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Report Date : |
28.05.2013 |
IDENTIFICATION DETAILS
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Name : |
CHINA TYRES DISTRIBUTION LTD. |
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Registered Office : |
C/o Sinova Corporate Services Ltd. Room 3603-3606, 36/F., ACE Tower, Windsor House, 311 Gloucester Road, Causeway Bay |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.09.2006 |
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Com. Reg. No.: |
37328289 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of rubber tyres. |
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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 : |
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
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
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
CHINA TYRES
DISTRIBUTION LTD.
Address: c/o Sinova
Corporate Services Ltd.
Room
3603-3606, 36/F., ACE Tower,
Windsor
House, 311 Gloucester Road,
Causeway
Bay, Hong Kong.
Note: ACE Tower is the same as New
York Life Tower.
PHONE: 852-3180 0432
FAX: 852-2861 3327
E-MAIL: info@chinatyres.net
General Manager: Mr. Philip
Delcroix
Incorporated on: 14th
September, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Tyre Trader.
Employees:
Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Sinova Corporate Services Ltd.
Room 3603-3606, 36/F., ACE Tower, Windsor House, 311 Gloucester Road,
Causeway Bay, Hong Kong.
China Main Office:-
338 Qinghe Dong Road, Panyu, Guangzhou City, Guangdong Province, 511400
China.
[Tel: 86-020-84698496, Fax:
86-020-84698428]
Associated Company:-
Deldo Autobanden N.V., Belgium.
37328289
1074005
General Manager: Mr. Philip
Delcroix
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry dated 14-09-2012)
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Name |
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No. of shares |
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Casaports Development Ltd. Palm Grove House, P.O. Box 438, Road Town, Tortola, British Virgin
Islands. |
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25 |
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Jozef Dominicus Maria DELCROIX |
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25 |
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Katleen Pierre Dominique DELCROIX |
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25 |
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[to be
continued] |
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[continued] |
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Philip Jeanne Jozef DELCROIX |
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25 |
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––– |
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Total: |
100 === |
(As per registry dated 14-09-2012)
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Name (Nationality) |
Address |
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Well Channel Ltd. |
Room 3603-3606, 36/F., ACE Tower, Windsor House, 311 Gloucester Road,
Causeway Bay, Hong Kong. |
(As per registry dated 14-09-2012)
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Name |
Address |
Co. No. |
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Sinova Corporate Services Ltd. |
Room 3603-3606, 36/F., ACE Tower, Windsor House, 311 Gloucester Road,
Causeway Bay, Hong Kong. |
1123369 |
The subject was incorporated on 14th September, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Dragon Capital
Enterprises Ltd., name changed to the present style on 22nd November, 2006.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Tyre
Trader.
Lines: All
kinds of rubber tyres.
Employees: Nil.
Commodities Imported: Europe, China, etc.
Markets: Asian
countries, Europe, 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$100.00
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:
Unknown
Commercial Morality: Satisfactory.
Banker:
Bank of
China (Hong Kong) Ltd., Hong Kong.
Standing:
Small.
Having issued 100 ordinary shares of HK$1.00 each, China Tyres
Distribution Ltd. is equally owned by a BVI-registered firm Casaports
Development Ltd. and three Belgium merchants, namely, Jozef Dominicus Maria
Delcroix, Katleen Pierre Dominique Delcroix, and Philip Jeanne Jozef
Delcroix. They belong to the same
family.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 3603-3606, 36/F., ACE Tower, Windsor House, 311
Gloucester Road, Causeway Bay, Hong Kong” known as “Sinova Corporate Services
Ltd.” [Sinova] which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject. The director of the subject
Well Channel Ltd. is a Hong Kong‑registered firm also located in the
office of Sinova.
The subject has no employees in Hong Kong. Its main office is in Panyu, Guangzhou City,
Guangdong Province, China.
Bearing the same name as the subject, the China firm was established in
1994. It is a professional supplier of
various tyres and offers customers with services. Experienced in the tyre business, the China
firm has been offering more than tyres.
It is able to offer a package of products and services.
The China firm offers a variety of tyres, including PCR, UHP, Run Flat
Tyre, LTR, TBR, OTR, Agricultural tyre, Industrial tyre, Bias tyre, etc.
It offers tyres bearing certifications of DOT, ECE, ISO, GSO, JIS, ADR,
INMETRO, etc.
The subject is an associated company of Deldo Autobanden N.V. [Deldo]
which is a Belgium-based firm.
Deldo is one of the largest tyre distributors in Europe. As an active import and export organisation,
Deldo sells its products to over 40 countries worldwide.
Since its foundation in 1973, Deldo has become a major player in the tyre
market. Deldo is a healthy and
successful family business (Delcroix + Donckers = Deldo).
Deldo offers a full product range of tyres (Car, Van, 4 x 4, SUV and
Truck tyres) all stocked under one roof.
Besides all the premium brands Deldo offers an interesting range of
private (Minerva + Fortuna) and exclusive labels (Wanli, Sunny and
Roadstone). More than 45 brands are
housed under one roof at Deldo. Orders
are delivered regularly throughout Europe as it has had a massive stock of
around 2 million tyres.
According to Deldo, more than 7.5 million tyres were sold in 2010, with
a total turnover of more than EUR 325 million.
Deldo’s office and central warehouse, with an area of almost 60,000 m²
are situated in the dynamic port of Antwerp of Belgium. More than 60,000 tyres are loaded and
transported on a daily basis to its customers.
Deldo is operated and owned by the Delcroix family in Belgium.
The China firm deals with foreign parties under the name of the subject
and let foreign firms correspond with the subject’s registered address in
Hong Kong. The China firm also
exports commodities to foreign markets under the name of the subject and its
registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over six 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
for the time being.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.62 |
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1 |
Rs.84.18 |
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Euro |
1 |
Rs.71.96 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
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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 |
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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 |
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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.