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Report No. : |
331141 |
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Report Date : |
16.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ASIA MINERALS LTD. |
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Registered Office : |
7/F., Luk Kwok Centre, 72 Gloucester Road, Wanchai |
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Country : |
Hong Kong
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Date of Incorporation : |
23.12.1992 |
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Com. Reg. No.: |
16667234 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Mineral Ore. |
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No. of Employees : |
15 |
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) |
|
Hong Kong |
A1 |
A1 |
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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 |
ASIA MINERALS LTD.
ADDRESS: 7/F., Luk Kwok
Centre, 72 Gloucester Road, Wanchai, Hong Kong.
PHONE: 852-2856 3350, 2586 3321, 2586 3333
FAX: 852-2827 6552, 2511 2481, 2827 1396
E-MAIL: h.suzuki@smart-alloy.com
hk.inquiry@asia-minerals.com
MANAGEMENT:
Managing Director: Mr. Hirotaka
Suzuki
Incorporated on: 23rd December, 1992.
Organization: Private Limited Company.
Issued Share Capital: HK$2,863,127.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 15.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ASIA MINERALS LTD.
Registered Head
Office:-
7/F., Luk Kwok Centre, 72 Gloucester Road, Wanchai, Hong Kong.
Holding Company:-
Sharprofit Trading Ltd., Hong Kong.
(Same address)
Associated
Companies:-
AML China Ltd., China.
AML Europe SAS, France.
AML Japan Ltd., Japan.
AML Jinzhou Resources Co. Ltd., China.
AML Korea Ltd., Korea.
AML Resources (Shenzhen) Co. Ltd., China.
AML Ukraine, Ukraine.
Asia Minerals India Private Ltd., India.
Asia Minerals Investment Ltd., Hong Kong. (Same address)
Asia Minerals North America LLC, USA.
Asia Minerals South Africa (Pty) Ltd., South Africa.
Asia Minerals Trading Ltd., Hong Kong.
Asia Minerals Zambia Ltd., Zambia.
CITIC Jinzhou Ferroalloy Works Co. Ltd., China.
IMA Resource Ltd., China.
Kudumane Manganese Resources (Pty) Ltd.,
South Africa.
Mountainous Ltd., Hong Kong.
(Same address)
Pertama Ferroalloys Sdn. Bhd., Malaysia.
Sarda Energy & Mineral Ltd., India.
Sichuan Chuantou Emei Ferroalloy (Group) Co. Ltd., China.
16667234
0395821
Managing Director: Mr. Hirotaka
Suzuki
HK$2,863,127.00
(As per registry dated 23-12-2014)
|
Name |
|
No. of shares |
|
Mountainous Ltd., Hong Kong. |
|
607,600 |
|
Sharprofit Trading Ltd., Hong Kong. |
|
2,255,527 |
|
|
|
–––––––– |
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Total: |
2,863,127 ======= |
(As per registry dated 27-05-2015)
|
Name (Nationality) |
Address |
|
Hirotaka SUZUKI |
Unit B, 15/F., Monmouth Villa, 3 Monmouth Terrace, Wanchai, Hong Kong. |
|
Setsuo SUZUKI |
Suite 3305, 33/F., Apartment Tower on the Western Side, Convention
Plaza, 1 Harbour Road, Wanchai, Hong Kong. |
|
JIANG Jian Tao, Adam |
Suite 1211, 12/F., Convention Plaza Apartments, 1 Harbour Road,
Wanchai, Hong Kong. |
(As per registry dated 23-12-2014)
|
Name |
Address |
|
CHEUNG Yuen Bing, Belinda |
7/F., Luk Kwok Centre, 72 Gloucester Road, Wanchai, Hong Kong. |
The subject was incorporated on 23rd December, 1992 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Stanley
Development Ltd., name changed to the present style on 29th June, 1993.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of mineral ore.
Employees: 15.
Commodities Imported: China, Korea,
Ukraine, South Africa, Australia.
Markets: China,
Japan, Korea, North America, Taiwan, Western Europe
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, or as per contracted.
Issued Share Capital: HK$2,863,127.00
Mortgage or Charge (Since 2011): (See
attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping
in an active condition.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Indover Asia Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Very Good.
Having issued 2,863,127 ordinary shares of HK$1.00 each, Asia Minerals
Ltd. is a joint venture between the following two firms:-
Mountainous Ltd., Hong Kong……………….……………… 21%
Sharprofit Trading Ltd., Hong Kong………………………… 79%
The subject commenced business in 1993.
It is specialized in all manganese related business from ores to alloys,
metals and chemicals, etc. It is committed to provide services to its clients
through its global organizations in Asia, Africa, Europe, CIS and the United
States.
The directors of the subject are two Japanese and a Chinese. Now, all of them are residing in Hong Kong.
