MIRA INFORM REPORT

Report No. :	348994
Report Date :	04.11.2015

IDENTIFICATION DETAILS

Name :	YE-STEEL TRADING CO., LIMITED
Registered Office :	Room 01, 21/F, Prosper Commercial Building, 9 Yin Chong Street, Kowloon
Country :	Hong Kong
Date of Incorporation :	04.09.2008
Com. Reg. No.:	39751935
Legal Form :	Private Limited Liability Company
Line of Business :	Not Available [We tried to confirm / obtain the detailed activity but the same is not available from any sources]
No. of Employees :	Not Available NOTE: It is to be noted that the company does not have its own operating office in Hong Kong. The company uses the address of its secretariat as its correspondence address only. Subject operates from some other country and does not have a base in Hong Kong. Such companies are registered in Hong Kong just to tax benefit purpose and due to the strict privacy laws prevailing in the country. In such cases, the companies are not required to have any employees in Hong Kong nor do have an office there.

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):	Ye-Steel Trading Co., Limited
Supplied Name:	YE STEEL TRADING CO. LTD
Supplied Address:	FLAT/RM 01,21/F, PROSPER COMMERCIAL BUILDING,9 YIN CHONG STREET, KOWLOON HONG KONG

Special Notes

We can not find any operation information of subject through public files, and subject’s registered address is that of subject’s secretary corporate, based on subject’s registered files and our investigation, we consider subject as an offshore company.

We found subject’s registered files from local registry, supplying as following for reference.

Company Identification Details

Registered Name:	Ye-Steel Trading Co., Limited
Registered Address:	Room 01, 21/F, Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong Kong
Date of Registration:	2008-9-4
Registered Number:	1270362
Business Registration No.:	39751935
Paid-up Capital:	HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD 1 (As of 2015.01, 1 HKD = 0.129 USD)
Legal Form:	Private Limited Liability Company
Listed at Stock Exchange:	No
Date of Last Annual Return:	2014-9-4

History

Subject was incorporated on 2008-9-4 with the registered number 1270362 as Private Limited Liability Company in Hong Kong.

Shareholders

Name	Subscription Shares	Proportion of Investment (%)
Beijing Hengxing Yan Steel Co., Limited (Liberal Translation)	10,000	100%
Total	10,000	100%

Major Shareholder Information:

Name:	Beijing Hengxing Yan Steel Co., Limited (Liberal Translation)
Address:	Room 1802, No. 55 Building, Dong San Huan Central Road, Chaoyang District, Beijing City, China

Management Information

Core Management

Detailed Information of Directors:

1
Name:	Xia Hongwei
Address:	Room 201, No. 29, Lane 4633, Dushi Road, Minxing District, Shanghai City, China
Position:	Director
ID Number:	23020419720391127
2
Name:	Wang Shuli
Address:	No. 8, Shui Chang Cun, Ma Lan Zhuang, Qian An City Hebei Province, China
Position:	Director
ID Number:	130226590216809
3
Name:	Zhang Hai
Address:	No. 35, liu guan ying cun, Ma Lan Zhuang, Qian An City Hebei Province, China
Position:	Director
ID Number:	13022619680830834
4
Name:	Xi Jinsong
Address:	Room 702, No. 1, Lane 315, Wudong Road, Yangpu District, Shanghai City, China
Position:	Director
ID Number:	33010619690902001X
5
Name:	Cui Qingyuan
Address:	201, Nong Hang Jia Shu Building, Qianan Town, Qianan City, Hebei Province, China
Position:	Director
ID Number:	130226196911038036
6
Name:	Yuan Yingqi
Address:	Room 201, No, 16, Lane 308, Yushan Road, Pu Dong Xin District, Shanghai City, China
Position:	Director
ID Number:	210102196712265651
7
Name:	Hong Kong Daiyan Registrations Limited
Address:	Room 01, 21/F, Prosper Commercial Building, 9 Yin Chong Street, Kowloon, Hong Kong
Position:	Corporate Secretary
Registered Number:	952329

Operation Information

Subject does not have business entity in Hong Kong.

