MIRA INFORM REPORT

 

 

Report No. :

349261

Report Date :

20.11.2015

 

IDENTIFICATION DETAILS

 

Name :

YE-STEEL TRADING CO., LIMITED

 

 

Registered Office :

Rm. 210, 2F, Securicor Centre, 481 Castle Peak Rd., Cheung Sha Wan, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

04.09.2008

 

 

Com. Reg. No.:

1270362

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Not Available

 

Note:

[We tried to confirm the detailed activity but the same is not available from any sources]

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

Offshore Company

 

 

Payment Behaviour :

Unknown

 

 

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

 

company name and address

 

Company Name (in English):

Ye-Steel Trading Co., Limited

Supplied Name:

YE STEEL TRADDING CO. LIMITED

Supplied Address:

Room 210, 2/F, Securicor Center, 481 Castle Peak Road, Cheung Sha Wan Kowloon

Note: The exact name is as above.

 

 

Credit Summary

 

Credit Opinion:

Since we consider subject as an offshore company and we didn’t find subject’s business entity either in Hong Kong or anywhere else, thus we did not give credit rating at present.

 

 

Special Note

 

We cannot find subject’s any operation information or valid contact information in Hong Kong through public files according to supplied name.

 

As the supplied address, which is also subject’s registered address, is that of subject’s corporate secretary (Taylor’s (Nominees) Limited), we cannot obtain any information of the subject according to it.

 

We contacted the subject’s parent company Beijing Ye-Steel Co., Ltd. (Literal Translation) through the telephone number +86-10-5876-6302, and Ms. Jiang answered the phone said the subject is only registered in Hong Kong without any trading office or employee at present. She also introduced that the customer can contact the Beijing office of her company directly if there is any business.

 

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:

Rm. 210, 2F, Securicor Centre, 481 Castle Peak Rd., Cheung Sha Wan, 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) = Shares@ HKD 1

(As of 2015.11, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

Listed at Stock Exchange:

No

Date of Last Annual Return:

2015-9-4

 

 

History

 

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

 

 

Corporate Structure

 

Parent Company

Name:

Beijing Ye-Steel Co., Ltd. (Literal Translation)

Address:

Rm. 1802, No. 55  Building, Sanhuan Central Rd., Chaoyang Dist., Beijing City, China

Telephone No.:

+86-10-5876-6952/5876-6302

Principal Activities:

Sale of hardware and metal products, etc.

The major products include steel plates, steel rolls, etc.

The major sales regions include domestic market and abroad.

 

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Beijing Ye-Steel Co., Ltd. (Literal Translation)

10,000

100%

Total

10,000

100%

 

Major Shareholder Information:

Name:

Beijing Ye-Steel Co., Ltd. (Literal Translation)

Address:

Rm. 1802, No. 55  Building, Sanhuan Central Rd., Chaoyang Dist., Beijing City, China

 

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Duan Yingqi

Address:

Rm. 201, No. 16, Lane 308, Yushan Rd., Pu Dong New Area, Shanghai City, China

Position:

Director

ID Number:

210102196712265651

2

Name:

Cui Qingyuan

Address:

Rm. 201, No. 16, Lane 308, Yushan Rd., Pu Dong New Area, Shanghai City, China

Position:

Director

ID Number:

130226196911038036

3

Name:

Xi Jinsong

Address:

702, No. 1, Lane 315, Wudong Rd., Yang Pu Dist., Shanghai City, China

Position:

Director

ID Number:

33010619690902001X

4

Name:

Zhang Hai

Address:

No. 35, Liuguanying Village, Malanzhuang Town, Yuan City, Hebei Province, China

Position:

Director

ID Number:

130226196808308034

5

Name:

Wang Shuli

Address:

No. 8, Shuichang Village, Malanzhuang Town, Yuan City, Hebei Province, China

Position:

Director

ID Number:

130226590216809

6

Name:

Xia Hongwei

Address:

Rm. 201, No. 16, Lane 308, Yushan Rd., Pu Dong New Area, Shanghai City, China

Position:

Director

ID Number:

230204197203091127

7

Name:

Taylor’s (Nominees) Limited

Address:

Rm. 201, No. 16, Lane 308, Yushan Rd., Pu Dong New Area, Shanghai City, China

Position:

Company Secretary

Registered Number:

208631

 

 

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 cannot obtain the relevant information.

Public

 

Mortgage Record

 

Company Name:

Ye-Steel Trading Co., Limited

Instrument of Creating Mortgage:

Trade Finance Security Assignment (the “Assignment”)

Date of Creating Mortgage:

2012-4-23

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.

 

 

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.66.11

UK Pound

1

Rs.101.03

Euro

1

Rs.70.77

 

INFORMATION DETAILS

 

Analysis Done by :

KIN

 

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.