02-06-2014)
|
Name |
Address |
Co.
No. |
|
World
Trade Enterprises Consultancy Ltd. |
Unit 1302, 13/F., Railway Plaza, 39 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. |
1156560 |
The
subject was incorporated on 2nd June, 2011 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: Importer, Exporter and Wholesaler.
Lines: Iron and steel, coal, wire rod.
Employees: 10.
Commodities Imported: China, Europe, Russia, etc.
Markets: China, North America, Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$30,000,000.00 (Divided into 30,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$30,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Made a small profit in 2013.
Condition: Business is normal.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
China Merchants Bank Co. Ltd., Hong Kong Branch.
United Overseas Bank Ltd., Hong Kong Branch.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Agricultural Bank of China, Hong Kong Branch.
Bank of Communications Co. Ltd., Hong Kong Branch.
BNP Paribas, Hong Kong Branch
Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch.
China Minsheng Banking Corp. Ltd., Hong Kong Branch.
Standing: Medium.
Having
issued 30 million ordinary shares of HK$1.00 each, Tewoo Products & Energy
Resources (Hong Kong) Development Co. Ltd. is wholly owned by Tianjin Products
& Energy Resources Development Co. Ltd. [TPERDCL] which is a China-based
firm. The ultimate holding company
Tianjin Materials & Equipment Group Corporation [TMEGC] is also a
China-based firm. Both companies are in
Tianjin, China.
The
subject’s main businesses include the import and export of minerals and
steels. It is a ‘window enterprise’ of
TPERDCL and a dominating platform to conduct international businesses in Hong
Kong. The subject constantly improves
its financing standing, develops overseas bases of mineral resources and the
international market of downstream products.
It has become the bridge and bond of the domestic and international
markets.
TPERDCL
is a large-sized enterprise under TMEGC.
There are a number of joint stock and holding companies and wholly owned
subsidiaries. It has set up affiliated
agencies in Beijing, Shaanxi, Hong Kong, Australia, India, etc. The total registered capital of TPERDCL and
its major member companies was RMB919 million Yuan. After continuous development, the four
operation sectors, including mineral resources, iron and steel trade, logistics
and financial services, and four-star hotel, have gradually developed supply
chain marketing system combining raw material supply, logistics value-added,
steel terminal marketing and metal products processing.
Mineral
resource trade is the key business sector and strategic development trend of
the subject and its holding company.
After constant development, resource purchase channels cover Australia,
India, Brazil, North Africa and other ten countries and regions; marketing
network ranges over national key costal ports in Guangdong, Fujian, Jiangsu,
Zhejiang, Shandong, Tianjin, Tangshan.
Through acting as an agent, the subject has built long-term and stable
cooperation relations with both its upstream and downstream enterprises in
China. Meanwhile, the products carried
by the subject have extended to the other steel metallurgical products such as
pig iron, coal and scrap steel.
The
steel products involve in billet steel, construction steel, nonferrous metals,
steel for metal products, hardware products, etc. The strategic cooperative partners are twenty
well-known steel enterprises in China including Shougang Group, Xingtai Iron
and Steel Corp. Ltd, Baotou Steel, Jiujiang Steel, Laigang Steel, Jinxi Iron
and Steel, and Hebei Iron & Steel Group.
Domestic sales network centres in Tianjin and radiates to the other
cities of China. Its steel and metal
products are exported to more than 20 countries and regions of the world, while
the market share in America and the EU in total ranks the first.
In
2013, TPERDCL achieved an operating income of RMB36.9 billion Yuan. This included RMB2.1 billion Yuan of import
and export. In the year, TPERDCL traded
in 14 million tons of mineral and 6.5 million tons of steel and 8.2 million
tons of coal.
TMEGC
(former Bureau of Materials), founded in 1993, is a large scale state‑owned
material circulating enterprise with a register capital of RMB2.46 billion
Yuan. Its total assets amount to RMB30
billion Yuan with a net worth of RMB70 billion Yuan. So far, TMEGC has had 242 companies with
total staff of 5,200.
The
Group is a general trading company trading in metals, energy, minerals,
chemical materials, automobile and electromechanical field, cotton textiles,
wood and building materials, logistics and real estate.
The
subject is also a key member of TEWOO Group of companies which include about 20
companies in China.
The
subject is fully supported by TPERDCL and ultimately by TMEGC. The history of the subject is over three
years and three months in Hong Kong.
The
subject is fully supported by TPERDCL.
On
the whole, consider it good for normal business engagements.
|
Date |
Description
of Instrument |
Mortgagee |
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23-09-2011 |
Trade Finance
Security Assignment |
China Merchants Bank Co. Ltd., Hong Kong Branch. |
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14-10-2011 |
Charge Over
Account and Set-Off |
United Overseas Bank Ltd., Hong Kong Branch. |
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14-10-2011 |
General
Memorandum of Pledge of Goods |
United Overseas Bank Ltd., Hong Kong Branch. |
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14-10-2011 |
Assignment of Letters
of Credit |
United Overseas Bank Ltd., Hong Kong Branch. |
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19-12-2012 |
Trade Finance
Security Assignment |
United Overseas Bank Ltd. |
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21-12-2012 |
Trade Finance
Security Assignment |
Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch. |
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21-12-2012 |
Charge On Cash
Deposit |
Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch. |
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28-12-2012 |
Charge Over
Account |
China Construction Bank (Asia) Ltd., Hong Kong. [Now known as Sing Jian Development Co.
Ltd.] |
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14-02-2014 |
Deed of Charge |
BNP Paribas, Hong Kong Branch. |
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14-02-2014 |
Pledge and
Master Trust Receipt |
BNP Paribas, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
|
|
1 |
Rs.94.65 |
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Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
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.