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Report Date : |
09.02.2013 |
IDENTIFICATION DETAILS
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Name : |
MARUBENI HONG KONG & SOUTH CHINA LTD. |
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Registered Office : |
20/F., Tower I, Admiralty Centre, 18 Harcourt Road |
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Country : |
Hong Kong |
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Financials (as on) : |
31.12.2011 |
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Date of Incorporation : |
22.06.1974 |
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Com. Reg. No.: |
04970964 |
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Legal Form : |
Public & Non-Listed Company |
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Line of Business : |
General Importers, Exporters, Distributors and Agent of General merchandise specializing in textiles, cotton & rayon yarn and fibre raw materials for non-ferrous & ferrous metals, walkie-talkies, colour TVs, medical equipment, production line equipment, semiconductor equipment, foodstuff, fertilizer and sundry goods. |
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No. of Employees : |
140. (Including 30 Japanese
staff) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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'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.
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Source : CIA |
MARUBENI HONG KONG
& SOUTH CHINA LTD.
20/F., Tower I, Admiralty Centre, 18 Harcourt Road, Hong Kong.
PHONE: 2861 2922
FAX: 2865 6486
Managing Director: Mr. Hironobu
Mizuno
Incorporated on: 22nd June, 1974.
Organization: Public & Non-Listed Company.
Capital: Nominal: HK$204,340,856.00
Issued: HK$204,340,856.00
Business Category: General
Merchant.
Annual Revenue: US$553,585,516 (Year ended 31-12-2011)
Employees: 140. (Including 30 Japanese staff)
Main Dealing Banker: Mizuho
Corporate Bank Ltd., Hong Kong Branch.
Banking Relation: Excellent.
MARUBENI HONG KONG
& SOUTH CHINA LTD.
Registered Head
Office:-
20/F., Tower I, Admiralty Centre, 18 Harcourt Road, Hong Kong.
China Offices:-
Beijing, Shanghai, Guangzhou, Dalian, Tsingtao, Tianjin, Nanjing,
Fuzhou, Xiamen, Shenyang, Haikou, Chongqing & Shenzhen.
Parent Company:-
Marubeni Corporation, Japan.
Subsidiary:-
Shoes Maru Ltd., Hong Kong. (75%
owned) [Trading in shoes]
Associated
Companies:-
Argo Marine Shipping S.A., Panama.
Kenova Ltd., Hong Kong.
Marnix Insurance Agency Ltd., Hong Kong.
Marubeni Chikusan Corporation, Japan.
Marubeni Footwear Resources Ltd., Hong Kong.
Marubeni Guangzhou Co. Ltd., China.
Marubeni International Commodities (Singapore) Pte. Ltd., Singapore.
Marubeni International Petroleum Co. Ltd., Hong Kong.
Marubeni Intex Co. Ltd., Japan.
Marubeni Nisshin Feed Co. Ltd., Japan.
Marubeni Textile Development Co. Ltd., Hong Kong.
Passport Fashion Co. Ltd., Hong Kong.
Polyglory (Hong Kong) Ltd., Hong Kong.
United Fashion Co. Ltd., China.
West Pacific Salt Ltd., Hong Kong.
etc.
04970964
0039039
Managing Director: Mr. Hironobu
Mizuno
Nominal Share Capital: HK$240,340,856.00 (Divided into 240,340,856
shares of HK$1.00 each)
Issued Share Capital: HK$240,340,856.00
(As per registry dated 25-06-2012)
|
Name |
|
No. of shares |
|
Marubeni Corporation 4-2, 1-chome, Ohtemachi, Chiyoda-ku, Tokyo, Japan. |
|
204,340,856 ========= |
(As per registry dated 25-06-2012)
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Name (Nationality) |
Address |
|
Hirotaka YONEDA |
Apartment 1977, Tower 14, Hong Kong Parkview, 88 Tai Tam Reservoir
Road, Hong Kong. |
|
Chihiro SHIKAMA |
Unit 2701, West Tower, Beijing Kerry Residence, 1 Guang Hua Road,
Chao Yang District, Beijing, China. |
|
Hironobu MIZUNO |
Suite 1906, 19/F., Garden East, 222 Queen’s Road East, Wanchai, Hong
Kong. |
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Shigeto TORIYAMA |
Suite 2806, 28/F., Convention Plaza, Apartments, 1 Harbour Road,
Wanchai, Hong Kong. |
|
Akio MURATA |
3604, CITIC Plaza Apartments II, 233 Tian He Road North, Tianhe, Guangzhou,
China. |
(As per registry dated 25-06-2012)
|
Name |
Address |
Co. No. |
|
Deodand (Nominees) Ltd. |
Room 701, 7/F., World-Wide House, 19 Des Voeux Road Central, Hong
Kong. |
0016756 |
The subject was firstly registered in Hong Kong on 15th March, 1955 as a
Hong Kong branch office with head office in Japan. Incorporated on 22nd June, 1974 as a private
limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Marubeni Hong
Kong Ltd., name changed to the present style on 2nd April, 2001.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: General Importers, Exporters,
Distributors and Agent.
Lines: General merchandise
specializing in textiles, cotton & rayon yarn and fibre raw materials for
non-ferrous & ferrous metals, walkie-talkies, colour TVs, medical
equipment, production line equipment, semiconductor equipment, foodstuff,
fertilizer and sundry goods.
