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Report No. : |
344920 |
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Report Date : |
14.10.2015 |
IDENTIFICATION DETAILS
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Name : |
SINGAPORE PETROLEUM CO. (HONG KONG) LTD. |
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Formerly Known As : |
SINGAPORE PETROLEUM (HONG KONG) LTD. |
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Registered Office : |
Room 1205, 12/F., Central Plaza, 18 Harbour Road,
Wanchai, |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.01.1984 |
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Com. Reg. No.: |
09151875 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Petroleum Trader. |
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No. of Employees : |
15 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 |
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.
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Source
: CIA |
SINGAPORE PETROLEUM
CO. (HONG KONG)
LTD.
ADDRESS: Room
1205, 12/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-3678
2296
FAX: 852-2511
0867
E-MAIL: marine@spc-hk.com.hk
MANAGEMENT:
Managing Director:
Mr. Wang Zhi Jun
Incorporated on: 13th January, 1984.
Organization: Private Limited Company.
Issued Share Capital: US$20,000.00
Business Category: Petroleum
Trader.
Group Turnover: RMB2,282,962 million Yuan (Year ended 31-12-2014)
Employees: 15.
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Room 1205, 12/F., Central Plaza, 18 Harbour Road,
Wanchai, Hong Kong.
Immediate Holding Company:-
APT Success Ltd., British Virgin Islands.
Intermediate Holding Company:-
PetroChina International (Hong Kong) Corporation Ltd.,
Hong Kong.
Ultimate Holding
Company:-
PetroChina Co. Ltd., China.
[A subsidiary of China National Petroleum Corporation,
China.]
Associated/Affiliated
Companies:-
Arrow Energy Holdings Pty. Ltd., Australia.
China Marine Bunker (PetroChina) Co. Ltd., China.
China Petroleum Finance Co. Ltd., China.
CNPC Captive Insurance Co. Ltd., China.
CNPC Exploration and Development Co. Ltd., China.
Dalian West Pacific Petrochemical Co. Ltd., Chna.
Daqing Oilfield Co. Ltd., China.
PetroChina East Pipeline Co. Ltd., China.
PetroChina Hong Kong Ltd., Hong Kong.
PetroChina International Co. Ltd., China.
PetroChina International Investment Co. Ltd., China.
PetroChina Northwest United Pipeline Co. Ltd., China.
PetroChina United Pipelines Co. Ltd., China.
Soaring Dragon Enterprise Ltd., Hong Kong.
PetroChina Group of Companies
09151875
0132252
Managing Director:
Mr. Wang Zhi Jun
US$20,000.00
(As per registry dated 13-01-2015)
|
Name |
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No. of
shares |
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APT Success Ltd. P. O. Box 957, Offshore Incorporations Centre, Road Town,
Tortola, British Virgin Islands. |
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10,000 ====== |
(As per registry dated 13-01-2015)
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Name (Nationality) |
Address |
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WANG Zhi Jun |
12/F., Central Plaza, 18 Harbour Road, Wancahi, Hong
Kong. |
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CHOU Hiu Bun |
12/F., Central Plaza, 18 Harbour Road, Wancahi, Hong
Kong. |
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WU Chen |
12/F., Central Plaza, 18 Harbour Road, Wancahi, Hong
Kong |
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XIE Xingxiang |
12/F., Central Plaza, 18 Harbour Road, Wancahi, Hong
Kong |
(As per registry dated 13-01-2015)
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Name |
Address |
Co. No. |
|
Capital Corporate Services Ltd. |
Unit F, 7/F., CNT Tower, 338 Hennessy Road, Wanchai,
Hong Kong. |
0103422 |
The subject was incorporated on 13th January, 1984 as a private
limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of
Singapore Petroleum (Hong Kong) Ltd., name changed to the present style on 21st
August, 1984.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Petroleum
Trader.
Lines:
Employees: 15.
Commodities Imported: Singapore.
Markets: Hong
Kong, China.
Group Turnover (PetroChina Group):-
RMB1,465,415 million Yuan
(Year ended 31-12-2010)
RMB2,003,843 million Yuan
(Year ended 31-12-2011)
RMB2,195,296 million Yuan
(Year ended 31-12-2012)
RMB2,258,124 million Yuan
(Year ended 31-12-2013)
RMB2,282,962 million Yuan
(Year ended 31-12-2014)
Terms/Sales: As
per contracted.
Terms/Buying:
Various terms.
Issued Share Capital: US$20,000.00
Group Net Profit (PetroChina Group):-
RMB150,792 million Yuan
(Year ended 31-12-2010)
RMB145,959 million Yuan
(Year ended 31-12-2011)
RMB130,620 million Yuan
(Year ended 31-12-2012)
RMB142,274 million Yuan
(Year ended 31-12-2013)
RMB119,028 million Yuan
(Year ended 31-12-2014)
Group Total Equity (PetroChina Group):-
RMB1,010,129 million Yuan
(As at 31-12-2010)
RMB1,082,546 million Yuan
(As at 31-12-2011)
RMB1,180,748 million Yuan
(As at 31-12-2012)
RMB1,269,935 million Yaun
(As at 31-12-2013)
RMB1,317,781 million Yuan
(As at 31-12-2014)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general
banking facilities.
Payment: Met
trade commitments as required.
Commercial Morality:
Satisfactory.
Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Singapore Petroleum Co. (Hong Kong) Ltd. is a
wholly-owned subsidiary of APT Success Ltd. [APT] which is a BVI-registered
company.
APT is wholly-owned by PetroChina International (Hong
Kong) Corporation Ltd. [PCIHK] located at the same building.
The subject is specialized in bunker trading. Its business territories covers Hong Kong,
China, Singapore, Taiwan, Fujairah and the other ports.
The ultimate holding company of the subject is PetroChina
Co. Ltd. [PCCL], a China-based company.
Currently, PCIHK provides a wide range of quality fuel
products and services to its customers as follow:-
Filling Stations:
With the ever improving filling station network in Hong
Kong, PCIHK provides full range of fuel products, good quality of services and convenience
store to all its customers 24 hours a day and 7 days a week. At designated stations, car care and car wash
services are also provided.
Marine Fuel:
Through its subsidiary, Soaring Dragon Enterprise Ltd.
[SDEL], PCIHK is one of the major marine fuel suppliers in Hong Kong waters to
serve a variety of ships. SDEL is the company which was the pioneer to grant
the ISO certified physical supplier in Hong Kong.
Another subsidiary, Singapore Petroleum Co (Hong Kong)
Ltd [SPCHK] is also wholly owned by PCIHK.
SPCHK specialized on Bunker Trading covering Taiwan, Hong Kong, China,
Singapore, Fujairah and other ports. It
has its own fleet of barges in Hong Kong including "Golden Dragon
268".
Aviation Fuel:
PCIHK is one of leading aviation fuel suppliers in Hong
Kong International Airport. It has
established brand recognition in the aviation industry with quality fuel,
reliable supply, e-billing system and total solutions for customers.
Natural Gas:
In early 2013, the supply of natural gas from China to
the power plant in Hong Kong through the West East Pipeline project had been
started and PCIHK became one of the major suppliers of natural gas in Hong
Kong.
PCCL is the largest oil and gas producer and distributor,
playing a dominant role in the oil and gas industry in China. It is not only one of the companies with the
biggest sales revenue in China, but also one of the largest oil companies in
the world.
PCCL is a public listed company with China National
Petroleum Corporation [CNPC] as its major shareholder. PCCL was established in China on 5th
November, 1999 as a joint stock company with limited liability as a result of a
group restructuring of CNPC in preparation for the listing of the Company’s
shares in Hong Kong and in the United States of America in 2000. PCCL is the investment holding company of the
PetroChina Group. The Group is
principally engaged in (i) the exploration, development and production and
marketing of crude oil and natural gas; (ii) the refining of crude oil and
petroleum products, production and marketing of primary petrochemical products,
derivative petrochemical products and other chemical products; (iii) the
marketing of refined products and trading business; and (iv) the transmission
of natural gas, crude oil and refined products and the sale of natural gas.
For the year ended 31st December, 2014, the turnover of
PetroChina Group amounted to RMB2,282,962 million Yuan (2013: RMB2,258,124
million Yuan). Group net profit amounted
to RMB119,028 million Yuan (2013: RMB142,274 million Yuan).
The subject is fully supported by PCIHK and ultimately by
PCCL.
As the history of the subject is over 31 years and nine
months in Hong Kong, on the whole, consider it good for normal credit
requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.02 |
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UK Pound |
1 |
Rs.99.89 |
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Euro |
1 |
Rs.73.92 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
-- |
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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.