|
Report No. : |
308596 |
|
Report Date : |
16.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
GFL INTERNATIONAL CO. LTD. |
|
|
|
|
Registered Office : |
c/o Orion House Secretarial Ltd., Room 1401, 14/F., World Commerce Centre,
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
29.03.2011 |
|
|
|
|
Com. Reg. No.: |
58149412 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Manufacturer of Lithium chloride, lithium
fluoride, lithium carbonate, lithium hydroxide, lithium magnesium alloy |
|
|
|
|
No of Employees : |
No employees in It is to be noted that the
company does not have its own operating office in |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong |
|
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 |
GFL INTERNATIONAL CO. LTD.
ADDRESS:
c/o Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre, Harbour City, 7‑11 Canton Road,
Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2736 7372
FAX: 852-2736 8895
Group Chairman & President:
Mr. Li Liang Bin
Incorporated on: 29th March, 2011.
Organization: Private Limited Company.
Capital:Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer,
Exporter and Manufacturer.
Parent Turnover: RMB686,267,000.36 Yuan (Year ended 31-12-2013)
Company Turnover: RMB60,366,566.28 Yuan (Year ended 31-12-2013)
Employees: Nil. (Hong Kong)
Main Dealing Banker: Bank of
Communications Co. Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
GFL INTERNATIONAL
CO. LTD.
ADDRESS:
Registered Head Office:-
c/o Orion House Secretarial Ltd.
Room 1401, 14/F., World Commerce Centre, Harbour City, 7‑11 Canton Road,
Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Jiangxi Ganfeng Lithium Co. Ltd., China.
Associated Companies:-
Ganfeng Group of Companies
Fengxin Ganfeng Lithium Co. Ltd., China.
Fengxin Ganfeng Regeneration Lithium Resources Co. Ltd., China.
Jiangxi Ganfeng Lithium Power Battery Co. Ltd., China.
Wuxi Sunenergy Lithium Industrial Co. Ltd., China.
Xinyu Ganfeng Lithium Sale Co. Ltd., China.
Xinyu Ganfeng Organic Lithium Co. Ltd., China.
Xinyu Ganfeng Transportation Co. Ltd., China.
Yichun Ganfeng Lithium Co. Ltd., China.
58149412
1580183
Group Chairman & President:
Mr. Li Liang Bin
Group Vice Chairman & Vice President: Mr. Wang Xiao Shen
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 29-03-2014)
|
Name |
|
No. of shares |
|
Jiangxi Ganfeng Lithium Co. Ltd. Long Teng Road, Xin Yu City, Jiangxi Province, China. |
|
1,000,000 ======= |
(As per registry dated 29-03-2014)
|
Name (Nationality) |
Address |
|
LI Liang Bin |
No. 21-4-2-9, Chang Qing Road (S), Yu Shui District, Xin Yu City,
Jiangxi Province, China. |
|
WANG Xiao Shen |
No. 4-23-3-303, Xi Er Xiang, Nan Hu Road, Shui Mo Gou District, Wu Lu
Mu Qi City, Xinjiang Province, China. |
(As per registry dated 29-03-2014)
|
Name |
Address |
Co. No. |
|
Orion House Secretarial Ltd. |
Room 1401, 14/F., World Commerce Centre, Harbour City, 7-11 Canton
Road, Tsimshatsui, Kowloon, Hong Kong. |
1296458 |
The subject was incorporated on 29th March, 2011 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.
Activities: Importer, Exporter
and Manufacturer.
Lines: Lithium chloride, lithium
fluoride, lithium carbonate, lithium hydroxide, lithium magnesium alloy
Employees: Nil. (Hong Kong)
1,114. (China)
Materials/Commodities: Imports raw
materials from European countries, some of the Asian countries and finished
products from China.
Markets: China, Southeast
Asia, Japan, Europe, North America, etc.
Parent Turnover: RMB246,860,522.95
Yuan (Year ended 31-12-2009)
RMB359,722,325.78
Yuan (Year ended 31-12-2010)
RMB474,978,594.99 Yuan (Year ended 31-12-2011)
RMB628,147,629.65
Yuan (Year ended 31-12-2012)
RMB686,267,000.36
Yuan (Year ended 31-12-2013)
Company Turnover: RMB60,366,566.28 Yuan (Year ended 31-12-2013)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Company Total Assets:
RMB38,603,704.53 Yuan (Year ended
31-12-2013)
Company Net Assets: RMB25,789,847.36
Yuan (Year ended 31-12-2013)
Parent Profits Attributable to Shareholders:-
RMB33,861,140.82 Yuan (Year ended
31-12-2009)
RMB42,642,305.09 Yuan (Year ended
31-12-2010)
RMB54,288,452.76 Yuan (Year ended
31-12-2011)
RMB69,644,692.68 Yuan (Year ended
31-12-2012)
RMB74,123,526.67 Yuan (Year ended
31-12-2013)
Company Net Loss:
(RMB6,448,286.78) (Year ended
31-12-2013)
Profit or Loss: Parent business
is profitable.
