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Report No. : |
354026 |
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Report Date : |
29.12.2015 |
IDENTIFICATION DETAILS
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Name : |
XINCHENG INTERNATIONAL (HONG KONG) CO. LTD. |
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Formerly Known As : |
XINCHENG INTERNATIONAL FINANCIAL LEASING CO LTD |
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Registered Office : |
Room 2104, 21/F., Austin Plaza, 83 Austin
Road, Tsimshatsui, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.12.2013 |
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Com. Reg. No.: |
62524351 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter, Wholesaler, Machinery Leasing of all Kinds of Machinery and Equipment. |
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No. of Employees : |
8. (Including
associates) 4,525.
(Group) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Slow but correct |
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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.
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Source
: CIA |
XINCHENG INTERNATIONAL
(HONG KONG) CO.
LTD.
Formerly
Known as: XINCHENG
INTERNATIONAL FINANCIAL LEASING CO LTD
ADDRESS: Room 2104, 21/F., Austin Plaza, 83 Austin
Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2417 1739, 2866 6933
FAX: 852-2866 6166
E-MAIL: hkkeda@netvigator.com
MANAGEMENT:
Managing Director: Mr. Zeng Fei
Incorporated on: 20th
December, 2013.
Organization:
Private
Limited Company.
Issued Share Capital: US$10,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Operating Income: RMB4,465.9
million Yuan (Year ended 31-12-2014)
Employees:
8. (Including associates)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 2104, 21/F., Austin Plaza, 83 Austin
Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Anhui Xincheng Investment Co. Ltd., China.
Ultimate Holding Company:-
Keda Clean Energy Co. Ltd. [Formerly known as Keda Industrial Co. Ltd.]
1 Huanzhen Xi Road, Guanglong Industrial
Zone, Chencun, Shunde, Foshan, Guangdong, China.
[Tel: 86-757-2383
2929, 2383 2922
Fax: 86-757-2383
2690
E-mail: ied@kedachina.com.cn]
Affiliated/Associated Companies:-
Anhui Xincheng Financial Leasing Co. Ltd.,
China.
Champ Will Development Ltd., Hong Kong. (Same address)
Changsha Aerturbo Compressor Co. Ltd., China.
Foshan Do Better Machinery Co. Ltd., China.
Foshan Henglitai Machinery Co. Ltd., China.
Foshan Keda Hydraulic Machinery Co. Ltd.,
China.
Foshan Keda Steel Machine Works, China.
Great Champ International Trading Ltd., Hong
Kong. (Same address)
Guangdong Teckwin Ceramic Digital Printing
Co. Ltd., China.
Guangdong Xincheng Financial Lease Co. Ltd.,
China.
Henan KDNEU International Engineering Co.
Ltd., China.
Henan Neutl Metallurgical Science &
Technology Co. Ltd., China.
Jiangyin Tianjiang Pharmaceutical Co. Ltd.,
China.
Keda Clean Energy (Ma’anshan) Co. Ltd.,
China.
Keda Industrial (Ma’anshan) Ltd., China.
Keda Stone Machinery Co. Ltd., China.
Shenyang Keda Clean Energy Gas Co. Ltd.,
China.
Shunde Keda Ceramics Machinery Co. Ltd.,
China.
Wuhu Suremaker Machinery Co. Ltd., China.
62524351
2015247
Managing Director: Mr. Zeng Fei
US$10,000,000.00
(As per registry dated 20-12-2014)
|
Name |
|
No. of
shares |
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Anhui
Xincheng Investment Co. Ltd. B408-409
Kecheung Centre, 399 Meishan Road, Maanshan Economic Technology Development
Zone, Anhui Province, China |
|
10,000,000 ======== |
(As per registry dated 20-12-2014)
|
Name (Nationality) |
Address |
|
ZENG
Fei |
Guangdong
Sheng Foshan Shi, Shunde Qu, Chencun Zhen, Hecheng Lu, Songyuan Xincheng
Junjing Haoting, G Zuo, 401, China. |
|
LI
Zhiqing |
Room
1906, Block D, 66 Tongji Road, Chan Cheng District, Foshan, Guangdong, China. |
|
ZHOU
Hehua |
Block
No. 2, Yuan Mign Ju Eight Street, Beijiao Biguiyuan, Shunde, Foshan,
Guangdong Province, China. |
(As per registry dated 20-12-2014)
|
Name |
Address |
Co. No. |
|
H &
R Block (HK) Ltd. |
Room
504, 5/F., Tung Wai Commercial Building, 109-111 Gloucester Road, Causeway Bay,
Hong Kong. |
0113523 |
The subject was incorporated on 20th
December, 2013 as a private limited liability company under the Hong Kong
Companies Ordinance.
