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Report No. : |
354788 |
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Report Date : |
14.12.2015 |
IDENTIFICATION DETAILS
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Name : |
WANHUA CHEMICAL (HONGKONG) CO. LTD. |
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Registered Office : |
C/o Joy Enterprise Secretary Services Ltd., Room C, 19/F., Lockhart Centre, 301-307 Lockhart Road,
Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.12.2005 |
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Com. Reg. No.: |
36312221 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
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No. of Employee : |
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
|
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.
|
Source
: CIA |
WANHUA CHEMICAL
(HONGKONG) CO. LTD.
C/o Joy Enterprise
Secretary Services Ltd., Room C, 19/F.,
Lockhart Centre, 301-307 Lockhart Road, Wanchai, Hong Kong.
Holding Company:-
Wanhua Chemical
Group Co. Ltd. [Wanhua]
No. 7, Xinfu South
Road, Yantai City, Shandong Province, China.
Intermediate Holding Company:-
Wanhua Industrial
Group Co. Ltd., China.
Ultimate Holding Company:-
Yantai Wanhua
Synthetic Leather Group Co. Ltd., China.
Wholly-owned Subsidiaries:
Wanhua Chemical US Holding Inc., US.
Wanhua Innovation & Technology LLC, US.
Sister/Associated Companies:-
Yantai Wanhua Group
of Companies
BorsodChem Zrt, Hungary.
Wanhua Chemical (America) Co. Ltd., US.
Wanhua Chemical (Beijing) Co. Ltd., China.
Wanhua Chemical (Japan) Co. Ltd., China.
Wanhua Chemical (Netherlands) B.V., Netherlands.
Wanhua Chemical (Ningbo) Co. Ltd., China.
Wanhua Chemical (Singapore) Pte. Ltd., Singapore.
Wanhua Chemical International Holding Co. Ltd., British Virgin Islands.
Wanhua International (India) Pvt. Ltd., India.
36312221
1015126
Managing
Director: Mr. Wang Qinglin
HK$63,750,000.00
(As
per registry dated 21-12-2014)
|
Name |
|
No.
of shares |
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Wanhua Chemical Group Co. Ltd. No. 7, Xingfu South Road, Yantai City, Shandong Province, China. |
|
63,750,000 ======== |
(As
per registry dated 21-12-2014)
|
Name (Nationality) |
Address |
|
LI Jun Yan |
Szent Florian ter 2 Kazincbarcika H-3702,
Hungary. |
|
LIANG Bin |
Rembrandtweg 565 1181 GS, Amstelveen, The
Netherlands. |
|
DING Yi |
3700 Kazincbarcika, Szent Florianter 2,
Hungary. |
|
JIN Shengji |
1-17-22 102 Tsukagoshi, Warabishi,
Saitamaken, Japan. |
|
WANG Qinglin |
No. 39, Yan Tai Wan Hua North Huan Dao Road,
Da Xie Development Area, Bei Cang District, Ningbo, Zhejiang Peovince, China. |
(As
per registry dated 21-12-2014)
|
Name |
Address |
Co.
No. |
|
Joy
Enterprise Secretary Services Ltd. |
Room C, 19/F., Lockhart Centre, 301‑307 Lockhart Road,
Wanchai, Hong Kong. |
1336601 |
The
subject was incorporated on 21st December, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Wanhua International (Hong Kong)
Co. Ltd., name changed to the present style on 16th August, 2013.
The
subject does not have its own operating office.
Formerly, its registered address was located at “Room 1701 (024), 17/F.,
Henan Building, 90 Jaffe Road, Wanchai, Hong Kong” where was the operating
address of Companies Registrations & Secretary Ltd. Its registered address moved to the present
one in December 2012 where is the operating address of a secretarial firm “Joy
Enterprise Secretary Service Ltd.”. The
subject changed its registered address as it has changed its commercial service
provider.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Wanhua
Chemical (Hong Kong) Co. Ltd. is a wholly-owned subsidiary of Wanhua Chemical
Group Co. Ltd. [Wanhua], a China-based firm.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at Room C,
19/F., Lockhart Centre, 301‑307 Lockhart Road, Wanchai, Hong Kong
known as Joy Enterprise Secretary Services Ltd. which is handling its
correspondences and documents. The
subject has no employee in Hong Kong.
