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Report No. : |
328105 |
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Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
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Name : |
MARUBENI HONG KONG & SOUTH CHINA LTD. |
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Registered Office : |
20/F., Tower I, Admiralty Centre, 18 Harcourt Road |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.06.1974 |
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Com. Reg. No.: |
04970964 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
General Importer, Exporter, Distributor and Agent of Textiles, cotton & rayon yarn and fibre raw materials for non-ferrous & ferrous metals, walkie-talkies, colour TVs, medical equipment, production line equipment, semiconductor, foodstuffs, fertilizer and sundry goods. |
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No of Employees : |
150. (Including 25 Japanese staff) |
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 : |
No Complaints |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
MARUBENI HONG
KONG & SOUTH
CHINA LTD.
ADDRESS: 20/F., Tower I, Admiralty
Centre, 18 Harcourt Road, Hong Kong.
PHONE: 852-2861 2922
FAX: 852-2529
8319, 2865 6486
Managing Director: Mr. Koki
Kitagawa
Incorporated on: 22nd June, 1974.
Organization: Public & Non-Listed Company.
Issued Share Capital: HK$204,340,856.00
Business Category: General
Merchant.
Revenue: US$448,125,123.00
(Year ended 31-03-2014)
Employees: 150. (Including 25 Japanese staff)
Main Dealing Banker: Mizuho
Corporate Bank Ltd., Hong Kong Branch.
Banking Relation: Excellent.
MARUBENI
HONG KONG &
SOUTH CHINA LTD.
Registered Head Office:-
20/F., Tower I, Admiralty Centre, 18 Harcourt Road, Hong Kong.
China Offices:-
Beijing, Shanghai, Guangzhou, Dalian, Qingdao, Tianjin, Nanjing, Fuzhou,
Xiamen, Shenyang, Haikou, Chongqing, Shenzhen SEZ.
Parent Company:-
Marubeni Corporation
4-2, Ohtemachi 1-chome, Chiyoda-ku, Tokyo 100-8088, Japan.
[Tel: 81-3-3282 2111]
Subsidiary:-
Shoes & More Ltd., Hong Kong.
[Dissolved]
Associated Companies:-
Argo Marine Shipping S.A., Panama.
Kenova Ltd., Hong Kong.
Marnix Insurance Agency Ltd., Hong Kong.
Marubeni Chikusan Corporation, Japan.
Marubeni Footwear Resources Ltd., Hong Kong.
Marubeni Guangzhou Co. Ltd., China.
Marubeni International Commodities (Singapore) Pte. Ltd., Singapore.
Marubeni International Petroleum Co. Ltd., Hong Kong. [Dissolved]
Marubeni Intex Co. Ltd., Japan.
Marubeni Nisshin Feed Co. Ltd., Japan.
Marubeni Textile Asia Co. Ltd., Hong Kong. [Dissolved]
Passport Fashion Co. Ltd., Hong Kong.
Polyglory (Hong Kong) Ltd., Hong Kong.
[Dissolved]
United Fashion Co. Ltd., China.
West Pacific Salt Ltd., Hong Kong.
[Dissolved]
etc.
04970964
0039039
Managing Director: Mr. Koki
Kitagawa
HK$204,340,856.00
(As per registry
dated 23-06-2014)
|
Name |
|
No. of shares |
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Marubeni Corporation 4-2, 1-chome, Ohtemachi, Chiyoda-ku, Tokyo, Japan. |
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204,340,856 ========= |
(As per registry
dated 13-04-2015)
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Name (Nationality) |
Address |
|
Masato KIMATA |
Room 1801, Block A4, