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Report No. : |
313947 |
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Report Date : |
01.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MEIDA NYLON CO. LTD. |
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Registered Office : |
Room 2203, 22/F., West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan |
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Country : |
Hong Kong
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Date of Incorporation : |
11.07.2003 |
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Com. Reg. No.: |
33802047 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Textile products, chemical
fibres, fabrics, other chemical products. |
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No. of Employees : |
10 [Including Associates] |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
MEIDA NYLON CO. LTD.
ADDRESS: Room 2203, 22/F., West Tower,
Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong.
PHONE: 852-2858
3266
FAX: 852-2858
3193
E-MAIL: maychan@meida.com.hk
MANAGEMENT:
Managing Director: Mr. Guo Min
Incorporated on: 11th July, 2003.
Organization: Private Limited Company.
Issued Share Capital: HK$39,200,000.00
Business Category: Importer,
Exporter and Wholesaler.
Group Turnover: RMB3,700,080,656.12 Yuan (Year ended 31-12-2013)
Employees: 10. (Including associates)
Main Dealing Banker: Bank of
Communications Co. Ltd., Hong Kong Branch.
Banking Relation: Good.
MEIDA NYLON CO.
LTD.
Registered Head
Office:-
Room 2203, 22/F., West Tower, Shun Tak Centre, 168-200 Connaught Road
Central, Sheung Wan, Hong Kong.
Holding Company:-
Guangdong Xinhui Meida Nylon Co. Ltd., China.
Associated/Affiliated
Companies:-
Tianjian Group of Companies
Changde Meihua Nylon Co. Ltd., China.
European Tianjian (England) Co. Ltd., UK.
European Tianjian (Germany) Co. Ltd., Germany.
Guangdong Jiamei Trading Co. Ltd., China.
Guangdong Jiangmen Shipyard Co. Ltd., China.
Guangdong Tianjian Conference & Exhibition Co. Ltd., China.
Guangdong Tianjian Estate Investment & Management Co. Ltd., China.
Guangdong Tianjian Goods Delivery Co. Ltd., China.
Guangdong Tianjian Industry (Group) Co. Ltd., China.
Guangdong Tianjian International Marketing Co. Ltd., China.
Guangdong Xinhui Industrial Plastic Fabre Factory, China.
Guangdong Xinhui Meida Nylon Co. Ltd., China.
Guangdong Xinhui Zhongxin Paper Netting Factory, China.
Guangzhou Yinxing Freight & Trading Center, China.
Head Step Investment Ltd., Hong Kong.
Heshan Meihua Textile Co. Ltd., China.
Jiangmen Shipyard Watercraft Design Institute, China.
Jiangmen Tianxing Metal Structure Engineering Co. Ltd., China.
Nanchong Meihua Nylon Co. Ltd., China.
Shenzhen Mei Xin Investment Co. Ltd., China.
Sichuan Meihua New Materials Co. Ltd., China.
Tian Jian (H.K.) International Trading Co.
Ltd., Hong Kong.
(Same address) [Dissolved]
Tian Jian Metal Furniture Factory, China.
Tianjian Freight & Trading Development Co. Ltd., China.
Xinhui Dehua Nylon Chips Co. Ltd., China.
Xinhui Meida DSM Nylon Chips Co. Ltd., China.
Xinhui Tianjian Steel Furniture Factory, China.
Xinhui Tianjian Toughened Glass Furniture Product Factory, China.
Xinhui Tianjian Wooden Furniture Factory, China.
Xinhui Tianxing Metal Products Co. Ltd., China.
Xinhui Tianxing Steel Tube Co. Ltd., China.
Xinhui Xinjin Textile Co. Ltd., China.
33802047
0853007
Managing Director: Mr. Guo Min
HK$39,200,000.00
(As per registry dated 11-07-2014)
|
Name |
|
No. of shares |
|
Guangdong Xinhui Meida Nylon Co. Ltd. Shang Qian Kou, Jianghui Road, Xinhui District, Jiangmen City,
Guangdong, Province, China |
|
39,200,000 ======== |
(As per registry dated 04-03-2015)
|
Name (Nationality) |
Address |
|
ZHU Ming Hui |
Shang Qian Kou, Jianghui Road, Xinhui District, Jiangmen City,
Guangdong Province, China. |
|
GUO Min |
Shang Qian Kou, Jianghui Road, Xinhui District, Jiangmen City,
Guangdong Province, China. |
(As per registry dated 11-07-2014)
|
Name |
Address |
|
CHAN Mei Mei |
Flat F, 26/F., Tower 4, Riviera Garden, Tsuen Wan, New Territories,
Hong Kong. |
The subject was incorporated on 11th July, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Mesit Nylon Co.
Ltd., name changed to the present style on 8th August, 2003.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter
and Wholesaler.
Lines: Textile
products, chemical fibres, fabrics, other chemical products.
Employees: 10. (Including associates)
Materials/Commodities: Imports raw
materials from European countries, some Asian countries and finished products
from China.
Markets: China, other Asian countries,
Europe, North America, Australia.
