|
Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
GLOBAL
WELSUN CO. LTD. |
|
|
|
|
Registered Office : |
c/o Fu Wah Int’l Business (HK) Ltd., Unit 04, 7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
20.11.2008 |
|
|
|
|
Com. Reg. No.: |
50022406 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is trading in commodities including furniture, building materials, electric appliances, garments, etc. |
|
|
|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 re-exports, is about four times GDP. 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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.
|
Source : CIA |
GLOBAL WELSUN CO. LTD.
c/o Fu Wah Int’l Business (HK) Ltd.
Unit 04, 7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon, Hong Kong.
PHONE: 2389 2981
Managing Director: Mr. Zhang Xiao Hui
Incorporated on: 20th November, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Logistic Service Provider.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation Satisfactory.
Registered Head
Office:-
c/o Fu Wah Int’l Business (HK) Ltd.
Unit 04, 7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon, Hong Kong.
Associated
Companies:-
Global Welsun Logistics Co., Hong Kong.
Shenzhen Global Welsun Co. Ltd., China.
Shenzhen Global Welsun Logistics Co. Ltd., China.
50022406
1288608
Managing Director: Mr. Zhang Xiao Hui
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 20-11-2012)
|
Name |
|
No. of shares |
|
ZHANG Xiao Hui |
|
10,000 ===== |
(As per registry
dated 20-11-2012)
|
Name (Nationality) |
Address |
|
ZHANG Xiao Hui |
Room 206, Building 11, Shahezhongxin Street, Nanshan District, Shenzhen City, Guangdong Province, China. |
(As per registry
dated 20-11-2012)
|
Name |
Address |
Co.
No. |
|
Fu Wah Int’l Business (HK) Ltd. |
Unit 04, 7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon, Hong Kong. |
1205540 |
The subject was incorporated on 20th November, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Unit D, 16/F., Cheuk Nang Plaza, 250 Hennessy Road, Wanchai, Hong Kong where was the operating address of a commercial service provider Hong Kong United Accounting & Secretarial Ltd. The subject moved to the present address in November 2011 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Logistic Service Provider.
Lines: Furniture, building materials, electric appliances, garments, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: China, other Asian countries, Europe, North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Is making use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Global Welsun Co. Ltd. is wholly owned by Mr. Zhang Xiao Hui who is a China merchant. He is a China ID holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit 04, 7/F., Bright Way Tower, 33 Mong Kok Road, Kowloon, Hong Kong known as Fu Wah Int’l Business (HK) Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It has had an associated company in Shenzhen Special Economic Zone known as Shenzhen Global Welsun Co. Ltd. [SGW]
The subject and SGW are engaged in the same lines of business. SGW is trading in the following commodities: furniture, building materials, electric appliances, garments, etc.
The legal representative of SGW is also Zhang Xiao Hui.
Your given phone and fax number 86-768-6675286 and 86-768-6680278 respectively belong to a China firm known as Zhengfei Stainless Steel Products Manufactory [Zhengfei]. This firm is located at Caitang Town, Chao’an County, Chaozhou City, Guangdong Province, China. However, this firm has nothing to do with the subject nor SGW.
Besides, the subject has had another associated company Shenzhen Global Welsun Logistics Co. Ltd. [SGWL] which is also in Shenzhen Special Economic Zone, China.
SGWL is engaged in
the following business scope:-
l
Freight
forwarding;
l
Shipping;
l
Transportation;
l
Container
Shipping;
l
Customs
Declaration;
l
Receiving L/Cs
for clients;
l
Agent for
factories in tax rebating; &
l
Consultancy.
According to SGWL, it has been maintaining good relation with the following shipping companies: Maersk, OOCL, CMA, HMM, HJS, Cosco, Zim, YML, Norasia, MSC, CSCL, etc.
The business of SGWL is rather active.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four years and a month.
Since the subject does not have its own operating office and has no employees in Hong Kong, on the whole, consider it good for business engagements on secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.07 |
|
UK Pound |
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.