Originally the subject was registered under
the name of Xincheng International Financial Leasing Co. Ltd., name changed to
the present style on 27th October, 2015.
Apart from these, neither material change nor
amendment has been ever traced and noted.
Activities: Importer,
Exporter, Wholesaler, Machinery Leasing
Lines: All
kinds of machinery and equipment.
Employees: 8. (Including associates)
4,525. (Group)
Commodities Imported: China
Markets: Asian
countries, Europe, North America.
Group Operating Income:-
RMB2,492.5 million Yuan (Year ended 31-12-2011)
RMB2,660.6 million Yuan (Year ended 31-12-2012)
RMB3,811.9 million Yuan (Year ended 31-12-2013)
RMB4,465.9 million Yuan (Year ended 31-12-2014)
RMB3,345.7 million Yuan (9 months ended 30-09-2014)
RMB2,804.3 million Yuan (9 months ended 30-09-2015)
Terms/Sales:
L/C, T/T, or as per contract.
Terms/Buying:
L/C, T/T
Issued Share Capital: US$10,000,000.00
Group Profit Attributable to Shareholders:-
RMB356.1 million Yuan (Year ended 31-12-2011)
RMB273.3 million Yuan (Year ended 31-12-2012)
RMB370.2 million Yuan (Year ended 31-12-2013)
RMB446.1 million Yuan (Year ended 31-12-2014)
RMB398.1 million Yuan (9 months ended 30-09-2014)
RMB604.8 million Yuan (9 months ended 30-09-2015)
Profit or Loss: Group business is profitable
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
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:
Normal.
Having issued 10 million ordinary share of
US$1.00, Xincheng International (Hong Kong) Co. Ltd. is wholly-owned by Anhui
Xincheng Investment Co. Ltd. which is a China-based company. Its ultimate holding company Keda Clean
Energy Co. Ltd. [formerly known as Keda Industrial Co. Ltd.] [Keda] is a
China-based and listed firm. All the
directors of the subject are China merchants and residing in Foshan City,
Guangdong Province, China.
The subject is one of the trading arms of
Keda which is a machinery and equipment trader.
It is also engaged in machinery and equipment leasing and financing
enterprises in China to purchase machinery and equipment.
Keda is in Shunde District, Foshan City,
Guangdong Province, China.
Keda is a listed firm in Shanghai bearing
stock code 600499. It has had a main
factory in Foshan City, Guangdong Province, China known as Foshan Keda Steel
Machine Works which was set up in December 1982.
Keda is principally engaged in manufacturing
and sale of machinery products. Its
machinery products include ceramics machinery, energy resource machinery, stone
processing machinery and building material processing machinery. The ceramics machinery products include cloth
processing machine, turn over machine, desiccator, drying apparatus, furnace,
buffing machine, edge grinding machine, testing equipment, stacking
apparatus. It also manufactures clean
coal gasification machinery and others.
Keda’s products are marketed in China and exported to overseas markets.
Keda has a number of subsidiaries/associates,
primarily engaged in the provision of stone machinery, new energy machinery and
construction ceramics machinery, machinery and equipment leasing, among others.
The subject is managed by Mr. Zhen Fei who is
a China businessman.
Currently, Keda has had distributors or
agents in the following countries: Taiwan, India, Vietnam, Thailand, Indonesia,
Malaysia, North Korea, Iran, Turkey, Egypt, Russia, the United Arab
Emirates. The business of Keda is rather
active and steady.
For the year ended 31st December, 2014, the
principal operating revenue of Keda was RMB4,465.9 million Yuan (2013:
RMB3,811.9 million Yuan), grew by 17.1% as compared with previous year; profit
attributable to shareholders was RMB446.1 million Yuan for the year
(2013: RMB370.2 million Yuan), grew by 20.5%.
For the 9 months ended 30th September, 2015,
the principal operating revenue of Keda was RMB2,804.3 million Yuan (same
period of 2014: RMB3,345.7 million Yuan), decreased by 16.2% as compared with
the same period of previous year; profit attributable to shareholders was
RMB604.8 million Yuan for the period (2014: RMB398.1 million Yuan), grew
by 51.9%.
For the year ended 31st December, 2014, Keda
had 4,525 employees.
The subject’s history in Hong Kong is just
over a year and ten months.
On the whole, supported by Keda, the subject
is considered good for normal business engagements in moderate credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.13 |
|
|
1 |
Rs.98.69 |
|
Euro |
1 |
Rs.72.55 |
|
HKD |
1 |
Rs.8.56 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
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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.