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MIRA
INFORM REPORT
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Report No. : |
491688 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
HONG KONG HAILIANG METAL TRADING LIMITED |
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Registered Office : |
c/o Hongkong Manager & Secretaries Ltd.
Unit 1607-1608, 16/F., Citicorp Centre, 18 Whitfield Road, Causeway Bay |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.12.2006 |
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Com. Reg. No.: |
37455614 |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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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
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
No operating office in Hong Kong |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
HONG KONG
HAILIANG METAL TRADING
LIMITED
ADDRESS:
Registered Head Office:-
c/o Hongkong Manager & Secretaries Ltd.
Unit 1607-1608, 16/F., Citicorp Centre, 18
Whitfield Road, Causeway Bay, Hong Kong.
Holding Company:-
Zhejiang Hailiang Co. Ltd., China.
Ultimate Holding Company:-
Hailiang Group Co. Ltd., China.
Associated Companies:-
Bank of Ningxia Co. Ltd., China.
Guangdong Hailiang Copper Co. Ltd., China.
Hailiang (Africa) Mining Investment Co. Ltd.,
British Virgin Islands.
Hailiang (Anhui) Copper Co. Ltd., China.
Hailiang (Vietnam) Copper Co. Ltd., Vietnam.
Hailiang Group (USA) Inc., USA.
Hailiang Group Finance Co. Ltd., China.
Honghe Henghao Mining Co. Ltd., China.
Hongkong Hailiang Metal Materials Co. Ltd.,
Hong Kong.
Jinchuan Group Co. Ltd., China.
Shanghai Hailiang Copper Co. Ltd., China.
Societe Hailiang Congo Mining SARL., D.R.
Congo
Vietnam Hailiang Metal Products Manufacturing
Co. Ltd., Vietnam.
Zhejiang Hailiang Environment Matters Co.
Ltd., China.
Zhejiang Hailiang International Trade Co.
Ltd., China.
Zhejiang Keyu Metal Material Co. Ltd., China.
Zhuji City Haibo Microcredit Co. Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
37455614
COMPANY FILE NUMBER
1094229
DATE OF INCORPORATION
9th
December, 2006.
ISSUED SHARE CAPITAL
HK$233,220,000.00
SHAREHOLDER
(As per registry dated 09-12-2017)
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Name |
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No. of
shares |
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Zhejiang
Hailiang Co. Ltd. Diankou,
Zhuji, Zhejiang Province, China. |
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233,220,000 ========= |
DIRECTOR
(As per registry dated 09-12-2017)
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Name (Nationality) |
Address |
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JIANG
Lirong |
Shengling
676, Anchang Town, Shaoxing, Zhejiang Province, China. |
SECRETARY
(As per registry dated 09-12-2017)
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Name |
Address |
Co. No. |
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Hongkong
Managers & Secretaries Ltd. |
Unit
1607-1608, 16/F., Citicorp Centre, 18 Whitfield Road, Causeway Bay,
Hong Kong. |
0020984 |
HISTORY
The subject was incorporated on 9th December,
2006 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly
the subject’s registered office was located at Room 1005, 10/F., Railway Plaza,
39 Chatham Road, Tsimshatsui, Kowloon, Hong Kong, while its head office was
located at Flat D, 15/F., Celeste Court, 12 Fung Fai Terrace,
Happy Valley, Hong Kong, moved to Room 3401-3402, 34/F., AIA Tower, 183
Electric Road, North Point, Hong Kong in June 2010 and further to the
present address in September 2013.
Apart from these, neither material change nor
amendment has been ever traced and noted.
INDEBTEDNESS
US$54,463,389.65 (including a bank loan of
US$45,000,000 and a mortgage of US$9,463,389.65) & EUR 29,950,000 (Total
amount outstanding on all mortgages and charges as per last Annual Return dated
09-12-2017)
MORTGAGE OR CHARGE
(See
attachment)
GENERAL
Having issued 233,220,000 ordinary shares of HK$1.00 each, Hong
Kong Hailiang Metal Trading Limited is a wholly owned subsidiary of Zhejiang
Hailiang Co. Ltd. [Hailiang] which is a China-based firm. The only director of the subject Jiang Lirong
is a China ID holder. Currently he is
residing in Shaoxing City, Zhejiang Province, China.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Unit 1607-1608, 16/F., Citicorp Centre,
18 Whitfield Road, Causeway Bay, Hong Kong known as Hongkong Managers
& Secretaries Ltd. which is handling its correspondences and
documents. Hongkong Managers &
Secretaries Ltd. is also the corporate secretary of the subject. The subject has no employees in Hong Kong.
