|
Report Date : |
06.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHENMING (HK) LTD. |
|
|
|
|
Registered Office : |
c/o One Nominees Ltd. Flat C, 16/F., Chinaweal Centre, |
|
|
|
|
Country : |
|
|
|
|
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Date of Incorporation : |
13.11.2006 |
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|
|
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Com. Reg. No.: |
37349273 |
|
|
|
|
Legal Form : |
Public and Non-listed |
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Line of Business : |
Trader of all kinds of paper products |
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|
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No of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 |
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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 |
CHENMING (HK)
LTD.
ADDRESS: c/o One Nominees
Ltd.
Flat C, 16/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai,
Hong Kong.
PHONE: 852-2535
8828, 2535 7211
FAX: 852-2513
8466
Managing Director: Mr. Xiao Peng
Incorporated on: 13th November, 2006.
Organization: Public and Non-listed.
Capital: Nominal: US$29,900,000.00
Business Category: Paper
trader.
Annual Turnover: US$836,254,555.00 (Year ended 31-12-2013)
Employees: 2.
Main Dealing Banker: Industrial
and Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o One Nominees Ltd.
Flat C, 16/F., Chinaweal Centre, 414-424 Jaffe
Road, Wanchai, Hong Kong.
Operating Address:-
Flat F, 27/F., Banyan Mansion, Taikooshing,
Hong Kong.
Holding Company:-
Shandong Chenming Paper Holdings Ltd., China.
Associated Companies:-
Arjo Wiggins Chenming
Specialty Paper Co. Ltd., China.
Chenming GmbH, Germany.
Chenming International Co. Ltd., US.
Fuyu Chenming Paper
Co. Ltd., China.
Guangdong Huirui Investment Co. Ltd., China.
Haicheng Haiming Mining
Co. Ltd., China.
Hailaer Chenming Paper
Co. Ltd., China.
Huanggang Chenming
Arboriculture Co. Ltd., China.
Huanggang Chenming Pulp
& Paper Co. Ltd., China.
Japan Chenming Paper Co. Ltd., Japan.
Jiangxi Chenming Paper
Co. Ltd., China.
Jiangxi Jiangbao Media Colour Printing Co. Ltd., China.
Jilin Chenming
Machinery Manufacturing Co Ltd., China.
Jilin Chenming Paper
Co. Ltd., China.
Nanchang Chenming
Arboriculture Co. Ltd., China.
Qingzhou Chenming Denaturation Amylum Co. Ltd.,
China.
Shandong Chenming Panels Co. Ltd., China.
Shandong Chenming Paper Group (Fuyu) Sales Co. Ltd., China.
Shandong Chenming Power Supply Holdings Co.
Ltd., China.
Shandong Chenming Xinli
Power Co. Ltd., China.
Shandong Grand View Hotel Co. Ltd., China.
Shouguang Cheming Paper
Sales Co. Ltd., China.
Shouguang Chenming Art
Paper Co. Ltd., China.
Shouguang Chenming Cement
Co. Ltd., China.
Shouguang Chenming Floor
Board Co. Ltd., China.
Shouguang Chenming Hongxin Packaging Co. Ltd., China.
Shouguang Chenming Import
and Export Trade Co. Ltd., China.
Shouguang Chenming
Industrial Logistics Co. Ltd., China.
Shouguang Chenming Jiatai Property Management Co. Ltd., China.
Shouguang Chenming Modern
Logistic Co. Ltd., China.
Shouguang Chenming
Papermaking Machine Co. Ltd., China.
Shouguang Chenming Tianyuan Arboriculture Co. Ltd., China.
Shouguang Hengfeng Storage
Co. Ltd., China.
Shouguang Hongxiang
Printing & Packaging Co. Ltd., China.
Shouguang Hongyi Decorative
Packaging Co. Ltd., China.
Shouguang Meilun Paper Co.
Ltd., China.
