MIRA INFORM REPORT
|
Report Date : |
19.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
WELLING INTERNATIONAL HONG KONG LIMITED |
|
|
|
|
Registered Office : |
Suite 3904, 39/F, Tower 6, The Gateway, Harbour City, No. 9 Canton
Road, Tsim Sha Tsui, Kowloon |
|
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Country : |
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|
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Date of Incorporation : |
12.06.2008 |
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|
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Com. Reg. No.: |
39421176 |
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|
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Legal Form : |
Private Limited Liability Company |
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|
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Line of Business : |
Investment Holding and Trading of Motors. |
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No of Employees : |
About 12,000 Employees (Group) |
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 |
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|
|
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Payment Behaviour : |
No complaints |
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|
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
Contact Points
|
Company Name
(in English): |
Welling
International Hong Kong Limited |
|
Supplied Name: |
Welling
International Hong Kong Limited |
|
Trading
Address: |
Suite 3904, 39/F, Tower 6, The Gateway, Harbour City, No. 9 Canton
Road, Tsim Sha Tsui, Kowloon, Hong Kong |
|
Supplied
Address: |
Suite 3904 39/F
Tower 6 The Gateway HArbour City 9 Canton Road Tsim Sha Tsui Kowloon |
Note: The exact name and address are as above.
Company Identification Details
|
Registered
Name: |
|
|
Registered
Address: |
|
|
Telephone
Number: |
+852-3669-4888 |
|
Fax Number: |
+852-2175-0031 |
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Date of
Registration: |
2008-6-12 |
|
Registered
Number: |
1246214 |
|
Business
Registration No.: |
39421176 |
|
Paid-up
Capital: |
HKD 10,000,000
(USD 1,290,000) = 10,000,000 Shares@ HKD 1 (As of 2014.12, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
|
|
Principal
Activities: |
Investment holding and trading of motors. |
|
Staff: |
About 12,000 Employees (Group) |
|
Listed at
Stock Exchange: |
No |
|
Date of Last
Annual Return: |
2014-6-12 |
History
Subject was
incorporated on 2008-6-12 with the registered number 1246214 as Private Limited
Liability Company in
Corporate Structure
Ultimate Parent
Company
|
Name: |
Welling Holding Limited |
|
Address |
Xingye Road, Beijiao Industrial Park Shunde Foshan, Guangdong, China |
|
Tel: |
+86-757- 2633 9900 / 2633 9888 / 2633 9966 |
|
Fax: |
+86-757-2633 9989 |
|
Listed at
Stock Exchange: |
Yes; stock symbol: HKG:0382 |
|
Staff: |
About 12,000 Employees |
|
Description: |
The company is
an investment holding company. The company is engaged in the manufacture, distribution and sale of
motors and electronic and electric components for electrical household
appliances and trade raw materials through its subsidiaries. |
Parent Company
|
Name: |
Welling Holding (BVI) Ltd. |
|
Registered
Address: |
P.O. Box 3340, Road Town, Tortola, British Virgin Islands |
Related Companies
|
1.
Changzhou Honglu Huate Electric Co., Ltd 2.
Changzhou Welling Motor Manufacturing Co., Ltd.
(“Changzhou Welling”) 3.
Foshan Welling Electronic & Electric Co.,
Ltd.(“Welling Electronic and Electric”) 4.
Foshan Welling Material Supply Co., Ltd. 5.
Foshan Welling Washer Motor Manufacturing Co.,
Ltd. (“Welling Washer”) 6.
Guangdong Welling Motor Manufacturing Co., Ltd.
(“GD Welling”) 7.
Hefei Welling Motor Manufacturing Co., Ltd. 8.
Midea Welling Motor Technology (Shanghai) Co.,
Ltd. 9.
Welling Macao Commercial Offshore Limited 10. Welling (Wuhu)
Motor Manufacturing Co., Ltd. |
Note: It is introduced that subject’s group has
many members covering all over the world, we offered the above 10 members as
subject’s related companies for references.
