|
Report Date : |
09.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
JINYU GROUP ( |
|
|
|
|
Registered Office : |
c/o Orion House Secretarial Ltd. Room 1401, 14/F., World Commerce Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
11.04.2008 |
|
|
|
|
Com. Reg. No.: |
39145714 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Trader of all kinds of rubber tires. |
|
|
|
|
No. of Employees : |
No employees in 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
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
JINYU GROUP (HONG
KONG) LTD.
ADDRESS: c/o Orion House Secretarial
Ltd.
Room 1401, 14/F., World Commerce Centre, Harbour
City, 7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2736 7372
FAX: 852-2736 8895
Managing Director: Mr. Yen Hui
Feng
Incorporated on: 11th April, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Tire
Trader.
Employees: Nil.
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
JINYU GROUP
(HONG KONG) LTD.
Registered Head
Office:-
c/o Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre, Harbour City, 7‑11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Shandong Jinyu Tire Co. Ltd.
Dawang Economic Development Zone, Dongying City, Shandong Province,
China.
and
Room 337, Rubber Valley, 43 Zhengzhou Road, Qingdao, Shandong Province,
China.
[Tel: 86-532-6866 2176, Fax:
86-532-6866 2177, 6866 2178
E-mail: tbr2@jinyutires.com,
pcr2@ tbr2@jinyutires.com ]
Associated
Companies:-
Jinyu Industrial Enterprise Co. Ltd., China.
Qingdao Blacklion Tyre Co. Ltd., China.
Qingdao Seagift International Logistic Co. Ltd., China.
Sailun (Vietnam) Co. Ltd., Vietnam.
Sailun Co. Ltd., China.
Sailun Tire International Corp., BVI.
Seagift Hongkong Ltd., Hong Kong.
Shandong Jinyu Industrial Co Ltd., China.
Shandong Jinyu Technology Co. Ltd., China.
Shenyang Peace Radial Tyre Manufacturing Co. Ltd., China.
39145714
1226540
Managing Director: Mr. Yen Hui
Feng
Nominal Share Capital: HK$3,000,000.00
(Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry dated 11-04-2014)
|
Name |
|
No. of shares |
|
Shandong Jinyu Tire Co. Ltd. Dawang Economic Development Zone, Dongying City, Shandong Province,
China. |
|
3,000,000 ======= |
(As per registry dated 11-04-2014)
|
Name (Nationality) |
Address |
|
YEN Hui Feng |
1 Court, 260 Qingkan Road, Dawang Town, Guangrou County, Shandong
Province, China. |
(As per registry dated 11-04-2014)
|
Name |
Address |
Co. No. |
|
Orion House Secretarial Ltd. |
Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong. |
1296458 |
The subject was incorporated on 11th April, 2008 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Tire
Trader.
Lines: All
kinds of rubber tires.
Employees: Nil.
Commodities Imported: China, etc.
Markets: China,
other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$3,000,000.00
(Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Mortgage or Charge (since 2010):
(See attachment)
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: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:- Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
United Overseas
Bank Ltd., Singapore.
Standing: Small.
Having issued 3 million ordinary shares of HK$1.00 each, Jinyu Group
(Hong Kong) Ltd. is wholly-owned by Shandong Jinyu Tire Co. Ltd. [Jinyu/Group].
The director of the subject Mr. Yen Hui Feng is a China merchant. He is a China ID holder and does not have the
right to reside in Hong Kong permanently.
He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 1401, 14/F., World Commerce Centre, Harbour City,
7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong” known as “Orion House
Secretarial Ltd.” which is handling its correspondences and documents. This Secretarial company is also the
corporate secretary of the subject.
The subject has no employees in Hong Kong.
Your given phone and fax number 86-532-6866 2176 and 86-532-6866 2178
respectively belong to Jinyu (Qingdao Office).
Jinyu Group was set up in 1995.
It is engaged in manufacturing all kinds of rubber tires. The total assets of the Group amounted to
RMB4.5 billion Yuan as at end of 2013.
Jinyu has been equipped with advanced tire production, development, test
machines.
With the production capacity of all steel radial tires of 3 million
pcs/year and semi steel radial tires(PCR) of 10 million pcs/year, the Group
distributes its product widely throughout China, as well as exports to over 100
overseas countries and regions.
The products have been certified by CCC, ISO/TS16949, DOT, ECE, INMETRO,
etc. The group’s laboratory has got the
CNAS certification.
The JINYU brand tire has been identified as “Shandong Famous
Brand”.
Jinyu is also regarded as a national creditable enterprise, the most
powerful 500 national company, China petroleum and chemical industry “top 100”
export enterprise, the provincial rubber industry “top 50” enterprise,
province-level high-tech enterprise, Provincial Banking Best Credit Faithful
Customers, key customer of CCB & ICBC, core customer of international trade
financing , the world “top 40” tire trader in 2010.
In August 2012, 49% stake of Jinyu Industrial Enterprise Co. Ltd., a
member of the Jingyu Group, was acquired by Sailun Co. Ltd. [Sailun]. Sailun is a listed company in China. Its shares have been trading on Shanghai
Stock Exchange and bearing stock code 601058.
The subject’s business in Hong Kong is not active. History in Hong Kong is over six years.
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.
(Since 2010)
|
Date |
Particulars |
Amount |
|
08-03-2010 |
Instrument: Security over Deposit in respect of
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account No. 861530032033
and all deposits from time to time therein Mortgagee: The Industrial & Commercial Bank
of China, Hong Kong Branch. [Now
known as Industrial & Commercial Bank of China Ltd.] |
All monies and liabilities |
|
29-04-2010 |
Instrument: Security over Deposit in respect of
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account No.
861600040492 and all deposits from time to time therein Mortgagee: The Industrial & Commercial Bank
of China, Hong Kong Branch. [Now
known as Industrial & Commercial Bank of China Ltd.] |
All monies and liabilities |
|
23-05-2011 |
Instrument: Trade Finance Security Assignment Property: (a) 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
Collections Bills; (iii) The Sales Contracts; (iv) The Export Invoice
Receivables; (v) The Insurances; (vi) The Trade Documents;
& (vii) All claims, remedies
and proceeds in connection with any of the foregoing. (b) 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 Deposit; & (iv) To the extent any
Security Assets is not effectively assigned under sub-clause (a), such
Security Asset. (c) 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: The Industrial & Commercial Bank
of China, Hong Kong Branch. [Now
known as Industrial & Commercial Bank of China Ltd.] |
All obligations and liabilities |
|
25-06-2013 |
Instrument: Letter of Charge and Set-Off Property: The Company as beneficial owner hereby charges in favour of the Bank
by way of first fixed charge all the Company’s rights, title and interest both
present or future in and to the Deposits and Other Deposits. Mortgagee: United Overseas Bank Ltd. 80 Raffles Place, UOB Plaza, 048624, Singapore. |
To secure banking facilities granted to Jinyu Group (Hong Kong) Ltd. |
|
25-06-2013 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all Secured Liabilities: (a) 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
Collections Bills; (iii) The Sales Contracts; (iv) The Export Invoice
Receivables; (v) The Insurances; (vi) The Trade Documents;
& (vii) All claims, remedies and
proceeds in connection with any of the foregoing. (b) 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 Deposit; & (iv) To the extent any
Security Assets is not effectively assigned under sub-clause (a), such
Security Asset. (c) 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: United Overseas Bank Ltd. 80 Raffles Place, UOB Plaza, 048624, Singapore. |
All obligations and liabilities |
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.59.80 |
|
|
1 |
Rs.102.42 |
|
Euro |
1 |
Rs.81.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.