MIRA INFORM REPORT
|
Report No. : |
331308 |
|
Report Date : |
15.07.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAMSUNG C&T HONGKONG LIMITED |
|
|
|
|
Registered Office : |
Suite 801 & 06, 8/F, Central Plaza, 18
Harbour Road, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Financials (as on) : |
31.12.2014 |
|
|
|
|
Date of Incorporation : |
22.06.1977 |
|
|
|
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Com. Reg. No.: |
53922 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading of textiles,
metal and chemicals |
|
|
|
|
No. of Employee : |
Not Available |
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 |
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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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
Contact
Points
|
Company Name (in
English): |
|
|
Supplied Name: |
SAMSUNG C AND T
HONGKONG LIMITED, |
|
Trading Address: |
Suite 801 & 06, 8/F, Central Plaza, 18 Harbour Road, Wanchai, Hong
Kong |
|
Supplied
Address: |
SUITE 801 AND 806,
8/F CENTRAL PLAZA, 18 HARBOUR ROAD, WANCHAI, HONGKONG. |
Note: The exact name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Suite 801 & 06, 8/F, Central Plaza, 18
Harbour Road, Wanchai, Hong Kong |
|
Telephone Number: |
+852-2862-6013/2862-6000 |
|
Fax Number: |
+852-2862-6484 |
|
Date of Registration: |
1977-6-22 |
|
Registered Number: |
53922 |
|
Business Registration No.: |
05203811 |
|
Paid-up Capital: |
HKD 557,825,000 (USD 71,959,425) = 111,565 Shares@ HKD 5,000 (As of 2015.07, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
65133--Cotton yarn (other than sewing thread), containing 85% or more by
weight of cotton, not for retail sale (kg) |
|
Principal Activities: |
Trading of textiles, metal and chemicals |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-6-22 |
Notes: Subject declined to
disclose its staff number; from other source we cannot obtain the relevant
information, either.
History
Subject was incorporated on 1977-6-22 with the registered number 53922 as
Private Limited Liability Company in Hong Kong.
Change of Name:
|
Date |
Change |
|
2010-12-21 |
Samsung C&T Hongkong Limited |
|
|
|
|
1990-3-2 |
Samsung Hongkong Limited |
|
|
|
|
1977-6-22 |
Samsung Moolsan (H.K.) Limited |
Corporate
Structure
Parent Company
|
Name: |
Samsung C&T Corporation |
|
Address: |
Samsung C&T Corporation Building, 1321-20, Seocho 2-Dong,
Seocho-Gu, Seoul, 137-857 Korea |
|
Telephone Number: |
+82-2-2145-2114 |
|
Fax Number: |
+82-2-2145-3114 |
|
Staff: |
About 8,300 Employees |
|
Listed at Stock Exchange: |
Yes(South Korea Stock Exchange: 000830) as of 12/13/1975 |
Major related
Companies:
|
1.
Samsung
C&T Corporation (Guangzhou) LTD. (China) 2. Samsung Trading (Shanghai)
CO., LTD (China) 3.
Samsung
Logistics (China) Limited 4.
S&G
Biofuel PTE. LTD. (Indonesia) 5.
Samsung
C&T Japan Corporation (Japan) 6.
Myodo
Metal CO., LTD. (Japan) 7.
Samsung
C&T Corporation India Private Limited (India) 8.
Samsung
C&T Deutschland Gmbh (Gernmany) 9.
