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Report Date : |
28.11.2013 |
IDENTIFICATION DETAILS
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Name : |
BROTHERS INVESTMENT (HONGKONG) LTD. |
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Registered Office : |
c/o World Trade Enterprises Consultancy Ltd. Room 2105, 21/F., JQD455, Trend Centre, 29-31 Cheung Lee Street, Chai
Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.04.2008 |
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Com. Reg. No.: |
39181209 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is engaged in manufacturing Isomaltitol, xylitol, Maltitol,
erythritol, xylose, Isomalt, Xylitol DC, Isomalt DC, sodium saccharin,
sweetener, aspartame, acesulfame k, Isomaltitol DC, Xylitol powder, xylitol
crystal. |
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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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
BROTHERS
INVESTMENT (HONGKONG) LTD.
Registered Head
Office:-
c/o World Trade Enterprises Consultancy Ltd.
Room 2105, 21/F., JQD455, Trend Centre, 29-31 Cheung Lee Street, Chai
Wan, Hong Kong.
Associated
Companies:-
Brothers Biotech Co. Ltd., China.
C.S.I Group Ltd., Hong Kong. (Same
address)
Qingdao Ever-Lasting Farm Machinery Co. Ltd., China.
Qingdao Ever-Lasting Import & Export Co. Ltd., China.
39181209
1228049
Managing Director: Mr. Xiong
Chunming
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 17-04-2013)
|
Name |
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No. of shares |
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XIONG Chunming |
|
6,000 |
|
LIU Yan |
|
4,000 |
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|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 17-04-2013)
|
Name (Nationality) |
Address |
|
XIONG Chunming |
Room 2105, 21/F., JQD455, Trend Centre, 29-31 Cheung Lee Street, Chai
Wan, Hong Kong. |
(As per registry dated 17-04-2013)
|
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 17th April, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 907, 9/F.,
JQD455, Wing Tuck Commercial Centre, 117-183 Wing Lok Street, Sheung Wan, Hong
Kong, moved to Room 2105, 21/F., JQD455, Trend Centre, 29‑31 Cheung Lee
Street, Chai Wan, Hong Kong in March 2011.
The former is the new address of a commercial service provider World
Trade Enterprises Consultancy Ltd. [WTEC].
The reference number of the subject in WTEC is JQD455.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Brothers
Investment (Hongkong) Ltd. is jointly owned by two China merchants, namely,
Mr. Xiong Chunming, holding 60% interests; and Ms. Liu Yan, holding
40%. Xiong is also director of the
subject. He is a China passport holder
and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
Currently Liu and Xiong are residing in Qingdao City, Shandong Province,
China.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 2105, 21/F., JQD455, Trend Centre, 29-31 Cheung
Lee Street, Chai Wan, Hong Kong known as World Trade Enterprises Consultancy
Ltd. [WTEC] which is handling its correspondences and documents. WTEC, having several branch companies in Hong
Kong, is also the corporate secretary of the subject.
The subject has had an associated company C.S.I Group Ltd. [CSI], a Hong Kong-registered
company located at the above-mentioned address.
CSI is solely owned by Xiong Chunming.
The subject has no employees in Hong Kong.
To our knowledge, Xiong is also the operator of Qingdao Ever-Lasting
Import & Export Co. Ltd. [Ever-Lasting] which is in Qingdao City, Shandong
Province, China.
Ever-Lasting has two tractor factories and two agricultural equipment
production lines. Its main products are
as follows: trucks, buses, light cars, tractors, farm implanters, harvesters,
threshers, trailers, mowers, farm gear cases, furrow blades, harrow blades,
shovels, hand tools, automobile fittings, solar energy products, tyres,
machinery & equipment for engineering, rubber products, building materials,
dried fruit, foodstuffs, etc.
Most of the products bear the brand name of “EVER-LASTING”. It exports
its products to North America, England, France, the Netherlands, Germany,
Mexico, Hong Kong, Japan, South Korea, Algeria, Morocco, Mali, Tunis, Egypt and
the other countries and regions.
Founded in 2005, Ever-Lasting has set up many departments such as import
& export department, purchasing department, finance & accounting
department, quality controlled department, department of transportation and
after-sales service department. The
contact person of Ever-Lasting is Xiong Chunming.
The subject has had another associated company Brothers Biotech Co. Ltd.
[Brothers Biotech] which is also in Qingdao City, Shandong Province,
China. Brothers Biotech is engaged in
manufacturing Isomaltitol, xylitol, Maltitol, erythritol, xylose, Isomalt,
Xylitol DC, Isomalt DC, sodium saccharin, sweetener, aspartame, acesulfame k,
Isomaltitol DC, Xylitol powder, xylitol crystal. Most of the products are exported to foreign
countries. The contact person of
Brothers Biotech is Liu Yan.
In China, Ever-Lasting and Brothers Biotech share the same operating
office which is in Qingdao City, Shandong Province, China.
It is likely that the two China firms deal 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 firms also export 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 five years and
seven months.
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.
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.62.36 |
|
|
1 |
Rs.101.11 |
|
Euro |
1 |
Rs.84.67 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
---- |
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.