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Report Date : |
24.06.2014 |
IDENTIFICATION DETAILS
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Name : |
MANUCHAR HONG KONG LTD. |
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Registered Office : |
Suite 1005-1006, 10/F., China Insurance Group Building, 73 Connaught Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.10.2004 |
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Com. Reg. No.: |
35007611 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Iron and steel, chemicals,
textiles, building materials, auto-parts and accessories, paper, wood
products, pharmaceuticals, petrochemicals, fertilizers |
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No. of Employees : |
10. (Including associate) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – 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 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 |
MANUCHAR HONG KONG
LTD.
ADDRESS: Suite 1005-1006, 10/F., China Insurance
Group Building, 73 Connaught Road Central, Hong Kong.
PHONE: 852-3162 8302
FAX: 852-3162 8313
Managing Director: Mr. Anthony
G.S.B. Maas
Incorporated on: 18th October, 2004.
Organization: Private Limited Company.
Capital: Nominal: €810,000.00 & US$10,075,000.00
Issued: €810,000.00
& US$9,000,030.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 10. (Including associate)
Main Dealing Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
MANUCHAR HONG KONG
LTD.
Registered Head
Office:-
Suite 1005-1006, 10/F., China Insurance Group Building, 73 Connaught
Road Central, Hong Kong.
Holding Company:-
Manuchar NV
Rietschoorvelden 20, 2170 Merksern (Antwerp), Belgium.
[Tel: 32-3-640 9302
Fax: 32-3-640 9330
E-mail: contact@manuchar.com]
Associated/Affiliated
Companies:-
Baubur NV, Belgium.
LDI International NV, Belgium.
Manuchar (Shanghai) Co. Ltd., China.
Manuchar (Thailand) Ltd., Thailand.
Manuchar Middle East FZE, UAE.
Manuchar Steel Hong Kong Ltd., Hong Kong. (Same address)
Manuchar Steel NV, Belgium.
Manuchar Vietnam Co. Ltd., Vietnam.
Parts Trading Co. NV, Belgium.
35007611
0928510
Managing Director: Mr. Anthony
G.S.B. Maas
Nominal Share Capital: €810,000.00
& US$10,075,000.00
(Divided into 10,000 Ordinary shares of €81.00
each and 138,462 Ordinary shares of US$65.00 each)
Issued Share Capital: €810,000.00
& US$9,000,030.00
(As per registry dated 18-10-2013)
|
Name |
|
No. of shares |
|
|
|
|
(€) |
(US$) |
|
Manuchar NV Rietschoorveiden 20, 2170 Merksem (Antwerp), Belgium. |
Total: |
10,000 ===== |
138,462 ====== |
(As per registry dated 18-10-2013)
|
Name (Nationality) |
Address |
|
Anthony G.S.B. MAAS |
Flat C, 29 Seahorse Lane, Discovery Bay Beach Village, Lantau Island,
Hong Kong. |
|
Philippe L. M. Huybrechs |
Breemlaan 20, 2530 Boechout, Belgium. |
(As per registry dated 18-10-2013)
|
Name |
Address |
Co. No. |
|
Manylike Services Ltd. |
Room 1001-1003, 10/F., Kwan Chart Tower, 6 Tonnochy Road,
Wanchai, Hong Kong. |
0237093 |
The subject was incorporated on 18th October, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Suite 2106, 21/F., The Centrium,
60 Wyndham Street, Central, Hong Kong, moved to the present address
in June 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Iron and steel,
chemicals, textiles, building materials, auto-parts and accessories, paper,
wood products, pharmaceuticals, petrochemicals, fertilizers
Employees: 10. (Including associate)
Commodities Imported: Imported from
Latin America, Southeast Asia, Europe
Markets: Worldwide
countries.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Belgium Luxembourg Chamber of Commerce
Nominal Share Capital: €810,000.00
& US$10,075,000.00
(Divided into 10,000 Ordinary shares of
€81.00 each and 138,462 Ordinary shares of US$65.00 each)
Issued Share Capital: €810,000.00
& US$9,000,030.00
Mortgage or Charges:-
Date of Trade Finance Security
Agreement: 13-05-2013
Amount: All
monies, obligations and liabilities
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 Collection Bills; (iii) the Sales
Contracts; (iv) the Invoice Receivables; (v) the Purchase Contracts; (vi) the
Insurances; (vii) the Trade Documents; (viii) the Bills of Exchange; (ix) the
Related Collaterals; and (x) all claims, remedies and proceeds
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: (i) the Goods
together with their proceeds; (ii) the Deposit; and (iii) to the extent any
Security Asset;
c) Pledges
and agrees to pledge to the Bank, the Bills of Exchange, the Pledged Goods and
the Trade Documents which are now or may in the future be in actual or
constructive possession of the Bank; and
d) charges
and agrees to charge to the Bank by way of first floating charge all the
present and future rights, title, interests and benefits of the Borrower in and
to any Security Asset
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Made
small profits in past years.