Samsung
C&T Automation, INC. (USA) 10. Samsung C&T OIL & Gas
Parallel CORP. (USA) |
Shareholders
|
Subscription
Amount |
Proportion of
Investment (%) |
|
|
Samsung C & T Corporation |
111,563 |
99.99821% |
|
Kim Hyun Jun |
2 |
0.00179% |
|
Total |
111,656 |
100% |
Major Shareholder
Information:
|
1 |
|
|
Name: |
Samsung C & T Corporation |
|
Address: |
Samsung C & T Corporation Building, 1321-20 Seocho 2-Dong,
Seocho-Gu, Seoul, 137-857 Korea |
|
2 |
|
|
Name: |
Kim Hyun Jun |
|
Address: |
Flat G, 19/F, Oak Mansion, Harbor View Gardens, No. 20 Tai Koo Wan
Road, Taikoo Shing Hong Kong |
Management
Information
Core
Management
Detailed
Information of Directors:
|
1 |
|
|
Name: |
Cho Seong Soo |
|
Address: |
Flat B, 5/F, Block 5, 38 Tai Tam Road, Pacific View Tai Tam Hong Kong |
|
Position: |
Director |
|
Passport Number: |
M78592342 |
|
Issuing Country: |
Republic of Korea |
|
2 |
|
|
Name: |
Hwang Seok Jun |
|
Address: |
Flat H, 13/F, Lotus Mansion, No. 6 Taikoo Wan Road, Taikoo Shing Hong
Kong |
|
Position: |
Secretary/Director |
|
ID Number: |
M403596(3) |
|
Date of Appointment: |
2014-12-1 |
Former Directors:
|
Name: |
Kim Hyun Jun |
|
Address: |
Flat G, 19/F, Oak Mansion, Harbor View Gardens, No. 20 Tai Koo Wan
Road, Taikoo Shing Hong Kong |
|
Position: |
Secretary/Director |
|
ID Number: |
R907791(9) |
|
Date of Cessation: |
2014-12-1 |
Operation
Information
Offices
& Factories
|
|
Office |
|
Address: |
Suite 801 & 06,
8/F, Central Plaza, 18 Harbour Road, Waichai, Hong Kong |
Premises
Information
Office address:
|
Address: |
8th Floor Central Plaza No.18 Harbour Road Hong Kong |
|
Owners: |
Cheer City Properties Limited (Tenant In Common (1/2)) Protasan Limited (Tenant In Common (1/2)) |
History
of Premises Owners’
|
1 |
|
|
Memorial No.: |
08032601560670 |
|
Date of Instrument: |
2008-2-28 |
|
Date of Registration: |
2008-3-26 |
|
Nature: |
Tenancy Agreement With Plan |
|
In Favor of: |
Samsung Electronics H.K. Company, Limited |
|
Consideration: |
The Rent Is HKD 718,466.00 Per Month |
|
2 |
|
|
Memorial No.: |
UB7782328 |
|
Date of Instrument: |
1995-7-3 |
|
Date of Registration: |
1999-6-16 |
|
Nature: |
Deed Of Variation Of Joint Venture Agreement Of M/N 4488661 |
|
3 |
|
|
Memorial No.: |
UB7718493 |
|
Date of Instrument: |
1999-2-26 |
|
Date of Registration: |
1998-3-25 |
|
Nature: |
Supplemental Agreement To The Joint Venture Agreement M/N 4488661 |
Production
Information
l The subject is mainly engaged in trading of textiles, metal and
chemicals, etc without any production activities.
Purchase
Information
l It is introduced that subject purchases its products both at home and
abroad.
l It is introduced that subject purchases synthetic yarn from South Korea
and Taiwan and China, purchases raw cotton from China, US, India and Africa,
etc, purchases its fabric from Indonesia, Vietnam and etc.
l It is introduced that subject purchases steel products from South Korea,
China Romania, Mexico, Slovak Republic, Malaysia, Japan and etc.
l It is introduced that subject purchases its energy and mineral products
from Russia, Chile, USA and etc.
Sales
Information
l The subject is mainly engaged in sales of textiles, metal and chemicals,
etc.
l Subject’s selling many products including textiles such as synthetic
yarn, raw cotton, fabric and etc; chemical products such as fertilizer, chemicals
and materials for mining, petrochemicals, raw material for glacial acetic acid
and formalin, process chemicals used for semiconductor and etc; steel products
such as hot rolled products, cold steel products, stainless steel and etc;
energy and mineral products such as coal, copper, rare metals and etc.
l Subject’s selling territory includes the mainland of China, Southeast
Asia, North America and West Europe, etc.
l Subject’s major customers are manufacturers of textile such as fabric,
garment, metal industry such as smelting plant, steel works and etc, chemical
industry and etc.
l It is introduced that subject can also provide the logistic services and
etc.
Settlements
Purchase
1.
Domestic Purchase
|
Products |
Textiles, metal and chemicals, etc. |
|
Payment Terms |
T/T, Cash, etc. |
2.
Import
|
Products |
Textiles, metal and chemicals, etc. |
|
Payment Terms |
L/C, T/T, etc. |
Sales
1.
