|
Report Date : |
01.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
ARSEN INTERNATIONAL (HK)
LTD. |
|
|
|
|
Registered Office : |
c/o World Trade Enterprises Consultancy Ltd. Room 2105, 21/F., JHZ011, Trend Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
26.03.2004 |
|
|
|
|
Com. Reg. No.: |
34461319 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trader of all kinds of iron and steel products |
|
|
|
|
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
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong |
|
Payment Behaviour : |
Unknown |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 has no tariffs on imported goods, and it levies excise
duties on only four commodities, whether imported or produced locally: 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, its continued reliance
on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
Your “Room 907 JHZ011 Wing Tuck Comercial,
ARSEN INTERNATIONAL
(HK) LTD.
ADDRESS: c/o World Trade
Enterprises Consultancy Ltd.
Room 2105, 21/F., JHZ011, Trend Centre,
29-31 Cheung Lee Street, Chai Wan, Hong Kong.
PHONE: 852-2115
3188
FAX: 852-2115
9613
Managing Director: Ms. Shen Lixia
Incorporated on: 26th March, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Iron
& Steel Trader.
Employees: Nil.
Main Dealing Banker: DBS Bank
Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o World Trade Enterprises Consultancy Ltd.
Room 2105, 21/F., JHZ011, Trend Centre, 29-31 Cheung Lee Street, Chai
Wan, Hong Kong.
Holding Company:-
Zhejiang Materials Industry International Co. Ltd., China.
Associated Companies:-
Guangdong Ruihong Trading Co. Ltd., China.
Henan Jingang Development Steel Trading Co. Ltd., China.
Liaoning Xinda Development Steel Trading Co. Ltd., China.
Ningbo Zhenhai Hongyi Trading Co. Ltd., China.
Shanghai Maco Materials Industry Trading Co. Ltd., China.
Taizhou Ruihongda Trading Co. Ltd., China.
Tangshan Ruihongjin Steel Trading Co. Ltd., China.
Tianjin Ruihongjin Steel Trading Co. Ltd., China.
Zhejiang Daxie Fuel Oil Transportation & Sales Co. Ltd., China.
Zhejiang Materials Development Co. Ltd., China.
Zhejiang Materials Industry Property Management Co. Ltd., China.
Zhejiang Ruifeng Materials Industry Co. Ltd., China.
etc.
34461319
0892020
Managing Director: Ms. Shen Lixia
Nominal Share Capital: HK$500,000.00
(Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 26-03-2014)
|
Name |
|
No. of shares |
|
Zhejiang Materials Industry International Co. Ltd., No. 455 Kaixuan Road, Hangzhou, Zhejiang Province,
China. |
|
500,000 ====== |
(As per registry dated 15-08-2014)
|
Name (Nationality) |
Address |
|
SHEN Lixia |
Room 2105, 21/F., JHX011, Trend Centre, 29-31 Cheung Lee Street,
Chaiwan, Hong Kong. |
|
CHENG Liyan |
Room 2105, 21/F., JHX011, Trend Centre, 29-31 Cheung Lee Street,
Chaiwan, Hong Kong. |
|
WANG Qida |
Room 807, HZ, Golden Plaza, 118 Qingchun Road, Hangzhou, Zhejiang,
China. |
(As per registry dated 26-03-2014)
|
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 26th March, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hongkong ZMI International
Co. Ltd., name changed to the present style on 29th March, 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Iron
& Steel Trader.
Lines: All
kinds of iron and steel products
Employees: Nil.
Commodities Imported: China,
other Asian countries, etc.
Markets: China,
Japan, other Asian countries, Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$500,000.00
(Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Profit or Loss: Keeping
a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment: Unknown.
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank Ltd., Hong Kong.
Industrial and Commercial Bank of China (Asia) Ltd., Hong Kong.
United Overseas Bank Ltd., Hong Kong Branch.
Standing: Small.
Having issued 500,000 ordinary shares of HK$1.00 each, Arsen
International (HK) Ltd. is wholly owned by Zhejiang Materials Industry
International Co., Ltd. [ZMI] which is a China-based company. ZMI belongs to Zhejiang Materials Industry
Group Corporation [ZMIG/Group].
The directors of the subject are Ms. Shen Lixia, Mr. Wang Qida and
Ms. Cheng Liyan. All are China ID
holders and do not have the right to reside in Hong Kong permanently. Wang Qida was newly appointed on
15th August, 2014.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 2105, 21/F., Trend Centre, 29‑31 Cheung
Lee Street, Chaiwan, Hong Kong known as World Trade Enterprises Consultancy
Ltd. [WTEC] which is handling its correspondences and documents. WTEC is also the corporate secretary of the
subject. WTEC has had two offices in
Hong Kong.
The subject has no employees in Hong Kong.
The subject is trading in all kinds of iron and steel. Commodities are chiefly sourced from the
suppliers in China and the other Asian countries. Its holding company also trades in chemicals.
