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Report No. : |
345415 |
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Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
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Name : |
RHODIUM RESOURCES (HK) LTD. |
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Registered Office : |
Flat D, 12/F., Tower A, Billion Centre, |
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Country : |
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Date of Incorporation : |
15.07.2013 |
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Com. Reg. No.: |
61737127 |
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Legal Form : |
private limited liability company |
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Line of Business : |
Importer, Exporter and Wholesaler of Coal, Metals, Rice, Palm Oil |
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No. of Employees : |
8 |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
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.
|
Source
: CIA |
RHODIUM RESOURCES
(HK) LTD.
ADDRESS: Flat
D, 12/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon Bay, Kowloon,
Hong Kong.
PHONE: 852-2760
6100
FAX: 852-2706
9188, 2706 9166
E-MAIL: info@rhodiumresources.com
MANAGEMENT:
Managing Director:
Mr. Yip Sau Wai
Incorporated on: 15th July, 2013.
Organization: Private Limited Company.
Issued Share Capital: HK$11,550,000.00
Business Category: Importer,
Exporter and Wholesaler.
Group Turnover: US$782 million (FY 2014/15)
Employees: 8.
Main Dealing Banker: Agricultural
Bank of China Ltd., Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
Flat D, 12/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong.
Holding Company:-
Rhodium Resources Pte. Ltd., Singapore.
61737127
1937381
Managing Director:
Mr. Yip Sau Wai
HK$11,550,000.00
(As per registry dated 15-07-2015)
|
Name |
|
No. of shares |
|
Rhodium Resources Pte. Ltd. 1 Phillip Street, 16-00 Royal One Phillip, Singapore
048692. |
|
11,550,000 ======== |
(As per registry dated 15-07-2015)
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Name (Nationality) |
Address |
|
YIP Sau Wai |
Room 1004, 10/F., Bik Tsui House, Hiu Tsui Court, Chaiwan,
Hong Kong. |
|
CHEAM Hing Lee |
33 Rochester Drive #35-02, Singapore 138638. |
(As per registry dated 15-07-2015)
|
Name |
Address |
Co. No. |
|
Richtrain Secretarial Services Ltd. |
Flat B, 18/F., Two Chinachem Plaza, 68 Connaught Road
Central, Hong Kong. |
1039614 |
The subject was incorporated on 15th July, 2013 as a private
limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Coal,
Metals, Rice, Palm Oil
Employees: 8.
Commodities Imported: China,
India, other Asian countries.
Markets: Singapore,
other Asian countries.
Group Turnover: US$332 million (FY 2013/14)
US$782
million (FY 2014/15)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P
Issued Share Capital: HK$11,550,000.00
Profit or Loss: Made
a small profit in 2014.
Condition: Business
is improving.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality: Satisfactory.
Bankers:-
Agricultural Bank of China Ltd., Hong Kong Branch.
BNP Paribas, Singapore Branch.
Raiffeisen Bank International AG, Hong Kong.
Standing: Normal.
Rhodium Resources (HK) Ltd. is a wholly-owned subsidiary of
Rhodium Resources Pte. Ltd. [Rhodium Resources] which is a Singapore-based
company. The subject is one of the key
members of the Rhodium Group.
The subject was incorporated in July 2013. It is engaged in the same lines of business
as Rhodium Resources which is trading in the following commodities:
Coal
Metals
Rice
Palm Oil
Commodities are sourced from worldwide countries and
marketed in the Asia Pacific region.
Besides the subject, Rhodium Resources has set up offices in
China, Dubai and India. Its customers
keeps on increasing which include power plants, steel mills, millers and
general traders.
The business of the subject is handled by Mr. Yip Sau Wai
who is a Hong Kong merchant.
For the FY 2014/15, the turnover of the Group amounted to
US$782 million grew by 135.5% as compared with US$332 million in FY
2013/14. Overall business is active.
Mr. Cheam Hing Lee is the Managing Director of the Rhodium
Group. He has transformed this company
from a small enterprise into one of the Singapore’s leading independent
commodity traders, with four product lines, a footprint in 20 geographies.
The history of the subject in Hong Kong is just over two
years and three months. It is fully
supported by Rhodium Resources.
On the whole, consider the subject good for normal business
engagements in small credit amounts for the time being.
|
Date |
Description of Instrument |
Mortgagee |
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23-07-2014 |
Deed of Charge |
BNP Paribas, Singapore Branch. |
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30-07-2014 |
Trade Finance Security
Assignment |
Agricultural Bank of China Ltd., Hong Kong Branch. |
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19-08-2014 |
Charge Over Accounts |
Raiffeisen Bank International AG, Hong Kong. |
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19-08-2014 |
Trade Finance Security
Assignment |
Raiffeisen Bank International AG, Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.15 |
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UK Pound |
1 |
Rs.100.54 |
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Euro |
1 |
Rs.73.97 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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.