|
Report Date : |
15.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
HONGKONG PETROCHEMICALS INTERNATIONAL
CO. LTD. |
|
|
|
|
Registered Office : |
c/o Orion House Secretarial Ltd., Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
19.11.2010 |
|
|
|
|
Com. Reg. No.: |
53322489 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of all kinds of petrochemical products, 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 |
HONGKONG PETROCHEMICALS INTERNATIONAL CO. LTD.
c/o Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2736 7372
FAX: 2736 8895
Managing Director: Mr. Zhao Yi
Incorporated on: 19th November, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Petrochemical Product Trader.
Employees: Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Ningbo Petrochemicals Import & Export Co. Ltd., China.
53322489
1530320
Managing Director: Mr. Zhao Yi
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry
dated 19-11-2012)
|
Name |
|
No.
of share |
|
Ningbo Petrochemicals
Import & Export Co. Ltd. 5/F., No. 227, Yongfeng West Road, Haishu Districts, Ningbo
City, Zhejiang Province, China. |
|
1 = |
(As per registry
dated 19-11-2012)
|
Name (Nationality) |
Address |
|
ZHAO Yi |
No. 188, Yasaiyan, Jiangbei
Districts, Ningbo City, Zhejiang Province, China. |
(As per registry
dated 19-11-2012)
|
Name |
Address |
Co.
No. |
|
Orion House Secretarial Ltd. |
Room 1401, 14/F., World Commerce Centre, Harbour City,
7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
1296458 |
The subject was incorporated on 19th November, 2010 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: Importer and Exporter
Lines: All kinds of petrochemical products, etc.
Employees: Nil.
Commodities Imported: Southeast Asia, Middle East, 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$1.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Hongkong Petrochemicals International Co., Ltd. is a wholly-owned subsidiary of Ningbo Petrochemicals Import & Export Co. Ltd. [NBPEC] which is a China-based firm.
The director of the subject Mr. Zhao Yi is a China merchant. He is a China passport 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 “Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong” known as “Orion House Secretarial 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 is a petrochemical product trader. It trades in the same products which are carried by its parent.
Currently NBPEC is
trading in the following products:-
· Agro-chemical Products;
· Apparels;
· Food Additives & Nutrition;
· Home Appliances;
· Kitchen Accessories;
· Petrochemical Products;
· Pharmaceuticals; &
· Plastic Products.
NBPEC is a comprehensive foreign trading company licensed by Ministry of Commence, the PRC. Found on 1973, after nearly 40 years development, NBPEC has become one of the important chemical companies in East Coast of China. It has been named one of the Top 100 Commerce Trade Companies of both Zhejiang Province and Ningbo City recently years by the Government.
NBPEC has been long in the line of import and export of chemical products since foundation. Now it mainly exports Agrochemicals, Organics Intermediates, fine chemicals and also other export oriented industries like hardware tools, garments, toys, electric appliances, etc. Its customers are all over the world.
NBPEC imports liquid petrochemicals, Normal Paraffin, acetone, toluene, xylene, DEG, methanol, IBA, NBA, Ethyl Acetate, etc. The products are distributed in China. NBPEC has had good reputation among chemical manufacturers in China. It also offers the service of being the agent of domestic and foreign companies for exporting their product from China.
NBPEC is the holding company of the following firms besides the subject:-
Ningbo Siming Chemical Co., Ltd., China
Ningbo Shiyuan Taxi Co., China
Ningbo Free Trade Zone Chemicals Supplying Industry Co., Ltd., China
The group’s business covers chemicals trading and manufacturing, Taxi business, and many other industries.
The subject’s business in Hong Kong is not active. History in Hong Kong is over two years.
Since the subject does not have its own operating office and has no employees in Hong Kong, and history is short, consider it good for business engagements on secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.44 |
|
UK Pound |
1 |
Rs.83.78 |
|
Euro |
1 |
Rs.71.33 |
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.