The
subject has five directors while two are in Hungary, one in The Netherlands,
one in Japan and one in China.
The
subject has had a wholly-owned subsidiary known as Wanhua Chemical
International Holding Co. Ltd.
The
subject is engaged in the following business scope:-
·
Consultancy services;
·
Foreign trading; &
·
Introduction of foreign advanced technologies.
The
subject is trading in Wanhua’s products which includes the followings:
1. Methylene
Diphenyl Diisocyanate [MDI]
2. Thermoplastic
Polyurethane [TPU]
Wanhua
was founded on 20th December, 1998 and is the first listed shareholding
enterprise following reorganization in Shandong Province, China. The business licence number is
37000018020049. It was listed on
Shanghai Stock Exchange in 2001. Its
code No. is 600309.
Wanhua’s
business covers R&D, production and marketing of isocyanates, aromatic
polyamines and thermalplastic polyurethanes [TPUS]. Wanhua currently has two MDI plants with the
total capacity of 800,000 tons/year while product quality and unit consumption
have reached the world advanced level.
MDI
is one of the key materials in the manufacturing of polyurethane. Polyurethane has both rubber and plastic
features. As a result, it has good
performances comparing to other synthetic materials, especially in thermal
insulation, sound proof, abrasive resistance, oil resistance, elasticity and
flexibility. Therefore it has also been
widely used in chemical industry, light industry, textiles, construction,
domestic appliance, building materials, transportation, vehicles, aviation,
etc.
Now,
Yantai Wanhua has set up associated companies in the United States, the Netherlands,
and offices in India, the United Arab Emirates, Japan.
The
turnover of Wanhua are:
RMB15,942.1
million Yuan (Year ended 31-12-2012)
RMB20,238.0
million Yuan (Year ended 31-12-2013)
RMB22,088.4
million Yuan (Year ended 31-12-2014)
RMB17,760.2
million Yuan (9 months ended 30-09-2014)
RMB14,788.3
million Yuan (9 months ended 30-09-2015)
Profit
Attributable to Shareholders:
RMB2,348.9 million
Yuan (Year ended 31-12-2012)
RMB2,891.4 million
Yuan (Year ended 31-12-2013)
RMB2,419.4 million
Yuan (Year ended 31-12-2014)
RMB2,097.9 million
Yuan (9 months ended 30-09-2014)
RMB1,435.8
million Yuan (9 months ended 30-09-2015)
For
the nine months ended 30th September, 2015, the turnover of Wanhua was RMB14,788.3
million Yuan (same period of previous year: RMB17,760.2 million Yuan), profit
attributable to shareholders was RMB1,435.8 million Yuan (same period of
previous year: RMB2,097.9 million Yuan).
Both of its turnover and profit dropped in the first nine months of
2015.
The
subject has got a US$2 million warranty from its holding company.
The
subject has set up a wholly-owned subsidiary Wanhua Chemical US Holding Inc.
[Wanhua US] which is in the United States.
Wanhua US has a wholly-owned subsidiary known as Wanhua Innovation
& Technology LLC in the United States.
Besides,
Wanhua now has set up subsidiaries in Japan, Europe, Russia, the United Arab
Emirates, India, etc.
The
subject is fully supported by Wanhua.
Its business in Hong Kong is not active.
History in Hong Kong is about ten years.
On
the whole, consider the subject good for business engagements in small credit
amounts or 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.66.84 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.05 |
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HKD |
1 |
Rs. 8.66 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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 |
|
-- |
NB |
New Business |
-- |
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.