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Report Date : |
28.07.2014 |
IDENTIFICATION DETAILS
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Name : |
DINGSHENG ALUMINIUM INDUSTRIES (HONGKONG) TRADING CO. LTD. |
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Registered Office : |
Room 1405, 14/F., |
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Country : |
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Date of Incorporation : |
19.06.2012 |
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Com. Reg. No.: |
59977686 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a Aluminium Product Trader. All kinds of Aluminium products such as packaging foil, tobacco foil, pharmaceutical foil, household foil, semi-rigid food container foil, |
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No. of Employees |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No complaints |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 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
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Source
: CIA |
DINGSHENG ALUMINIUM
INDUSTRIES (HONGKONG) TRADING
CO. LTD.
ADDRESS: Room 1405, 14/F., 88 Gloucester Road, Hong Kong.
PHONE: 852-3973 5935
FAX: 852-3973 8500
Managing Director: Mr. Zhou Xianhai
Incorporated on: 19th June, 2012.
Organization: Private Limited Company.
Capital: Nominal:US$1,000,000.00
Issued: US$1,000,000.00
Business Category: Aluminium Product Trader.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1405, 14/F., 88 Gloucester Road, Hong Kong.
Holding Company:-
Zhenjiang Dingsheng Aluminium Industries Joint-Stock Co. Ltd., China.
Associated
Companies:-
Aleris Aluminium Zhenjiang Co. Ltd., China.
Hangzhou Dingcheng Aluminium Co. Ltd., China.
Hangzhou Five Star Aluminium Co. Ltd., China.
Luoyang Longding Aluminium Co. Ltd., China.
59977686
1762147
Managing Director: Mr. Zhou Xianhai
Contact Person: Ms. Ng Ki Fung
Nominal Share Capital: US$1,000,000.00 (Divided into 1,000,000 shares of US$1.00 each)
Issued Share Capital: US$1,000,000.00
SHAREHOLDER: (As per registry dated 19-06-2013)
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Name |
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No. of shares |
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Zhenjiang Dingsheng Aluminium Industries Joint‑Stock Co. Ltd. Jingkou Industrial Park District, Zhenjiang City, Jiangsu Province, China. |
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1,000,000 ======= |
DIRECTORS: (As per registry dated 19-06-2013)
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Name (Nationality) |
Address |
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WANG Cheng |
Fengdu Industrial Park, Pingyao Town, Yuhang District, Hangzhou City, Zhejiang Province, China. |
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YANG Yibing |
Fengdu Industrial Park, Pingyao Town, Yuhang District, Hangzhou City, Zhejiang Province, China. |
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ZHOU Xianhai |
Jingkou Industrial Park District, Zhenjiang City, Jiangsu Province, China. |
SECRETARY: (As per registry dated 19-06-2013)
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Name |
Address |
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NG Ki Fung |
Room 2218, 22/F., Luk Kwai House, Kwai Chung, New Territories, Hong Kong. |
The subject was incorporated on 19th June, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hong Kong Walster Trading Co., Ltd., name changed to the present style on 9th July, 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Aluminium Product Trader.
Lines: All kinds of aluminium products such as packaging foil, tobacco foil, pharmaceutical foil, household foil, semi-rigid food container foil, etc.
Employees: 4.
Commodities Imported: China.
Markets: China, Southeast Asia, Europe, North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: US$1,000,000.00 (Divided into 1,000,000 shares of US$1.00 each)
Issued Share Capital: US$1,000,000.00
Profit or Loss: Kept a balance account in 2013.
Condition: Business is under development.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 1 million ordinary shares of US$1.00 each, Dingsheng Aluminium Industries (Hongkong) Trading Co., Ltd. is wholly owned by Zhenjiang Dingsheng Aluminium Industries Joint-Stock Co. Ltd. [ZDAI] which is a China-based company.
The directors of the subject Mr. Wang Cheng, Mr. Yang Yibing and Mr. Zhou Xianhai are China merchant. Currently they are residing in Zhejiang Province, China.
In Hong Kong, Ms. Ng Ki Fung who is a Hongkongnese is the representative of the subject.
ZDAI belongs to Dingshen Aluminium Group [Group] which is also in Zhejiang Province, China.
Dingsheng Aluminium Group is one of the largest aluminium manufacturers in China, producing aluminium foil, sheet and plate. The Group consists of four subsidiaries and two joint-venture Companies: Zhenjiang Dingsheng Aluminium Industries Joint-stock Ltd, Co., Hangzhou Five Star Aluminium Co., Ltd., Hangzhou Dingcheng aluminium Co, Ltd., Hangzhou Dingsheng Import & Export Co., Ltd., Henan Longding aluminium Co., Ltd. and Aleris‑Dingsheng Aluminium (Zhenjiang) Co, Ltd. The Group has a total investment of approximately RMB10 billion Yuan, with over 5,000 employees. Currently, the total annual production capacity is 400,000 MT. The combined capacity of Henan Longding Co. and Aleris-Dingsheng aluminium Co. will reach 700,000 MT when they both are fully operational. By then, the total capacity will be more than 1 million MT.
The Group produces flexible packaging foil, tobacco foil, pharmaceutical foil, household foil, semi-rigid food container foil, fin stock, PS Substrate, Curtain wall as well as others flat-rolled products. These products are widely used in various sectors, ranging from food packaging, medical, tobacco packaging, refrigeration, air-condition, heating and ventilation, to printing industry, transportation, the construction industry and telecommunications.
The Group has been accredited with ISO 9001, ISO14001 and ISO18000, including various certifications for pharmaceutical and food packaging applications.
Products are sold domestically and internationally. In China, the Group has long time cooperation with significant brand manufactures such as Gree, Midea, Haier for their heating/cooling applications and GoldFoil Group, Zhongjin Matai Medical Packaging Co. Ltd. for their pharmaceutical packaging applications.
The Group ships products to over 60 countries, such as the United States, Canada, the United Kingdom, Germany, Japan, Russia and countries in the Middle East region, and established long term relationship with a number of well-known companies, such as Alcan, Reynolds, Constantia, Parekh, LG, Panasonics, Napco, etc.
However, the business of the Group has been hit by the sluggish market worldwide. The Group has been planning an IPO for listing in China, but it was due to the poor economic condition of the aluminium materials market, the listing plan has been suspended.
It is predicted that the worldwide market of the product will improve in 2015.
Mr. Zhou Xianhai, aged 52, one of the directors of the subject, was named ‘a significant character of Jingkou in Zhejiang Province’ on 28th March, 2014. He is also the director of Dingsheng Aluminium Group.
The subject’s history in Hong Kong is just over two years.
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis or in very small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.14 |
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1 |
Rs.102.22 |
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Euro |
1 |
Rs.81.02 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 |
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<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.