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Report No. : |
327751 |
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Report Date : |
22.06.2015 |
IDENTIFICATION DETAILS
|
Name : |
MINMETALS CHEERGLORY
LTD. |
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Registered Office : |
11/F., China Minmetals Tower, 79 Chatham Road South, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
03.11.1981 |
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Com. Reg. No.: |
07514800 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importers and
Re-exporters; Investment of Steel products, non-ferrous metals, minerals, pig
iron, cement, hardware, vessels, electric equipment and products. |
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No. of Employees : |
22 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 |
MINMETALS CHEERGLORY LTD.
ADDRESS: 11/F., China Minmetals Tower,
79 Chatham Road South, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2613
6000, 2613 6009, 2613 6392
FAX: 852-2810
6187, 2845 9478, 2613 6333
E-MAIL: public@cheerglory.com
Managing Director:
Mr. Liu Qingchun
Incorporated on: 3rd November, 1981.
Organization: Private Limited Company.
Issued Share Capital: HK$107,000,000.00
Business Category: Importers
and Re-exporters; Investment.
Annual Turnover: HK$2.0-2.5 billion.
Employees: 22.
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
11/F., China Minmetals Tower, 79 Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong.
Immediate Holding
Company:-
Minmetals International Trading Company Pte. Ltd.,
Singapore.
Ultimate Holding Company:-
China Minmetals Corporation,
Minmetals Building, No. 5, Sanlihe Road,
Haidian District, Beijing, China 100044.
Subsidiary/Associated
Companies:-
* Asiatic Steel Ltd., Hong Kong.
* Conspring Ltd., Hong Kong.
Cheerglory Shipping Ltd., Hong Kong.
China Expand Development Ltd., Hong Kong.
China Mimet Investment Ltd., Hong Kong.
China Minmetals H.K. (Holdings) Ltd., Hong Kong.
China Minmetals NZ Ltd., New Zealand.
* International Non-Ferrous Ltd., Hong Kong.
Janfair Pty. Ltd., Australia.
Minmetals Capital (Hong Kong) Ltd., Hong Kong.
Minmetals Hong Kong Ltd., Hong Kong.
Minmetals Japan Corp., Japan.
Minmetals Korea Co. Ltd., Korea.
Minmetals Land Ltd., Hong Kong/Bermuda.
Minmetals Shipping (Singapore) Pte. Ltd., Singapore.
Minmetals South-East Asia Corp. Pte. Ltd., Singapore.
Minmetals Tianwei Steel Co. Ltd., China.
MMG Ltd., Hong Kong.
Newglory International Ltd., China.
Oriental Resources Development Ltd., Hong Kong.
* Spring Tree Investment Ltd., Hong Kong.
* Super Jack Electric Motor (Hong Kong) Co. Ltd., Hong
Kong.
etc.
* Dissolved
07514800
0104982
Managing Director:
Mr. Liu Qingchun
Contact Person: Mr. Liang Qing
HK$107,000,000.00
(As per registry dated 03-11-2014)
|
Name |
|
No. of shares |
|
Minmetals International Trading Company Pte. Ltd., 24 Raffles Place, #19-04 Clifford Centre, Singapore
048621. |
|
107,000,000 ========= |
(As per registry dated 24-03-2015)
|
Name (Nationality) |
Address |
|
LIU Qingchun |
Flat A, 11/F., King’s Court, 11 Man Fuk Road, Ho Man
Tin, Kowloon, Hong Kong. |
|
GAO Mingzheng |
Flat H, 27/F., Block 2, Coastal Skyline, 12 Waterfront
Road, Tung Chung, Lantau Island, Hong Kong. |
|
LI Linhu |
Flat G, 24/F., Begonia Mansion, Taikoo Shing, Hong
Kong. |
(As per registry dated 03-11-2014)
|
Name |
Address |
|
YIN Liang |
11/F., China Minmetals Tower, 79 Chatham Road South,
Tsimshatsui, Kowloon, Hong Kong. |
The subject was incorporated on 3rd November, 1981 as a
private limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Cheerglory
Ltd., name changed to Cheerglory Traders Ltd. on 29th December, 1981, and
further to the present style on 2nd May, 2012.
