|
Report No. : |
308847 |
|
Report Date : |
20.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHENMING (HK) LTD. |
|
|
|
|
Registered Office : |
C/o One Nominees Ltd., Flat C, 16/F., Chinaweal Centre, |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
13.11.2006 |
|
|
|
|
Com. Reg. No.: |
37349273 |
|
|
|
|
Legal Form : |
Public and Non-listed |
|
|
|
|
Line of Business : |
Trader of all kinds of paper products |
|
|
|
|
No of Employees : |
2 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
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 |
CHENMING (HK)
LTD.
ADDRESS: C/o One Nominees
Ltd.
Flat C, 16/F.,
Chinaweal Centre, 414-424 Jaffe Road, Wanchai, Hong Kong.
PHONE: 852-2535
8828, 2535 7211
FAX: 852-2513
8466
Managing Director: Mr. Xiao Peng
Incorporated on: 13th November, 2006.
Organization: Public and Non-listed.
Capital: Nominal: US$29,900,000.00
Business Category: Paper
trader.
Annual Turnover: US$836,254,555.00 (Year ended 31-12-2013)
Employees: 2.
Main Dealing Banker: Industrial
and Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o One Nominees Ltd.
Flat C, 16/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai,
Hong Kong.
Operating
Address:-
Flat F, 27/F., Banyan Mansion, Taikooshing, Hong Kong.
Holding Company:-
Shandong Chenming Paper Holdings Ltd., China.
Associated
Companies:-
Arjo Wiggins Chenming Specialty Paper Co. Ltd., China.
Chenming GmbH, Germany.
Chenming International Co. Ltd., US.
Fuyu Chenming Paper Co. Ltd., China.
Guangdong Huirui Investment Co. Ltd., China.
Haicheng Haiming Mining Co. Ltd., China.
Hailaer Chenming Paper Co. Ltd., China.
Huanggang Chenming Arboriculture Co. Ltd., China.
Huanggang Chenming Pulp & Paper Co. Ltd., China.
Japan Chenming Paper Co. Ltd., Japan.
Jiangxi Chenming Paper Co. Ltd., China.
Jiangxi Jiangbao Media Colour Printing Co. Ltd., China.
Jilin Chenming Machinery Manufacturing Co Ltd., China.
Jilin Chenming Paper Co. Ltd., China.
Nanchang Chenming Arboriculture Co. Ltd., China.
Qingzhou Chenming Denaturation Amylum Co. Ltd., China.
Shandong Chenming Panels Co. Ltd., China.
Shandong Chenming Paper Group (Fuyu) Sales Co. Ltd., China.
Shandong Chenming Power Supply Holdings Co. Ltd., China.
Shandong Chenming Xinli Power Co. Ltd., China.
Shandong Grand View Hotel Co. Ltd., China.
Shouguang Cheming Paper Sales Co. Ltd., China.
Shouguang Chenming Art Paper Co. Ltd., China.
Shouguang Chenming Cement Co. Ltd., China.
Shouguang Chenming Floor Board Co. Ltd., China.
Shouguang Chenming Hongxin Packaging Co. Ltd., China.
Shouguang Chenming Import and Export Trade Co. Ltd., China.
Shouguang Chenming Industrial Logistics Co. Ltd., China.
Shouguang Chenming Jiatai Property Management Co. Ltd., China.
Shouguang Chenming Modern Logistic Co. Ltd., China.
Shouguang Chenming Papermaking Machine Co. Ltd., China.
Shouguang Chenming Tianyuan Arboriculture Co. Ltd., China.
Shouguang Hengfeng Storage Co. Ltd., China.
Shouguang Hongxiang Printing & Packaging Co. Ltd., China.
Shouguang Hongyi Decorative Packaging Co. Ltd., China.
Shouguang Meilun Paper Co. Ltd., China.
Shouguang Runsheng Waste Paper Recycle Co. Ltd., China.
Shouguang Shun Da Customs Declaration Co. Ltd., China.
Shouguang Wei Yuan Logistics Co. Ltd., China.
Shouguang Xinyuan Coal Co. Ltd., China.