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.

Subject does not have business entity in Hong Kong, thus we can not obtain the relevant information.

Public

Mortgage Record

1
Company Name:	Ye-Steel Trading Co., Limited (the “borrower”)
Instrument of Creating Mortgage:	Trade finance security assignment (the “assignment”)
Date of Creating Mortgage:	2012-4-24
Amount Secured:	All obligations and liabilities of whatever nature of the Borrower owed to the Bank at any time and in any currency and whether present or future, actual or contingent and whether owed solely or jointly or severally with or as surety for another and all costs and expenses incurred by the Bank in connection with the recovery of any of the above or the enforcement of the Assignment on a full indemnity basis (the ”Secured Liabilities").
Name of Mortgagee:	United Overseas Bank Limited (the “Bank”) Incorporated under the Laws of Republic of Singapore
Address of Mortgagee:	80 Raffles Place, UOB Plaza, Singapore 048624
Description of Property Mortgaged:	The Borrower as beneficial owner and as security for the payment of all Secured Liabilities:- (a) assigns and agrees to assign absolutely to the Bank all the present and future rights, title, interests and benefits of the Borrower in and to the following assets:- (i) the Export Credits; (ii) the Export Collection Bills; (iii) the Sales Contracts; (iv) the Export Invoice Receivables; (v) the Insurances; (vi) the Trade Documents; and (vii) all claims, remedies and proceeds in connection with any of the foregoing; (b) charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interests and benefits of the Borrower in and to the following assets:- (i) the Goods together with their proceeds; (ii) the Pledged Goods; (iii) the Deposit and (iv) to the extent any Security Assets is not effectively assigned under sub-clause (a), such Security Asset; and (c) pledges and agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are now or may in the future be in the possession of the Bank. The Borrower shall not create or permit to exist any Security Interest or any other interest of whatever nature on or over any of the Security Assets in favour of any person other than the Bank.
2
Company Name:	Ye-Steel Trading Co., Limited (the “company”)
Instrument of Creating Mortgage:	Assignment of letters of credit
Date of Creating Mortgage:	2010-11-2
Amount Secured:	To secure general banking facilities granted to Ye-Steel Trading Co., Limited
Name of Mortgagee:	United Overseas Bank Limited (the “Bank”) Incorporated under the Laws of Republic of Singapore
Address of Mortgagee:	80 Raffles Place, UOB Plaza, Singapore 048624
Description of Property Mortgaged:	All the Company’s rights, title，interest and benefit in and to all and any moneys now or at any time due or owing to the Company under or in 、connection with each of the Export Credits and alt other rights and benefits whatsoever accruing now or at any time to the Company thereunder or in connection therewith upon the terms set out in the Assignment of Letters of Credit. "Export Credit” means letters of credit issued in the Company's favour and deposited with the Bank from time to time pursuant to the Assignment of Letters of Credit.
Company Name:	Ye-Steel Trading Co., Limited (the “company”)
Instrument of Creating Mortgage:	General memorandum of pledge of goods
Date of Creating Mortgage:	2010-11-2
Amount Secured:	To secure general banking facilities granted to Ye-Steel Trading Co., Limited
Name of Mortgagee:	United Overseas Bank Limited (the “Bank”) Incorporated under the Laws of Republic of Singapore
Address of Mortgagee:	80 Raffles Place, UOB Plaza, Singapore 048624
Description of Property Mortgaged:	All the Company’s rights, title and interest in and to the Merchandise. “Merchandise” means all goods bills of lading warrants delivery orders and all documents of title and securities whatsoever now or at any time or times hereafter delivered to or deposited with the Bank or its agents or nominees in Hong Kong or elsewhere have been or will be so delivered or deposited by way of pledge as security for the payment on demand to the Bank of all sums of money which now are or at any time or times hereafter may become due or owing or may be accruing or becoming due to the Bank by the Company on any account or in respect of any liability whatsoever whether actual or contingents or otherwise together in all cases with interest and all other banking and legal charges and costs (on a full indemnity basis) incurred in relation to this security of the enforcement hereof and so that interest shall be computed (as well after as before any demand or judgment) according to the usual mode of the Bank in dealing with current accounts.
