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Report Date : |
29.10.2013 |
IDENTIFICATION DETAILS
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Name : |
WANHUA INTERNATIONAL ( |
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Registered Office : |
c/o Hongkong Richful
Accountants Service Room 1105, |
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Country : |
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Date of Incorporation : |
21.12.2005 |
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Com. Reg. No.: |
36312221 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Thermal plastic Polyurethanes |
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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 |
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Payment Behaviour : |
Unknown |
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Litigation : |
-- |
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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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 |
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Source
: CIA |
WANHUA
INTERNATIONAL (HONG KONG) CO. LTD.
Registered
Office:-
c/o Hongkong Richful
Accountants Service
Room 1105, Lippo Centre Tower 1, 89 Queensway,
Admiralty, Hong Kong.
Holding Company:-
Wanhua Chemical Group Co. Ltd. [Yantai Wanhua]
[Formerly known as Yantai Wanhua
Polyurethanes Co. Ltd.]
7 Xinfu South Road, Yantai
City, Shandong Province, China.
Intermediate
Holding Company:-
Wanhua Industrial Group Co. Ltd., China.
Ultimate Holding
Company:-
Yantai Wanhua Synthetic
Leather Group Co. Ltd., China.
Sister/Associated
Companies:-
Yantai Wanhua Group of Companies
Beijing Keju New Chemical Materials Co. Ltd., China.
Ningbo Wanhua Chemicals & Energy International Trading Co.
Ltd., China.
Shanghai
Wanhua Industry Development Co. Ltd., China.
Wanhua
(Netherlands) B.V., the Netherlands.
Wanhua Chemical
(Beijing) Co. Ltd., China.
Wanhua
Chemical (Foshan) Rongwei
Polyurethanes Co. Ltd., China.
[Formerly known as
Guangdong Wanhua Rongwei
Polyurethanes Co. Ltd.]
Wanhua
Chemical (Japan) Co. Ltd., Japan.
[Formerly known as Wanhua (Japan) Co. Ltd.]
Wanhua
Chemical (Ningbo) Co. Ltd., China.
Wanhua
Chemical (Ningbo) Port Co. Ltd., China.
[Formerly known as Ningbo Daxie Wanhua
Port Co. Ltd.]
Wanhua
Chemical (Ningbo) Thermal Power Co. Ltd., China.
[Formerly known as Ningbo Daxie Development Zone Wanhua Industrial Park Thermal Power Co. Ltd.]
Wanhua
Chemical America Co. Ltd., USA.
[Formerly known as Yantai Wanhua America Co. Ltd.]
Wanhua
International (India) Pvt. Ltd., India.
WH
Science & Technology Inc., USA.
etc.
36312221
1015126
Managing Director: Mr. Zou Jihua
Nominal Share Capital: HK$63,750,000.00
(Divided into 63,750,000 shares of HK$1.00 each)
Issued Share Capital: HK$63,750,000.00
(As per registry dated 21-12-2012)
|
Name |
|
No. of shares |
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Wanhua Chemical Group Co. Ltd. [Formerly known as Yantai Wanhua Polyurethanes Co. Ltd. 7 Xingfu Road, Yantai
City, Shandong Province, China.] |
|
63,750,000 ======== |
(As per registry dated 10-04-2013)
|
Name (Nationality) |
Address |
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DING Yi |
3700 Kazincbarcika, Szent
Florianter 2, Hungary. |
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JIN Shenghi |
1-17-22, 102, Tsukagoshi Warabishi,
Saitamaken, Japan. |
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ZOU Ji Hua |
No. 39, Yan Tai Wan Hua
North Huan Dao Road, Da Xie Development Area, Bei Cang District, Ning Bo, Zhe Jiang Province, China. |
|
LI Jun Yan |
Szent Florian ter2 Kazincbarcika H-3702, Hungary. |
|
LIANG Bin |
Rembrandtweg 565 1181 GS, Amstelveen,
The Netherlands. |
(As per registry dated 21-12-2012)
|
Name |
Address |
Co. No. |
|
Joy Enterprise Secretary Services Ltd. |
Room C, 19/F., Lockhart Centre, 301‑307 Lockhart Road, Wanchai, Hong Kong. |
1336601 |
The subject was incorporated on 21st
December, 2005 as a Private Limited Liability Company under the Hong Kong
Companies Ordinance.
Originally the subject was registered under
the name of Wanhua International (Hong Kong) Co.,
Ltd., name changed to the present style on 16 August, 2013.
