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Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
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Name : |
WANHUA INTERNATIONAL (HONG KONG) CO. LTD. |
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Registered Office : |
c/o Hongkong Richful Accountants Service Room 1105, Lippo Centre Tower
1, 89 Queensway, Admiralty |
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Country : |
Hong Kong |
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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 Hong Kong [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.] |
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 Kong |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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.
|
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..
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.
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
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.
Now, Yantai Wanhua has set up associated companies in the United States,
the Netherlands, and offices in India, the United Arab Emirates, Japan.
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.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.98 |
|
|
1 |
Rs.104.61 |
|
Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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 |
|
<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.