Formerly the subject was located at 16/F., Euro Trade
Centre, 21-23 Des Voeux Road Central, Hong Kong, moved to the present address
with effect from 1st February, 1999.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Importers
and Re-exporters; Investment.
Lines: Steel products,
non-ferrous metals, minerals, pig iron, cement, hardware, vessels, electric
equipment and products.
Office Space: (Rented under a Tenancy Agreement)
Date of Tenancy
Agreement: 13th December, 2007
Premises: 11th Floor, China Minmetals Tower, 79
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong
Period: Two years ending 31st December, 2009 with an
option to renew for a further Term of one year at open market rent of the
premises exclusive of rates, service, management and air-conditioning charges
but otherwise subject to the same terms
Rental: HK$133,239 per calendar month (exclusive of
government rates and service, management and air-conditioning charges)
Other Charges: HK$24,331 per calendar month (being the
tenant’s share of service, management and air-conditioning charges
Employees: 22.
Commodities Imported:-
Metals – China.
Minerals – China.
Aluminium – Canada
and US.
Steel products –
Japan and Europe.
Markets: China,
Japan, US, Europe, India, Africa, Southeast Asia, Taiwan, etc.
Annual Turnover: HK$2.0-2.5 billion.
Terms/Sales: L/C, T/T, D/P etc.
Terms/Buying: As per contracted.
Mitsui & Co. Ltd., Japan.
Marubeni Corporation, Japan.
etc.
The Hong Kong Chinese Enterprises Association,
Hong Kong.
Issued Share Capital: HK$107,000,000.00
Total Assets: HK$2.5 billion.
Profit or Loss: Business
is profitable.
Condition: Keeping in an active and good
manner.
Facilities: Making active use of general
banking facilities.
Payment: Met as contracted.
Commercial Morality:
Good.
Bankers:-
Bank of China
(Hong Kong) Ltd., Hong Kong.
Bank of
Communications Co. Ltd., Hong Kong Branch.
BNP Paribas,
Hong Kong Branch.
Calyon,
Hong Kong Branch.
China Merchants Bank
Co. Ltd., China.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
JPMorgan Chase Bank,
N.A., Hong Kong Branch.
Mizuho Corporate Bank
Ltd., Hong Kong Branch.
Nanyang Commercial
Bank Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
The Bank of
Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
etc.
Banking:-
One bank source
reports subject has maintained a well conducted current account in the books of
them since November 1981. Moderate
overdraft facilities have been granted to them.
They have handled their L/C with satisfactory results.
Standing: Sound.
Minmetals Cheerglory
Ltd. [MCL] was 100% directly owned by China Minmetals Corporation [CMC],
formerly known as China National Metals & Minerals Import & Export
Corporation [MINMETALS] which was a very significant China-based firm.
In October 1996, all
the shares owned by MINMETALS were transferred to China Minmetals H.K.
(Holdings) Ltd. [CMHK] which was incorporated in April 1996. CMHK is a subsidiary of CMC formed on
27th March, 2012. However, CMHK
transferred all its shares to Minmetals International Trading Co. Pte. Ltd.,
the present holding company of MCL, which is a Singapore-based firm.
MCL was officially
founded in November 1981 and engaged in the business of non‑ferrous
metals, minerals, steel products, pig iron, cement and metallic products.
All the directors of
MCL are China merchants but each has got a HK ID and has got the right to
reside in Hong Kong permanently. The
current managing director is Mr. Liu Qingchun.
The newly appointed director is Mr. Li Linhu.