ZMI was founded in 1999 with a registered capital of RMB483 million
Yuan. It is specialized in steel, iron,
ore, automobiles and involve in many business areas including engineering
project distribution, electromechanical equipment, automotive parts and
components, energy and oil products.
ZMI is trading in the following commodities: Iron & Steel Products,
Electromechanical Equipment, Automobile parts, Minerals, Coke, Petroleum,
Vessel Equipment and Accessories, Vessels, Building Materials, Automobiles.
ZMI, as a well-known automobile marketing and service company, is the
approved regional dealer of many famous brands such as Volvo, Peugeot, Mazda,
Buick, Cadillac, Spark, Sail, Land Rover, Jaguar, Rolls-Royce, Skyper,
etc. It has set up several 4S
centers. As an important automobile
importer of China, ZMI has a wide automobile marketing network, covering many
cities of Zhejiang Province. The market
share of ZMI is increasing annually. In
the years ahead, ZMI will be dedicated to expanding brands sales and exploring
the automobile maintenance and repairing business, spare part supplying as well
as the second-hand automobile trading business.
The subject also trades in the above-mentioned commodities.
The controlling shareholder of the company, Zhejiang Materials Industry
Group [ZMIG], is one of the Global 500 Enterprises. Since the founding of the ZMI, it has received
great support from its controlling shareholder.
The metal trade, whose product classes include steel, iron ore,
ferroalloy, scrap steel, electrolytic aluminium and so on, is one of the key
businesses of ZMIG. ZMIG has a steady long
strategy cooperation relationship with over sixty large-middle steelworks in
China, such as Capital Steel Group, Anyang Steel Co. Ltd, Wuhan Steel Group,
Maanshan Steel Co. Ltd, Thangshan Iron & Steel Group Co. Ltd, Hunan Lingang
Steel Group Co. Ltd, Panzhihua Steel (Group) Co., Jiangshu Shagang Group,
Handan Steel Group, Taiyuan Steel (group) Co., Ningbo Jianlong Steel Co. Ltd,
also with many foreign steelworks, such as STEMCOR UK Ltd., Voestalpine AG,
ThyssenKrupp Group, etc. Its market and
business networks cover the main areas and major cities of whole China. It keeps a good relationship with many
countries/areas, such as the EU, Southeast Asia, the Middle East, South
American, and Commonwealth of Independent States, etc. Its marketing scale exceeds RMB32 billion
Yuan per year, over 6.5 million tons of steel material. The market share is more than 25% in Zhejiang
Province.
In 2012, ZMI achieved a sales volume of RMB52 billion Yuan, and the
total volume of import and export reached US$1.82 billion, keeping a leading
position in the provincial-level import and export companies in Zhejiang for
years.
Now, ZMI has become a significant company in the industry. It is involved in global purchase and sales,
and advancing toward a competitive Global Integrated Service Provider in the
Steel and Metallurgical Supply Chain.
The principal shareholders of ZMI are the following firms:-
1.
Zhejiang Materials Industry Group: ZMI’s
controlling shareholder, which has become the first enterprise in Zhejiang
Province that is one of the Fortune Global 500 firms.
2.
CCB International: A subsidiary investment bank
flagship of the China Construction Bank Co., Ltd. In Hong Kong, it was conferred the title of
“the Best Investment Bank in China”, “the Best China Investment Bank in Hong
Kong ”, “the Best Private Equity Investment Bank in China” by international
authorities.
3.
COFCO Group: As a leading diversified product and
service supplier of agricultural products and food in China, COFCO Group has
been listed as one of the World’s Top-500 Enterprises in FORTUNE and has been
ranking the 1st in Top-100 Enterprises of China food industry.
Ms. Shen Lixia is also the Assistant of the General Manager of ZMI.
The subject’s business in Hong Kong is not active. History in Hong Kong is over ten years and
eight 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
or in small credit amounts.
|
Date |
Description of Instrument |
Mortgagee |
|
14-10-2011 |
Charge Over Account and Set-Off |
United Overseas Bank Ltd., Hong Kong Branch. |
|
14-10-2011 |
General Memorandum of Pledge of Goods |
United Overseas Bank Ltd., Hong Kong Branch. |
|
14-10-2011 |
Assignment of Letters of Credit |
United Overseas Bank Ltd., Hong Kong Branch. |
|
17-11-2011 |
Charge on Cash Deposit to secure Liabilities of the Depositor |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
|
08-02-2012 |
Security Memorandum |
ABN AMRO Bank N.V. |
|
29-09-2012 |
Trade Finance Security Assignment |
United Overseas Bank Ltd. |
|
04-05-2013 |
Trade Finance Security Assignment |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
|
06-10-2014 |
Trade Fianace Security Assignment |
Agricultural Bank of China Ltd., Hong Kong Branch. |
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.61.97 |
|
|
1 |
Rs.97.37 |
|
Euro |
1 |
Rs.77.16 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
|
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 |
-- |
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.