MIRA
INFORM REPORT
|
Report No. : |
306331 |
|
Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
DONGWHA INTERNATIONAL CO., LIMITED |
|
|
|
|
Formerly Known As : |
DONGWHA MH INTERNATIONAL CO., LIMITED |
|
|
|
|
Registered Office : |
Room 2001, 20/F.,
Jubilee Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
08.02.2007 |
|
|
|
|
Com. Reg. No.: |
1108687 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of Wood Panel. |
|
|
|
|
No. of Employees : |
About 10 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Moderate |
|
Payment Behaviour : |
Unknown |
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
Contact Points
|
Company Name: |
DONGWHA INTERNATIONAL CO., LIMITED |
|
Supplied Name: |
DONGWHA
INTERNATIONAL CO LIMITED |
|
Trading
Address: |
Room 2001-2,
20/F., Jubilee Centre, 46 Gloucester Road, Wanchai, Hong Kong |
|
Supplied
Address: |
Room 2001 20/F
Jubilee Centre 46 Gloucester Rd Wanchai |
Note: The exact name and address are as above.
Company
Identification Details
|
Registered Name: |
|
|
Registered Address: |
Room 2001, 20/F., Jubilee Centre, 46 Gloucester Road, Wanchai, Hong
Kong |
|
Telephone Number: |
+852-2542-2093 |
|
Date of Registration: |
2007-2-8 |
|
Registered Number: |
1108687 |
|
Business Registration No.: |
38168686 |
|
Registered Capital: |
HKD 10,000.00
(USD 1,290) USD
300,000,000.00 (As of 2015.2, 1 HKD = 0.129 USD) |
|
Paid-up Capital: |
HKD 1 (USD
0.129) = 1 Shares @ HKD 1 USD 46,843,656 = 46,843,656 Shares @ USD 1 |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
63454-Medium Density Fibreboard (MDF) (KG) |
|
Principal Activities: |
Trading of wood panel, etc. |
|
Staff: |
About 10 employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-2-8 |
History
Subject was
incorporated on 2007-2-8 with the registered number 1108687 as Private Limited
Liability Company in Hong Kong.
Change of Name:
|
Effective
Date |
Name |
|
2010-9-14 |
Dongwha International Co., Limited |
|
2010-8-19 |
Dongwha MH International Co., Limited |
|
2008-5-29 |
Dongwha MH Holdings Co., Limited |
|
2007-9-24 |
MH Holdings Co., Limited |
|
2007-2-8 |
United Crown
International Holdings Limited |
Corporate Structure
Offices
|
1 |
|
|
Name: |
Korea Office |
|
Address: |
26-3, Yeouido-dong, Yeongdeungpo-gu, Seoul, Korea |
|
Tel: |
+82-2-2122-0686 |
|
Fax: |
|
|
2 |
|
|
Name: |
Dubai Office |
|
Address: |
#1409 X3 Towers, Jumeirah Bay (Cluster X) Jumeirah Lakes Towers Dubai,
UAE |
|
Tel: |
+97-1-4-453-7284 |
|
3 |
|
|
Name: |
India Office |
|
Address: |
Penta Building, PMC XVI/325, 1st Floor, Opp Jacobite Church,
Perumbavoor, Cochin, India |
|
Tel: |
+91-9447343997 |
|
4 |
|
|
Name: |
Ha Noi Office |
|
Address: |
9th Floor, Han Viet Tower, 203 Minh Khai St., Hai Ba Trung Dist, Hanoi,
Vietnam |
|
Tel: |
+844-4450-8188 |
Shareholders
|
Subscription
Amount |
Proportion of
Investment (%) |
|
|
Seung Myung Ho |
HKD 1 USD 46,843,656 |
100% |
|
Total |
HKD 1 USD 46,843,656 |
100% |
Major Shareholder Information:
|
Name: |
Seung Myung Ho |
|
Address: |
499-1, Pyong Chang-Dong Jongro-Gu, Seoul, 110-848 Korea |
Management Information
Core
Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Park Dae Sik |
|
Address: |
19A Jangmi Mansion, 302-64 Icheon-dong, Youngsan-gu, Seoul, Korea |
|
Position: |
Director |
|
Passport Number: |
M51739341 |
|
Issuing Country: |
Republic of Korea |
|
2 |
|
|
Name: |
Seung Myung Ho |
|
Address: |
499-1, Pyong Chang-Dong Jongro-Gu, Seoul, 110-848 Korea |
|
Position: |
Director |
|
Passport Number: |
M69900100 |
|
Issuing Country: |
Republic of Korea |
|
3 |
|
|
Name: |
Seung Ji Soo |
|
Address: |
75 Pyeongchang 30-gil Jongno-gu, Seoul Metropolitan, Korea |
|
Position: |
Director |
|
Passport Number: |
M36898057 |
|
Issuing Country: |
Republic of Korea |
|
|
|
|
Name: |
Ace Secretaries Limited |
|
Address: |
12th Floor, Ruttonjee House, 11 Duddell Street Central, Hong
Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
966680 |
Personnel
Structure
|
Total Employees |
Operation
Information
|
|
Office |
|
Address: |
Room 2001-2, 20/F., Jubilee Centre, 46 Gloucester Road, Wanchai, Hong
Kong |
Premises
Information
The subject is
located at Room 2001-2, 20/F.,
Jubilee Centre, 46 Gloucester Road, Wanchai, Hong Kong. However, we cannot get any related registration information for this
address in the official authorities.
