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Report Date : |
26.06.2014 |
IDENTIFICATION DETAILS
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Name : |
HAIKE TRADING HONGKONG LTD. |
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Registered Office : |
c/o SBC Corporate Services Ltd. Unit 2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.09.2005 |
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Com. Reg. No.: |
36023046 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a Chemical Trader |
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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 : |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 Risk |
A2 |
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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.
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Source
: CIA |
HAIKE TRADING
HONGKONG LTD.
ADDRESS: c/o SBC Corporate Services
Ltd.
Unit 2209, 22/F.,
Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong.
PHONE: Not available.
FAX: Not available.
Managing Director: Mr. Zhang Zai
Zhong
Incorporated on: 16th September, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Chemical
Trader.
Group Turnover: RMB20,385,289,000 Yuan (Year ended 31-12-2012)
Employees: Nil.
Main Dealing Banker: China
CITIC Bank International Ltd., Hong Kong.
Banking Relation: Satisfactory.
HAIKE TRADING
HONGKONG LTD.
Registered Head
Office:-
c/o SBC Corporate Services Ltd.
Unit 2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai,
Hong Kong.
Holding Company:-
Haike Holding HongKong Ltd., Hong Kong.
(Same address)
Intermediate
Holding Company:-
Haike Chemical Group Ltd., Cayman Islands.
Ultimate Holding
Company:-
Hi-Tech Chemical Investment Ltd., British Virgin Islands.
Wholly-owned
subsidiary:-
Dongying Hi-Tech Spring Chemical Industry Co. Ltd., China.
Associated
Companies:-
Dongying Hailin Trading Co. Ltd., China.
Dongying He-bang Chemical Co. Ltd., China.
Dongying Tiandong Biochemical Co. Ltd., China.
Haiyan Trading Pte. Ltd., Singapore.
Shandong Hi-Tech Chemical Group Ltd., China.
Shandong Hi-Tech Ruilin Chemical Co. Ltd., China.
Shandong Hi-tech Shengli Electrochemical Co. Ltd., China.
36023046
0996446
Managing Director: Mr. Zhang Zai
Zhong
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 16-09-2013)
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Name |
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No. of shares |
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Haike Holding HongKong Ltd., Hong Kong. |
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10,000 ===== |
(As per registry dated 16-09-2013)
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Name (Nationality) |
Address |
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ZHANG Zai Zhong |
West End of Boxin Road, Dongying District, Dongying City, Shandong,
China. |
(As per registry dated 16-09-2013)
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Name |
Address |
Co. No. |
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SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
The subject was incorporated on 16th September, 2005 as a private
limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Synergy Capital
Group Co. Ltd., name changed to the present style on 6th October, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Chemical
Trader.
Lines: Speciality
chemicals, feedstock
Employees: Nil.
Commodities Imported: Europe, Asian
countries
Markets: China,
other Asian countries, Europe, North America
Group Turnover: RMB13,618,395,000
Yuan (Year ended 31-12-2011)
RMB20,385,289,000
Yuan (Year ended 31-12-2012)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Group (Loss) / Profit Attributable to Shareholders:
(RMB 7,099,000 Yuan) (Year ended 31-12-2011)
(RMB282,363,000 Yuan) (Year ended
31-12-2012)
Profit or Loss: Group
made losses in 2011 & 2012.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: China CITIC Bank International Ltd., Hong
Kong.
Standing: Small.
Haike Trading Hongkong Ltd. is a wholly-owned subsidiary of Haike
Holding HongKong Ltd. which is a Hong Kong registered company. The intermediate holding company Haike
Chemical Group Ltd. [Haike/Group] is a Cayman Islands-registered company. This company is a listed company.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Unit 2209, 22/F., Wu Chung House, 213 Queen’s Road
East, Wanchai, Hong Kong” known as “SBC Corporate Services Ltd.” [SBC] which is
handling its correspondences and documents.
SBC is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. However, it is one of the key members of the
Haike Group.
Haike Chemical Group Ltd., based in Shandong Province, China, comprises
of Spring Chemical and Haike Trading.
The subject is trading in feedstock on behalf of the Group for both the
refinery and the chemical businesses, including Spring Chemical.
The subject is trading in the following products:
Dimethyl Carbonate (DMC);
Dipropylene Glycol (DPG);
Isopropyl Alcohol (IPA); &
Propylene Glycol (PG).
Spring Chemical focuses on the production and sale of a number of
speciality chemicals. The Company is one
of the leading producers of DMC and pharmacy grade propylene glycol in China.
DMC is widely used in medical applications, agricultural pesticides and the
manufacture of synthetic materials. DMC
produced by the Group is sold primarily in the Guangdong and Jiangsu provinces
of the PRC and exported to key markets in Europe. Propylene glycol is used in the
medical industry as well as the food industry for flavourings and
fragrances. This production is largely
for Chinese domestic consumption. Spring
Chemical is the only enterprise in China that holds a pharmaceutical
supplementary materials manufacturing licence and is capable of producing
medical grade propylene glycol, as well as having an independent import /
export licence.
Spring Chemical holds certificates including ISO9001, ISO14001,
ISO18001 and an international Kosher Certificate. Its products are sold to a number of nations
and regions in Europe, the US, the Middle East and South America. Marketing is
focused on customers in Northern China as well as in Europe.
On 14th February, 2007, Haike was successfully listed with London Stock
Exchange and became the first Chinese chemical enterprise that goes public with
AIM.
In general, the Haike Group is trading in the following products:
Oil Chemicals, Fine Chemicals, Chlorine Alkali Chemicals, and Bio‑Pharmaceutical
Industrial Products.
For the year ended 31st December, 2012, total revenue of the Group
increased by 49.7% to RMB20.4 billion Yuan (or £2.0 billion, 2011: RMB13.6
billion Yuan or £1.3 billion). The other
financial highlights are the followings:
Chemical products (including speciality, salt and biochemical) revenue
comparable to previous year at RMB1.5 billion Yuan (or £149.0 million, 2011:
RMB1.5 billion Yuan or £149.0 million);
Loss attributable to the Group was RMB282.4 Yuan million (or
-£28.2 million, 2011: loss of RMB7.1 million Yuan or -£0.7 million);
Loss for the year was RMB317.4 million Yuan (or - £32 million, 2011:
profit of RMB41.9 million Yuan, or £4.1 million); &
Petrochemical products revenue grew by 55.9% to RMB18.9 billion Yuan (or
£1.9 billion, 2011: RMB12.1 billion Yuan or £1.2 billion).
The subject is fully supported by the Group.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eight 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.
Brief Personal Profile of Director:
Mr. Zaizhong Zhang, Chief Executive Officer, age 47
Mr. Zhang, a senior engineer, has nearly 25 years’ experience in technology
management. After graduating in 1988,
Mr. Zhang started his career as a technician in the Dongying Chemical factory
in 1988. From 1990 to 1995, he had
served as a plant manager for the Dongying Chemical factory and was promoted to
vice president in 2000. In 2000, Mr.
Zhang was appointed as the Chief Executive Officer. He holds an MBA certificate from Tsinghua
University.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.28 |
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1 |
Rs.102.28 |
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Euro |
1 |
Rs.82.05 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NNA |
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 |
-- |
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.