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Report No. : |
345932 |
|
Report Date : |
26.10.2015 |
IDENTIFICATION DETAILS
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Name : |
TEWOO (H.K.) LTD. |
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Registered Office : |
23/F., AXA Centre, 151 Gloucester Road, Wanchai |
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Country : |
Hong Kong
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Date of Incorporation : |
19.09.2008 |
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Com. Reg. No.: |
39821255 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Iron and Steel. |
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No. of Employees : |
20 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 |
TEWOO (H.K.) LTD.
ADDRESS: 23/F., AXA Centre,
151 Gloucester Road, Wanchai, Hong Kong.
PHONE: 852-2877 0428
FAX: 852-2877 0438
MANAGEMENT:
Managing Director: Mr. Chen Zhen
Incorporated on: 19th September, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$204,081,600.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 20.
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
TEWOO (H.K.) LTD.
Registered Head
Office:-
23/F., AXA Centre, 151 Gloucester Road, Wanchai, Hong Kong.
Holding Company:-
TEWOO Group (Hong Kong) Ltd., Hong Kong.
(Same address).
Ultimate Holding
Company:-
TEWOO Group Co. Ltd., China.
[Also known as Tianjin Materials & Equipment Group Corporation]
Associated/Affiliated
Companies:-
TEWOO Group of Companies
Beijing Jinhaotong Materials Co. Ltd., China.
Shanghai TEWOO Metal International Trade Co. Ltd., China.
Shanxi TEWOO Products & Energy Resources Development Co. Ltd.,
China.
Tangshan Caofeidian TEWOO Logistics Co. Ltd., China.
TEWOO (H.K.) International Logistics Co. Ltd., Hong Kong.
TEWOO Chemical & Light Industry (HK) Ltd., Hong Kong.
TEWOO Chemical & Light Industry Materials International Trade Co.
Ltd., China.
TEWOO General (Tianjin) Steel & Raw Material Co. Ltd., China.
TEWOO Import & Export (HK) Ltd., Hong Kong.
TEWOO Import & Export Trade Co. Ltd., China.
TEWOO International Logistics Co. Ltd., China.
TEWOO International Trade Co. Ltd., China.
TEWOO Investment Co. Ltd., Hong Kong.
TEWOO Jiujiang International Trade Co. Ltd., China.
TEWOO Merchant (Hong Kong) Co. Ltd., Hong Kong.
TEWOO Metal (H.K.) Ltd., Hong Kong.
TEWOO Metals International Trade Co. Ltd., China.
TEWOO Products & Energy Resources (Hong Kong) Development Co. Ltd.,
Hong Kong.
TEWOO Quebec Lithium Co. Ltd., China.
TEWOO Singapore Pte. Ltd., Singapore.
TEWOO USA Inc., U.S.A.
TEWOO-ITC Global Trading Co. Ltd., China.
Tianjin Haowu Electromechanical Product & Automobile Trade Co. Ltd.,
China.
Tianjin Haoxin Credit & Guarantee Co. Ltd., China.
Tianjin Hoperay Mineral Co. Ltd., China.
Tianjin Hopetone Co. Ltd., China.
Tianjin Jingjin Industry & Trade Development Co. Ltd., China.
Tianjin Linktone Co. Ltd., China.
Tianjin Linktone International Trade Co. Ltd., China.
Tianjin Materials & Equipment Merchant Co. Ltd., China.
Tianjin Materials & Infrastructural Supplies Co. Ltd., China.
Tianjin Materials Industry & International Energy Development Co.
Ltd., China.
Tianjin Products & Energy Resources Development Co. Ltd., China.
Tianjin Products & Energy Resources Japan Co. Ltd., Japan.
Tianjin Property Development Co. Ltd., China.
Tianjin Tianyuan Investment Co. Ltd., China.
Tianjin Wuhua Mining Industry Co. Ltd., China.
Tianjin Xiantong Materialm& Trade Co. Ltd., China.