Wuhan Chenming Hanyang Paper Holdings Co. Ltd., China.
Wuhan Chenming Qianneng Electric Power Co. Ltd., China.
Wuhan Chenming Wan Xing Real Estate Co. Ltd., China.
Wuxi Songling Paper Co. Ltd., China.
Yangjiang Chenming Arboriculture Co. Ltd., China.
Zhanjiang Chenming Arboriculture Co. Ltd., China.
Zhanjiang Chenming New-Style Wall Materials Co. Ltd., China.
Zhanjiang Chenming Pulp & Paper Co. Ltd., China.
Zhanjiang Meilun Pulp & Paper Co. Ltd., China.
etc.
37349273
1087196
Managing Director: Mr. Xiao Peng
Contact Person: Mr. Kent Kan
(Hong Kong Mobile Phone No.: 852-6498 6403
E-mail: kentkan@chenmingpaper.com )
US$29,900,000.00
(As per registry dated 30-06-2014)
|
Name |
|
No. of shares |
|
Shandong Chenming Paper Holdings Ltd. No. 595 Shengcheng Street, Shouguang City, Shandong Province, China. |
|
29,900,000 ======== |
(As per registry dated 30-06-2014)
|
Name (Nationality) |
Address |
|
XIAO Peng |
Room 601, Unit 1, Block 4, 313 Limin Street, Changle Town, Shandong,
China. |
|
JIA Guanlei |
Flat C, 13/F., Banyan Mansion, Taikoo Shing, Hong Kong. |
|
LI Feng |
No. 402, 2 Danyuan, No. 9 Building, No. 347 Chenming Road, Shouguang City,
Shandong Province, China. |
(As per registry dated 30-06-2014)
|
Name |
Address |
Co. No. |
|
One Nominees Ltd. |
No. C, 16/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai, Hong
Kong. |
0359753 |
The subject was incorporated on 13th November, 2006 as a public and
non-listed limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Paper
trader.
Lines: All
kinds of paper products
Employees: 2.
Commodities Imported: China, etc.
Markets: China,
Hong Kong, other Asian countries, Europe, etc.
Turnover: US$284,168,693.00 (Year ended 31-12-2010)
US$401,591,701.00 (Year ended 31-12-2011)
US$443,939,332.00 (Year ended 31-12-2012)
US$836,254,555.00 (Year ended 31-12-2013)
Terms/Sales: CAD or as per contracted.
Terms/Buying: Various terms.
Issued Share Capital: US$29,900,000.00
Mortgage or Charge: (See attachment)
Net Profit/(Loss): US$ 1,741,434.00
(Year ended 31-12-2010)
(US$ 1,650,414.00)
(Year ended 31-12-2011)
US$
1,318,610.00 (Year ended
31-12-2012)
US$38,464,607.00 (Year ended 31-12-2013)
Net Assets: US$ 209,927.00
(Year ended 31-12-2011)
US$ 1,528,537.00
(Year ended 31-12-2012)
US$49,993,144.00 (Year ended 31-12-2013)
Profit or Loss: Made
a good profit in 2013.
Condition: Keeping in an active manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Industrial and Commercial Bank of China (Asia) Ltd., Hong Kong.
China CITIC Bank International Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Chenming (HK) Ltd. is a wholly-owned subsidiary of Shandong Chenming
Paper Holdings Ltd. [Shandong Chenming] which is a China-based firm.
The subject’s registered office is in a commercial service firm located
at No. C, 16/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai, Hong Kong
known as One Nominees Ltd. which is handling its correspondences and
documents. This firm is also the corporate
secretary of the subject. The subject’s
operating address is located at Flat F, 27/F., Banyan Mansion, Taikooshing,
Hong Kong which is in a private building.
Shandong Chenming’s operations are taken place at 595 Shengchen Street,
Shougurng City, Shandong Province, China.
The subject is engaged in selling paper products for its holding
company. Shandong Chenming purchases
materials in the name of the subject and carried out sub-contracting work to
turn materials to the finished goods.
Shandong Chenming is a listed firm in China. Its A and B stock code are 000488 and 200488
respectively. Its A and B shares are
traded in Shenzhen Stock Exchange.