Condition: Keeping
in an active state.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
Manuchar Hong Kong Ltd. is a wholly-owned subsidiary of Manuchar NV
[Manuchar] which is a Belgium-based firm.
Incorporated in October 2004, the subject is a member of the Manuchar
Group which is engaged in diversified economy.
Manuchar is part of a group has been involved in all areas of logistics
since 1880. In the 1990s the company
rapidly developed from commodity trading to embrace a wide range of services,
with the emphasis on long-term agreements with its partners. Today Manuchar has a global presence with own
subsidiaries in Latin America, Africa, the CIS and Asia.
Manuchar, located in Antwerp, is a trader, distributor and a logistics
service provider. It carries chemicals,
steel and wood. The Group is trading in
the following commodities:-
·
Chemicals & Fertilizers;
·
Building Materials;
·
Minerals & Ferro-alloys;
·
Pharmaceuticals - LDI International;
·
Polymers;
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Pulp & Paper;
·
Spare Parts & Mining Products - PTC;
·
Steel;
·
Special Steel and Metals - Baubur; &
·
Wood.
The subject is trading in the same commodities as the Group.
Currently, Manuchar is providing its clients with the following business
scope:-
·
Sourcing of products (mainly chemicals, steel and
wood) from worldwide suppliers;
·
Organisation of logistics between producers and
customers;
·
Financing of goods during transportation;
·
Further handling and repackaging of goods; &
·
Distribution and marketing of these products
through its local network
Manuchar offers its clients with these services through a wide local
distribution and sourcing network which extends today to 25 countries in Latin
America, Africa, the Middle East and larger parts of Asia. It has got its own offices in the following
regions and countries:-
·
Latin America.
·
South America — Brazil, Venezuela, Colombia,
Ecuador, Peru, Bolivia, Chile and Argentina.
·
Central America — Mexico, El Salvador, Honduras.
·
Caribbean — Dominican Republic, Cuba.
·
Africa — Nigeria, South Africa, Uganda.
·
Asia — China, India, Thailand, the Philippines,
Hong Kong.
·
Europe — Belgium, Oekraïne, Russia.
One of its major strengths is its network of people in the field, all
over the world. It is precisely this
network that enables the Group to stay in touch with local industries, to be
aware of their needs and to keep up with developments, as well as being able to
solve problems on the spot. Manuchar
builds on this key competency to optimize the sourcing and marketing of
products through its extensive network.
Manuchar’s Hong Kong office is the subject. Manuchar has got a significant subsidiary
known as Manuchar (Shanghai) Co. Ltd. [Manuchar China] which acts a bridge
linking China with the rest of the world.
Now, Manuchar has set up offices in Beijing, Shanghai, Tianjin, and
Guangzhou. The logistics system
developed by Manuchar China is able to organize and monitor several full cargo
vessels per week.
Manuchar China also helps Chinese companies to raise their
competitiveness by sourcing raw materials for them with the lowest prices from
worldwide countries.
Manuchar and Rossari Biotch, an Indian firm, jointly set up Manuchar
China. This firm is the sole agent for
Manuchar’s and Rossari Biotch’s products in China. Rossari Biotch is a leader in India producing
fine chemical products.
The consolidated annual turnover of the Group ranges from EUR 600 to 700
million.
In June 2007, Ackermans & van Haaren (acting through its 74%
subsidiary Sofinim) reached an agreement with the family Patrick Maas and the management
of Manuchar, led by Mr Philippe Huybrechs, for the acquisition of a 20%-stake
in Manuchar. Sofinim has also an option
to increase its participation to 30%.
The subject acts as a foothold for Manuchar to penetrate the China
market further.
The subject’s business in Hong Kong is chiefly administered by Mr.
Anthony G.S.B. Maas who is supposed to be a Belgian. Being a member of the Patrick Maas family, he
has been in Hong Kong for a very long time.
Now, he is a Hong Kong ID holder.
The subject has got an affiliated company Manuchar Steel Hong Kong Ltd.
located at its operating office.
Incorporated on 22nd December, 2006, Manuchar Steel Hong Kong, dealing
in steel and steel products, is also administered by Mr. Anthony G.S.B. Maas.
The history of the subject is over nine years and eight months.
On the whole, in view of the background and history of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
|
1 |
Rs.102.56 |
|
Euro |
1 |
Rs.81.91 |
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.