MCL now has
established extensive business links in Hong Kong, Macau and Southeast Asian
countries and other countries. Its
business range has been widely expanded from trading to production. The items handled by it include metals and
minerals. It is trading in the following
products chiefly:-
· Minerals (iron ore, coal, pellet, chrome ore, manganese ore to China mainland, coke to Taiwan, the United States, Japan, India, Europe)
· Steel (to China mainland, Taiwan, South Korea, Europe, other Asian countries)
Its products are exported to Australia, Central & South America, Japan, North America, Southeast Asia, Taiwan, Europe, etc. besides marketing in China.
· MCL has set up the following main divisions:-
· Development Division;
· Enterprises Management Division;
· Finance Division;
· First Export Division of Metals and Minerals;
· Non-Ferrous Metals Import Division;
· Second Export Division;
· Steel Import Division; &
· Transportation Division.
Besides, MCL has established
subsidiary companies or joint ventures in Japan, Germany, Mauritius, and in
large cities of China such as Shanghai, Shenzhen SEZ and Jilin.
Founded in 1950, CMC
is one of the largest state-owned conglomerates that operates globally with
core businesses in exploration, mining, smelting, processing and trading in
metals and minerals, and is also engaged in finance, real estate, and mining
and metallurgic technology.
The revenue of CMC
for the year of 2014 was approximately RMB322.8 billion Yuan (2013: RMB402.8
billion Yuan), decreased by 19.9% as compared with previous year.
CMC has also actively
participated in commercial estate development, construction and installation
business in recent years since it established the residential development and
industrial estates.
CMC through its Hong
Kong subsidiary, Minmetals HK, holds approximately 62.05% equity interest in
Minmetals Land. Having approved by the
State‑owned Assets Supervision and Administration Commission of the State
Council to include property development and operation as one of its core
businesses, CMC announced its intention to transform Minmetals Land into its
sole listed real estate flagship.
Through gradual asset injection and consolidation of its real estate
resources, CMC aims at achieving the listing of all of its real estate
businesses and turning Minmetals Land eventually into a leading and influential
real estate development corporation, which creates better returns to its
shareholders, employees and the society.
The revenue of CMC
for the year of 2014 was approximately RMB322.8 billion Yuan (2013: RMB402.8
billion Yuan), decreased by 19.9% as compared with previous year.
In 2014, CMC ranked
the 133rd among the Fortune Global 500 and the Second among metal
companies. Now, CMC has about 177,000
employees and controls 7 listed companies in China and overseas.
MCL owns a number of
premises in Hong Kong. Its annual
turnover ranges from HK$2.0 to 2.5 billion.
Business is profitable.
MCL is fully
supported by CMC. History in Hong Kong
is over 33 years.
On the whole, in view
of the background and parentage of MCL, consider it good for normal business
engagements.
Property information
of the company:-
|
Property
Location |
Owner |
Date of
Purchase |
Purchased |
|
16/F., Euro Trade Centre, 21‑23 Des Voeux
Road Central, Hong Kong. |
Cheerglory Traders Ltd. |
20-11-1984 |
HK$7,681,060 |
|
Flat A on 11/F., Flat G on 7/F., 10/F., 11/F., 12/F.
& 27/F., Flat H on 7/F., 10/F., 11/F. & 14/F., Pak Hoi Mansion, Kwun
Hoi Terrace, Taikoo Shing, Hong Kong. |
Cheerglory Traders Ltd. |
09-08-1985 |
HK$7,137,000 |
|
Flat G on 22/F., Pak Hoi Mansion, Kwun Hoi Terrace,
Taikoo Shing, Hong Kong. |
Cheerglory Traders Ltd. |
26-07-1985 |
HK$ 665,000 |
|
Flat F on 23/F., Pak Hoi Mansion, Kwun Hoi Terrace,
Taikoo Shing, Hong Kong. |
Cheerglory Traders Ltd. |
19-04-1990 |
HK$1,310,000 |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.82 |
|
|
1 |
Rs.101.26 |
|
Euro |
1 |
Rs.72.36 |
INFORMATION DETAILS
|
Analysis Done by
: |
SAN |
|
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|
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 |
|
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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 |
|
|
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 |
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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.