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Report Date : |
30.08.2013 |
IDENTIFICATION DETAILS
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Name : |
ARSEN INTERNATIONAL (HK) LTD. |
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Registered Office : |
C/o World Trade Enterprises Consultancy Ltd. Room 2105, 21/F., JHZ011, Trend Centre, |
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Country : |
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Date of Incorporation : |
26.03.2004 |
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Com. Reg. No.: |
34461319 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of iron and steel products |
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No. of Employees : |
No Employee in (It is to be
noted that the company does not have its own operating office in |
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 |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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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 levies
excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012,
an increase of 59% from the previous 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 34.9
million in 2012, 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 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% 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, and less than 2% in 2012.
Credit expansion and tight housing supply conditions caused Hong Kong property
prices to rise rapidly and inflation to rise 4.1% in 2012. 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
ARSEN INTERNATIONAL
(HK) LTD.
Address: c/o World Trade
Enterprises Consultancy Ltd.
Room 2105,
21/F., JHZ011, Trend Centre,
29-31
Cheung Lee Street,
Chai Wan, Hong
Kong.
Note: Your enquiry “Room 907 JHZ011
Wing Tuck Comercial,
PHONE: 852-2115 3188
FAX: 852-2115 9613
Managing Director: Ms. Shen Lixia
Incorporated on: 26th March, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Iron & Steel Trader.
Employees:
Nil.
Main Dealing Banker: DBS Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o World Trade Enterprises Consultancy Ltd.
Room 2105, 21/F., JHZ011, Trend Centre, 29-31 Cheung Lee Street, Chai
Wan, Hong Kong.
Holding Company:-
Zhejiang Materials Industry International Co. Ltd., China.
Associated Companies:-
Guangdong Ruihong Trading Co. Ltd., China.
Henan Jingang Development Steel Trading Co. Ltd., China.
Liaoning Xinda Development Steel Trading Co. Ltd., China.
Ningbo Zhenhai Hongyi Trading Co. Ltd., China.
Shanghai Maco Materials Industry Trading Co. Ltd., China.
Taizhou Ruihongda Trading Co. Ltd., China.
Tangshan Ruihongjin Steel Trading Co. Ltd., China.
Tianjin Ruihongjin Steel Trading Co. Ltd., China.
Zhejiang Daxie Fuel Oil Transportation & Sales Co. Ltd., China.
Zhejiang Materials Development Co. Ltd., China.
Zhejiang Materials Industry Property Management Co. Ltd., China.
Zhejiang Ruifeng Materials Industry Co. Ltd., China.
etc.
34461319
0892020
Managing Director: Ms. Shen Lixia
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of
HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 26-03-2013)
|
Name |
|
No. of shares |
|
Zhejiang Materials Industry International Co. Ltd., No. 455 Kaixuan Road, Hangzhou, Zhejiang Province,
China. |
|
500,000 ====== |
(As per registry dated 26-03-2013)
|
Name (Nationality) |
Address |
|
SHEN Lixia |
Room 2105, 21/F., JHX011, Trend Centre, 29-31 Cheung Lee Street,
Chaiwan, Hong Kong. |
|
ZHONG Guodong |
Room 2105, 21/F., JHX011, Trend Centre, 29-31 Cheung Lee Street,
Chaiwan, Hong Kong. |
|
CHENG Liyan |
Room 2105, 21/F., JHX011, Trend Centre, 29-31 Cheung Lee Street,
Chaiwan, Hong Kong. |
(As per registry dated 26-03-2013)
|
Name |
Address |
Co. No. |
|
World Trade Enterprises Consultancy Ltd. |
Room 1302, 13/F., Railway Plaza, 39 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. |
1156560 |
The subject was incorporated on 26th March, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hongkong ZMI
International Co. Ltd., name changed to the present style on 29th March, 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Iron
& Steel Trader.
Lines: All
kinds of iron and steel products.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: China,
Japan, other Asian countries, Europe, etc.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C
or as per contracted.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of
HK$1.00 each)
Issued Share Capital: HK$500,000.00
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.
Bankers:-
DBS Bank Ltd., Hong Kong.
Industrial and Commercial Bank of China
(Asia) Ltd., Hong Kong.
United Overseas Bank Ltd., Hong Kong
Branch.
Standing:
Small.
Having issued 500,000 ordinary shares of HK$1.00 each, Arsen
International (HK) Ltd. is wholly owned by Zhejiang Materials Industry International
Co., Ltd. [ZMI] which is a China-based company.
The directors of the subject are Ms. Shen Lixia, Mr. Zhong Guodong and
Ms. Cheng Liyan. All are China ID
holders and do not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 2105, 21/F., Trend Centre, 29‑31 Cheung
Lee Street, Chaiwan, Hong Kong” known as “World Trade Enterprises Consultancy
Ltd.” [WTEC] which is handling its correspondences and documents. WTEC is also the corporate secretary of the
subject. WTEC has had two offices in
Hong Kong.
The subject has no employees in Hong Kong.
The subject is trading in all kinds of iron and steel. Commodities are chiefly sourced from the
suppliers in China and the other Asian countries.
ZMI was founded in 1999 with a registered capital of RMB483 million
Yuan. It is specialized in steel, iron,
ore, automobiles and involve in many business areas including engineering
project distribution, electromechanical equipment, automotive parts and
components, energy and oil products, etc.
ZMI is trading in the following commodities:-
Iron & Steel Products, Electromechanical Equipment, Automobile
parts, Minerals, Coke, Petroleum, Vessel Equipment and Accessories, Vessels,
Building Materials, Automobiles, etc.
