|
|
|
MIRA INFORM REPORT
|
Report No. : |
512508 |
|
Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
|
Name : |
CUMIC STEEL LIMITED |
|
|
|
|
Registered Office : |
C/o Offshore Business Consultant (HK) Ltd. Unit 2, LG 1, Mirror Tower, 61 Mody Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
16.01.2006 |
|
|
|
|
Com. Reg. No.: |
36376794 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
|
|
|
|
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)
|
MIRA’s Rating : |
C |
|
Credit Rating |
Explanation |
Rating Comments |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
Status : |
No Operating Office in Hong Kong |
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
|
Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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.
|
Source
: CIA |
Note
(With Formerly Located At:
MSH 3061,Room 1007, 10/F., Ho King Centre,
2-16 Fa Yuen Street, Mongkok,
Kowloon, Hong Kong)
Company
name
CUMIC STEEL LIMITED
ADDRESS
Registered
Office:-
C/o Offshore Business Consultant (HK) Ltd.
Unit 2, LG 1, Mirror Tower, 61 Mody Road, Tsimshatsui, Kowloon, Hong
Kong.
Holding Company:-
Cumic Resources Ltd., British Virgin Islands.
Affiliated
Companies:-
Shanghai Cumic Steel Ltd.
Room 2002-2005, City Centre Tower A, 100 Zunyi Road, Changning District,
200051 Shanghai, China.
[Tel: 86-21-5611 8383
Fax: 86-21-5611 9383
E-mail: cumic@cumic.com]
CUMIC Dubai
P.O. Box 53791, Unit 2809, JBC 01, Jumeirah Lake Towers, Dubai, UAE.
[Tel: 971-4-551-9631
E-mail: cumic@cumic.com]
CUMIC Houston
1400 Broadfield Blvd, Suite 200, Houston, Texas 77084, U.S.
[Tel: 1-832-980-8097
E-mail: cumic@cumic.com]
BUSINESS
REGISTRATION NUMBER
36376794
COMPANY
FILE NUMBER
1019472
DATE
OF INCORPORATION
16th January, 2006.
ISSUED
SHARE CAPITAL
HK$100,000,000.00
SHAREHOLDER
(As per registry dated 16-01-2018)
|
Name |
|
No. of shares |
|
Cumic Resources Ltd. Palm Grve House, P.O. Box 438, Road Town, Tortola, British Virgin Islands. |
|
100,000,000 ========= |
DIRECTORS
(As per registry dated 16-01-2018)
|
Name (Nationality) |
Address |
|
ZHANG Jiahua |
Room 601, No. 356 Building, Gongfusichun, Baoshan District, Shanghai,
China. |
|
TU Ling |
Room 801, No. 22 Building, 667 Haijiang Road, Baoshan District,
Shanghai, China. |
|
QIAN Haiming |
Room 1102, No. 51 Building, 1298 Mudanjiang Road, Baoshan District,
Shanghai, China. |
SECRETARY
(As per registry dated 16-01-2018)
|
Name |
Address |
Co. No. |
|
SBS Nominee Ltd. |
Unit 1002B, 10/F., Fortress Tower, 250 King’s Road, Nroth Point,
Hong Kong. |
0809165 |
HISTORY
The subject was incorporated on 16th January, 2006 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at MSH 3061,
Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon,
Hong Kong where was the operating address of a commercial service provider
known as HKRTP Ltd. The subject’s
registered office moved to ‘Room (Oselsg) V709, Block D, 12/F., Victorious
Fty Building, 35 Tseuk Luk Street, San Po Kong, Kowloon, Hong Kong’ in
January 2017 as it had changed its commercial service provider since then. The subject’s registered office moved to the
present address in January 2018 as it has changed its commercial service
provider again.
Apart from these, neither material change nor amendment has been ever
traced and noted.
GENERAL
Cumic Steel Limited formerly had issued 20 million ordinary shares of
HK$1.00 each, it was jointly owned by six China merchants while the largest
shareholder Mr. Qian Haiming held 82% interests; the second largest
shareholder Mr. Zhang Jiahua held 8%.
The other four shareholders held 10% in total. Now, the shareholders have been reshuffled
and its issued share capital was increased to HK$100 million. It is solely owned by Cumic Resources Ltd., a
BVI-registered company.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at ‘Unit 2, LG 1, Mirror Tower, 61 Mody Road, Tsimshatsui,
Kowloon, Hong Kong’ known as ‘Offshore Business Consultant (HK) Ltd.’ which
is handling its correspondences and documents.