Shareholders
|
Subscription
Amount |
Proportion
of Investment (%) |
|
|
Welling Holding (BVI) Limited |
10,000,000 |
100% |
|
Total |
10,000,000 |
100% |
Major Shareholder
Information:
|
Name: |
Welling Holding (BVI) Limited |
|
Address: |
P.O. Box 3340, Road Town, Tortola, British Virgin Islands |
Management Information
Core Management
Detailed Information
of Directors:
|
1 |
|
|
Name: |
Xiangyang Zhou |
|
Address: |
Room 903, Tower 1, Ao Yuan Hua Ting Garden, 9 Xin Gui Middle Road, Daliang,
Shunde, Foshan, Guangdong, The People’s Republic of China |
|
Position: |
Director |
|
Passport
Number: |
G48671639 |
|
Issuing
Country: |
The People’s Republic of China |
|
2 |
|
|
Name: |
Yonghua Yu |
|
Address: |
Room 401, Block 1, Jin Shan Gu Hua Yuan, 26 Dong Yi Lu, Dong Huan Jie,
Panyu District, Guangzhou City, Guangdong Province, The People’s Republic of
China |
|
Position: |
Director |
|
ID Number: |
430219197810026812 |
|
3 |
|
|
Name: |
Huagang Luo |
|
Address: |
No. 1, Ninth Street, Shunde Country Garden Blue Florid, Shunde
District, Foshan City, Guangdong Province, The People’s Republic of China |
|
Position: |
Director |
|
ID Number: |
340825197612104216 |
|
4 |
|
|
Name: |
Wai Yu Cheung |
|
Address: |
Suite 3904, 39/F, Tower 6, The Gateway, Harbour City, No. 9 Canton
Road, Tsim Sha Tsui, Kowloon, Hong Kong |
|
Position: |
Secretary |
|
ID Number: |
K178381(5) |
|
Date of
Appointment: |
2014-10-21 |
Former Secretary:
|
Name: |
Wai Ying, Tracy Tang |
|
Address: |
Suite 3904, 39/F, Tower 6, The Gateway, Harbour City, No. 9 Canton
Road, Tsim Sha Tsui, Kowloon, Hong Kong |
|
Position: |
Secretary |
|
ID Number: |
C413221(A) |
|
Date of
Cessation: |
2014-10-21 |
Personnel
Structure
|
Total Employees |
Operation Information
Offices &
Factories
|
|
Office |
|
Address: |
Suite 3904, 39/F, Tower 6, The Gateway,
Harbour City, No. 9 Canton Road, Tsim Sha Tsui, Kowloon, Hong Kong |
Premises
Information
According to subject’s
current trading address, we did not find any premises information from local
land registry; from other source we can not obtain any relevant information,
either.
Production
Information
l
The subject is a trader of motors and etc without
any production activities.
l
It is introduced that subject’s group has factories
in the mainland of China for production.
Purchase
Information
l
It is introduced that subject purchases its products
mainly from the factories of its group in the mainland of China.
l
Sales
Information
l
The subject is mainly engaged in sales of motors
l
Subject’s major products include motors for home
appliances, motors for cleaning equipment, pump products, industrial
automation, vehicle motors, motor components
l
Subject’s selling territory includes Asia, Europe,
America
l
Subject’s major customers are manufacturers of
air-conditioners, washing machines, food processor, juice maker, cleaning
equipment such as high pressure cleaning equipment, automobile
l
It is introduced that subject’s group has cooperated
with many famous home appliances manufacturers such as Indesit, Carrier,
Samsung, LG, Mitsubishi, Daikin, NSK, Sanyo-Denki, Karcher, Haier, Midea and
Hisense
l
It is introduced that subject also provide
investment holding services for its group.
Settlements
Purchase
1. Domestic Purchase
|
Products |
Motors and |
|
Payment Terms |
T/T, Cash, |
2. Import
The subject has
little import.
