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Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
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Name : |
WANHUA INTERNATIONAL (HONG KONG) CO. LTD. |
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Registered Office : |
c/o Hongkong Richful Accountants Service Room 1105, Lippo Centre Tower 1, 89 Queensway, Admiralty |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.12.2005 |
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Com. Reg. No.: |
36312221 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Thermal plastic Polyurethanes |
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No. of Employees : |
No Employees in Hong Kong [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
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
-- |
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 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
WANHUA
INTERNATIONAL (HONG KONG) CO. LTD.
Registered
Office:-
c/o Hongkong Richful Accountants Service
Room 1105, Lippo Centre Tower 1, 89 Queensway, Admiralty, Hong Kong.
Holding Company:-
Wanhua Chemical Group Co. Ltd. [Yantai Wanhua]
[Formerly known as Yantai Wanhua Polyurethanes Co. Ltd.]
7 Xinfu South Road, Yantai City, Shandong Province, China.
Intermediate
Holding Company:-
Wanhua Industrial Group Co. Ltd., China.
Ultimate Holding
Company:-
Yantai Wanhua Synthetic Leather Group Co. Ltd., China.
Sister/Associated
Companies:-
Yantai Wanhua
Group of Companies
Beijing
Keju New Chemical Materials Co. Ltd., China.
Ningbo
Wanhua Chemicals & Energy International Trading Co. Ltd., China.
Shanghai
Wanhua Industry Development Co. Ltd., China.
Wanhua
(Netherlands) B.V., the Netherlands.
Wanhua
Chemical (Beijing) Co. Ltd., China.
Wanhua
Chemical (Foshan) Rongwei Polyurethanes Co. Ltd., China.
[Formerly known as
Guangdong Wanhua Rongwei Polyurethanes Co. Ltd.]
Wanhua
Chemical (Japan) Co. Ltd., Japan.
[Formerly known as
Wanhua (Japan) Co. Ltd.]
Wanhua
Chemical (Ningbo) Co. Ltd., China.
Wanhua
Chemical (Ningbo) Port Co. Ltd., China.
[Formerly known as
Ningbo Daxie Wanhua Port Co. Ltd.]
Wanhua
Chemical (Ningbo) Thermal Power Co. Ltd., China.
[Formerly known as
Ningbo Daxie Development Zone Wanhua Industrial Park Thermal Power Co. Ltd.]
Wanhua
Chemical America Co. Ltd., USA.
[Formerly known as
Yantai Wanhua America Co. Ltd.]
Wanhua
International (India) Pvt. Ltd., India.
WH
Science & Technology Inc., USA.
etc.
36312221
1015126
Managing Director: Mr. Zou Jihua
Nominal Share Capital: HK$63,750,000.00
(Divided into 63,750,000 shares of HK$1.00 each)
Issued Share Capital: HK$63,750,000.00
(As per registry dated 21-12-2012)
|
Name |
|
No. of shares |
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Wanhua Chemical Group Co. Ltd. [Formerly known as Yantai Wanhua Polyurethanes Co. Ltd. 7 Xingfu Road, Yantai City, Shandong Province, China.] |
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63,750,000 ======== |
(As per registry dated 10-04-2013)
|
Name (Nationality) |
Address |
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DING Yi |
3700 Kazincbarcika, Szent Florianter 2, Hungary. |
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JIN Shenghi |
1-17-22, 102, Tsukagoshi Warabishi, Saitamaken, Japan. |
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ZOU Ji Hua |
No. 39, Yan Tai Wan Hua North Huan Dao Road, Da Xie Development Area,
Bei Cang District, Ning Bo, Zhe Jiang Province, China. |
|
LI Jun Yan |
Szent Florian ter2 Kazincbarcika H-3702, Hungary. |
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LIANG Bin |
Rembrandtweg 565 1181 GS, Amstelveen, The Netherlands. |
(As per registry dated 21-12-2012)
|
Name |
Address |
Co. No. |
|
Joy Enterprise Secretary Services Ltd. |
Room C, 19/F., Lockhart Centre, 301‑307 Lockhart Road,
Wanchai, Hong Kong. |
1336601 |
The subject was incorporated on 21st
December, 2005 as a Private Limited Liability Company under the Hong Kong
Companies Ordinance.
Originally the subject was registered under
the name of Wanhua International (Hong Kong) Co., Ltd., name changed to the
present style on 16 August, 2013.
The subject does not have its own operating
office. Formerly, its registered address
was located at “Room 1701 (024), 17/F., Henan Building, 90 Jaffe Road, Wanchai,
Hong Kong” where was the operating address of Companies Registrations &
Secretary Ltd. Its registered address
moved to the present one in December 2012 where is the operating address of a
secretarial firm “Joy Enterprise Secretary Service Ltd.”. The subject changed its registered address to
the present address in August 2013 as its has changed its commercial service
provider again.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Thermal
plastic Polyurethanes.