Shouguang Runsheng Waste
Paper Recycle Co. Ltd., China.
Shouguang Shun Da Customs
Declaration Co. Ltd., China.
Shouguang Wei Yuan
Logistics Co. Ltd., China.
Shouguang Xinyuan Coal Co.
Ltd., China.
Wuhan Chenming Hanyang Paper Holdings Co. Ltd., China.
Wuhan Chenming Qianneng Electric Power Co. Ltd., China.
Wuhan Chenming Wan Xing
Real Estate Co. Ltd., China.
Wuxi Songling Paper
Co. Ltd., China.
Yangjiang Chenming
Arboriculture Co. Ltd., China.
Zhanjiang Chenming
Arboriculture Co. Ltd., China.
Zhanjiang Chenming
New-Style Wall Materials Co. Ltd., China.
Zhanjiang Chenming Pulp
& Paper Co. Ltd., China.
Zhanjiang Meilun Pulp &
Paper Co. Ltd., China.
etc.
37349273
1087196
Managing Director: Mr. Xiao Peng
Contact Person: Mr. Kent Kan
(Hong Kong Mobile Phone No.: 852-6498 6403
E-mail: kentkan@chenmingpaper.com )
US$29,900,000.00
(As per registry dated 30-06-2014)
|
Name |
|
No. of shares |
|
Shandong Chenming Paper Holdings Ltd. No. 595 Shengcheng Street, Shouguang City, Shandong Province, China. |
|
29,900,000 ======== |
(As per registry dated 30-06-2014)
|
Name (Nationality) |
Address |
|
XIAO Peng |
Room 601, Unit 1, Block 4, 313 Limin Street,
Changle Town, Shandong, China. |
|
JIA Guanlei |
Flat C, 13/F., Banyan Mansion, Taikoo Shing, Hong Kong. |
|
LI Feng |
No. 402, 2 Danyuan, No. 9 Building, No. 347 Chenming Road, Shouguang City,
Shandong Province, China. |
(As per registry dated 30-06-2014)
|
Name |
Address |
Co. No. |
|
One Nominees Ltd. |
No. C, 16/F., Chinaweal Centre, 414-424
Jaffe Road, Wanchai, Hong Kong. |
0359753 |
The subject was incorporated on 13th November, 2006 as a public and
non-listed limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Paper
trader.
Lines: All
kinds of paper products
Employees: 2.
Commodities Imported: China, etc.
Markets: China,
Hong Kong, other Asian countries, Europe, etc.
Turnover: US$284,168,693.00 (Year ended 31-12-2010)
US$401,591,701.00 (Year ended 31-12-2011)
US$443,939,332.00 (Year ended 31-12-2012)
US$836,254,555.00 (Year ended 31-12-2013)
Terms/Sales: CAD or as per contracted.
Terms/Buying: Various terms.
Issued Share Capital: US$29,900,000.00
Mortgage or Charge: (See attachment)
Net Profit/(Loss): US$ 1,741,434.00
(Year ended 31-12-2010)
(US$ 1,650,414.00)
(Year ended 31-12-2011)
US$
1,318,610.00 (Year ended
31-12-2012)
US$38,464,607.00 (Year ended 31-12-2013)
Net Assets: US$ 209,927.00
(Year ended 31-12-2011)
US$ 1,528,537.00
(Year ended 31-12-2012)
US$49,993,144.00 (Year ended 31-12-2013)
Profit or Loss: Made
a good profit in 2013.
Condition: Keeping in an active manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Industrial and Commercial Bank of China (Asia) Ltd., Hong Kong.
China CITIC Bank International Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
Chenming (HK) Ltd. is a wholly-owned subsidiary of
Shandong Chenming Paper Holdings Ltd. [Shandong Chenming] which is a China-based firm.
The subject’s registered office is in a commercial service firm located
at No. C, 16/F., Chinaweal Centre, 414-424 Jaffe
Road, Wanchai, Hong Kong known as One Nominees Ltd.
which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject. The subject’s operating
address is located at Flat F, 27/F., Banyan Mansion, Taikooshing,
Hong Kong which is in a private building.