4
Company Name:	Ye-Steel Trading Co., Limited (the “company”)
Instrument of Creating Mortgage:	Addendum to charge over accounts and set-off
Date of Creating Mortgage:	2010-11-2
Amount Secured:	To secure general banking facilities granted to Ye-Steel Trading Co., Limited
Name of Mortgagee:	United Overseas Bank Limited (the “Bank”) Incorporated under the Laws of Republic of Singapore
Address of Mortgagee:	80 Raffles Place, UOB Plaza, Singapore 048624
Description of Property Mortgaged:	The addendum, as an integral part of the Charge Undertaking, varies the Charge Undertaking in terms of the deposits in the Account being differentiated and identified as being protected or not protected (as the case may be) by or under the Scheme and/or the Guarantee and such variation shall come to effect from the date of the Charge Undertaking until the Expiry Date. From the date immediately following the Expiry Date, the payment of compensation for your deposits with respect to the protection limit pursuant to the protection level following the principles of the Scheme shall remain applicable，as and wherever appropriate.
5
Company Name:	Ye-Steel Trading Co., Limited (the “company”)
Instrument of Creating Mortgage:	Charge over account and set-off
Date of Creating Mortgage:	2010-11-2
Amount Secured:	To secure general banking facilities granted to Ye-Steel Trading Co., Limited
Name of Mortgagee:	United Overseas Bank Limited (the “Bank”) Incorporated under the Laws of Republic of Singapore
Address of Mortgagee:	80 Raffles Place, UOB Plaza, Singapore 048624
Description of Property Mortgaged:	All the Company’s rights, title and interest in and to the Account. “Account” means all deposits, renewals and interest thereon and monies which are deposited with or come into the custody or control of the Bank in any account or accounts with the Bank whether in the Company’s name alone or jointly with any other person (including any account or accounts whether in or outside Hong Kong, into which any of the moneys from time to time standing to the credit of the Company, in whatever currency denominated, may be placed).
6
Company Name:	Ye-Steel Trading Co., Limited (the “company”)
Instrument of Creating Mortgage:	Trade finance security deed (the “deed”)
Date of Creating Mortgage:	2010-9-20
Amount Secured:	All obligations and liabilities of whatever nature of the Company owed to the Bank at any time and in any currency and whether present or future, actual or contingent and whether owed alone or jointly or severally with or as surety for another and all costs and expenses incurred by the Bank in connection with the recovery of any of the above or the enforcement of the Deed on a full indemnity basis (the "Secured Liabilities”).
Name of Mortgagee:	Standard Bank Pic (the “Bank”）which includes all its branches and offices wherever situated, its successors and assigns.
Address of Mortgagee:	20 Gresham Street, London EC2V 7JE
Description of Property Mortgaged:	The Company as beneficial owner and as security for the payment of all Secured Liabilities:- (a) assigns and agrees to assign absolutely to the Bank all the present and future rights, title, interests and benefits of the Company in and to the following assets:- (i) the Export Credits; (ii) the Export Collection Bills; (iii) the Contracts; (iv) the Invoice Receivables; (v) the Trade Documents; (Vi) the Insurances; and (vii) all claims, remedies and proceeds in connection with any of the foregoing and (b) charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interests and benefits of the Company in and to the following assets:- (i) the Goods together with their proceeds; and (ii) the Charged Account and all monies at any time standing to the credit of the Charged Account, including all interest from time to time accrued or accruing on such monies; and (c) pledges and agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are at the date of the Deed or may thereafter be in the Bank's possession.

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

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.65.45
UK Pound	1	Rs.100.96
Euro	1	Rs.72.10

INFORMATION DETAILS

Report Prepared by :

ASH

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