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Report Date : |
24.10.2013 |
IDENTIFICATION DETAILS
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Name : |
HONG KONG JIA SHENG INTERNATIONAL ENTERPRISE DEVELOPMENT LTD. |
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Formerly Known As : |
UNION HEALTH DEVELOPMENT LTD |
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Registered Office : |
c/o Anda Business
Ltd. Flat D, 21/F., Max Share Centre, 367-373 King’s Road, North Point |
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Country : |
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Date of Incorporation : |
10.12.2004 |
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Com. Reg. No.: |
35466213 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Service provider of supply chain integrating management. |
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No. of Employees : |
No employees in [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 |
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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.
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Source
: CIA |
HONG KONG JIA
SHENG INTERNATIONAL ENTERPRISE DEVELOPMENT LTD.
Registered
Office:-
c/o Anda Business Ltd.
Flat D, 21/F., Max Share Centre, 367-373 King’s Road, North Point, Hong
Kong.
Holding Company:-
Xiamen Justsun Foreign
Trade Co. Ltd., China.
Associated
Companies:-
Fujian Quanzhou Justsun Supply Chain Co. Ltd., China.
Shanghai Justsun Supply Chain Co. Ltd., China.
Shenzhen Justsun Supply Chain Co. Ltd., China.
Xiamen Justsun Supply
Chain Co. Ltd., China.
10th December, 2004.
35466213
0939090
Nominal Share Capital: HK$155,986,000.00 (Divided into 155,986,000
shares of HK$1.00 each)
Issued Share Capital: HK$155,986,000.00
(As per registry dated 10-012-2012)
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Name |
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No. of shares |
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Xiamen Justsun Foreign
Trade Co. Ltd. Room 1802, Block A, Jialian Building,
164-176 Jiahe Road, Xiamen
Special Economic Zone, China. |
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155,986,000 ========= |
(As per registry dated 10-12-2012)
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Name (Nationality) |
Address |
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WU Ya Qiang |
Room 602, 6/F., Jinfeng Lane, Xiamen Special Economic Zone, China. |
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LI Dong Min |
Room 602, 6/F., Jinfeng Lane, Xiamen Special Economic Zone, China. |
(As per registry dated 10-12-2012)
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Name |
Address |
Co. No. |
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Anda Business Ltd. |
Flat D, 21/F., Max Share Centre, 367-373 King’s Road, North Point,
Hong Kong. |
1808699 |
(See attachment)
The subject was incorporated on 10th December, 2004 as a Private Limited
Liability Company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of “Union Health
Development Ltd.,” name changed to “Hong Kong Union Health International
Enterprises Development Ltd.” on 7th April, 2005 and further to the present
style on 15th February, 2007.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued 155,986,000 ordinary shares of HK$1.00 each, Hong Kong Jia Sheng International
Enterprise Development Ltd. is wholly owned by Xiamen
Justsun Foreign Trade Co. Ltd. [Justsun]
which is a China-based firm.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Flat D, 21/F., Max Share Centre, 367‑373 King’s
Road, North Point, Hong Kong” known as “Anda Business
Ltd.” which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject.
The subject has no employees in Hong Kong. Your given phone number 86‑18606031950
is a China mobile phone number belongs to a lady in Xiamen
Special Economic Zone, China, but the lady knows nothing about the subject.
The subject is engaged in the same lines of business as Justsun.
The director of the subject Wu Ya Qiang is also the director of Justsun.
Established in 1997, Justsun is a service
provider of supply chain integrating management. With advanced technology and management
concepts, Justsun professionally integrates the
resources in all the links of supply chain, and provides its partners with a
four-in-one total solution integrating capital flow, business flow, logistics
flow and information flow on the whole industrial chain.
A significant member of the Group is Shanghai Justsun. It is also a wholly‑owned subsidiary of
Justsun.
Shanghai Justsun provides local firms with the
following services:-
·
Financing;
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Information and marketing services;
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Logistic Services; &
·
Products delivery.
Justsun has built up such public service platforms
as logistics platform, capital platform, trading platform and information
platform. In accordance with the
requirements of its partners, Justsun provides
customized service solutions such as procurement and distribution, including
import and export customs clearance, vendor managed inventory, virtual
manufacturing, and international and domestic logistics.
Justsun has formed long-term strategic partnerships
with hundreds of manufacturers, traders, banks, and logistics enterprises, with
its main markets on the west coast of the Taiwan Strait, covering whole China
and the other Asian countries.
Justsun now has become one of the large service
providers of import and export trade and supply chain in China.
According to Justsun, its import and export
volume increased from US$8.13 million in 2002 to US$710 million in 2010. In 2011, its import and export volume
amounted to US$1,030 million and up to US$1,408 million in 2012. It is predicted that the import and export
volume of Justsun will be about US$1,578 million in
2013. Business is active and
significant.
Besides the subject, Shenzhen Justsun Supply
Chain Co., Ltd. and Fujian Quanzhou
Justsun Supply Chain Co., Ltd. are supply chain
service companies under Justsun.
