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Report No. : |
335238 |
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Report Date : |
10.08.2015 |
IDENTIFICATION DETAILS
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Name : |
EAST CHINA SEAS
HOLDINGS CORP. LTD. |
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Registered Office : |
c/o OCRA (Hong Kong) Ltd. Unit 3905-8, 39/F., Two Exchange Square, 8 Connaught Place, Central |
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Country : |
Hong Kong. |
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Date of Incorporation : |
21.02.2001 |
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Com. Reg. No.: |
31601841 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available [Note: We tried to confirm
/ obtain the detailed activity but the same is not available from any
sources] |
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No. of Employee : |
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, 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 |
EAST CHINA SEAS
HOLDINGS CORP. LTD.
Registered Office:-
c/o OCRA (Hong Kong)
Ltd.
Unit 3905-8, 39/F.,
Two Exchange Square, 8 Connaught Place, Central, Hong Kong.
Beijing Office:-
B 620, Nan Xin Cang
Tower, 22, Dong Si Shi Tiao, Beijing, 100007 China.
[Phone : 86
10 6409 6818
Fax : 86
10 6409 6891, 6446 5035
E-mail : didier@eastchinaseas.com
Associated Company:-
A.B.C. Specialty
Foods Ltd., United Kingdom.
31601841
0747623
Managing
Director: Ms. Zong Bei
HK$2.00
(As per registry
dated 21-02-2015)
|
Name |
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No. of shares |
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Didier Marie
Germaine E. G. BOON |
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1 |
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ZONG Bei |
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1 |
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– |
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Total: |
2 = |
(As per registry dated
21-02-2015)
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Name (Nationality) |
Address |
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ZONG Bei |
Greenlake - Guang
Hu. 3/2. 3102, No 88 East Fourth Ring North Road, Chaoyang District, Beijing
100025, China. |
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Didier Marie
Germaine E. G. BOON |
Greenlake - Guang
Hu. 3/2. 3102, No 88 East Fourth Ring North Road, Chaoyang District, Beijing
100025, China. |
(As per registry
dated 21-02-2015)
|
Name |
Address |
Co. No. |
|
First Secretaries
Asia Ltd. |
Room 3908, 39/F.,
Exchange Square, 8 Connaught Place, Central, Hong Kong. |
0316976 |
The subject was
incorporated on 21st February, 2001 as a private limited liability company
under the Hong Kong Companies Ordinance.
Apart from these,
neither material change nor amendment has been ever traced and noted.
East China Seas
Holdings Corp. Ltd. is equally owned by Mr. Didier Marie Germaine E. G. Boon
and Ms. Zong Bei. The subject has just
issued 2 ordinary shares of HK$1.00 each while each of the shareholders holds a
single share.
The former is a
Belgium passport holder while the latter is a China passport holder. They are also directors of the subject and do
not have the right to reside in Hong Kong p ermanently.
The subject does
not have its own operating office. Its
registered office is in a commercial service firm located at “Unit 3905-8,
39/F., Exchange Square, 8 Connaught Place, Central, Hong Kong” known as
“OCRA (Hong Kong) Ltd.” which is handling its correspondences and documents. An associated company of OCRA (Hong Kong)
Ltd. known as First Secretaries Asia Ltd. is the corporate secretary of the
subject. This firm is also located at
the above‑mentioned address.
The subject has no
employees in Hong Kong.
To our knowledge, the
subject has had an associated company A.B.C. Specialty Foods Ltd. in the United
Kingdom.
The subject also
has had its headquarters in Beijing, China which is referred to East China
Seas. The contact person and general
manager is Ms. Zong Bei. She can be
reached at her China mobile phone number 86-1391 042 0825.
East China Seas is
a Commercial company created by 4 Chinese factories and a European company
which is ABC Specialty Foods Ltd. It has
been processing and exporting seafood from China to 82 countries worldwide for
more than 10 years.
East China Seas is
trading in the following products:-
All Fish, native or
processed in China: Monkfish, Tilapia, Catfish, Cod, Salmon, Rock & Yellow
Fin Soles, Saithe, Hake, Hoki, Red Fish, Mackerel, Surimi sticks, salad,
Prawns, lobster
Bivalves: Bay/Queen
& Sea/king scallops, Clams, Blue & Green lips Mussels;
Cephalopods: Squid,
cuttlefish, Octopus;
Seafood mix,
skewers, breaded, battered seafood
Shrimps, wild and
farmed.
East China Seas
opened office in Vietnam in about 2005.
Its main products are Pangasius/Basa, Shrimps, Clams, Tuna, Mahi Mahi
East China Seas
employs about 60 people in China and 5 in Vietnam. More than half of the staff belongs to the QC
department.
East China Seas’
main office is located in Beijing, China.
It also has had inspectors’ offices in Qingdao, Zhoushan, Xiamen Special
Economic Zone and Zhejiang Province of China.
East China Seas
also has set up overseas offices in the United Kingdom, Thailand, and India
besides Vietnam. The business of the
Group is active.
The Managing
Director of East China Seas is also Didier Marie Germaine E. G. Boon. He has 33 years’ experience in seafood
trading. He worked in the United
Kingdom, Spain, France and China. Ms.
Zong Bei has 13 years’ experience in seafood trading in China.
The QC manager of
East China Seas is Ms. Jessica Ruan.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over fourteen years and five months.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.81 |
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|
1 |
Rs.98.92 |
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Euro |
1 |
Rs.69.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
ANK |
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.