ZMI, as a well-known automobile marketing and service company, is the
approved regional dealer of many famous brands such as Volvo, Peugeot, Mazda,
Buick, Cadillac, Spark, Sail, Land Rover, Jaguar, Rolls-Royce, Skyper,
etc. It has set up several 4S
centers. As an important automobile
importer of China, ZMI has a wide automobile marketing network, covering many
cities of Zhejiang Province. The market
share of ZMI is increasing annually. In
the years ahead, ZMI will be dedicated to expanding brands sales and exploring
the automobile maintenance and repairing business, spare part supplying as well
as the second-hand automobile trading business.
The subject also trades in the above-mentioned commodities.
The controlling shareholder of the company, Zhejiang Materials Industry
Group [ZMIG], is one of the Global 500 Enterprises. Since the founding of the ZMI, it has
received great support from its controlling shareholder.
In 2011, ZMI achieved a sales volume of RMB51.2 billion Yuan, and the
total volume of import and export reached US$1.74 billion, keeping a leading
position in the provincial-level import and export companies in Zhejiang for
years.
Now, ZMI has become a significant company in the industry. It is involved in global purchase and sales,
and advancing toward a competitive Global Integrated Service Provider in the
Steel and Metallurgical Supply Chain.
The principal shareholders of ZMI are the following firms:-
1.
Zhejiang Materials Industry Group: ZMI’s
controlling shareholder, which has become the first enterprise in Zhejiang
Province that was one of the Fortune Global 500 firms in 2011, ranking the
484th. And it ranked the 426th on the
list in 2012. As one of the 20 key
enterprises in materials supplying supported by the Chinese government, ZMIG
ranked the 65th among the Top 500 Chinese Enterprises and ranked the 29th in
service in top 500 in 2010.
2.
CCB International: A subsidiary investment bank
flagship of the China Construction Bank Co., Ltd. In Hong Kong, it was conferred the title of
“the Best Investment Bank in China”, “the Best China Investment Bank in Hong
Kong ”, “the Best Private Equity Investment Bank in China” by international
authorities.
3.
COFCO Group: As a leading diversified product and
service supplier of agricultural products and food in China, COFCO Group has
been listed as one of the World’s Top-500 Enterprises in FORTUNE and has been
ranking the 1st in Top-100 Enterprises of China food industry.
Ms. Shen Lixia is also the Assistant of the General Manager of ZMI.
The subject’s business in Hong Kong is not active. History in Hong Kong is over nine years.
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.
|
Date |
Particulars |
Amount |
|
14-10-2011 |
Instrument: Charge Over Account and Set-Off Property: All the Company’s rights, title and interest in and to the Account Mortgagee: United Overseas Bank Ltd.,
Hong Kong Branch. |
To secure general banking facilities |
|
14-10-2011 |
Instrument: General Memorandum of Pledge of Goods Property: All the Company’s rights, title and interest in and to the Merchandise Mortgagee: United Overseas Bank Ltd.,
Hong Kong Branch. |
To secure general banking facilities granted to the company |
|
14-10-2011 |
Instrument: Assignment of Letters of Credit Property: All the Company’s rights, title, interest and benefit in and to all and
any moneys now or at any time due or owing to the Company Mortgagee: United Overseas Bank Ltd.,
Hong Kong Branch. |
To secure general banking facilities granted to the company |
|
17-11-2011 |
Instrument: Charge on Cash Deposit to secure Liabilities
of the Depositor Property: 1) By way of first fixed
charge and agreement to charge: the Deposit and all right, title and interest
of the Company 2) By way of set-off: any
sum standing to the credit of any one or more of the accounts of the Company
with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities |
|
08-02-2012 |
Instrument: Security Memorandum Property: The Company hereby assigns and agrees to assign absolutely and unconditionally
to the Bank all its right, title and interest in and to each receivable as
continuing security for the payment or discharge of the secured liabilities Mortgagee: ABN AMRO Bank N.V., |
All indebtedness, obligations and liabilities |
|
29-09-2012 |
Instrument: Trade Finance Security Assignment Property: (a) Assigns to the Bank to
the following assets:- (1) The Export Credits; (2) The Export Collection
Bills; (3) The Sales Contracts; (4) The Export Invoice
Receivables; (5) The Insurances; (6) The Trade Documents,
and (7) All Claims, remedies
and proceeds in connection with any of the foregoing (b) Charges to the Bank to
the following assets:- (1) The Goods together with
their proceeds; (2) The Pledged Goods; (3) The Deposit and (4) To the extent any
Security Assets is not effectively assigned under sub-clause, such Security
Asset; and (c) Pledges and agrees to
pledge to the Bank the Pledged Goods and the Trade Documents which are now or
may in the future be in the possession of the Bank Mortgagee: United Overseas Bank Ltd., |
All obligations and liabilities of whatever nature of the Borrower
owed to the Bank |
|
04-05-2013 |
Instrument: Trade Finance Security Assignment Property: (a) Assigns and agrees to
assign absolutely to the Bank all the present and future right, title,
interest and benefits of the Borrower in and to the following assets:- (1) The Export Credits; (2) The Export Collection
Bills; (3) The Sales Contracts; (4) The Export Invoice
Receivables; (5) The Insurances; (6) The Trade Documents,
and (7) All Claims, remedies
and proceeds in connection with any of the foregoing (b) Charges to the Bank to
the following assets:- (1) The Goods together
with their proceeds; (2) The Pledged Goods; (3) The Deposit and (4) To the extent any
Security Assets is not effectively assigned under sub-clause, such Security
Asset; and (c) Pledges and agrees to
pledge to the Bank the Pledged Goods and the Trade Documents which are now or
may in the future be in the possession of the Bank Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations and liabilities of whatever nature of the Borrower
owed to the Bank |
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 |
Rs.67.70 |
|
|
1 |
Rs.105.14 |
|
Euro |
1 |
Rs.90.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.