Group Turnover:
RMB2,554,357,385.30 Yuan (Year
ended 31-12-2009)
RMB3,890,121,465.11 Yuan (Year
ended 31-12-2010)
RMB4,585,611,816.40 Yuan (Year
ended 31-12-2011)
RMB3,811,290,499.18 Yuan (Year
ended 31-12-2012)
RMB3,700,080,656.12 Yuan (Year
ended 31-12-2013)
Terms/Sales: L/C, T/T.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$39,200,000.00
Mortgage or Charge:-
Date of Deed of Indemnity, Charge Over
Deposit
and Set-Off: 05-02-2007
Amount: All
actions, suits, proceedings, claims, demands, losses, damages, costs, fees,
expenses and/or liabilities
Property: By
way of fixed Charge to the Bank all the Company’s estate, right title, claim,
benefit and interest to and in the Deposit (as defined below) and all
interest from time to time payable thereon together with all title deeds and
doucments
Mortgagee: Bank
of Communications Co. Ltd., Hong Kong Branch.
Group profit attributable to shareholders:-
RMB 8,248,187.80 Yuan (Year ended 31-12-2009)
RMB 96,359,501.85 Yuan (Year ended 31-12-2010)
RMB130,113,424.82 Yuan (Year
ended 31-12-2011)
RMB 35,463,916.85 Yuan (Year ended 31-12-2012)
RMB 10,446,224.54 Yuan (Year ended 31-12-2013)
Profit or Loss: Making a small
profit every year.
Condition: Business has
been normal.
Facilities: Making rather
active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality: Satisfactory.
Banker: Bank of Communications
Co., Ltd., Hong Kong.
Standing: Normal.
Meida Nylon Co. Ltd. is a wholly-owned subsidiary of Guangdong Xinhui
Meida Nylon Co. Ltd. [GXMNCL] which is a China-based firm.
GXMNCL is a listed in Shenzhen Special Economic Zone Stock Exchange
bearing stock code 000782. The subject
is trading in the products of GXMNCL and its affiliated companies.
GXMNCL, founded in 1984, is the first “Polyamide 6” manufacturer in
China utilizing the world level Nylon-6 production technology. After years of development, GXMNCL has set up
an infrastructure specialized in polyamide 6 chips and vertically integrating
spinning, knitting and dyeing. In 1997,
it went public in the Shenzhen Stock Exchange, becoming the first listed
company in the Polyamide 6 industry in China.
GXMNCL was listed among the top 10 in the textile industry of China and
the top 50 most competitive in the chemical fibre sector of the Chinese textile
industry. It was also listed among the
500 key enterprises of China and 50 leading industrial enterprises of Guangdong
Province. It has been conferred the
title of “AAA+ National Quality － Credited Enterprise”.
At present, GXMNCL has a workforce of over 3,500 and more than
RMB2 billion Yuan in total assets.
The annual production capacity reaches 180,000 tons of Polyamide 6
chips, 70,000 tons of filament yarns and 4,800 tons of high-end fabric,
yielding an annual output value of over RMB3 billion Yuan.
In 1998, GXMNCL passed the ISO 9001 certification. The “Jinfan” brand Polyamide 6 multi-filament
has been awarded the National Excellent Quality Silver Prize, and the chips and
filament of the same brand have become the favourite products of both overseas
and domestic customers.
GXMNCL has established a provincial-level technical centre and a post‑doctoral
scientific research centre, has been equipped with many senior professionals
and talents of the industry. With many
product patents that reached world level, GXMNCL has been conferred the title
of “a Hi-tech Enterprise and Technical Innovation Enterprise of Guangdong
Province”.
Besides its Xinhui base in Guangdong Province, GXMNCL also has three
subsidiaries, namely, Sichuan Nanchong Meihua Nylon Co. Ltd., Hunan Changde
Meihua Nylon Co. Ltd. and Heshan Meihua Textile Co. Ltd.
At present, GXMNCL is the largest nylon manufacturer in China.
The subject and GXMNCL are members of the Tianjian Group of Companies.
The Tianjian Group was established in 1980 with more than 20 years
experience in producing steel furniture.
It has become one of the largest steel furniture manufacturers in China,
with approximately 2,000 employees and total area covering 200,000 sq.m.
Tianjian Group’s products include dining sets, occasional tables,
bedroom furniture, etc. More than 90%
products are exported to 50 overseas countries.
It has got the following certifications: SGS and ISO 9001:2000.
The Group has set up a professional R&D team which is engaged in
designing new products.
The Group has been equipped with 3 power-coating lines imported from the
United Kingdom which are claimed to be the most advanced in the world,
2 advanced paint-spraying lines and also other tools over 1,000 units.
For the year ended 31st December, 2013, the revenues of GXMNCL amounted
to RMB3,700.1 million Yuan (2012: RMB3,811.3 million Yuan); profit attributable
to shareholder for the year was RMB10.4 million Yuan (2012: RMB35.5 million
Yuan).
The profit of the Group has been declining since 2011.
The subject is fully supported by GXMNCL.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.59 |
|
|
1 |
Rs.92.45 |
|
Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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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 |
|
|
-- |
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.