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Report No. : |
330161 |
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Report Date : |
09.07.2015 |
IDENTIFICATION DETAILS
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Name : |
CNCGC HONGKONG LTD. |
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Registered Office : |
C/o Silver
Quality Company Ltd., 11/F., Effectual Building, 16 Hennessy Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.05.2013 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is importer, exporter and wholesaler of raw cotton |
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No. of Employee : |
Note Available 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
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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 |
CNCGC HONGKONG
LTD.
c/o Silver Quality
Company Ltd., 11/F., Effectual Building, 16 Hennessy Road, Wanchai, Hong Kong.
PHONE: 852-2856 0038
Managing
Director: Mr. Shi Jinkai
Incorporated
on: 7th May ,2013.
Organization: Private Limited Company.
Issued Share Capital: US$1,030,000.00
Business
Category: Importer, Exporter and
Wholesaler.
Employees: Nil.
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Head Office:-
c/o Silver Quality
Company Ltd.
11/F., Effectual
Building, 16 Hennessy Road, Wanchai, Hong Kong.
Holding Company:-
China National
Cotton Group Corporation, China.
Associated Companies:-
CNCGC Australia
Pty. Ltd., Australia.
CNCGC Guangdong
Cotton Co. Ltd., China.
Qingdao CNCGC -
ADG International Logistics Co. Ltd., China.
Beijing China –
Cotton Trading Ltd., China.
Beijing China –
Cotton International Ltd., China.
61393937
1903199
Managing Director: Mr. Shi Jinkai
US$1,030,000.00
(As
per registry dated 07-05-2015)
|
Name |
No.
of shares |
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China National Cotton Group Corporation Floor 11, Section C, Tongtai Building, No. 33 Financial Street,
Xicheng District, Beijing, China. |
1,000,000 ======= |
(As
per registry dated 07-05-2015)
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Name (Nationality) |
Address |
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ZHANG Fangchun |
No. 803, Unit 1, Building, 4, Yuandayuan
Fifth Zone, Century City, Haidian District, Beijing, China. |
|
ZHU Hongqiang |
No. 100 Xiyuan, Haidian District, Beijing,
China. |
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SHI Jinkai |
No. 1602, Unit 2, Floor 14 Wanming Garden,
Xicheng District, Beijing, China. |
(As
per registry dated 07-05-2015)
|
Name |
Address |
Co.
No. |
|
Silver Quality Co. Ltd. |
11/F., Effectual Building, 16 Hennessy Road, Hong Kong. |
0199472 |
The
subject was incorporated on 7th May, 2013 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the registered address of the subject was located at Room 1501, 15/F., Lucky
Centre, 165-171 Wanchai Road, Hong Kong, where was the old address of China
Tongyin HK Company Secretary Services Ltd.
This secretarial service company moved to the present address in June
2014, so did the subject.
The
subject moved to the present address in June 2014 as it has changed its
commercial service provider since then.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and
Wholesaler.
Lines: Raw cotton
Employees: Nil.
Commodities
Imported: Worldwide countries.
Markets: China, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital:
US$1,030,000.00
Mortgage
or Charge:-
Date: 23-10-2014
Description of
Instrument: Trade Finance Security
Agreement
Mortgagee: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Profit or Loss:
Kept a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Adequate for current running.
Payment: Met
trade commitments as required.
Commercial
Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
CNCGC
Hongkong Ltd. is a wholly-owned subsidiary of China National Cotton Group
Corporation [CNCGC] which is a China-based company.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at 11/F.,
Effectual Building, 16 Hennessy Road, Wanchai, Hong Kong known as ‘Silver
Quality Company Ltd.’ which is handling its correspondences and documents.
The
subject has no employees in Hong Kong.
CNCGC
is a cotton trader, so does the subject.
The
subject has three directors while all of whom are in Beijing, China. They are also CEOs of CNCGC.
CNCGC
imports and exports more than 1 million tonnes of cotton annually.
CNCGC
is a large enterprise administered by All China Federation of Supply and
Marketing Cooperatives. Established in
1993 with the approval of the former State Economic and Trade Commission, CNCGC
was approved as the first national leading enterprise in cotton industry by
nine ministries such as National Development and Reform Committee, Ministry of
Commerce, Ministry of Agriculture, etc.
As
a professional cotton trading enterprise, CNCGC is a significant enterprise
engaged in the line of business in China.
Based
in cotton industrialization management, CNCGC has expanded its business to international
market and has become a large-scale cotton circulating corporation with the
integration of cotton purchasing, processing and marketing. Its cotton planting bases include Xinjiang,
Shandong and Hebei. Currently, CNCGC has
set up over 60 associated cotton processing factories in China.
CNCGC
has set up a number of logistics parks and bonded warehouses in China. The followings are some of its logistics
parks:-
1. CNCGC
Langfang Logistics Park
2. CNCGC
Nangong Hongtai Logistics Park
3. CNCGC
Nantong Logistics Park
4. CNCGC
Shandong Logistics Park
The
subject has been approved by Hunan Entry-Exit Inspection and Quarantine Bureau
to import cotton from abroad. It also
has been approved by Chinese Government to import cotton from abroad while its
licence number is C110130744.
According
to CNCGC, it has been co-operating with a number of cotton merchants in the
following countries: The United States, Australia, Brazil, India.
Now,
SHI Jinkai is the President and Chairman of CNCGC, Zhang Fang is the Assistant
President and Chun Zhu Hongqiang is the General Manager of CNCGC Australia Pty.
Ltd., an Australia-based company.
The
subject is fully supported by CNCGC.
History in Hong Kong is just over two years and two months.
On
the whole, since the history of the subject is short and does not have an
office in Hong Kong, consider it good for normal business engagements 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.57 |
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|
1 |
Rs.98.22 |
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Euro |
1 |
Rs.69.93 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
ASH |
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.