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Report Date : |
21.11.2013 |
IDENTIFICATION DETAILS
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Name : |
EVERGREEN TIRE (HONG KONG) CO. LTD. |
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Registered Office : |
c/o Everbest Secretarial Ltd. Room 1705-1706, 17/F., President Commercial Centre, 608 Nathan Road,
Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.04.2008 |
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Com. Reg. No.: |
39131173 |
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Legal Form : |
Not Available |
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Line of Business : |
Not Available |
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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
|
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 |
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 |
EVERGREEN TIRE
(HONG KONG) CO. LTD.
Registered
Office:-
c/o Everbest Secretarial Ltd.
Room 1705-1706, 17/F., President Commercial Centre, 608 Nathan Road, Mongkok,
Kowloon, Hong Kong.
Associated
Company:-
Cosmic Evergreen Tire (Beijing) Co., Ltd.
678 Gubei Road, Shanghai, China.
[Tel: 86-21-6295 5670, 6295 5671
Fax: 86-21-6295 3003
Mobile: 86-135858 15908]
39131173
1223649
7th April, 2008.
Nominal Share Capital: HK$1,000,000.00
(Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 07-04-2103)
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Name |
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No. of shares |
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WU Shang Ju |
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5,050 |
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WU Kuang Jung |
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4,950 |
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––––– |
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Total: |
10,000 ===== |
(As per registry dated 07-04-2013)
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Name (Nationality) |
Address |
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WU Shang Ju |
No. 7 Jhongsing Lane 1, Jhongsing Village, Hukou Township, Hsinchu
County 303, Taiwan. |
|
WU Kuang Jung |
No. 7 Jhongsing Lane 1, Jhongsing Village, Hukou Township, Hsinchu
County 303, Taiwan. |
(As per registry dated 07-04-2013)
|
Name |
Address |
Co. No. |
|
Everbest Secretarial Ltd. |
Room 1705-1706, 17/F., President Commercial Centre, 608 Nathan Road,
Mongkok, Kowloon, Hong Kong. |
0160492 |
Having issued 10,000 ordinary shares of HK$100.00 each, Evergreen Tire
(Hong Kong) Co. Ltd. is jointly owned by Mr. Wu Shang Ju, holding 50.5%
interests; and Mr. Wu Kuang Jung, holding 49.5%.
The two Wus are Taiwan passport holders and do not have the right to
reside in Hong Kong permanently. They
are also the directors of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 1705-1706, 17/F., President Commercial Centre, 608
Nathan Road, Mongkok, Kowloon, Hong Kong” known as “Everbest Secretarial Ltd.”
which is handling its correspondences and documents. This company is also the corporate secretary
of the subject.
The subject has no employees in Hong Kong.
The subject is an associated company of Cosmic Evergreen Tire (Beijing)
Co., Ltd. [Cosmic] which is in Shanghai, China.
Your given phone and fax number which are 86-21-6295 5670 and 86-21-6295
3003 respectively belong to Cosmic.
Cosmic is a tire company. Its
products bear the following four brand names:
Evergreen, Jiufeng, Besttop and Enviland. Cosmic’s tires are marketed throughout China
and current having about 800 distributors.
Besides marketing in China and Taiwan, Cosmic’s tires are also exported
to Europe, other Asian countries, South America, Africa, etc. more than 70
countries of the world. The co-operators
of Cosmic of the world is about 130.
According to Cosmic, its products cover the following categories: TBR, BIAS, OTR, GOTR, PCR.
Cosmic is the leading manufacturer of high quality OTR, TBR and PCR
Tires/Tyres at competitive prices in China.
Its main products covers followings:
All-steel radial light truck tires,
All-steel radial truck and bus tires,
All-steel radial giant OTR (off the road)tires,
Bias giant OTR tires,
All steel radial OTR tires, &
Bias OTR tires and Agricultural tires, etc.
And most of the products have passed DOT, ECE, CCC, GCC, PAI and SNI
Certificates. “EVERGREEN” is its
products brand and has become the well‑known
brand in domestic and international tire markets.
Cosmic also offers professional technical support to its customers. For example, it offers OMS (OTR monitor
system) to its customers who supplies OTR tires to mining companies.
The contact person of Cosmic is Mr. Tony Tan who can be reached at his
mobile phone number at 86-135858 15908.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five 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 |
|
26-08-2013 |
Instrument: Receivables Pledge Agreement Property: Name of Debtor accounts receivable: 1) Group Type Wholesale Ltd., China. During the creditor to determine: 28-06-2013 to 28-06-2018 Amount: US$2,750,000 Mortgagee: HSBC Bank (China) Co. Ltd., Shanghai
Branch. 30/F., HSBC Building, Shanghai IFC, 8 Century Avenue, Pudong District,
Shanghai 200120, China. |
All moneys now or at any time owing by the company 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
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Indian Rupees |
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US Dollar |
1 |
Rs.62.56 |
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|
1 |
Rs.100.77 |
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Euro |
1 |
Rs.84.71 |
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 |
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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 |
---- |
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.