MIRA INFORM REPORT
|
Report No. : |
344089 |
|
Report Date : |
05.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
SMART TIMING STEEL LIMITED |
|
|
|
|
Registered Office : |
Unit 913-914, 9/F, New East Ocean Centre, 9 Science
Museum Road, T.S.T. East Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
28.07.2004 |
|
|
|
|
Com. Reg. No.: |
914166 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading of steel
products |
|
|
|
|
No. of Employee : |
20 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
Status : |
Moderate |
|
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 12.5% 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): |
|
|
Supplied Name: |
SMART TIMING STEEL
LIMITED |
|
Trading Address: |
Unit 913-914, 9/F, New East Ocean Centre, 9 Science Museum Road, T.S.T.
East Kowloon , HK |
|
Supplied
Address: |
Unit 913-914,
9/F, New East Ocean Centre, 9, Science Museum Road, TSt Kowloon |
Note: The exact name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Unit 913-914, 9/F, New East Ocean Centre, 9
Science Museum Road, T.S.T. East Kowloon , HK |
|
Telephone Number: |
+852-2171-4130 |
|
Fax Number: |
+852-8148-6972 |
|
E-mail: |
|
|
Date of Registration: |
2004-7-28 |
|
Registered Number: |
914166 |
|
Business Registration No.: |
34783347 |
|
Paid-up Capital: |
HKD 8,350,000 (USD 1,077,150) = 127,320 Shares @ HKD 66 (As of 2015.4, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
67556--Flat-Rolled Products Of Stainless Steel, Not Further Worked Than
Cold-Rolled, Width Less Than |
|
Principal Activities: |
Trading of steel products |
|
Staff: |
About 20 employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-7-28 |
Note: Subject declined to disclose its staff number, and from other source we
can’t obtain the information, either.
History
Subject was incorporated on 2004-7-28 with the registered number 914166
as Private Limited Liability Company in Hong Kong.
Corporate
Structure
Offices
|
1 |
|
|
Name: |
Beijing Office |
|
Address: |
No.621 6 floor, China Minmetals Building, Bldg 15, Block 4, Anhuili,
Chaoyang District, Beijing, P. R, China |
|
Tel: |
+6-10-64896800 / +86-10-64896811 |
|
Fax: |
+86-10-64896805 |
|
2 |
|
|
Name: |
Shanghai Office |
|
Address: |
Room 2103, YiFu Building, No. 1725 HuangXing Road, Shanghai, China
Zipcode: 200433 |
|
Tel: |
+86-21-61230995 / +86-21-61230996/7 |
|
Fax: |
+86-21-61230993 |
|
3 |
|
|
Name: |
Singapore Office |
|
Address: |
391B Orchard Road #23-01, Ngee Ann City Tower B, Singapore 238874. |
|
Tel: |
+65-6736-7468 |
|
Fax: |
+65-6491 1272 |
Cooperative
enterprises (suppliers and customers)
|
Baotou Steel
International Economic & Trading Co., Ltd. Hsin Kuang Steel Co.,
Ltd. Korea Seel Shapes Co.,
Ltd. PT. Interworld Steel Rapid Forming
Corporation Shandong Laiwu Steel
International Ternium Internacional
S.A. |
Shareholders
|
Subscription
Shares |
Proportion of
Investment (%) |
|
|
Smart Timing Holdings Limited |
90,100 |
70.77% |
|
Chan Chi Fan |
15,000 |
11.78% |
|
Tse Lung Wa Teddy |
9,900 |
7.78% |
|
Huang Qian |
5,000 |
3.92% |
|
Li Chong |
3,820 |
3% |
|
Lam Chau Mei Rebecca |
1,000 |
0.79% |
|
Liu Lan Tao |
1,000 |
0.79% |
|
Pearlin Company Limited |
1,500 |
1.2% |
|
Total |
127,320 |
=100% |
Major Shareholder
Information:
|
1 |
