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Report No. : |
338992 |
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Report Date : |
04.09.2015 |
IDENTIFICATION DETAILS
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Name : |
DENDER TRADING LTD. |
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Registered Office : |
Unit 1901A, 19/F., Tower 1, New World Tower, 16-18 Queen’s Road Central, Central |
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Country : |
Hongkong |
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Date of Incorporation : |
20.04.2005 |
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Com. Reg. No.: |
35551694 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of Iron & Steel Products. |
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No. of Employees : |
5 |
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) |
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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 |
DENDER
TRADING LTD.
ADDRESS: Unit 1901A, 19/F., Tower 1,
New World Tower, 16-18 Queen’s Road Central,
Central, Hong Kong.
PHONE: 852-2525
7225
FAX: 852-2525
7978
E-MAIL: admin@dender.com.hk
Managing Director:
Mr. Mang Tak Hing, Andrew
Incorporated on: 20th April, 2005.
Organization: Private Limited Company.
Issued Share Capital: HK$100.00
Business Category: Iron
& Steel Product Trader.
Employees: 5.
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 1901A, 19/F., Tower 1, New World Tower, 16-18
Queen’s Road Central, Central, Hong Kong.
35551694
0964872
Managing Director:
Mr. Mang Tak Hing, Andrew
HK$100.00
(As per registry dated 20-04-2015)
|
Name |
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No. of shares |
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MANG Tak Hing |
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5 |
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YANG Xiao Hua |
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90 |
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SHI Yan |
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5 |
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––– |
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Total: |
100 === |
(As per registry dated 20-04-2015)
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Name (Nationality) |
Address |
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YANG Xiao Hua |
No. 2, 156 Nong, Yuqing Road, Xuhui Qu, Shanghai Shi,
China. |
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MANG Tak Hing |
Room B, 41/F., Block 1, Illumination Terrace, 5 Tai
Hang Road, Hong Kong. |
(As per registry dated 20-04-2015)
|
Name |
Address |
Co. No. |
|
Apex Corporate Secretaries Ltd. |
11/F., Kwan Chart Tower, 6 Tonnochy Road, Wanchai, Hong
Kong. |
0148322 |
The subject was
incorporated on 20th April, 2005 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: Iron
& Steel Product Trader.
Lines: All
kinds of iron & steel products.
Employees: 5.
Commodities Imported: India,
Russia, Europe, etc.
Markets: Africa, Australasia,
Central & South America, China, Eastern Europe, Hong Kong, Japan, Korea, Middle East, North America, Other
Asian Countries, Scandinavia, Southeast Asia, Taiwan, Western Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$100.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
Bank of China
(Hong Kong) Ltd., Hong Kong.
Agricultural Bank of
China Ltd., Hong Kong.
Standing: Good.
Having issued 100
ordinary shares of HK$1.00 each, Dender Trading Ltd. is jointly owned by Mr.
Mang Tak Hing, holding 5% interests; Mr. Yang Xiao Hua, holding 90%; Mr. Shi
Yan, also 5%. The second and third are
residing in Shanghai, China.
The subject is
trading in the following commodities:-
· Bar - Steel (For Building and Construction ) (OEM);
· Building Material - Misc. (Steel, OEM), etc. &
· Steel (OEM).
The subject’s
products are marketed in Hong Kong, China and re-exported to the following countries
and areas:-
Africa, Australasia,
Central & South America, Eastern Europe, Japan, Korea, the Middle East,
North America, Scandinavia, Southeast Asia, Taiwan, Other Asian Countries,
Western Europe, etc.
The subject is
chiefly engaged in trading steel pipes and tubes with the qualification of
doing import and export business.
According to the
subject, it is an agent for carton steel of the ‘Timber Company’. The subject has had close business ties with
a number of iron and steel companies in China.
The subject has had
an associated company bearing the same name and managed by Yang Xiao Hua and
Shi Yan in Shanghai, China.
The Shanghai firm has
got the following awards:-
· 2006 Shanghai Famous Brand Award;
· Certification of contract credit AAA Grade;
· ISO 14001:2004 Certification of standard Environmental Management system; &
· Shanghai top 100 private enterprises.
The business of the
subject has been active as the demand of iron and steel products has been
increasing. The subject currently is looking for more suppliers.
The business of the
subject is chiefly handled by Mr. Mang Tak Hing Andrew who is a Hong Kong
merchant.
The subject’s
business is profitable and active.
As the history of the
subject is over ten years and four months in Hong Kong, on the whole, consider
it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
24-07-2007 |
Instrument: Deed of Indemnity, Charge Over Deposit
and Set-Off Property: By way of Fixed Charge to the Bank all the Company’s estate,
right, title, claim, benefit and interest to and in the Deposit (Account No.
012-3011225-5) and all interest from time to time payable thereon and
together with all title deeds and documents relating thereto Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
All moneys in respect of general banking facilities of
whatever nature & in whatever currency or currencies to any extent Bank
of China (Hong Kong Ltd.) shall think fit granted or to be granted to Dender Trading
Ltd. on such terms, conditions, manner and form and for so long as the Bank
may at its sole discretion think fit together with interest accrued thereon |
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25-09-2013 |
Instrument: Trade Finance Security Assignment Property: For good and valuable consideration, receipt of which
is acknowledged, the Borrower as beneficial owner and as continuing security
for the payment of all Secured Liabilities: (a) Assigns
and agrees to assign absolutely to the Bank all the present and future
rights, title, interests and benefits of the Borrower in and to the following
assets: (i) The
Bills of Exchange; (ii) The
Export Credits; (iii) The
Export Collection Bills; (iv) The
Sales Contracts; (v) The
Invoice Receivables; (vi) The
Insurances; (vii) The
Trade Documents; (viii) The
Related Collaterals; & (ix) All
claims, remedies and proceeds in connection with any of the foregoing. (b) Charges
and agrees to charge to the Bank by way of first fixed charge all the present
and future rights, title, interests and benefits of the Borrower in and to
the following assets: (i) The
Hedging Contracts; (ii) The
Goods together with their proceeds; (iii) The
Deposit; & (iv) To the
extent any Security Assets is not effectively assigned under sub-clause (a),
such Security Asset. (c) Pledges
and agrees to pledge to the Bank, the Bills of Exchange, the Pledged Goods
and the Trade Documents which are now or may in the future be in actual or
constructive possession of the Bank; and (d) Charges
and agrees to charge to the Bank by way of first floating charge all the
present and future rights, title, interests and benefits of the Borrower in
and to any Security Asset which is described in the above sub-clasues (a),
(b) and (c) but is not effectively charged by way of fixed charge or assigned
or pledged under the above sub-clauses (a), (b) and (c). Mortgagee: Agricultural Bank of China Ltd., Hong
Kong Branch. |
All monies, obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.23 |
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|
1 |
Rs.101.22 |
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Euro |
1 |
Rs.74.33 |
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.