Production
Information
l
Subject is a trader of wood panels, etc. without any
production activities.
Purchase
Information
l
It is introduced that subject’s products are mainly
purchased from its related factories which are located in Malaysia, Vietnam,
Australia and New Zealand.
Sales
Information
l
Subject’s engaged in sale of wood panels.
l
Subject’s main products are wood panels, building
materials and chemical materials.
l
Subject’s wood panels are applied to furniture
construction, drawer bottoms as well as wall and ceiling linings.
l
Subject’s sales regions include domestic market,
Southeast Asia, Middle East and USA.
l
Subject’s major customers are furniture
manufacturers, construction companies, wholesalers and retailer of wood panels.
Major products
|
Types |
Products |
|
Wood Panels |
Low density fibreboard, medium density fibreboard , moisture resistance
medium density fibreboard and melamine faced board |
|
Chemical Material |
Resin |
|
Building Material |
Laminate floor, wall panel, sound absorbing wall panel and wood
flooring |
Settlements
Purchase
1. Domestic Purchase
Subject has little
domestic purchase.
2. Import
|
Products |
Wood panels |
|
Payment Terms |
Internal settlement, T/T |
1. Domestic Markets
|
Product |
Wood panels |
|
Selling Terms |
T/T, Cash |
2. Export
|
Product |
Wood panels |
|
Selling Terms |
L/C, T/T |
Financial Information
The subject has no obligation to supply its financial statement to the
third party according to the relevant policy in Hong Kong and the only source
from which we can obtain the information is the subject itself.
Subject’s relevant
staff rejected to disclose the financial information; from other sources we
could not obtain such information, either.
Bankers
|
Name: |
The Hongkong and Shanghai Banking Corporation Limited |
Public
Mortgage
Record
|
1 |
|
|
Company Name: |
Dongwha International Co., Limited (the "Chargor”) |
|
Instrument of Creating Mortgage: |
Share Charge (the “Deed”) |
|
Date of Creating Mortgage: |
2013-6-11 |
|
Amount Secured: |
All and any sums (whether principal, interest, fees or otherwise) or present
and future obligations and liabilities which are or at any time due, owing or
incurred by the Chargor or any member of the Group (as defined in the
Facility Agreement) to the Security Agent or any Finance Party under the
Finance Documents, whether present or future, actual or contingent (and
whether incurred solely or jointly and whether as principal or surety or in
some other capacity) and all other moneys or obligations secured in the Deed
(the "Secured Obligations").
