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Report No. : |
330588 |
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Report Date : |
10.07.2015 |
IDENTIFICATION DETAILS
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Name : |
CONCORD INTERNATIONAL OIL LTD. |
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Registered Office : |
Room 605, 6/F., Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.09.1992 |
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Com. Reg. No.: |
16072748 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Broker/Trader; Transhipment Agent of All kinds
of petroleum products, oil, coal and related chemical products. |
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No. of Employee : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% 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 |
CONCORD
INTERNATIONAL OIL LTD.
ADDRESS: Room 605, 6/F., Lippo Sun Plaza, 28
Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2376 1861, 2376 1891,
2376 1865
FAX: 852-2735 0179
E-MAIL: andychan17@biznetvigator.com
Managing Director: Mr.
Leung Kai Fai
Incorporated on: 3rd
September, 1992.
Organization: Private
Limited Company.
Issued Share Capital: HK$12,500,000.00
Business Category: Broker/Trader;
Transhipment Agent.
Annual Turnover: US$25-35
million.
Employees:
10.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
CONCORD
INTERNATIONAL OIL LTD.
ADDRESS:
Registered
Head Office:-
Room 605, 6/F., Lippo Sun Plaza, 28 Canton
Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Companies:-
Concord (Tianjin) Petro-Chemical Co. Ltd.,
China.
Concord Asia Pacific Investment Ltd., Hong
Kong.
Concord International Management Ltd., Hong
Kong. [Dissolved]
Tianjin Zhongya Petrochemical Co. Ltd.,
China.
Yingkou Asia International Oil Co. Ltd.,
China.
Yonic Petrochemical Co. Ltd., Hong Kong.
16072748
0377481
Managing Director: Mr. Leung Kai Fai
Contact Persons: Mr. Xiang Yu, Mr. Andy Chan
HK$12,500,000.00
(As per registry dated 03-09-2014)
|
Name |
|
No.
of shares |
|
CHEUNG Sui Ling |
|
32,500 |
|
LEUNG Kai Fai |
|
86,250 |
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LEUNG Man Him |
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6,250 |
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|
––––––– |
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Total: |
125,000 ====== |
(As per registry dated 03-09-2014)
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Name (Nationality) |
Address |
|
CHEUNG Yan Lam |
Flat C1, 3/F., Sunderland Estate, 1
Hereford Road, Kowloon, Hong Kong. |
|
LEUNG Kai Fai |
House G, 28 LaSalle Road, Kowloon, Hong
Kong. |
|
LEUNG Man Him |
House 16, Mount Beacon, 20 Cornwall
Street, Kowloon, Hong Kong. |
|
CHEUNG Sui Ling |
House G, 28 LaSalle Road, Kowloon, Hong
Kong. |
CHEUNG Sui Ling (As per registry dated 03-09-2014)
The company was incorporated on 3rd
September, 1992 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: Broker/Trader;
Transhipment Agent.
Lines: All
kinds of petroleum products, oil, coal and related chemical products.
Employees: 10.
Commodities Imported From: Southeast
Asia, etc.
Markets:
China,
other Asian countries, etc.
Annual Turnover: US$25-35 million.
Terms/Sales:
Various
terms.
Terms/Buying: L/C,
T/T, D/P, etc.
The Chinese General Chamber of Commerce,
Hong Kong.
Issued Share Capital: HK$12,500,000.00
Mortgage or Charge (Since September
2010): (See attachment)
Profit or Loss: Business is profitable.
Condition:
Keeping
in an active and satisfactory condition.
Facilities: Making active use of banking facilities.
Payment:
So
far so good.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Australia and New
Zealand Banking Group Ltd., Hong Kong.
DBS Bank (Hong
Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Very
Good.
Having issued 125,000 ordinary shares of
HK$100.00 each, Concord International Oil Ltd. is jointly owned by Mr. Leung
Kai Fai, holding 69% interests; Ms. Cheung Sui Ling, holding 26%, and Mr. Leung
Man Him, 5%. Being Hong Kong merchant,
the three shareholders are also directors of the subject.
The subject is trading in all kinds of
petroleum products, coal and related chemical products. China and the other Asian countries are its
prime markets. In recent years, it also
has been trading in the following commodities as well: Jatropha Oil, Corn Oil,
Palm Oil, Sunflower Oil, etc.
The subject is also a coal exporter and
distributor. Most of its coal is sourced
from Shanxi Province, China.
The subject has had an associated company
Concord (Tianjin) Petro‑Chemical Co. Ltd. [Concord Tianjin] which is in
Tianjin, China.
Business commenced on 4th August, 1994,
Concord Tianjin is trading in all kinds of petroleum products. With a registered capital of RMB500,000 Yuan,
Concord Tianjin is in Tianjin Bonded Zone.
Leung Kai Fai is the General Manager of it. Now, Concord Tianjin has become one of the
significant petro-chemical product trader in Tianjin, China. The legal representative of Concord Tianjin
is Mr. Zhang Jianwu who is a Chinese.
Besides Tianjin, the subject also has made
investments in Jiangsu and Liaoning Province.
According to the subject, about 8.5% of its total investments have been
made in Tianjin, 14.6% made in Jiangsu Province and 76.8% in Liaoning Province.
The subject is chiefly owned by Mr. Leung
Kai Fai who was an ex-employee of Feoso Oil.
He had been in charge of lubricating oil sales for ten years. He left Feoso and started his own business in
1992.
Leung Kai Fai is a “horse-owner” in Hong
Kong. He is also engaged in horses
raising and breeding. He is a rather
significant character in Horse Racing field in Hong Kong. To our knowledge, he and his family own six
horses in Hong Kong. He also has had
horses raising outside Hong Kong.
Apart from Leung, the other two shareholders
of the subject are also horse owners.
The three shareholders are also engaged in
properties investment.
The subject has had an associated company in
Hong Kong known as Concord Asia Pacific Investment Ltd. [CAPIL] located at the
same address. This firm purchased a
residential unit in Tsimshatsui, Kowloon, Hong Kong at a consideration of
HK$14.393 million in May 2009. In May
2012, CAPIL sold the premises at a consideration of HK$22.88 million. The firm got a net profit of HK$8.487
million.
The annual sales turnover of the subject
ranges from US$25 to 35 million. Making
a profit every year.
The contact person of the subject is Mr.
Andy Chan.
As the history of the subject is over 22
years and ten months in Hong Kong, on the whole, consider it good for normal
business engagements.
(Since September 2010)
|
Date |
Description
of Instrument |
Mortgagee |
|
24-08-2010 |
Security Agreement over Bank Account |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
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15-02-2011 |
Charge on Cash Deposit to secure
Liabilities of the Depositor |
DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
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18-08-2011 |
Charge Over Deposit |
Australia & New Zealand Banking Group
Ltd., Hong Kong Branch. |
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01-11-2011 |
Security Over Deposit with the Bank Placed
in Specified Account |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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20-04-2012 |
Charge Over Deposit |
Australia & New Zealand Banking Group
Ltd., Hong Kong Branch. |
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09-08-2013 |
Trade Finance Security Agreement |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
|
12-09-2014 |
Charge Over Securities and Deposits with
the Bank |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.51 |
|
|
1 |
Rs.97.85 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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|
|
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Report Prepared
by : |
SDA |
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.