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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
CNCGC HONGKONG LTD. |
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Registered Office : |
Room C, 21/F., |
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Country : |
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Date of Incorporation : |
07.05.2013 |
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Com. Reg. No.: |
61393937 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Raw cotton |
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No. of Employees |
Not Available |
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 : |
Business is Under Development |
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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 – June 1, 2014
|
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.
|
Source
: CIA |
CNCGC
HONGKONG LTD.
ADDRESS:
c/o China Tongyin HK Company Secretary
Services Ltd.
Room C, 21/F., CMA Building, 64 Connaught
Road, Central, Hong Kong.
(Formerly located at:
c/o China Tongyin HK Company Secretary
Services Ltd.
Room 1501, 15/F., Lucky Centre, 165-171
Wanchai Road, Hong Kong.)
PHONE: Not available
Managing Director: Mr.
Shi Jinkai
Incorporated on: 7th
May ,2013.
Organization: Private
Limited Company.
Paid Up Capital: US$1,030,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
CNCGC
HONGKONG LTD.
ADDRESS:
Registered
Head Office:-
c/o China Tongyin HK Company Secretary
Services Ltd.
Room C, 21/F., CMA Building, 64 Connaught
Road, Central, Hong Kong.
Holding
Company:-
China National Cotton Group Corporation,
China.
Associated
Companies:-
CNCGC Australia Pty. Ltd., Australia.
CNCGC Guangdong Cotton Co. Ltd., China.
Qingdao CNCGC - ADG International Logistics
Co. Ltd., China.
61393937
1903199
Managing Director: Mr. Shi Jinkai
Paid Up Capital: US$1,030,000.00
(As per registry dated 07-05-2014)
|
Name |
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No.
of shares |
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China National Cotton Group Corporation Floor 11, Section C, Tongtai Building, No.
33 Financial Street, Xicheng District, Beijing, China. |
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1,000,000 ======= |
(As per registry dated 07-05-2014)
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Name (Nationality) |
Address |
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ZHANG Fang Chun |
No. 803, Unit 1, Building, 4, Yuandayuan
Fifth Zone, Century City, Haidian District, Beijing, China. |
|
ZHU Hongqiang |
No. 100 Xiyuan, Haidian District, Beijing,
China. |
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SHI Jinkai |
No. 1602, Unit 2, Floor 14 Wanming Garden,
Xicheng District, Beijing, China. |
(As per registry dated 07-05-2014)
|
Name |
Address |
Co.
No. |
|
CIA Asia Holdings Ltd. |
Flat 2, 19/F., Henan Building, 90-92 Jaffe
Road, Wanchai, Hong Kong. |
1448021 |
The subject was incorporated on 7th May ,2013 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Room 1501,
15/F., Lucky Centre, 165-171 Wanchai Road, Hong Kong, where was the old address
of China Tongyin HK Company Secretary Services Ltd. This secretarial service company moved to the
present address in June 2014, so did the subject.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Raw
cotton
Employees: Nil.
Commodities Imported: Worldwide countries.
Markets: China,
etc.
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Paid Up Capital: US$1,030,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing:
Small.
CNCGC Hongkong Ltd. is a wholly-owned
subsidiary of China National Cotton Group Corporation [CNCGC] which is a
China-based company.
The subject does not have its own operating
office. Its registered office is in a
commercial service firm located at Room C, 21/F., CMA Building,
64 Connaught Road, Central, Hong Kong known as ‘China Tongyin HK Company
Secretary Services Ltd.’ which is handling its correspondences and documents.
The subject has no employees in Hong Kong.
CNCGC is a cotton trader, so does the
subject.
The subject has three directors while all of whom are in Beijing,
China. They are also CEOs of CNCGC.
CNCGC is a large enterprise administered by All China Federation of
Supply and Marketing Cooperatives.
Established in 1993 with the approval of the former State Economic and
Trade Commission, CNCGC is awarded as the first agricultural industrialization,
national leading enterprise in cotton industry by nine ministries such as
National Development and Reform Committee, Ministry of Commerce, Ministry of
Agriculture, etc. As a professional
cotton circulating enterprise, CNCGC is a significant enterprise engaged in
cotton industry of China.
Since the establishment of CNCGC in 1993, it constantly to make
contribution to the progress of China cotton industry and social development,
explore the law of enterprise development and enhance the enterprise
strength. It has gradually transformed
to a large operating group with scientific management and outstanding core
competence from governmental policy company.
Based in cotton industrialization management, CNCGC vigorously expands
international market and has become a large-scale cotton circulating
corporation with the integration of cotton purchasing, processing and
marketing. Its long-term goal is to
establish a professional, industrialized and international cotton circulating
corporation through modern enterprise system.
CNCGC has set up a number of logistics parks
and bonded warehouses in China. The
followings are some of its logistics parks:-
CNCGC Langfang Logistics Park
CNCGC Nangong Hongtai Logistics Park
CNCGC Nantong Logistics Park
CNCGC Shandong Logistics Park
The subject has been approved by Hunan
Entry-Exit Inspection and Quarantine Bureau to import cotton from abroad.
Now, SHI Jinkai is the President and
Chairman of CNCGC, Zhang Fang is the Assistant President and Chun Zhu Hongqiang
is the General Manager of CNCGC Australia Pty. Ltd., an Australia-based
company.
The subject is fully supported by
CNCGC. History in Hong Kong is just over
a year and three months.
On the whole, since the history of the
subject is short in Hong Kong, consider it good for normal business engagements
on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.61 |
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UK Pound |
1 |
Rs.100.49 |
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Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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.