Condition: Business is not
very active in Hong Kong.
Facilities: Making fairly
active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Good.
Banker: Bank of Communications
Co. Ltd., Hong Kong.
Standing: Small.
GFL International Co. Ltd. is a wholly-owned subsidiary of Jiangxi
Ganfeng Lithium Co. Ltd. [Ganfeng] 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 Room 1401, 14/F., World Commerce Centre, Harbour City,
7-11 Canton Road, Tsimshatsui, Kowloon, Hong Kong known as Orion House
Secretarial 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 trading in the products of Ganfeng which is a listed firm
in China.
Ganfeng is a hi-tech enterprise which was founded in 2000. Its business covers R&D, industry and
trade. Its factory site covers an area
of 300 Chinese acres. Its
registered capital was RMB75,000,000 Yuan and currently has 450 staff while 160
of them are engineers, technicians and administrators (80 of them have got
high-level and intermediate titles).
The corporate headquarter of Ganfeng is located at Longteng Road, Xinyu
Economic Development Zone, Jiangxi Province.
Its main products are lithium chloride, lithium fluoride, lithium
carbonate, lithium hydroxide, lithium magnesium alloy and so on.
Ganfeng is one of the world’s leading Lithium manufacturers, established
in China in 2000 and has been listed on the Shenzhen Stock Exchange since
2010. Ganfeng has experienced rapid
growth in recent years, consequently forming several highly specialized Lithium
production subsidiaries and most recently commissioning a new facility in China
adding 500mt/y Li metal to its current 1000mt/y Li production capacity. It exports and produces over 20 unique
lithium products for various applications worldwide. This includes Li metal batteries for which GFL
has developed a breakthrough technology that shortens the industry standard
production process.
Ganfeng has four subsidiary companies: Xinyu Ganfeng Organic Lithium Co.
Ltd. located at Hexia Town, Fairy Lake, Xinyu, Jiangxi Province, the main
products are butyl lithium and butyl chloride, widely applied in rubber, drugs
manufacture and spice. The second
subsidiary company is FengXin Ganfeng Lithium Co. Ltd. located at Fengtian
Development Zone, Fengxin County, Jiangxi Province, the leading products are catalyst
metal lithium, battery metal lithium and lithium processing, widely applied in
drugs manufacture, organic synthesis, battery, chemical industry and
metallurgy. The third subsidiary company
is Xinyu Ganfeng Lithium Sale Co. Ltd. located at Xinyu Economic Development
Zone, Jiangxi Province. The fourth
subsidiary company is Xinyu Ganfeng Transportation Co. Ltd. located at Hexia
Town, Fairy Lake, Xinyu, Jiangxi Province.
The products are sold to the United States, Germany, South Korea,
Holland and India. Ganfeng has got ISO
9001:2000, ISO 14001:2004 environmental management and GB/T18001:2001
occupational health and safety certification.
Its trademark “Ganfeng”
is “Jiangxi Province famous trademark”.
The quality of its battery level lithium fluoride passed the national
authority in September, 2007. The
standard number of the product is YS/T 661-2007.
Ganfeng has been cooperating with International Lithium Corp. [LIC]
which is a Canada-based company.
Ganfeng is not only ILC’s strategic partner but also has a 17.5%
ownership in the company. The parties
are now jointly working on developing the Blackstairs Lithium Pegmatite project
in Ireland and Mariana Lithium Brine project in Argentina.
For the year ended 31st December, 2013, the sales of Ganfeng amounted to
RMB686.3 million Yuan, grew by 9.3% as compared with that of RMB628.1 million
Yuan in FY 2012; net profit was RMB74.1 million Yuan, grew by 6.5% as compared
with that of RMB69.6 million Yuan in FY 2012.
Concerning the turnover of the subject, for the year ended 31st
December, 2013, the sales turnover of the subject was RMB60.4 million Yuan,
made a loss of RMB6.4 million Yuan in the year.
It is likely that Ganfeng deals with foreign parties under the name of
the subject and let foreign firms correspond with the subject’s registered
address in Hong Kong. Ganfeng also
exports commodities to foreign markets under the name of the subject and its
registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is about three years and
five months.
On the whole, 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 small credit amounts.
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.62.14 |
|
|
1 |
Rs.95.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
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.