Employee: Nil.
Materials/Commodities: Imports
raw materials from European countries, some Asian countries and finished
products from China.
Markets: China,
other Asian countries, Europe, etc.
Group Turnover: RMB 7,704,393,026.13 (Year ended 31-12-2008)
RMB 6,492,919,698.93 (Year ended 31-12-2009)
RMB 9,429,776,859.95 (Year ended 31-12-2010)
RMB13,662,307,339.38 (Year ended 31-12-2011)
RMB15,942,126,516.79 (Year ended 31-12-2012)
RMB 9,975,902,570.63 (6 months ended 30-06-2013)
Terms/Sales:
L/C or
as per contracted.
Terms/Buying: L/C,
D/P, etc
Nominal Share Capital: HK$63,750,000.00 (Divided into
63,750,000 shares of HK$1.00 each)
Issued Share Capital: HK$63,750,000.00
Group Net Profit: RMB1,548,840,769.44 (Year ended 31-12-2008)
RMB1,066,378,578.77 (Year ended 31-12-2009)
RMB1,530,208,250.53 (Year ended 31-12-2010)
RMB1,853,900,338.84 (Year ended 31-12-2011)
RMB2,348,879,482.70 (Year ended 31-12-2012)
RMB1,537,897,472.39 (6 months ended 30-06-2013)
Profit or Loss: Group business is profitable.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met
trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China
(Hong Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
China Merchant
Bank, Hong Kong.
Standing: Small.
Wanhua Chemical (Hong Kong) Co. Ltd. is a wholly-owned subsidiary of
Wanhua Chemical Group Co. Ltd. [Yantai Wanhua], a China-based firm.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 1105, 11/F., Lippo Centre Tower 1, 89 Queensway,
Admiralty, Hong Kong known as Hongkong Richful Accountants Service which is
handling its correspondences and documents.
The subject has no employee in Hong Kong.
The subject is engaged in the following business scope:-
·
Consultancy services;
·
Foreign trading; &
·
Introduction of foreign advanced technologies.
Yantai Wanhua was founded on 20th December, 1998 and is the first listed
shareholding enterprise following reorganization in Shandong Province, China. The business licence number is
37000018020049. It was listed on
Shanghai Stock Exchange in 2001 and bearing code No. 600309.
Yantai Wanhua’s business covers R&D, production and marketing of
isocyanates, aromatic polyamines and thermalplastic polyurethanes [TPUS]. Yantai Wanhua currently has two methylene
diphenyl diisocyanate [MDI] plants with the total capacity of 800,000 tons/year
while product quality and unit consumption have reached the world advanced
level. The Group is also engaged in
manufacturing polyether series.
MDI is one of the key materials in the manufacturing of
polyurethane. Polyurethane has both
rubber and plastic features. As a
result, it has good performances comparing to other synthetic materials,
especially in thermal insulation, sound proof, abrasive resistance, oil
resistance, elasticity and flexibility.
Therefore it has also been widely used in chemical industry, light
industry, textiles, construction, domestic appliance, building materials,
transportation, vehicles, aviation, house hold electric appliance, furniture,
toys, automobile, shoes, etc.
Now, Yantai Wanhua has set up associated companies in the United States,
the Netherlands, and offices in India, the United Arab Emirates, Japan, etc.
In 2012, Yantai Wanhua achieved sales revenue of RMB15,942.1 million
Yuan (2011: RMB13,662.3 million Yuan) and net profit of RMB2,348.9 million Yuan
(2011: RMB1,853.9 million Yuan). Overall
business was good in the year.
In the first half year of 2013, Yantai Wanhua achieved sales revenue of
RMB9,975.9 million Yuan (same period of 2012: RMB7,160.2 million Yuan) and a
net profit of RMB1,537.9 million Yuan (same period of 2012: RMB983.8 million
Yuan). Business in the first half of
2013 was also good.
Yantai Wanhua now has set up subsidiaries in Japan, the United States,
Europe, Russia, the United Arab Emirates, India, etc.
In the first half year of 2012, the subject had got a loan amounted to
US$20 million from The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong, while Yantai Wanhua acts as the guarantor.
The subject’s business in Hong Kong is not very active. History in Hong Kong is over seven years
and ten months. It is fully supported by
Yantai Wanhua.
Since the subject does not have its own operating office and, has
changed name and has no employees in Hong Kong, consider it good for business
engagements on L/C basis.
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.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
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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 |
|
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NB |
New Business |
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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.