Sales
1. Domestic Markets
|
Product |
Motors and |
|
Selling Terms |
T/T, Cash, |
2. Export
|
Product |
Motors and |
|
Selling Terms |
L/C, T/T, |
Financial Information
The subject has no obligation to supply its financial statement to the
third party according to the relevant policy in Hong Kong and the only source from
which we can obtain the information is the subject itself.
We found the brief
consolidated financial information of subject’s Ultimate Parent Company
(Welling Holding Limited) from public files for reference.
Unit: HKD/000
|
Consolidated |
2013-12-31 |
2012-12-31 |
|
Non-current
assets |
2,053,374 |
1,957,630 |
|
Current assets |
5,838,404 |
4,881,423 |
|
Total assets |
7,891,778 |
6,839,053 |
|
Total equity |
3,874,976 |
3,103,254 |
|
Non-current
liabilities |
187,727 |
246,392 |
|
Current
liabilities |
3,829,075 |
3,489,407 |
|
Total
liabilities |
4,016,802 |
3,735,799 |
|
Total equity and
liabilities |
7,891,778 |
6,839,053 |
PROFIT AND LOSS
ACCOUNT
Unit: HKD/000
|
Consolidated |
2013 |
2012 |
|
Revenue |
8,881,723 |
7,787,502 |
|
Operating profit
|
978,184 |
794,345 |
|
Profit before
income tax |
959,216 |
786,036 |
|
Profit for the
year |
792,130 |
638,366 |
Bankers
Subject declined to disclose its bank
details; from other source we could not obtain the relevant information, either.
Public
Mortgage
Record
No mortgage record
of subject was found.
Lawsuits
Up to now, no present or latent litigation of the subject has been found
.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special Note
Interview
Details
|
Interview Date: |
2014-12-12 |
|
Department: |
Sales Department |
Industry Information
71893--Other engines and motors, n.e.s. (no.)
Unit: HKD/000
|
|
2014.04 |
2014.01~2014.04 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
United Arab Emirates |
74 |
91 |
102 |
218 |
|
13 |
52 |
168 |
522 |
|
|
Australia |
79 |
46 |
307 |
279 |
|
The Mainland of China |
15,867 |
5,873 |
756,755 |
29,521 |
|
Germany |
1,586 |
3,769 |
11,411 |
25,101 |
|
Japan |
616 |
2,604 |
2,645 |
6,669 |
|
Exports |
||||
|
Australia |
482 |
444 |
565 |
741 |
|
The Mainland of China |
342,754 |
18,146 |
1,469,420 |
85,866 |
|
France |
38 |
287 |
1 |
616 |
|
Japan |
23 |
537 |
77 |
1,562 |
|
South Korea |
20 |
75 |
258 |
264 |
External
Trade Information:
External
Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change
of Total exports |
Merchandise trade
balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest
final digit after summing up the constituent trade figures.
Attachment
Suite 3904, 39/F,
Tower 6, The Gateway, Harbour City, No. 9 Canton Road, Tsim Sha Tsui, Kowloon,
Hong Kong
Suite 3904, 39/F,
Tower 6, The Gateway, Harbour City, No. 9 Canton Road, Tsim Sha Tsui, Kowloon,
Hong Kong
Suite 3904, 39/F,
Tower 6, The Gateway, Harbour City, No. 9 Canton Road, Tsim Sha Tsui, Kowloon,
Hong Kong
Suite 3904, 39/F,
Tower 6, The Gateway, Harbour City, No. 9 Canton Road, Tsim Sha Tsui, Kowloon,
Hong Kong
Suite 3904, 39/F,
Tower 6, The Gateway, Harbour City, No. 9 Canton Road, Tsim Sha Tsui, Kowloon,
Hong Kong
Suite 3904, 39/F,
Tower 6, The Gateway, Harbour City, No. 9 Canton Road, Tsim Sha Tsui, Kowloon,
Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.32 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.78.11 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.