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Report Date : |
03.05.2014 |
IDENTIFICATION DETAILS
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Name : |
WELL
SEA INTERNATIONAL LTD. |
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Registered Office : |
c/o A Business Ltd. Room 2606, 26/F., C. C. Wu Building, 302-308 Hennessy Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.03.2010 |
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Com. Reg. No.: |
52227729 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Importer, Exporter and Wholesaler of all kinds of stainless steel materials · subject also acts for import and export declarations, commodity inspection, port declaration, airport declaration, import customs clearance of airport and port as well as storage declaration. |
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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 : |
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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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 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.
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Source : CIA |
WELL SEA
INTERNATIONAL LTD.
c/o A Business Ltd.
Room 2606, 26/F., C. C. Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong.
PHONE: 852-2572 2570
FAX: 852-2572 0777
Managing Director: Mr. Zheng Bingcheng
Incorporated on: 11th March, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o A Business Ltd.
Room 2606, 26/F., C. C. Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong.
Associated
Companies:-
Foshan Bong Thai Trade Co. Ltd., China.
Foshan Gangtuo Import and Export Co. Ltd., China.
Foshan Kejinda Stainless Steel Co. Ltd., China.
Foshan Shucheng Stainless Steel Co. Ltd.
No. 33-35, Block 6, Lanshi International Metal Trading Centre, Foshan City, Guangdong Province, China.
[Tel: 86-757-8392
1559; Fax: 86-757-8392 1550
E-mail: shucheng304@gmail.com ]
52227729
1429119
Managing Director: Mr. Zheng Bingcheng
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 11-03-2014)
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Name |
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No. of shares |
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ZHENG Bingcheng |
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10,000 ===== |
(As per registry
dated 11-03-2014)
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Name (Nationality) |
Address |
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ZHENG
Bingcheng |
Room C, 16/F., Skyline Tower, 18
Tong Mi Road, Mongkok, Kowloon, Hong Kong. |
(As per registry
dated 11-03-2014)
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Name |
Address |
Co.
No. |
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A Business Ltd. |
Room 2604-2605, 26/F., C. C. Wu Building, 302‑308 Hennessy
Road, Wanchai, Hong Kong. |
1323950 |
The subject was incorporated on 11th March, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat A, 3/F., Mei Wah Mansion, 42 Smithfield, Kennedy Town, Hong Kong, moved to Room 2302, 23/F., Seaview Commercial Building, 21-24 Connaught Road West, Sheung Wan, Hong Kong with effect from 25th March, 2011, and further moved to the present address in March 2012 as the subject has changed its commercial service provider since than.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of stainless steel materials
Employees: Nil.
Commodities Imported: China, India, Europe, Eastern Europe, etc.
Markets: China, other Asian countries, Europe, North America, etc.
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
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.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Well Sea International Ltd. is wholly owned by Mr. Zheng Bingcheng who is a China merchant. Being a China ID holder, he is the only director of the subject.
The subject’s registered address is now located at Room 2606, 26/F., C. C. Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong. This is the operating office of a commercial service provider known as A Business Ltd. which is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject has had an associated company known as Foshan Shucheng Stainless Steel Co. Ltd. [Foshan Shucheng]. Zheng is the general manager of the China firm. Your given phone and fax number 86-757-8392 1559 and 86‑757-8392 1550 respectively belong to Foshan Shucheng.
In order to facilitate its import and export operation, Foshan Shucheng branched out the subject in Hong Kong in early 2010, a subsidiary that can promote the process of world market exploitation and marks the new achievements made in it. The subject also acts for import and export declarations, commodity inspection, port declaration, airport declaration, import customs clearance of airport and port as well as storage declaration.
Foshan Shucheng is specialized in stainless steel trading. Its main products are hot rolled materials.
Foshan Shucheng has established partnership with Southwest Steel Factory of China and the other end-users. It has become the sole agency of the Factory for 304# steel product in south China. Its products include 304 and 201 hot‑rolled stainless steel coils. With sufficient goods of varieties and competitive prices, Foshan Shucheng can meet the needs of its customers and is able to expand its business in China.
Foshan Shucheng has joined hands with Foshan Kejinda Stainless Steel Co. Ltd., a company specialized in 304 narrow-coil, in 2009. Kejinda was established in 2007 and it is also a iron and steel trading company.
In addition, Foshan Shucheng has set up long strategic partnership with Yaitai and Huadi Steel Factory, and Foshan Shucheng is able to provide customers with customized products of steel coil.
In order to facilitate its import and export operation, Foshan Shucheng set up the subject in Hong Kong in March 2010 although the office is nominally exists.
Foshan Shucheng’s products are marketed in China, Hong Kong, exported to Taiwan, Macau, other Asian countries, Europe, North America, etc.
The business of Foshan Shucheng is chiefly handled by Ms. Clarie Zhang. Currently, its stock is about 8,000 metric tons in average every month.
Foshan Shucheng deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Foshan Shucheng also imports commodities from foreign supplying countries under the name of the subject and its registered address in Hong Kong.
The establishment of the subject is able to help Shucheng penetrate the international market.
Foshan Shucheng has had another associated company Foshan Gangtuo Import and Export Co. Ltd. [Gangtuo] in Foshan City, Guangdong Province, China.
Gangtuo was established by Foshan Shucheng in the beginning of 2011.
It is the branch company of Foshan Shucheng. It mainly deals in steel bearing grade 304, 201 and 400 series, including hot rolled / cold rolled stainless steel coils, narrow strips and sheets. Shucheng is the sole agency of Sichuan Southwest Stainless Steel Co., Ltd. in south China, it has also sound partnership with Huadi and Dingxin steel factories.
Gangtou is specialized in providing customs declaration service of import and export for internal and external manufacturers and traders, it also provides the service for international and internal trading businesses.
The customers of Gangtou are mainly in Southeast Asia, India, North and South America, etc.
The subject’s business in Hong Kong is not very active. History in Hong Kong is just over four 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.
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.60.23 |
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|
1 |
Rs.101.68 |
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Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
|
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.