|
|
Name: |
Smart Timing Holdings Limited |
|
Address: |
Unit 913-914, 9/F., New East Ocean Centre, 9 Science Museum Road,
T.S.T. East Kowloon, Hong Kong |
|
Date of Registration: |
2009-3-23 |
|
Registered Number: |
1322467 |
|
Legal Form: |
Private Limited Liability Company |
|
2 |
|
|
Name: |
Chan Chi Fan |
|
Address: |
Ditto |
|
3 |
|
|
Name: |
Tse Lung Wa Teddy |
|
Address: |
Jqq Marina Cove, Sai Kung, NT., Hong Kong |
|
4 |
|
|
Name: |
Huang Qian |
|
Address: |
1203A Yuan Shu, No. 2, Beiqing Road, Changpin District, Beijing, China |
|
5 |
|
|
Name: |
Li Chong |
|
Address: |
Rm 309, Building 50, No. 30, Xueyuan Road, Haidian District, Beijing,
China |
|
6 |
|
|
Name: |
Lam Chau Mei Rebecca |
|
Address: |
Room 1B, 3/F Hiu Wah Bldg., 43 Hiu Kwong Street, Kwun Tong, Kowloon,
Hong Kong |
|
7 |
|
|
Name: |
Liu Lan Tao |
|
Address: |
Room 2236, No. 1188 Jiangpu Road, Yangpu District, Shanghai, China. |
|
8 |
|
|
Name: |
Pearlin Company Limited |
|
Address: |
Room 601, Kalok Building, 720 Nathan Road, Kowloon, Hong Kong. |
Management
Information
Core
Management
Detailed
Information of Directors:
|
1 |
|
|
Name: |
Choi Kit Chi, Candice |
|
Address: |
Unit 913-914, 9/F., New East Ocean Centre, 9 Science Museum Road,
T.S.T. East Kowloon, Hong Kong |
|
Position: |
Director & Secretary |
|
ID Number: |
D387919(5) |
|
2 |
|
|
Name: |
Zee Yan Man |
|
Address: |
Unit 913-914, 9/F., New East Ocean Centre, 9 Science Museum Road,
T.S.T. East Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
D900580(2) |
|
3 |
|
|
Name: |
Chan Chi Fan |
|
Address: |
Flat C, 31/F, Block 5, Royal Peninsula, 8 Hung Lai Road, Hung Hom,
Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
D330352(8) |
|
Date of Appointment |
2015-3-2 |
|
4 |
|
|
Name: |
Wong Kam Shing |
|
Address: |
Unit 913-914, 9/F., New East Ocean Centre, 9 Science Museum Road,
T.S.T. East Kowloon, Hong Kong |
|
Position: |
Director |
|
Registered Number: |
G152883(0) |
Personnel
Structure
|
Total Employees |
Operation
Information
Offices
& Factories
|
|
Office |
|
Address: |
Unit 913-914, 9/F, New
East Ocean Centre, 9 Science Museum Road, T.S.T. East Kowloon , HK |
Premises
Information
Office address:
|
Address: |
Office Unit 913 On 9th Floor New East Ocean Centre No.9 Science Museum Road
Kowloon |
|
Owners: |
Smart Timing Limited |
|
Memorial Number: |
10112200970107 |
|
Date of Instrument: |
|
|
Date of Registration: |
|
|
Consideration Value: |
HKD 23,980,000.00 (PT.) |
History
of Premises Owners’
|
1 |
|
|
Memorial No.: |
15021700960031 |
|
Date of Instrument: |
2015-2-6 |
|
Date of Registration: |
2015-2-17 |
|
Nature: |
Agreement for Sale and Purchase |
|
In Favor of: |
Danu International Limited |
|
Consideration: |
HKD 38,648,400.00 (PT.) |
|
2 |
|
|
Memorial No.: |
10112200970123 |
|
Date of Instrument: |
|
|
Date of Registration: |
|
|
Nature: |
Second Legal
Charge |
|
In Favor of: |
Bank Of China
(Hong Kong) Limited |
|
Consideration: |
All Monies (PT.) |
|
3 |
|
|
Memorial No.: |
10112200970110 |
|
Date of Instrument: |
|
|
Date of Registration: |
|
|
Nature: |
Mortgage |
|
In Favor of: |
Bank Of China
(Hong Kong) Limited |
|
Consideration: |
All Monies (PT.) |
Production
Information
l Subject is a trader of steel products without any production activities.