|
|
Name of Mortgagee: |
Woori Bank, Hong Kong Branch (the ”Security Agent”) as security agent
for itself and the other Finance Parties |
|
Address of Mortgagee: |
Suite 1401, Two Pacific Place, 88 Queensway, Hong Kong |
|
Description of Property Mortgaged: |
By way of first fixed charge in favour of the Security Agent (for
itself and on behalf of the other Finance Parties), as a continuing security
for the due and punctual performance by the Chargor of the Secured
Obligations and all other obligations of the Chargor contained in the Finance
Documents. |
|
2 |
|
|
Company Name: |
Dongwha International Co., Limited (The Depositor) |
|
Instrument of Creating Mortgage: |
Security Over Deposits With The Bank (Fixed
Deposits) Limited Company - Under Seal |
|
Date of Creating Mortgage: |
2013-7-5 |
|
Amount Secured: |
(i) all monies in any currency owing by the Depositor to the chargee at
any time, actually or contingently, in any capacity, alone or jointly with any
other person, (ii) interest on such monies (both before and after any demand
or judgment), to the date on which the chargee receives payment, at the rates
payable by the Depositor or which would have been payable but for any
circumstance which restricts payment and (iii) all expenses of the chargee in
perfecting or enforcing the charge and recovering any indebtedness of the
Depositor. |
|
Name of Mortgagee: |
|
|
Address of Mortgagee: |
No. 1 Queen’s Road Central, Hong Kong |
|
Description of Property Mortgaged: |
One or more time deposit(s) of any nature of duration of the Company
with the chargee in the amount of HKD 78,000.-deposit A/C 400-554663-838
(0007) and includes (i) all monies in any currency now or at any time after
the date of the charge standing to the credit of each of such deposit(s);
(ii) any other deposit(s) or amount(s) resulting or derived from any
division, consolidation, conversion or exchange of each of such deposit(s)
from time to time; (iii) any addition to or renewal, replacement,
substitution or re-designation of each of the deposit(s) or amounts(s) in (i)
or (ii) above from time to time; and (iv) all interest on each of the above
deposit(s) or amount(s) from time to time. |
|
3 |
|
|
Company Name: |
Dongwha International Co., Limited (The Depositor) |
|
Instrument of Creating Mortgage: |
Security Over Deposits With The Bank (Fixed Deposits) Limited Company -
Under Seal |
|
Date of Creating Mortgage: |
2013-8-2 |
|
Amount Secured: |
(i) all monies in any currency owing by the Depositor to the chargee at
any time, actually or contingently, in any capacity, alone or jointly with
any other person, (ii) interest on such monies (both before and after any
demand or judgment), to the date on which the chargee receives payment, at
the rates payable by the Depositor or which would have been payable but for
any circumstance which restricts payment and (iii) all expenses of the
chargee in perfecting or enforcing the charge and recovering any indebtedness
of the Depositor. |
|
Name of Mortgagee: |
The Hongkong and Shanghai Banking Corporation Limited |
|
Address of Mortgagee: |
No. 1 Queen’s Road Central, Hong Kong |
|
Description of Property Mortgaged: |
One or more time deposit(s) of any nature of duration of the Company
with the chargee in the amount of HKD15,000.-/deposit A/C 400-554663-838
(0008) and includes (i) all monies in any currency now or at any time after
the date of the charge standing to the credit of each of such deposit(s);
(ii) any other deposit(s) or amount(s) resulting or derived from any
division, consolidation, conversion or exchange of each of such deposit(s)
from time to time; (iii) any addition to or renewal, replacement, substitution
or re-designation of each of the deposit(s) or amounts(s) in (i) or (ii)
above from time to time; and (iv) all interest on each of the above
deposit(s) or amount(s) from time to time. |
Lawsuits
Up to now, no present
or latent litigation of the subject has been found.
|
High Court Action: |
Clear |
|
High Court Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court Commercial Action: |
Clear |
|
High Court Construction & Arbitration Proceedings: |
Clear |
|
High Court Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Name |
Ms. Fang |
|
Position: |
Sales Department |
Industry
Information
63454-Medium Density Fibreboard (MDF) (KG)
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Australia |
201,112 |
663 |
603,633 |
2,452 |
|
The Mainland of China |
166,067 |
488 |
1,137,388 |
3,852 |
|
Germany |
24,615 |
341 |
124,752 |
1,083 |
|
New Zealand |
77,790 |
341 |
99,796 |
432 |
|
Portugal |
2,593 |
29 |
5,023 |
56 |
|
Exports |
||||
|
The Mainland of China |
197,664 |
1,498 |
591,589 |
4,132 |
|
India |
8,236 |
75 |
108,295 |
1,020 |
|
Australia |
350 |
22 |
2,196 |
150 |
|
Bangladesh |
-- |
-- |
2,823 |
141 |
|
Malaysia |
-- |
-- |
7,500 |
57 |
External
Trade Information:
External
Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change
of Total exports |
Merchandise trade
balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the
nearest final digit after summing up the constituent trade figures.
Attachment
Jubilee Centre, 46 Gloucester Road, Wanchai,
Hong Kong
20/F., Jubilee Centre, 46 Gloucester Road,
Wanchai, Hong Kong
Room 2001, 20/F., Jubilee Centre, 46
Gloucester Road, Wanchai, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.74 |
|
|
1 |
Rs.94.65 |
|
Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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 |
|
|
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 |
|
|
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 |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
|
26-40 |
B |
Capability to
overcome financial difficulties seems comparatively below average. |
Small |
|
|
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 |
|
|
<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.