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Report No. : |
346473 |
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Report Date : |
29.10.2015 |
IDENTIFICATION DETAILS
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Name : |
BOHAI STEEL GROUP INTERNATIONAL TRADING (HONG KONG) CO.
LTD. |
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Registered Office : |
C/o Smart Team Secretarial Ltd., Room A, 20/F., Kiu Fu Commercial Building, 300 Lockhart Road, Wanchai, |
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Country : |
Hongkong |
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Date of Incorporation : |
31.03.2014 |
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Com. Reg. No.: |
63123879 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available (Note: We tried to confirm obtain the details activity but the same is not available from any source.) |
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No. of Employees : |
No Employees in Hong Kong. NOTE: It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence
address only. Subject operates from some other country and does not have a
base in Hong Kong. Such companies are registered in Hong Kong just to tax
benefit purpose and due to the strict privacy laws prevailing in the country.
In such cases, the companies are not required to have any employees in Hong
Kong nor do have an office there. |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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Payment Behaviour : |
Unknown |
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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) |
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Hongkong |
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 |
HONGKONG - 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 |
BOHAI STEEL
GROUP INTERNATIONAL TRADING
(HONG KONG) CO. LTD.
Registered Office:-
c/o Smart Team Secretarial Ltd.
Room A, 20/F., Kiu Fu Commercial Building, 300 Lockhart
Road, Wanchai, Hong Kong.
Holding Company:-
Bohai Steel International Holding Co. Ltd., Hong Kong.
Associated
Companies:-
BHS Capital Operation Co. Ltd., China.
BHS Development Co. Ltd., Hong Kong.
BHS International Tradeing Co. Ltd., China.
BHS Tianjin Investment Co. Ltd., China.
Bohai Iron & Steel Group (Tinajin) Financial Leasing
Co. Ltd., China.
Tianjin Bogang Fine Workmanship Development Co. Ltd.,
China.
Tianjin Bogang Steel Trading Co. Ltd., China.
Tianjin JinAn Heavy Equipment Co. Ltd., China.
Tianjin Metallurgy Group Co. Ltd., China.
Tianjin Metallurgy Steel Wire & Cable Group Co. Ltd.,
China.
Tianjin Pipe (Group) Corporation, China.
Tianjin Rolling-one Steel Co. Ltd, China.
Tianjin Tiangang Group Co. Ltd., China.
Tianjin Zhongji Equipment Manufacture Co. Ltd., China.
etc.
63123879
2074978
31st March, 2014.
US$31,939,227.00
(As per registry dated 26-05-2015)
|
Name |
|
No. of shares |
|
Bohai Steel International Holding Co. Ltd., Hong Kong. |
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16,289,006 |
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Bohai Steel Group Co. Ltd. No. 1, Jinghui Road, Dongli Lake, Dongli Zone, Tianjin,
China. |
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1,673,615 |
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Tianjin Metallurgical No. 1 Iron & Steel Group Co.
Ltd. North Town Government, Wangwenzhuang Village,
Xiqing District, Tianjin, China. |
|
2,813,846 |
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Tianjin Tiantie Metallurgical Group Co. Ltd. No. 148, Machang Road, Heping District, Tianjin, China. |
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2,596,659 |
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Tianjin Tiangang International Trade Co. Ltd. 2/F., Tower 2, Yinhe Hotel , Wuxia Street, Dongli,
District, Tianjin, China. |
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8,566,101 |
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––––––––– |
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Total: |
31,939,227 ======== |
(As per registry dated 31-03-2015)
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Name (Nationality) |
Address |
|
WANG Jiandong |
No. 18-1502-1602 Senmiao Apartment, Pingshan Road, Hexi
District, Tianjin City, China. |
|
ZHANG Xu |
No. 604, Building 4, Jili Garden, Guiyang Road, Heping
District, Tianjin City, China. |
|
ZHANG Wenfeng |
Room 603, No. 18 Hongzhuan Apartment, Taishan Road,
Hexi District, Tianjin City, China. |
(As per registry dated 31-03-2015)
|
Name |
Address |
Co. No. |
|
Smart Team Secretarial Ltd. |
Room A, 20/f., Kiu Fu Commercial Building, 300 Lockhart
Road, Wanchai, Hong Kong. |
1669601 |
MORTGAGE OR CHARGE: (See attachment)
Bohai Steel Group
International Trading (Hong Kong) Co. Ltd. was incorporated on 31st March, 2014
as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at ‘Room A, 20/F.,
Kiu Fu Commercial Building, 300 Lockhart Road, Wanchai, Hong Kong’ known as
‘Smart Team Secretarial Ltd.’ which is handling its correspondences and
documents. This secretarial company is
also the corporate secretary of the subject.