Domestic Markets
|
Product |
Textiles and metal, etc. |
|
Selling Terms |
T/T, Cash, etc. |
2.
Export
|
Product |
Textiles and metal, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Financial
Information
The subject has no obligation to supply its
financial statement to the third party according to the relevant policy in Hong
Kong and the only source from which we can obtain the information is the
subject itself.
We found the Brief consolidated financial information of subject’s parent
company (Samsung C&T Corporation) from public files for reference.
Balance Sheet
Unit: KRW/Million
|
Consolidated |
2014-12-31 |
|
Total current assets |
10,772,061 |
|
Total non-current assets |
18,259,452 |
|
Total assets |
29,505,834 |
|
Total current liabilities |
9,377,805 |
|
Total non-current liabilities |
6,455,593 |
|
Total liabilities |
15,833,398 |
|
Total equity |
13,672,436 |
|
Total liabilities and equity |
29,505,834 |
Profit and Loss
Account
Unit: KRW/Million
|
Consolidated |
2014 |
|
Net sales |
28,445,513 |
|
Cost of sales |
26,218,256 |
|
Gross profit |
2,227,257 |
|
Operating profit |
652,364 |
|
Profit before income tax |
457,006 |
|
Income tax expense |
171,487 |
|
Profit for the year |
285,519 |
Bankers
Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.
Public
Mortgage Record
No mortgage records of subject were found.
Lawsuits
Up to now, no present or latent litigation of the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special
Note
Interview Details
|
Department: |
Sales Department |
Industry
Information
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
99 |
31 |
99 |
31 |
|
|
Germany |
394 |
90 |
854 |
200 |
|
Spain |
472 |
56 |
7,184 |
505 |
|
Indonesia |
504,432 |
16,744 |
1,957,582 |
62,518 |
|
India |
2,617,530 |
69,485 |
17,928,596 |
464,346 |
|
Korea |
775,627 |
22,647 |
3,652,941 |
106,090 |
|
Pakistan |
3,530,537 |
82,429 |
19,116,208 |
447,021 |
|
Taiwan |
205,292 |
4,746 |
1,418,901 |
30,963 |
|
The Mainland of China |
12,374,779 |
399,414 |
68,323,843 |
2,245,376 |
|
Exports |
||||
|
Bangladesh |
464,832 |
16,592 |
2,783,725 |
106,326 |
|
Indonesia |
166,738 |
6,333 |
833,125 |
34,165 |
|
India |
16 |
2 |
5,146 |
395 |
|
Japan |
544 |
65 |
1,009 |
92 |
|
Cambodia |
306,377 |
12,853 |
1,326,098 |
61,037 |
|
Korea |
64,441 |
2,773 |
240,739 |
9,682 |
|
The Mainland of China |
18,313,402 |
582,535 |
106,443,729 |
3,351,046 |
External Trade Information:
External Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2014 |
4,219,046 |
55,283 |
3,617,468 |
3,672,751 |
+3.2 |
-546,295 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
|
2014.07 |
368,293 |
5,120 |
321,040 |
326,160 |
+6.8 |
-42,132 |
|
2014.08 |
358,750 |
5,289 |
321,937 |
327,225 |
+6.4 |
-31,525 |
|
2014.09 |
382,355 |
4,153 |
327,833 |
331,986 |
+4.5 |
-50,369 |
|
2014.10 |
381,569 |
4,392 |
327,335 |
331,727 |
+2.7 |
-49,842 |
|
2014.11 |
378,946 |
4,701 |
322,082 |
326,783 |
+0.4 |
-52,163 |
|
2014.12 |
372,007 |
4,050 |
308,705 |
312,755 |
+0.6 |
-59,253 |
*Total exports figures
have been rounded to the nearest final digit after summing up the constituent
trade figures.
Attachment
Suite 801 & 06, 8/F, Central Plaza, 18 Harbour Road, Wanchai, Hong
Kong
Suite 801 & 06, 8/F, Central Plaza, 18 Harbour Road, Wanchai, Hong
Kong
Suite 801 & 06, 8/F, Central Plaza, 18 Harbour Road, Wanchai, Hong
Kong
Suite 801 & 06, 8/F, Central Plaza, 18 Harbour Road, Wanchai, Hong
Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
UK Pound |
1 |
Rs.98.20 |
|
Euro |
1 |
Rs.69.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ASH |
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.