The subject does not have its own operating
office. Formerly, its registered address
was located at “Room 1701 (024), 17/F., Henan
Building, 90 Jaffe Road, Wanchai, Hong Kong” where
was the operating address of Companies Registrations & Secretary Ltd. Its registered address moved to the present
one in December 2012 where is the operating address of a secretarial firm “Joy
Enterprise Secretary Service Ltd.”. The
subject changed its registered address to the present address in August 2013 as
its has changed its commercial service provider again.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Thermal
plastic Polyurethanes.
Employee: Nil.
Materials/Commodities: Imports
raw materials from European countries, some Asian countries and finished
products from China.
Markets: China,
other Asian countries, Europe, etc.
Group Turnover: RMB
7,704,393,026.13 (Year ended
31-12-2008)
RMB 6,492,919,698.93 (Year ended 31-12-2009)
RMB 9,429,776,859.95 (Year ended 31-12-2010)
RMB13,662,307,339.38 (Year ended 31-12-2011)
RMB15,942,126,516.79 (Year ended 31-12-2012)
RMB 9,975,902,570.63 (6 months ended 30-06-2013)
Terms/Sales:
L/C or
as per contracted.
Terms/Buying: L/C,
D/P, etc
Nominal Share Capital: HK$63,750,000.00 (Divided into
63,750,000 shares of HK$1.00 each)
Issued Share Capital: HK$63,750,000.00
Group Net Profit: RMB1,548,840,769.44 (Year ended 31-12-2008)
RMB1,066,378,578.77 (Year ended 31-12-2009)
RMB1,530,208,250.53 (Year ended 31-12-2010)
RMB1,853,900,338.84 (Year ended 31-12-2011)
RMB2,348,879,482.70 (Year ended 31-12-2012)
RMB1,537,897,472.39 (6 months ended 30-06-2013)
Profit or Loss: Group business is profitable.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met
trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Bank of China
(Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
China Merchant
Bank, Hong Kong.
Standing: Small.
Wanhua Chemical (Hong Kong) Co. Ltd. is a
wholly-owned subsidiary of Wanhua Chemical Group Co.
Ltd. [Yantai Wanhua], a
China-based firm.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 1105, 11/F., Lippo
Centre Tower 1, 89 Queensway, Admiralty, Hong Kong known as Hongkong
Richful Accountants Service which is handling its
correspondences and documents. The
subject has no employee in Hong Kong.
The subject is engaged in the following business scope:-
·
Consultancy services;
·
Foreign trading; &
·
Introduction of foreign advanced technologies.
Yantai Wanhua was
founded on 20th December, 1998 and is the first listed shareholding enterprise
following reorganization in Shandong Province, China. The business licence
number is 37000018020049. It was listed
on Shanghai Stock Exchange in 2001 and bearing code No. 600309.
Yantai Wanhua’s business
covers R&D, production and marketing of isocyanates,
aromatic polyamines and thermalplastic polyurethanes
[TPUS]. Yantai
Wanhua currently has two methylene
diphenyl diisocyanate [MDI]
plants with the total capacity of 800,000 tons/year while product quality and
unit consumption have reached the world advanced level. The Group is also engaged in manufacturing
polyether series.
MDI is one of the key materials in the manufacturing of
polyurethane. Polyurethane has both
rubber and plastic features. As a
result, it has good performances comparing to other synthetic materials,
especially in thermal insulation, sound proof, abrasive resistance, oil
resistance, elasticity and flexibility.
Therefore it has also been widely used in chemical industry, light
industry, textiles, construction, domestic appliance, building materials,
transportation, vehicles, aviation, house hold electric appliance, furniture,
toys, automobile, shoes, etc.
Now, Yantai Wanhua
has set up associated companies in the United States, the Netherlands, and
offices in India, the United Arab Emirates, Japan, etc.
In 2012, Yantai Wanhua
achieved sales revenue of RMB15,942.1 million Yuan (2011: RMB13,662.3 million
Yuan) and net profit of RMB2,348.9 million Yuan (2011: RMB1,853.9 million
Yuan). Overall business was good in the
year.
In the first half year of 2013, Yantai Wanhua achieved sales revenue of RMB9,975.9 million Yuan
(same period of 2012: RMB7,160.2 million Yuan) and a net profit of RMB1,537.9
million Yuan (same period of 2012: RMB983.8 million Yuan). Business in the first half of 2013 was also
good.
Yantai Wanhua now has
set up subsidiaries in Japan, the United States, Europe, Russia, the United
Arab Emirates, India, etc.
In the first half year of 2012, the subject had got a loan amounted to
US$20 million from The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong, while Yantai Wanhua acts as the guarantor.
The subject’s business in Hong Kong is not very active. History in Hong Kong is over seven years
and ten months. It is fully supported by
Yantai Wanhua.
Since the subject does not have its own operating office and, has
changed name 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
|
|
1 |
Rs.99.49 |
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Euro |
1 |
Rs.84.88 |
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.