Shandong Chenming’s H shares are traded in The Stock Exchange of Hong
Kong Ltd. bearing stock Code 1812.
Now, the Group has set up offices in Eastern Europe, South Korea,
Taiwan, Singapore, Taiwan, the United States, Brazil, Japan, India, the Middle
East, Africa, etc.
For the year ended 31st December, 2013, the turnover of the subject
amounted to US$836.3 million (2012: US$443.9 million), grew by 88.4% as
compared with previous year. The net
profit of the subject was US$38.5 million in the year (2012: US$1.3 million),
grew significantly as compared with previous year.
The subject is fully supported by Shandong Chenming.
On the whole, consider it good for normal business engagements.
Brief personal profile of the director:-
Mr. LI Feng, who joined Shandong Chenming in 1992, had held
different positions including the chief officer of manufacturing section,
assistant to the general manager, deputy general manager of Shandong Chenming
Paper Group Qihe Paperboard Co., Ltd., deputy general manager, and chairman of
Wuhan Chenming Hanyang Paper Holdings Co., Ltd.
He is currently the executive Director, deputy general manager of
Shandong Chenming and deputy chief marketing officer in charge of the coated
paper product sales companies. Mr. Li
Feng is the brother of Ms. Li Xueqin, a deputy general manager of Shandong
Chenming.
|
Date |
Particulars |
Amount |
|
15-08-2013 |
Instrument: Trade Finance
Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all Secured Liabilities:- Assigns and agrees to assign absolutely to the Bank all the present
and future rights, title, interests and benefits of the Borrower in and to
the following assets: (i) the Export Credits; (ii) the Export Collection
Bills; (iii) the Sales Contracts; (iv) the Export Invoice Receivables; (v)
the Insurances; (vii) the Trade Documents and (vii) all claims, remedies
and proceeds in connection; Charges and agrees to charge to the Bank by way of first fixed charge
all the present and future rights, title, interests and benefits of the Borrower
in and to the following assets: (i) the Goods together with their proceeds;
(ii) the Pledged Goods; (iii) the Deposits; and (iv) to the extent any
Security Assets Pledges and agrees to pledge to the Bank the Pledged Goods and the
Trade Documents which are now or may in the future be in the possession of
the Bank Mortgagee: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong. |
All obligations and liabilities |
|
06-09-2013 |
Instrument: Security Over
Deposit in respect of Obligations of the Depositor Property: By way of first fixed charge to the Chargee the account no.:
861530066465 and all deposits from time to time therein which expression
includes all and every deposit and any currency into which such sums may from
time to time be converted, any renewal or substitution of such deposits and
all interest payable thereon and all the right, title, benefit and interest
whatsoever, present and future, of the Borrower together with all deposit
receipts in respect thereof, free from any lien, charge or encumbrance of any
kind, to the intent that such charge shall operates as a continuing security
over the Deposits to the Chargee until all such moneys, obligations and
liabilities have been paid or discharged. Mortgagee: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong. |
All monies and liabilities |
|
10-02-2014 |
Instrument: Trade Finance
Security Assignment Property: The Borrower as beneficial owner:- Assigns and agrees to assign absolutely to the Bank all the present and
future rights, title, interests and benefits of the Borrower in and to the
following assets: (i) the Export Credits; (ii) the Export Collection Bills;
(iii) the Sales Contracts; (iv) the Invoice Receivables; (v) the Insurances;
(vii) the Trade Documents and (vii) all claims, remedies and proceeds in
connection; Charges and agrees to charge to the Bank by way of first fixed charge
all the present and future rights, title, interests and benefits of the
Borrower in and to the following assets: (i) the Goods together with their
proceeds; (ii) the Deposits; and Pledges and agrees to pledge to the Bank the Pledged Goods and the
Trade Documents which are now or may in the future be in the Bank’s
possession Mortgagee: China CITIC
Bank International Ltd., Hong Kong. |
Any money and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.25 |
|
|
1 |
Rs.95.57 |
|
Euro |
1 |
Rs.71.01 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.