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Report Date : |
22.10.2013 |
IDENTIFICATION DETAILS
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Name : |
CNOOD ASIA LTD. |
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Registered Office : |
MSH4689, Room 1007, 10/F., Ho King Centre, |
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Country : |
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Date of Incorporation : |
09.10.2008 |
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Com. Reg. No.: |
39878286 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is trading in Steel, Steel Pipes, Chemicals, Composite Materials, Products related with Energy |
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No. of Employees : |
No employees in NOTE: It is to be noted that
the company does not have its own operating office in |
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
CNOOD ASIA
LTD.
9/F., North Somerset House,
Taikoo Place, 979 King’s Road,
Quarry Bay, Hong Kong.
is the Trade Service Centre of DBS Bank (Hong Kong) Ltd.]
CNOOD ASIA LTD.
Registered Office:-
c/o HKRTP Ltd.
MSH4689, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.
Associated Company:-
Shanghai Cnood Asis Ltd.
Room B1001, Universal Mansion, 1 Wanhangdulu, Shanghai, China.
[Tel: +86-21-5168 8983 Fax: +86-21-6249 5090
E-mail: cyh@cnood.com]
39878286
1278415
9th October, 2008.
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$11,340,000.00
SHAREHOLDER: (As per registry dated 09-10-2013)
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Name |
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No. of shares |
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CHI Yonghai |
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11,340,000 ======== |
DIRECTOR: (As per registry dated 09-10-2013)
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Name (Nationality) |
Address |
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CHI Yonghai |
Room 306, Building 48, 255 Lane Fuquan Road, Shanghai, 200335, China. |
SECRETARY: (As per registry dated 09-10-2013)
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Name |
Address |
Co. No. |
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HKRTP Ltd. |
Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong. |
0663489 |
MORTGAGE OR
CHARGE: (See attachment)
Cnood Asia Ltd. was incorporated on 9th October, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
It has issued 11,340,000 ordinary shares of HK$1.00 each which are wholly owned by Mr. Chi Yonghai who is a China merchant. 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 he is residing in Shanghai, China.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “MSH4689, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.” known as “HKRTP Ltd.” which is handling its correspondences and documents. This company is also the corporate secretary of the subject. MSH4689 is the file number of the subject in the secretarial firm.
The subject has no employees in Hong Kong. It has had an associated company in Shanghai bearing the same name [Shanghai Cnood]. Shanghai Cnood is also owned and operated by Chi Yonghai.
The subject is trading in the following bulk commodities:-
Steel, Steel Pipes, Chemicals, Composite Materials, Products related with Energy, etc.
Shanghai Cnood’s professional staff are committed to provide one stop services to its clients around the world in oil, gas, water, mining, renewable energy and construction industries.
Its services include projects contracting, quality control solutions, procurement centre and general trading, and trade financing.
Its products includes of pipes, fittings, flanges, valves, pumps, other equipment, and production lines. Its products are in conformity with a variety of international standards including ASME, API, EN, DIN, JIS, ISO, etc.
Shanghai Cnood cooperates with leading and reputable manufacturers mainly in China, Russia, Ukraine, India, etc.
The business of Shanghai Cnood is chiefly handled by Chi Yonghai. The contact person is Ms. Linda Xiao who is the manager of Shanghai Cnood. She is a Chinese.
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.
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Date |
Particulars |
Amount |
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04-12-2009 |
Instrument: Memorandum of Charge on Deposit/Moneys Property: All the company’s present and future rights, title and interest in and to all moneys from time to time all or any moneys in any currency now or at any time hereafter standing to the credit of all deposit account or of such other account of the company including fixed deposits, structured deposits and structured products, held in the name of the company, with any of the branches of the chargee anywhere in the world which shall include any renewals thereof whether by way of extension, replacement or substitution together with interest accrued or to be accrued thereon and all additions thereto, together with any interest from time to time accruing in respect of such moneys Mortgagee: Agricultural Bank of China, Hong Kong Branch. |
Credit or banking facilities or other financial accommodation made |
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27-02-2012 |
Instrument: Charge on Cash Deposit secure Liabilities Property: 1) By way of first fixed charge and agreement to charge: the Deposit and all right, title and interest of the Company 2) By way of set-off: any sum standing to the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
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.61.49 |
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1 |
Rs.99.41 |
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Euro |
1 |
Rs.84.12 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.