39821255
1274241
Managing Director: Mr. Chen Zhen
HK$204,081,600.00
(As per registry dated 30-06-2015)
|
Name |
|
No. of shares |
|
TEWOO Group (Hong Kong) Ltd., Hong Kong. |
|
104,081,600 |
|
TEWOO International Trade Co. Ltd. Main Highway North, Beichen Development Area, Tianjin, China |
|
100,000,000 |
|
|
|
–––––––––– |
|
|
Total: |
204,081,600 ========= |
(As per registry dated 30-06-2015)
|
Name (Nationality) |
Address |
|
CHEN Zhen |
Flat F, 18/F., One Wanchai, 1 Wanchai Road, Wanchai. Hong Kong. |
|
YANG Honglai |
Room 101, 2nd Door, 8, Dingfajiayuan, Xiqing Road, Hongqiao District,
Tianjin, China. |
|
XU Guangzhi |
1925-1927 No. 1, Jili Garden, Guiyang Road, Heping District, Tianjin,
China. |
(As per registry dated 30-06-2015)
|
Name |
Address |
Co. No. |
|
Gainful Secretaries Ltd. |
Room 2017, 20/F., Fortone Commercial Building, 362 Sha Tsui Road,
Tsuen Wan, New Territories, Hong Kong. |
0460123 |
The subject was incorporated on 19th September, 2008 as a private
limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at ‘Room 1204, 12/F., Emperor Group
Centre, 288 Hennessy Road, Wanchai, Hong Kong’, moved to the present address in
January, 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Iron
and steel.
Employees: 20.
Commodities Imported: China,
Europe, Russia.
Markets: North
America, Asian countries, Europe.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Issued Share Capital: HK$204,081,600.00
Indebtedness: US$6,000,000.00
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 30-06-2015)
Mortgage or Charge (since March 2011):
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality: Satisfactory.
Bankers:-
Cooperatieve Centrale Raiffeisen -
Boerenleenbank B.A. [trading as Rabobank International], Hong Kong Branch.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
DBS Bank Ltd., Hong Kong.
Industrial Bank of Taiwan Co., Ltd., Taiwan.
Standing: Good.
TEWOO (H.K.) Ltd. is jointly owned by TEWOO Group (Hong Kong) Ltd. and
TEWOO International Trade Co. Ltd., the former is a Hong Kong-registered
company while the latter is a China-based company.
The ultimate holding company of the subject is TEWOO Group Co. Ltd.
[TEWOO], also a China-based company.
The subject is mainly trading in steel, iron ore, coal, non-ferrous ore
and metal products. It aims to explore
the market of Southeast Asia, the Middle East, Europe, America and Africa
through fully performing its advantages in trading, finance and consulting.
The subject’s sales amounted to HK$4.5 billion in 2011 and its steel
export was 450,000 tonnes, mineral products import was 2,000,000 tonnes.
Now, the annual sales turnover of the subject ranges from HK$5.5 to 6.5
billion.
The subject is engaged in global trading and ore resources purchasing,
investments making, international financing and information exchange.
TEWOO is the largest state-owned material circulation enterprise in
Tianjin. The group’s registered capital was RMB2.52 billion Yuan. Its total assets was RMB169.1 billion
Yuan. It has 340 enterprises and more
than 19,000 employees. Its scope of
business includes commodity trading, modern logistics, real estate development,
financial services and secondary vocational education.
It trades in bulk commodities such as metals (ferrous metals, nonferrous
metals), energy (coal, coke, fuel oil), minerals (iron ore, nonferrous ore,
coal ore), chemical, automotive and electromechanical. It is also one of the 20 largest enterprise
groups in the circulation field which were cultivated by the Ministry of
Commerce, the PRC.
TEWOO has its business spreading throughout China and has 18 overseas
associates in the United States, Germany, Japan, Singapore, the Philippines and
Hong Kong.
TEWOO ranked the 146th in Fortune Global 500 of 2015.
TEWOO ranks the 6th among trading enterprises worldwide, and ranks the
26th of the largest China enterprises.
In July 2015, the subject issued debentures amounted to US$500 million,
annual premium is 2.875% and will be mature in 2017.
The subject is fully supported by TEWOO.
History in Hong Kong is over seven years and a month.
On the whole, consider the subject good for normal business engagements.
(Since March 2011)
|
Date |
Description of
Instrument |
Mortgagee |
|
01-03-2011 |
Trade Finance Security Assignment |
Cooperatieve Centrale Raiffeisen - Boerenleenbank B.A. [trading as
Rabobank International], Hong Kong Branch. |
|
28-12-2012 |
Security Over Deposit in respect of
Obligations of the Depositor |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
|
18-12-2013 |
Mortgage or Charge |
DBS Bank Ltd., Hong Kong Branch. |
|
30-12-2014 |
Charge Over Interest Reserve Account |
Industrial Bank of Taiwan Co. Ltd. |
|
30-12-2014 |
Charge Over Collection Account |
Industrial Bank of Taiwan Co. Ltd. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
|
|
1 |
Rs.99.89 |
|
Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
|
-- |
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.