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MIRA INFORM REPORT
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Report No. : |
497833 |
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Report Date : |
19.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ASIA MINERALS LIMITED |
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Registered Office : |
20/F., Lee Garden Five, 18 Hysan Avenue, Causeway Bay |
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Country : |
Hongkong |
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Date of Incorporation : |
23.12.1992 |
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Com. Reg. No.: |
16667234 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Mineral Ore. |
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No. of Employees : |
16 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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 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 |
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 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
ASIA MINERALS LIMITED
ADDRESS: 20/F., Lee Garden Five, 18 Hysan
Avenue, Causeway Bay, Hong Kong.
PHONE: 852-2856 3350, 2586 3321, 2586 3333
FAX: 852-2827 6552, 2511 2481, 2827 1396,
2586 3330
E-MAIL: h.suzuki@smart-alloy.com
MANAGEMENT
Chairman & Managing Director: Mr. Hirotaka Suzuki
SUMMARY
Incorporated on: 23rd December, 1992.
Organization: Private Limited Company.
Issued Share Capital: HK$2,863,127.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 16.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head
Office:-
20/F., Lee Garden Five, 18 Hysan Avenue, Causeway Bay,
Hong Kong.
Holding Company:-
Sharprofit Trading Ltd., Hong Kong. (Same address)
Associated Companies:-
AML China Ltd., China.
AML Europe SAS, France.
AML Japan Ltd., Japan.
AML Jinzhou Resources Co. Ltd., China.
AML Korea Ltd., Korea.
AML Resources (Shenzhen) Co.
Ltd., China.
AML Ukraine, Ukraine.
Asia Minerals India Private Ltd., India.
Asia Minerals Investment Ltd., Hong Kong. (Same address)
Asia Minerals North America LLC, USA.
Asia Minerals South Africa (Pty) Ltd., South Africa.
Asia Minerals Trading Ltd.,
Hong Kong.
Asia Minerals Zambia Ltd., Zambia.
CITIC Jinzhou Ferroalloy Works
Co.
Ltd., China.
IMA Resource Ltd., China.
Kudumane Manganese Resources
(Pty) Ltd., South Africa.
Mountainous Ltd., Hong Kong. (Same address)
Pertama Ferroalloys Sdn. Bhd., Malaysia.
Sarda Energy & Mineral
Ltd., India.
Sichuan Chuantou Emei Ferroalloy (Group) Co. Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
16667234
COMPANY FILE NUMBER
0395821
MANAGEMENT
Chairman & Managing Director: Mr. Hirotaka Suzuki
Deputy Managing Director: Mr. Jiang Jian Tao, Adam
ISSUED SHARE CAPITAL
HK$2,863,127.00
SHAREHOLDERS
(As per registry dated 23-12-2017)
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Name |
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No. of shares |
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Mountainous Ltd., Hong Kong. |
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607,600 |
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Sharprofit Trading Ltd., Hong Kong. |
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2,255,527 |
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–––––––– |
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Total: |
2,863,127 ======= |
DIRECTORS
(As per registry dated 23-12-2017)
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Name (Nationality) |
Address |
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Hirotaka SUZUKI |
Unit B, 15/F., Monmouth Villa, 3 Monmouth Terrace,
Wanchai, Hong Kong. |
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Setsuo SUZUKI |
Room 2006, Park Square Yokohama, 2 Yoshihama-cho,
Naka-ku, Yokohama-shi, Kanagawa 231-0024, Japan. |
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JIANG Jiantao, Adam |
Flat D, 38/F., Tower 6, Island Resort, Siu Sai Wan,
Hong Kong. |
SECRETARY
(As per registry dated 23-12-2017)
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Name |
Address |
Co. No. |
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Cheng & Cheng Corporate Services Ltd. |
Room 1201, 12/F., Allied Kajima Building, 138 Gloucester
Road, Wanchai, Hong Kong. |
0307222 |
HISTORY
The subject was
incorporated on 23rd December, 1992 as a private limited liability company
under the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Stanley Development Ltd., name changed
to the present style on 29th June,
1993.
Formerly the subject
was located at ‘7/F., Luk Kwok Centre, 72 Gloucester Road, Wanchai, Hong Kong’,
moved to the present address with effect from 10th July, 2017.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of mineral ore.
Employees: 16.
Commodities Imported: China, Korea, Ukraine, South Africa, Australia, etc.
Markets: China, Japan, Korea, North America, Taiwan, Western Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, or as per contracted.
FINANCIAL INFORMATION
Issued Share Capital: HK$2,863,127.00
Mortgage or Charge
(Since 2011): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Business is active.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Good.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Indover Asia Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
The Bank of Tokyo-Mitsubishi UFJ, Ltd., Hong Kong Branch.
The Korea Development Bank, Singapore Branch.
Maybank Trustees Berhad, Malaysia.
Standing: Very Good.
GENERAL
Having issued
2,863,127 ordinary shares of HK$1.00 each, Asia Minerals Limited is a joint
venture between the following two firms:-
Mountainous Ltd.,
Hong Kong.……………….……………… 21%
Sharprofit Trading
Ltd., Hong Kong.………………………… 79%
Both companies are
located at the same address as the subject.
