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Report No. : |
335156 |
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Report Date : |
05.08.2015 |
IDENTIFICATION DETAILS
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Name : |
HONG KONG JIA SHENG INTERNATIONAL ENTERPRISE DEVELOPMENT LTD. |
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Registered Office : |
C/o Anda Business Ltd. Unit 701, 7/F., Citicorp Centre, 18 Whitefield Road, Causeway Bay |
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Country : |
Hong Kong
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Date of Incorporation : |
10.12.2004 |
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Com. Reg. No.: |
35466213 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject provides
local firms with the following services:-
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No. of Employees : |
No Employee in Hong Kong 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. |
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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
HONG KONG JIA SHENG INTERNATIONAL ENTERPRISE DEVELOPMENT LTD.
Registered Office:-
C/o Anda Business Ltd.
Unit 701, 7/F., Citicorp Centre, 18 Whitefield Road, Causeway Bay, Hong
Kong.
Holding Company:-
Xiamen Justsun Foreign Trade Co. Ltd., China.
Associated
Companies:-
Fujian Quanzhou Justsun Supply Chain Co. Ltd., China.
Shanghai Justsun Supply Chain Co. Ltd., China.
Shenzhen Justsun Supply Chain Co. Ltd., China.
Xiamen Justsun Supply Chain Co. Ltd., China.
10th December, 2004.
35466213
0939090
HK$155,986,000.00
(As per registry dated 10-12-2014)
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Name |
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No. of shares |
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Xiamen Justsun Foreign Trade Co. Ltd. Room 1802, Block A, Jialian Building, 164-176 Jiahe Road, Xiamen
Special Economic Zone, China. |
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155,986,000 ========= |
(As per registry dated 10-12-2014)
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Name (Nationality) |
Address |
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WU Ya Qiang |
Room 602, 6/F., Jinfeng Lane, Xiamen Special Economic Zone, China. |
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LI Dong Min |
Room 602, 6/F., Jinfeng Lane, Xiamen Special Economic Zone, China. |
(As per registry dated 10-12-2014)
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Name |
Address |
Co. No. |
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Anda Business Ltd. |
Unit 701, 7/F., Citicorp Centre, 18 Whitefield Road, Causeway Bay,
Hong Kong. |
1808699 |
(See attachment)
The subject was incorporated on 10th December, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of “Union Health
Development Ltd.,” name changed to “Hong Kong Union Health International
Enterprises Development Ltd.” on 7th April, 2005 and further to the present
style on 15th February, 2007.
Formerly the subject’s registered address was located at ‘Flat D, 21/F.,
Max Share Centre, 367-373 King’s Road, North Point, Hong Kong’, moved to the
present address in September, 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Hang Seng Bank Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
China Construction Bank Corporation, Singapore Branch, Singapore.
Nanyang Commercial Bank Ltd., Hong Kong.
Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch.
Taishin International Bank Co. Ltd., Hong Kong Branch.
J. P. Morgan Chase Bank, N.A. Hong Kong.
Having issued 155,986,000 ordinary shares of HK$1.00 each, Hong Kong Jia
Sheng International Enterprise Development Ltd. is wholly owned by Xiamen
Justsun Foreign Trade Co. Ltd. [Justsun] which is a China-based firm.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Unit 701, 7/F., Citicorp Centre, 18 Whitefield
Road, Causeway Bay, Hong Kong” known as “Anda Business Ltd.” which is handling
its correspondences and documents. This
firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject is engaged in the same lines of business as Justsun.
The director of the subject Wu Ya Qiang is also the director of
Justsun. Ms. Li Dongmin is the
Chairman of Justsun Group. She is also
the other director of the subject.
Established in 1997, Justsun is a service provider of supply chain
integrating management. With advanced
technology and management concepts, Justsun professionally integrates the
resources in all the links of supply chain, and provides its partners with a
four-in-one total solution integrating capital flow, business flow, logistics
flow and information flow on the whole industrial chain.
A significant member of the Group is Shanghai Justsun. It is also a wholly‑owned subsidiary of
Justsun. Shanghai Justsun provides local firms with the following services:-
Justsun has built up such public service platforms as logistics
platform, capital platform, trading platform and information platform. In accordance with the requirements of its
partners, Justsun provides customized service solutions such as procurement and
distribution, including import and export customs clearance, vendor managed
inventory, virtual manufacturing, and international and domestic logistics.
Justsun has formed long-term strategic partnerships with hundreds of
manufacturers, traders, banks, and logistics enterprises, with its main markets
on the west coast of the Taiwan Strait, covering whole China and the other
Asian countries.
Justsun now has become one of the large service providers of import and
export trade and supply chain in China.
According to Justsun, its import and export volume increased from
US$8.13 million in 2002 to US$710 million in 2010. In 2011, its import and export volume
amounted to US$1,030 million and up to US$1,408 million in 2012. It is predicted that the import and export
volume of Justsun will be about US$1,600 million in 2014. Business is active and significant.
Besides the subject, Shenzhen Justsun Supply Chain Co. Ltd. and Fujian
Quanzhou Justsun Supply Chain Co. Ltd. are supply chain service companies under
Justsun.
The following banks and companies are some of the clients of Justsun:-
China Construction Bank, Bank of China, Xiamen City Commercial Bank,
Agricultural Bank of China, Industrial & Commercial Bank of China, China
Merchant Bank, Bank of East Asia, China CITIC Bank, Fung Group, COFCO, China
Huaneng, Tsinghua Tongfang, Changhong, Xiamen University, Jimei University of
Xiamen.
Justsun is one of the largest enterprises in Xiamen Special Economic
Zone, China.
Supported by Justsun, however the subject’s business in Hong Kong is not
active.
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 or
in very small credit amounts.
(Since 2012)
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Date |
Description of Instrument |
Mortgagee |
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14-03-2012 |
Charge on Cash Deposit |
Bank SinoPac, Hong Kong Branch. |
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14-03-2012 |
Charge on Cash Deposit |
Bank SinoPac, Hong Kong Branch. |
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26-06-2012 |
Trade Finance Security Assignment |
CITIC Bank International Ltd., Hong Kong. |
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09-04-2013 |
The Account pledge agreement executed by the abovementioned company supplementing
the private client terms and together with the general terms agreed to by the
company |
J.P. Morgan International Bank Ltd., |
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20-05-2013 |
Master Agreement |
Taishin International Bank Co. Ltd., Hong Kong Branch. |
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22-07-2013 |
Charge on Cash Deposit |
Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch. |
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22-07-2013 |
Assignment of Hedging Contracts |
Oversea-Chinese Banking Corporation Ltd., Hong Kong Branch. |
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14-11-2013 |
Charge Over Assets |
CTBC Bank Co. Ltd., Hong Kong. |
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23-12-2013 |
Charge On Collateral Account |
RB International Finance (Hong Kong) Ltd., Hong Kong. |
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11-02-2014 |
Deed of Charge on Deposit – Own Liabilities |
BNP Paribas, Hong Kong. |
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24-04-2014 |
Charge Over Deposits/Securities (2 Parties) |
Hang Seng Bank Ltd., Hong Kong. |
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21-08-2014 |
Security Agreement between the Chargor and the Bank |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
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.63.93 |
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1 |
Rs.99.82 |
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Euro |
1 |
Rs.70.05 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
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.