The subject is chiefly trading in manganese ores and ferroalloys.
The subject acquired its first ferro-alloy smelting plant in Inner
Mongolia in 2005 and acquired its second smelting plant in Liaoning Province in
2009.
The subject intends to become a 20% supplier of manganese to the world’s
demand in 2020 through developing a manganese mine in Kalahari in South Africa
and constructing a greenfield plant of manganese group ferroalloys in Sarawak
in Malaysia. The South Africa manganese
mine is a joint venture.
Currently, the subject has had the following two main projects:-
Kudumane Manganese Mine Project, South
Africa
The mine is located in Kalahari, Northern Cape Province, South Africa. Commercial scale production commenced in late
2012. Estimated ore reserves are 200
million tons. Products are approximately
2 million per year of Grade A ore assaying Mn: 37% to 38%, F4e: 4.5%, P: 0.02%
and approximately 0.9 million tonnes per year Grade B ore assaying Mn: 42%, Fe:
7%, P: 0.03%.
Sarawak Manganese Group Ferroalloys Plant,
Malaysia
Land preparation work commenced early 2011 at Samalaju Industrial Estate, Sarawak
State, where the subject has been allocated 180 hectare for the plant
construction. So far preparation of 80
hectare has been completed. Construction
of the ferroalloy plant commenced in April 2012, and production began in
September 2013. The plant’s production
capacity is about 330,000 tons per year.
The first project in South Africa is managed
by Kudumane Manganese Resources (Pty) Ltd. [KMR] which
is a South Africa-based company.
The subject via intermediate holding companies is a major shareholder in
KMR and plays a significant role as a technical and marketing services
provider. Bold Moves 1715 (Propriety)
Limited and Afris Manganese (Pty) Ltd are the two partners.
The mining operation will consist of a combination of open pits and
underground mining. The subject targets
that an initial 1.5 million tonnes of manganese ore per year will be exported
by both road and rail to other countries through Port Elizabeth and Durban.
Kudumane Manganese Mine has commenced production in the mid of
2013. Production is expected to reach
the peak within three to four years of the mine firing up its first drills, as
more of its operations move underground.
The target is to produce 3.0 million tonnes of manganese ore annually.
Besides, the subject keeps a strong relationship with many large steel
producers worldwide and supplies Manganese Alloys to those consumers, some of
which are listed below:
Japan: Nippon Steel Corporation, JFE Steel Corporation, Kobe Steel Ltd.,
Mitsubishi Steel Mfg Co. Ltd.;
South Korea: Hyundai Steel Company, Dongkuk Steel Mill Co. Ltd., YK
Steel Corporation, Korea Iron & Steel Co. Ltd., Seah Besteel Corporation,
Daehan Steel Co., Ltd.;
China: Bao Steel, Angang Steel, Baotou Steel;
United States: Allegheny Ludlum Corporation, SSAB Alabama Inc., SSAB
Iowa Inc., United States Steel Corporation, Steel Dynamics, Inc.;
EU: ArcelorMittal, ThyssenKrupp Nirosta GmbH, Compania Espanola de
Laminacion, S.L.;
CIS: Novolipetsk Steel (NLMK); &
Middle East: Saudi Iron and Steel Company, Societe Nationale de
Siderurgie S.A., Eregli Iron and Steel Works Company.
In 2009, the subject acquired majority stakes of a Manganese smelting
plant, “Nichiden Jinzhou”, which is located in Liaoning province, China, and
formed a joint venture company named “AML Jinzhou Resources Co., Ltd.”. In the same year, the subject started selling
its own Manganese ferroalloys products produced by IMA in China market.
The subject is fully supported by its China associated company Sichuan
Chuantou Emei Ferroalloy (Group) Co. Ltd. which is a rather significant firm in
China.
One of the directors of the subject Jiang Jian Tao, Adam is responsible
for the business of the subject’s China associates.
AML Resources (Shenzhen) Co. Ltd., a
China-based company, is the trading arm of the subject in Southern China.
As the history of the subject is over twenty-two years and six months in
Hong Kong, on the whole, consider it good for normal business engagements.
(Since 2011)
|
Date |
Description of
Instrument |
Mortgagee |
|
04-03-2011 |
Security Agreement over Bank Account |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
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08-05-2012 |
Deed of Charge and Assignment of Receivables |
ING Bank N.V., Hong Kong Branch. |
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30-12-2013 |
Unattested Share Pledge Agreement |
Standard Chartered Bank |
|
07-11-2014 |
Trade Finance Security Agreement |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
26-05-2015 |
Charge Over Shares |
Itochu Corporation |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.38 |
|
|
1 |
Rs.99.13 |
|
Euro |
1 |
Rs.69.69 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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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.