The subject has no
employees in Hong Kong.
According to the
Companies Registry of Hong Kong, the subject has issued 31,939,227 ordinary
shares of US$1.00 each of which are jointly owned by the following five
companies:
· Bohai Steel International Holding Co. Ltd., Hong Kong. (51.00%)
· Bohai Steel Group Co. Ltd., China. (5.24%)
· Tianjin Metallurgical No. 1 Iron & Steel Group Co. Ltd., China. (8.81%)
· Tianjin Tiantie Metallurgical Group Co. Ltd., China. (8.13%)
· Tianjin Tiangang International Trade Co. Ltd., China. (26.82%)
The first and second
belong to Bohai Steel Group [BHS]. These
two companies account for 56.24% stake of the subject. The other three companies are associates or
affiliates of BHS.
BHS is a state-owned
business group combined by four state-owned steel manufacturers in July 2010
with RMB17 billion Yuan registered capital.
The four manufacturers are Tianjin Pipe Group Corporation, Tianjin Iron
& Steel Group Co. Ltd., Tianjin Tiantie Metallurgy Group Co. Ltd. and
Tianjin Metallurgy Group Co. Ltd. The
Group has been approved and supervised by Tianjin Municipal Committee of the
Communist Party of China and Tianjin Municipal Government. The group is a massive production business
group which is specialized in sintering, iron making, steelmaking, continuous
casting, steel rolling and metal productions.
According to Fortune
500 of 2014, BHS became a new member of fortune 500 and ranked the 327th, this
is first time for BHS to become a member of Fortune 500. BHS ranked the 5th of all iron and steel
enterprises in China in 2014.
The ultimate goal of
BHS is to build a worldwide leading competitive group in iron and steel
industry with the possession of advanced technology. At present, the Group has set up the fund
settlement centre, the international trade company, the new industry company, the
capital operation company and the commercial trading company. In the years ahead, it will become a new
Bohai steel group with 12 functional departments, 1 research & development
centre and 8 subsidiaries.
The Group’s products
are marketed in China, exported to the other Asian countries, Europe, etc. Business is active.
All the directors of
the subject are China merchants and each of them is a China ID holder. Currently they are residing in Tianjin,
China.
The directors do not
have the right to reside in Hong Kong permanently.
The subject has been
banking with Oversea-Chinese Banking Corporation Ltd., Hong Kong.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is just over a year and six months.
Since the subject
does not have its own operating office and has no employees in Hong Kong,
consider it good for business engagements on L/C basis.
|
Date |
Description
of Instrument |
Mortgagee |
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14-07-2015 |
Charge on Cash Deposit |
Oversea-Chinese Banking Corporation Ltd.,
Hong Kong Branch. |
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14-07-2015 |
Trade Finance Security
Agreement |
Oversea-Chinese Banking Corporation Ltd.,
Hong Kong Branch. |
|
11-09-2015 |
Deed of Charge |
BNP Paribas, Hong Kong Branch. |
|
11-09-2015 |
Pledge and Master Trust
Receipt |
BNP Paribas, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.04 |
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|
1 |
Rs.99.58 |
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Euro |
1 |
Rs.71.75 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
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.