Office Space: 20,318 sq.ft. - self-owned.
Employees: 140.
(Including 30 Japanese staff)
Commodities Imported:-
Paper - Japan and South Korea.
Copy machine, cable, wheat flour, steel
sheet and synthetic rubber - Japan.
Plastic resin - Japan and U.S.A.
Textile fabric and yarn - Japan, South
Korea, Pakistan and Taiwan.
Shoes - Italy.
White cement - Indonesia.
Markets: Hong Kong, China, Europe, U.S.A.,
etc.
Annual Revenue: US$520,427,590 (Year ended 31-12-2010)
US$553,585,516 (Year ended 31-12-2011)
Terms/Sales: Vrious terms.
Terms/Buying: As per contracted.
GOVERNMENT CONTRACTS AWARDED SINCE 1990:
|
Date |
GN No. |
Particulars |
Amount |
|
Under the name
of “Marubeni Corporation” |
|||
|
25-05-1990 |
GN1912 |
Supply of 4 Nos. of 316 Litres/Second Electrically Driven Pumpsets |
YEN 94,185,000 |
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28-03-1991 |
GN1118 |
Supply of 4 Nos. of 2,580 Litres/Second Electrically Driven Pumpsets |
YEN 170,602,800 + |
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Under the name
of “Marubeni Hong Kong Ltd.” |
|||
|
26-08-1994 |
GN3237 |
Supply of Spares for Kubota 2800 L/S Pump |
HK$ 998,012 |
|
28-10-1994 |
GN4093 |
Supply of Spare Parts for Kubota Main Pumps |
HK$ 675,225 |
MEMBERSHIP: The
Hong Kong General Chamber of Commerce, Hong Kong.
The Hong Kong Japanese Chamber of Commerce
& Industry, Hong Kong.
The Hongkong Japanese Club, Hong Kong.
Nominal Share Capital: HK$240,340,856.00
(Divided into 240,340,856 shares of HK$1.00 each)
Issued Share Capital: HK$240,340,856.00
Net Profit: US$5,995,644 (Year ended 31-12-2010)
US$2,629,754 (Year ended 31-12-2011)
Profit & Loss: Traded at a profitable angle.
Condition: Business remains good.
Facilities: Making active use of general
banking facilities.
Payment: Reliable.
Commercial Morality: Very Good.
Bankers:-
Fortis Bank, Hong Kong Branch.
The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong
Kong Branch.
Sumitomo Mitsui Banking Corporation,
Hong Kong Branch.
Wing Lung Bank Ltd., Hong Kong.
Mizuho Corporate Bank Ltd., Hong Kong
Branch.
etc.
Standing: Very Good.
Marubeni Hong Kong & South China Ltd. is a wholly-owned subsidiary
of Marubeni Corporation [Marubeni] of Japan, the 5th largest trading company in
Japan with shares listed on the stock exchanges in Tokyo, Osaka, Nagoya,
Dusseldorf and Frankfurt.
The subject although incorporated on 22nd June, 1974, it has not been in
operation until 1st April, 1977 when it officially took over all the business
of Marubeni Corporation, Hong Kong Branch.
It ranks as the most active Japanese companies in Hong Kong.
The subject is one of the overseas corporate subsidiaries of Marubeni,
which is one of Japan’s largest general trading companies (Sogo Shosha).
The subject’s core business activity is domestic and international
trading (export, import and intermediary trade), handling a wide range of
products including natural resources, chemical & plastic products,
foodstuffs, metals, machinery, plants, paper, general merchandise and so on. Not only these trading business, the subject
is also engaged in logistic support, direct investment and financial
arrangement for trade and projects.
Entry to WTO, the Chinese Government has been developing the western
part of China, and the 11th 5-year plan starting from 2006 may have a huge
impact on and boost the speed of the change in the industrial environment. In order to catch up with this industrial
revolution, the subject, itself, is also changing and expanding its business
scope in the same direction as the market does, such as IT, Bio-chemical and
Environmental related field, in addition to the traditional business.
Through this more-than-50-year long business history, the subject has
spread its wing over South-East Asian areas including Hong Kong and China. Its service line has expanded from
traditional tradings to the value added support in response to various customer
needs.
When the Branch started its business in Hong Kong, there was only 8
staff. And now, as a result of business expansion, the subject holds her own
subsidiary company (Marubeni Guangzhou Trading Co., Ltd.) and 2 liaison offices
(Xiamen and Kunming), and has more than 150 staff under the direct umbrella of
it.
The subject has successfully established the strong network among
numerous business partners in various industries along these years. It will continue to grow up together with her
business partners and the regional economy.
For the year ended 31st December, 2011, the revenue of the subject
amounted to US$553.6 million (2010: US$520.4 million); profit for the year was
US$2.6 million (2010: US$6.0 million).
The history of the subject in Hong Kong is over 38 years.
On the whole, in view of its parentage and history, consider it good for
normal business engagements.
Court case record in the past:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Sept. 1992 |
Bonaventure Textiles Ltd. |
Marubeni Hong Kong Ltd. |
Damages |
US$ 584,982 |
ANNEX: Financial Information
of the subject please refer to attachment.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.57 |
|
|
1 |
Rs.84.25 |
|
Euro |
1 |
Rs.71.78 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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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 |
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<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.