Shandong Chenming’s operations are taken place
at 595 Shengchen Street, Shougurng
City, Shandong Province, China.
The subject is engaged in selling paper products for its holding
company. Shandong Chenming
purchases materials in the name of the subject and carried out sub-contracting
work to turn materials to the finished goods.
Shandong Chenming is a listed firm in China. Its A and B stock code are 000488 and 200488
respectively. Its A and B shares are
traded in Shenzhen Stock Exchange.
Shandong Chenming’s H shares are traded in The
Stock Exchange of Hong Kong Ltd. bearing stock Code 1812.
Now, the Group has set up offices in Eastern Europe, South Korea,
Taiwan, Singapore, Taiwan, the United States, Brazil, Japan, India, the Middle
East, Africa, etc.
For the year ended 31st December, 2013, the turnover of the subject
amounted to US$836.3 million (2012: US$443.9 million), grew by 88.4% as
compared with previous year. The net
profit of the subject was US$38.5 million in the year (2012: US$1.3 million),
grew significantly as compared with previous year.
The subject is fully supported by Shandong Chenming.
On the whole, consider it good for normal business engagements.
Brief personal profile of the director:-
Mr. LI Feng, who joined
Shandong Chenming in 1992, had held different
positions including the chief officer of manufacturing section, assistant to
the general manager, deputy general manager of Shandong Chenming
Paper Group Qihe Paperboard Co., Ltd., deputy general
manager, and chairman of Wuhan Chenming
Hanyang Paper Holdings Co., Ltd. He is currently the executive Director,
deputy general manager of Shandong Chenming and
deputy chief marketing officer in charge of the coated paper product sales
companies. Mr. Li Feng
is the brother of Ms. Li Xueqin, a deputy general
manager of Shandong Chenming.
|
Date |
Particulars |
Amount |
|
15-08-2013 |
Instrument: Trade Finance
Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all Secured Liabilities:- 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) the Export Credits; (ii) the
Export Collection Bills; (iii) the Sales Contracts; (iv) the Export Invoice
Receivables; (v) the Insurances; (vii) the Trade Documents and (vii) all
claims, remedies and proceeds in connection; 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; (ii) the Pledged Goods; (iii) the
Deposits; and (iv) to the extent any Security Assets Pledges and agrees to pledge to the Bank the Pledged Goods and the
Trade Documents which are now or may in the future be in the possession of
the Bank Mortgagee: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong. |
All obligations and liabilities |
|
06-09-2013 |
Instrument: Security Over
Deposit in respect of Obligations of the Depositor Property: By way of first fixed charge to the Chargee
the account no.: 861530066465 and all deposits from time to time therein
which expression includes all and every deposit and any currency into which
such sums may from time to time be converted, any renewal or substitution of
such deposits and all interest payable thereon and all the right, title,
benefit and interest whatsoever, present and future, of the Borrower together
with all deposit receipts in respect thereof, free from any lien, charge or
encumbrance of any kind, to the intent that such charge shall operates as a
continuing security over the Deposits to the Chargee
until all such moneys, obligations and liabilities have been paid or
discharged. Mortgagee: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong. |
All monies and liabilities |
|
10-02-2014 |
Instrument: Trade Finance
Security Assignment Property: The Borrower as beneficial owner:- 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) the Export Credits; (ii)
the Export Collection Bills; (iii) the Sales Contracts; (iv) the Invoice
Receivables; (v) the Insurances; (vii) the Trade Documents and (vii) all
claims, remedies and proceeds in connection; 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; (ii) the Deposits; and Pledges and 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: China CITIC
Bank International Ltd., Hong Kong. |
Any money and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.85 |
|
|
1 |
Rs.96.73 |
|
Euro |
1 |
Rs.76.53 |
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.