Purchase
Information
l Subject purchases its products mostly from home and abroad, including
Taiwan, Thailand, Indonesia, India, Russia and Latin America, Australia, etc.
l It is introduced that some suppliers of the subject are Usiminas, CSN,
AMT, Gerdau, Siderar, Emirates, Essar, JSW, Krakatau, SUS, TCR and Yieh Group,
KHC, Sysco, Shangshing, Dongbu, etc.
Sales
Information
l Subject is engaged in sales of steel products
l Subject’s major products are Hot Rolled Steel, Cold Rolled Steel, Wire
Rods, Deformed Bars, Galvanized Steel, and PPGI.
l Subject’s sales regions cover domestic and overseas market and it is
introduced that subject serves more than 100 customers spreading over 30
countries
l Subject’s sales regions mainly focus on the South China, subject serves
customers in Shenzhen, Dongguan and Lecong and subject has offices in Beijing
and Shanghai to deal with the local business.
Settlements
Purchase
1.
Domestic Purchase
|
Products |
Steel products |
|
Payment Terms |
T/T, Cash |
2.
Import
|
Products |
Steel products |
|
Payment Terms |
L/C, T/T |
1.
Domestic Markets
|
Product |
Steel products |
|
Selling Terms |
T/T, Cash |
2.
Export
|
Product |
Steel products |
|
Selling Terms |
L/C, T/T |
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’s relevant staff rejected to disclose the financial information;
from other sources we could not obtain such information, either.
Bankers
|
1 |
|
|
The Hongkong and Shanghai Banking Corporation Limited |
|
|
2 |
|
|
Name: |
DAH Sing Bank Limited |
|
3 |
|
|
Name: |
Bank of China (Hong Kong) Ltd |
|
4 |
|
|
Name: |
China Construction Bank (Asia) Corporation Ltd |
|
5 |
|
|
Name: |
Hang Seng Bank Ltd. |
|
6 |
|
|
Name: |
Oversea-Chinese Banking Corporation Ltd |
|
7 |
|
|
Name: |
Standard Chartered Bank (Hong Kong) Ltd |
|
8 |
|
|
Name: |
Australia and New Zealand Banking Group Limited |
Public
Mortgage
Record
|
1 |
|
|
Company Name: |
Smart Timing Steel Limited (the "Chargor”) |
|
Instrument of Creating Mortgage: |
Charge Over Securities and Deposits with the Bank (Limited Company 一 Under Seal) (Limited Amount) (the “Charge”) |
|
Date of Creating Mortgage: |
2014-2-24 |
|
Amount Secured: |
As a continuing security for the obligations of the Chargor in respect of
the Secured Moneys. Without prejudice to the rights and powers which the Bank may have
under this Charge and other agreements (including without limitation right of
set-off and the power to realise the Securities, the Receivables and the
Deposits and to apply the proceeds thereof to discharge or reduce the Secured
Moneys or any part of it), the maximum aggregate amount which the Bank can
claim under the Charge as secured lender for repayment of the Secured Moneys
shall not exceed the Specified Sum provided always that nothing in this
paragraph shall in any way exonerate or diminish or otherwise affect the
obligations and liabilities of the Chargor under the Charge or any other
document and the Bank shall be entitled to exercise all and any right, power or
remedy against the Chargor for payment of the Secured Moneys without any
limitation. The Bank shall be entitled to retain the Charge as security for such
period as the Bank may certify to the Chargor to be appropriate in order to
protect the interest of the Bank in respect of the Secured Moneys. |
|
Name of Mortgagee: |
The Hongkong and Shanghai Banking
Corporation Limited (the “Bank”) |
|
Address of Mortgagee: |
HSBC Main Building No. 1 Queen's Road Central Hong Kong |
|
Description of Property Mortgaged: |
In consideration of the Banking Facilities, the Chargor, as beneficial
owner, hereby charges, pledges and assigns to the Bank all the right, title
and interest of the Chargor in and to the Securities, the Receivables and the