The subject’s parent Hailiang is one of the largest manufacturers
for copper and copper alloy products such as copper tube, brass tube, copper
fittings, brass fittings, copper alloy tube, copper water tube, insulated
copper tubes and plastic-coated copper tubes, brass rods, etc. The annual production capacity of Hailiang is
over 180,000 tons. It has got the ISO
9001 certification and also the certifications approved for different products
in different markets such as NSF, UPC, WHI and KITEMARK, SAI, SGS, SABS,
C-TPAT, etc. Hailiang’s products are
able to satisfy the requirements of various customers. One of Hailiang’s US customers is Abco Metals
Inc. Hailiang’s products are usually
shipped by Shanghai Hailiang Copper Co. Ltd.
Now,
Hailiang has become a large international private-owned group which takes
non-ferrous metals, real estate construction, agricultural food, environmental
protection, basic education and industrial finance as focus boasting 5 listed
companies at home and aboard with its assets totalling over RMB65 billion Yuan.
The following table shows the financial
highlights of Hailiang:
Unit:
RMB’ million Yuan (Year ended 31 December)
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Items |
2016 |
2015 |
2014 |
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Revenue |
17,917.1 |
13,591.0 |
12,294.6 |
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Profit/(Loss) Attributable to equity
holders of parent |
551.2 |
456.7 |
495.0 |
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Total Equity |
4,312.1 |
3,810.6 |
3,470.4 |
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Items |
9 months ended 30-09-2017 |
9 months ended 30-09-2016 |
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Revenue |
20,987.7 |
12,725.2 |
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Profit/(Loss) Attributable to equity
holders of parent |
575.1 |
396.8 |
For the year ended 2016, Hailiang Group had about 4,000 employees
in China.
For the year ended 31st December, 2016, the turnover of the Group
amounted to RMB17,917.1 million Yuan, increased by 31.8% as compared with
RMB13,591.0 million Yuan in 2015 and net profit attributable to shareholders
was RMB551.2 million Yuan, grew by 20.7% as compared with RMB456.7 million
Yuan in previous year.
For the 9 months ended 30th September, 2017, the turnover of the
Group amounted to RMB20,987.7 million Yuan, increased by 64.9% as compared with
RMB12,725.2 million Yuan in the same period of 2016 and net profit attributable
to shareholders was RMB575.1 million Yuan, grew by 44.9% as compared with
RMB396.8 million Yuan in the same period of previous year.
It is predicted that the turnover of the Group in the full year of
2017 will be the best in past four years.
In Hong Kong, the subject has been banking with the following
banks:
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
China Construction Bank Corporation, Hong Kong Branch.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Australia & New Zealand Banking Group Ltd., Hong Kong
Branch.
HSBC Bank (China) Co. Ltd., Hangzhou Branch, China.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eleven
years and two months.
The subject is fully supported by the Group.
Since the subject does not have its own operating office and has
no employees in Hong Kong, consider it good for business engagements in small
credit amount or on L/C basis.
MORTGAGE OR CHARGE
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Date |
Description
of Instrument |
Mortgagee |
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01-12-2008 |
Charge
Over Account |
China Construction Bank Corporation,
Hong Kong Branch. |
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31-05-2011 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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21-02-2012 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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25-07-2012 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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07-01-2013 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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16-02-2013 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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12-07-2013 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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15-07-2013 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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25-10-2013 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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25-12-2013 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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14-04-2015 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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24-04-2015 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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29-12-2015 |
Trade
Finance Security Agreement |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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11-07-2016 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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22-03-2017 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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11-08-2017 |
Agreement
for Pledge of Receivables |
HSBC Bank (China) Co. Ltd., |
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.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.13 |
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1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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HKD |
1 |
INR 8.17 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.