MIRA INFORM REPORT
|
Report No. : |
322124 |
|
Report Date : |
14.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
SAMSUNG C&T HONGKONG LIMITED |
|
|
|
|
Registered Office : |
Suite 801 & 06, 8/F, Central Plaza, 18 Harbour Road, Waichai, |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Financials (as on) : |
31.12.2013 |
|
|
|
|
Date of Incorporation : |
22.06.1977 |
|
|
|
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Com. Reg. No.: |
05203811 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of textiles and metal |
|
|
|
|
No. of Employees : |
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 |
|
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 |
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% 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 |
Company
name and address
|
Company Name (in Chinese): |
|
|
Company Name (in English): |
|
|
Supplied Name: |
SAMSUNG C + T HONG KONG
LTD |
|
Trading Address: |
Suite 801 & 06, 8/F, Central Plaza, 18 Harbour Road, Waichai, Hong Kong |
|
Supplied Address: |
8/F Central Plaza 18 Harbour Road, Wanchai |
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, Waichai, Hong Kong |
|
Telephone Number: |
+852-2862-6013 |
|
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 2014.12, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
65134-cotton yarn (other than sewing thread), containing less than 85% by weight of cotton, not for retail sale (kg) |
|
Principal Activities: |
Trading of textiles and metal, etc. |
|
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 |
|
Listed at Stock Exchange: |
Yes(South Korea Stock Exchange: 000830) as of 12/13/1975 |
Major related
Companies:
|
Samsung C&T
Corporation (Guangzhou) LTD. (China) Samsung Trading (Shanghai) CO., LTD (China) Samsung
Logistics (China) Limited S&G Biofuel
PTE. LTD. (Indonesia) Samsung C&T
Japan Corporation (Japan) Myodo Metal
CO., LTD. (Japan) Samsung C&T
Corporation India Private Limited (India) Samsung C&T
Deutschland Gmbh (Gernmany) Samsung C&T
Automation, INC. (USA) Samsung C&T OIL & Gas Parallel CORP. (USA) |
Shareholders
|
Subscription Shares
|
Proportion of
Investment (%) |
|
|
Samsung C&T Corporation |
111,563 |
99.9982% |
|
Kim Hyun Jun |
2 |
0.0018% |
|
Total |
111,565 |
100% |
Major Shareholder
Information:
|
1 |
|
|
Name: |
|
|
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., Oka Mansion, Harbour 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: |
Director |
|
Date of Appointment: |
2014-12-1 |
|
ID Number: |
M403596(3) |
|
3. |
|
|
Name: |
Hwang Seok Jun |
|
Address: |
Suite 801 & 06, 8/F, Central Plaza, 18 Harbour Road, Waichai, Hong Kong |
|
Position: |
Secretary |
|
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 Garden, No. 20 Tai Koo Wan Road Taikoo Shing Hong Kong |
|
Position: |
Secretary/Director |
|
ID Number: |
R907791(9) |
|
Date of Resignation: |
2014-12-1 |
Operation
Information
|
|
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
Subject is a trader of textiles and metal, etc. without any production capacity, etc.
Purchase Information
Subject purchases its products both from home and abroad.
It is introduced subject purchases synthetic yarn from South Korea and Taiwan, imports raw cotton from US, India and Africa, etc.
Sales Information
Subject’s is engaged in sale of textiles and metal, etc.
Subject’s main products are copper and electrolytic copper cathode, copper concentrate, silver, synthetic yarn, raw cotton and etc and etc.
Subject’s selling territory includes the mainland of China, Southeast Asia, North America and West Europe, etc.
It is introduced that subject’s major customers are manufacturers of textile such as fabric, garment, smelting plant, steel works and etc.
Settlements
Purchase
Domestic Purchase
|
Products |
Textiles and metal, etc. |
|
Payment Terms |
T/T, Cash, etc. |
Import
|
Products |
Textiles and metal, etc. |
|
Payment Terms |
L/C, T/T, etc. |
Domestic Markets
|
Product |
Textiles and metal, etc. |
|
Selling Terms |
T/T, Cash, etc. |
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 Hongkong Limited) from public files for reference.
Balance
Sheet
Unit: KRW/Million
|
Consolidated |
2013-12-31 |
2012-12-31 |
|
Total current assets |
10,061,333 |
9,701,346 |
|
Total non-current assets |
15,404,577 |
16,262,699 |
|
Total assets |
25,465,910 |
25,964,045 |
|
Total current liabilities |
8,919,176 |
8,726,991 |
|
Total non-current liabilities |
5,127,180 |
5,547,782 |
|
Total liabilities |
14,046,356 |
14,274,773 |
|
Total equity |
11,419,554 |
11,689,272 |
|
Total liabilities and equity |
25,465,910 |
25,964,045 |
Profit
and Loss Account
Unit: KRW/Million
|
Consolidated |
2013 |
2012 |
|
Net sales |
28,433,401 |
25,325,925 |
|
Cost of sales |
26,461,951 |
23,317,156 |
|
Gross profit |
1,971,450 |
2,008,769 |
|
Operating profit |
433,302 |
490,331 |
|
Profit before income tax |
448,686 |
555,661 |
|
Income tax expense |
182,314 |
90,250 |
|
Profit for the year |
266,372 |
465,411 |
Bankers
Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.
Public
Mortgage Record
No mortgage record of subject was 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
|
Name |
Mr. Wang |
|
Department: |
Sales Department |
Industry
Information
65134-cotton yarn (other than sewing thread), containing less than 85% by weight of cotton, not for retail sale (kg)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
The Mainland of China |
3,633,723 |
189,964 |
16,483,634 |
808,595 |
|
India |
23 280 |
707 |
82,732 |
2,762 |
|
Korea |
36,858 |
1,108 |
687,887 |
22,132 |
|
Taiwan |
293,320 |
7,651 |
4,415,713 |
101,385 |
|
Exports |
||||
|
The Mainland of China |
4,422,781 |
231,556 |
23,891,823 |
1,049,462 |
|
Cambodia |
33,208 |
1,489 |
68,990 |
2,816 |
|
Romania |
6,668 |
296 |
13,980 |
596 |
|
Taiwan |
6,221 |
235 |
56,274 |
1,349 |
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 |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
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 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
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 |
*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.
Attachment
Central Plaza, 18 Harbour Road, Waichai, Hong Kong
Central Plaza, 18 Harbour Road, Waichai, Hong Kong
8/F, Central Plaza, 18 Harbour Road, Waichai, Hong Kong
Suite 801 & 06, 8/F, Central Plaza, 18 Harbour Road, Waichai, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.19 |
|
|
1 |
Rs.100.57 |
|
Euro |
1 |
Rs.72.07 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
TPT |
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.