Deposits as a continuing security for the obligations of the Chargor in
respect of the Secured Moneys. If the Chargor creates or purports to create any security (whether
fixed or floating) over the Securities, the Receivables or the Deposits or
any part of it or if any person levies or attempts to levy any form of
process against the Securities, the Receivables or the Deposits or any part
of it, the security created by this Charge, to the extent that it may be a
floating charge, shall automatically and without notice crystallise and operate
as a fixed charge instantly when such event occurs. |
|
2 |
|
|
Company Name: |
Smart Timing Steel Limited (“the Customer”） |
|
Instrument of Creating Mortgage: |
Charge On Deposit |
|
Date of Creating Mortgage: |
2013-8-19 |
|
Amount Secured: |
General Banking Facilities granted to Smart Timing Steel Limited to the
extent of HKD 3,000,000.00 |
|
Name of Mortgagee: |
DAH Sing Bank Limited |
|
Address of Mortgagee: |
Room 3501, 35/F., 108 Gloucester Road Wan Chai, HK |
|
Description of Property Mortgaged: |
-- |
|
3 |
|
|
Company Name: |
Smart Timing Steel Limited (“the Customer”) |
|
Instrument of Creating Mortgage: |
Charge On Deposit |
|
Date of Creating Mortgage: |
2013-8-19 |
|
Amount Secured: |
General Banking Facilities granted to Smart Timing Limited to the
extent of HKD 3,000,000.00- |
|
Name of Mortgagee: |
|
|
Address of Mortgagee: |
Room 3501, 35/F., 108 Gloucester Road Wan Chai，HK |
|
Description of Property Mortgaged: |
-- |
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 |
Ms. Kueenie |
|
Department: |
Sales Department |
Industry
Information
67556--Flat-Rolled Products Of Stainless Steel,
Not Further Worked Than Cold-Rolled, Width Less Than
Unit: HKD/000
|
|
2014.12 |
2014.01~2014.12 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Belgium |
41,562 |
856 |
156,436 |
3,218 |
|
Germany |
25,330 |
397 |
55,609 |
3,387 |
|
Spain |
23,704 |
540 |
311,592 |
5,557 |
|
Finland |
-- |
-- |
67,646 |
1,261 |
|
Taiwan |
837,551 |
19,975 |
8,113,528 |
227,108 |
|
The Mainland of China |
140,236 |
4,443 |
3,073,198 |
85,536 |
|
Exports |
||||
|
United Arab Emirates |
-- |
-- |
10,151 |
191 |
|
Malaysia |
371 |
99 |
139,503 |
2,904 |
|
USA |
50,888 |
1,270 |
139,671 |
3,612 |
|
Taiwan |
3,524 |
383 |
12,970 |
572 |
|
Kingdom of Saudi Arabia |
-- |
-- |
37,012 |
854 |
|
Indonesia |
6,462 |
164 |
8,991 |
244 |
|
Chile |
|
|
|
|
|
The Mainland of China |
1,910,728 |
62,644 |
24, 959,855 |
823,663 |
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 |
|
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 |
|
2014 |
4,219,046 |
55,283 |
3,617,468 |
3,672,751 |
+3.2 |
-546,295 |
|
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 |
|
2014.07 |
368,293 |
5,120 |
321,040 |
326,160 |
+6.8 |
-42,132 |
|
2014.08 |
358,750 |
5,289 |
321,937 |
327,225 |
+6.4 |
-31,525 |
|
2014.09 |
382,355 |
4,153 |
327,833 |
331,986 |
+4.5 |
-50,369 |
|
2014.10 |
381,569 |
4,392 |
327,335 |
331,727 |
+2.7 |
-49,842 |
|
2014.11 |
378,946 |
4,701 |
322,082 |
326,783 |
+0.4 |
-52,163 |
|
2014.12 |
372,007 |
4,050 |
308,705 |
312,755 |
+0.6 |
-59,253 |
*Total exports figures
have been rounded to the nearest final digit after summing up the constituent
trade figures.
Attachment
New East Ocean
Centre, 9, Science Museum Road, T.S.T. East Kowloon , HK
1/F, New East Ocean Centre, 9, Science Museum Road, T.S.T. East Kowloon ,
HK
9/F, New East Ocean Centre, 9, Science Museum Road, T.S.T. East Kowloon ,
HK
Unit 913-914, 9/F, New East Ocean Centre, 9 Science Museum Road, T.S.T.
East Kowloon , HK
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.40 |
|
UK Pound |
1 |
Rs.95.42 |
|
Euro |
1 |
Rs.68.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.