The following bank and companies are some of the clients of Justsun:-
China Construction Bank, Bank of China, Xiamen
City Commercial Bank, Agricultural Bank of China, Industrial & Commercial
Bank of China, China Merchant Bank, Bank of East Asia, China CITIC Bank, Fung Group, COFCO, China Huaneng,
Tsinghua Tongfang, Changhong, Xiamen University, Jimei University of Xiamen, etc.
The subject has been banking with the following banks:-
·
Hang Seng Bank Ltd.,
Hong Kong.
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Nanyang Commercial Bank Ltd., Hong Kong.
·
Oversea-Chinese Banking Corporation Ltd., Hong Kong
Branch.
·
Taishin International Bank Co. Ltd., Hong Kong
Branch.
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Standard Chartered Bank (HK) Ltd., Hong Kong.
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J. P. Morgan Chase Bank, N.A. Hong Kong.
Supported by Justsun, however the subject’s
business in Hong Kong is not active.
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
or in very small credit amounts.
(Since 2012)
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Date |
Particulars |
Amount |
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14-03-2012 |
Instrument: Charge on Cash Deposit Property: All sums from time to time standing to the credit of the account of
the Depositor specified, Deposit Account Number : (900-008-0063235-6) with
Bank SinoPac Mortgagee: Bank SinoPac,
Hong Kong Branch. |
All sums of money and liabilities |
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14-03-2012 |
Instrument: Charge on Cash Deposit Property: All sums from time to time standing to the credit of the account of
the Depositor, Deposit Account Number: (90-008-0063235-6) with Bank SinoPac Mortgagee: Bank SinoPac,
Hong Kong Branch. |
All sums of money and liabilities |
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26-06-2012 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner:- (A) Assigns and agrees to
assign absolutely to the Bank all the present and future rights, title,
interests and benefits of the Borrower in and to the following assets:- (i) Export
Credits; (ii) Export Collection
Bills; (iii) Sales Contracts; (iv) Invoice Receivables; (v) Insurances; (vi)
Trade Documents; and (vii) all claims, remedies
and proceeds in connection with any of the foregoing; and (B) Charges and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights, title, interests and benefits of the Borrower in and to the following
assets: (i) the Goods together with their proceeds;
and (ii) the Deposit; and (C) Pledges & agrees
to pledge to the Bank the Pledged Goods and the Trade Documents which are now
or may in the future be in the Bank’s possession Mortgagee: CITIC Bank International Ltd.,
Hong Kong. |
As security for the payment of all Secured liabilities |
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09-04-2013 |
Instrument: The Account pledge agreement executed
by the abovementioned company supplementing the private client terms and
together with the general terms agreed to by the company Property: By way of pledge to the bank of (i) all of
the company’s rights, title and interest in and to all custody accounts and
the amount of all investments which are at the date of the charge or at any
time in the future shall be standing to the credit of the company’s custody
accounts, including all amounts of cash, securities and other property or countervalue received or to be received with respect to
or in exchange for any investment, (ii) all of the company’s rights, title
and interest in and to all cash accounts, time deposit accounts, including
any credit or debit balances which at the date of the charge appear or may at
any time in the future appear in any currency unit sub-account of any cash
account, time deposit account, (iii) the company’s OTC derivatives claims,
and (iv) all other assets held by the bank for the company from time to time Mortgagee: J.P. Morgan International Bank Ltd., |
All monies & liabilities of any kind actual or contingent |
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20-05-2013 |
Instrument: Master Agreement Property: 1) Assets subject to
Pledge 2) Goods subject to
Hypothecation 3) Deposit 4) All the company’s
right, title, interest & benefit in and to documentary credits 5) All goods purchased by
the company from time to time using credit facilities 6) The Redelivered goods
and any proceeds thereof on trust for
the chargee. Mortgagee: Taishin
International Bank Co. Ltd., Hong Kong Branch. |
All monies and liabilities now or at any time hereafter due by the company
in whatever style |
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22-07-2013 |
Instrument: Charge on Cash Deposit Property: As a continuing security for the secured liabilities, the chargor, as beneficial owner, charge and agrees to charge
to the bank by way of first fixed charge:- A) The chargor’s entire right, title and interest in and to the
deposit; and B) All rights and
benefits accruing to or arising in connection with the deposit Mortgagee: Oversea-Chinese Banking Corporation
Ltd., Hong Kong Branch. |
All or any money & liabilities which shall from time to time be
due, owing or incurred in whatsoever manner to the bank by the principal |
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22-07-2013 |
Instrument: Assignment of Hedging Contracts Property: The Assignor, as beneficial owner and as a continuing security for the
secured liabilities assigns and agrees to assign absolutely to the bank all
the assignor’s present and future rights, title, interests and benefits in
and to the hedging contracts, all rights and remedies of the assignor in
connection with the hedging contracts and all proceeds and claims arising
from them Mortgagee: Oversea-Chinese Banking Corporation
Ltd., Hong Kong Branch. |
All or any money and liabilities which shall from time to time be due,
owing or incurred in whatsoever manner to the bank by the principal whether
actually or contingently, solely or jointly and whether as principal or
surety |
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.61.53 |
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1 |
Rs.99.75 |
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Euro |
1 |
Rs.84.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.