The subject is an
international corporation with subsidiaries spread across the globe in Asia,
Africa, Europe, CIS and North America.
It is specialized in all Manganese related business from Ores to
Ferroalloys, Metals and Chemicals. It is
committed to Manganese and devoted to provide all kinds of solutions to its
customers for their needs of Manganese.
The directors of the
subject are two Japanese and a Chinese.
Now, at least two of them are residing in Hong Kong.
The subject is
chiefly trading in manganese ores, manganese and silicon ferroalloys.
Besides, the subject
also trades in Coke, Semi-Coke, Anthracite, Silica Fumes, etc. All these products belong to the carbon
family.
The subject acquired
its first ferro-alloy smelting plant in Inner Mongolia in 2005 and acquired its
second smelting plant in Liaoning Province in 2009.
The subject intends
to become a 20% supplier of manganese to the world’s demand in 2020 through
developing a manganese mine in Kalahari in South Africa and its greenfield
plant of manganese group ferroalloys in Sarawak in Malaysia. The South Africa manganese mine is a joint
venture.
Currently, the subject
has had the following two main projects:-
Kudumane Manganese
Mine Project, South Africa.
Sarawak Manganese
Group Ferroalloys Plant, Malaysia.
The first project in
South Africa is managed by Kudumane Manganese
Resources (Proprietary) Ltd. [KMR] which is a South Africa-based company. It is a manganese mining
company duly registered and incorporated in accordance with the laws of South
Africa.
Kudumane Manganese
Mine commenced production in the mid of 2013.
The target is to produce 3.0 million tonnes of manganese ore annually.
KMR has over 250
million MT of manganese resources and currently is operating 1.3 million MT of
annual production.
The second project in Sarawak is managed by Pertama Ferroalloys Sdn.
Bhd. [Pertama]. The plant of Pertama
occupies around 180 hectares of land in the Samalaju Industrial Zone in Bintulu
of the Sarawak State, Malaysia.
Pertama is jointly
owned by the subject, Nippon Denko Company Limited, Chuo Denki Kogyo Co. Ltd.,
Shinsho Corporation and Carbon Capital Corporation Sdn. Bhd; while the subject
is the majority shareholder.
The final products of
the plant are manganese alloys and ferro silicon. These final products are
consumed locally as well as exported to countries worldwide.
Besides, the subject
keeps a strong relationship with many large steel producers worldwide and
supplies Manganese Alloys to those consumers, some of which are listed below:
South Korea: Hyundai
Steel Company, Dongkuk Steel Mill Co. Ltd., YK Steel Corporation, Korea
Iron & Steel Co. Ltd., Seah Besteel Corporation, Daehan Steel Co. Ltd.;
China: Bao Steel,
Angang Steel, Baotou Steel;
United States:
Allegheny Ludlum Corporation, SSAB Alabama Inc., SSAB Iowa Inc., United States
Steel Corporation, Steel Dynamics, Inc.;
EU: ArcelorMittal,
ThyssenKrupp Nirosta GmbH, Compania Espanola de Laminacion, S.L.;
CIS: Novolipetsk
Steel (NLMK); &
Middle East: Saudi
Iron and Steel Company, Societe Nationale de Siderurgie S.A., Eregli Iron and
Steel Works Company.
Japan: Nippon Steel
Corporation, JFE Steel Corporation, Kobe Steel Ltd., Mitsubishi Steel Mfg Co.
Ltd.
In 2009, the subject
acquired majority stakes of a Manganese smelting plant, “Nichiden Jinzhou”,
which is located in Liaoning province, China, and formed a joint venture
company named “AML Jinzhou Resources Co., Ltd.”.
One of the directors
of the subject Jiang Jian Tao, Adam is responsible for the business of the
subject’s China associates.
AML Resources (Shenzhen) Co. Ltd., a China-based company, is the trading
arm of the subject in Southern China.
The business of the
subject is chiefly handled by Hirotaka Suzuki.
As the history of the
subject is over twenty-five years and two months in Hong Kong,
on the whole, consider it good for normal business engagements.
MORTGAGE OR CHARGE
(Since 2011)
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Date |
Description
of Instrument |
Mortgagee |
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04-03-2011 |
Security Agreement over Bank
Account |
Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
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08-05-2012 |
Deed of Charge and Assignment of Receivables |
ING Bank N.V., Hong Kong Branch. |
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07-11-2014 |
Trade Finance Security Agreement |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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01-12-2015 |
Share Charge |
Maybank Trustees Berhad |
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01-12-2015 |
Assignment of Shareholder Loans |
Maybank Trustees Berhad |
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27-04-2016 |
Charge of Shares in Kudumane Investment Holding Ltd. |
The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong
Branch. |
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28-01-2017 |
KIH Shares Charge |
The Korea Development Bank |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.87 |
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1 |
INR 90.49 |
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Euro |
1 |
INR 79.91 |
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HKD |
1 |
INR 8.29 |
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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PRA |
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Report Prepared
by : |
NIT |
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.