The directors of the subject are Mr. Zhang Jiahua, Mr. Tu Ling and Mr.
Qian Haiming. All are China merchants
and residing in Shanghai, China.
The subject has no employees in Hong Kong.
According to the subject, its businesses started in May, 2006 and the
first deal was concluded also in May, 2006.
To our knowledge, the subject has had an associated company in Shanghai,
China known as Shanghai Cumic Steel Ltd. [Shanghai Cumic]. Shanghai Cumic and the subject are engaged in
the same lines of business. Its phone
number in Shanghai is 86-21-5611 8383.
Shanghai Cumic is devoted to the steel business including international
trading. It is also involved in local
processing and distribution for steel products.
The management team of Shanghai Cumic is experienced professionals in
the steel industry. Shanghai Cumic
enjoys good reputation in the steel industry in China as well as in some of the
countries of the world.
Shanghai Cumic trades in carbon steel and special steel. The products carried by Shanghai Cumic
includes long products, flat products, special products, pipes and tubes, slab
and billet, and iron and steel raw materials.
Shanghai Cumic keeps stable relationship with local and overseas iron
and steel mills, especially those based in China and the other Asian
countries. Shanghai Cumic serves the
customers in the Middle East, East Asia, Latin America, Africa and Europe.
Besides, Shanghai Cumic also has been keeping cooperation relationships
with customers in North America, Australia, Southeast Asia, etc. Shanghai Cumic’s customers include those
enterprises engaged in machine, building, structure manufacturing, automobile
manufacturing, home appliance industry, light industry, and gas and oil
transportation. Its customers are in
over forty countries.
Shanghai Cumic also maintains long term, stable and close ties with
close prime World Bank, insurance companies, shipping companies, main port
authorities, etc.
On 8th August, 2006, Shanghai Cumic was granted facility from prime
World Bank.
In 2007, Shanghai Cumic penetrated the South Africa market.
In 2008, Shanghai Cumic penetrated the Latin America and Australia
market. In 2011, its sales of steel
reached 620,000 metric tonnes.
Many large iron and steel companies are the main suppliers of Shanghai
Cumic.
Shanghai Cumic now has set up offices in the United States [CUMIC
Houston] and Dubai of the United Arab Emirates [CUMIC Dubai].
In 2016, the sales turnover of the Group amounted to US$500 million and
sold about 1.2 million MT of iron and steel.
Now, its annual turnover ranges from US$500 to 600 million. The Group has over 1,000 customers in more
than 50 countries of the world. Now, it
is servicing over 200 mills from China, the other Asian countries, Europe, etc.
The subject has been banking with the following banks:
DBS Bank (Hong Kong) Ltd., Hong Kong.
Agricultural Bank of China, Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. [Business names:
Rabobank Nederland, Rabobank and Rabobank International], Hong Kong
Branch.
United Overseas Bank Ltd., Hong Kong Branch.
The subject’s business in Hong Kong is not very active. History in Hong Kong is over twelve
years and four months.
On the whole, 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.
MORTGAGE
OR CHARGE
(Since 2009)
|
Date |
Description of
Instrument |
Mortgagee |
|
02-03-2009 |
Charge on Cash Deposit to secure Liabilities of the Depositor |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
|
20-12-2010 |
Deed of Charge |
BNP Paribas, Singapore Branch. |
|
25-06-2012 |
Security Over Deposits with the Bank |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
01-08-2013 |
Security Over Deposits with the Bank |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong |
|
01-08-2013 |
Trade Finance Security Agreement |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
08-07-2014 |
Charge Over Securities and Deposits with the Bank (Limited Company)
(Unlimited Amount) |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
13-02-2015 |
Trade Finance Security Assignment |
Cooperatieve Centrale Raiffeisen-Boerenleenbank B.A. [Business names:
Rabobank Nederland, Rabobank and Rabobank International], Hong Kong
Branch. |
|
01-04-2016 |
Trade Finance Security Assignment |
United Overseas Bank Ltd., Hong Kong Branch. |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.45 |
|
|
1 |
INR 89.79 |
|
Euro |
1 |
INR 78.79 |
|
HKD |
1 |
INR 8.56 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
|
|
|
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.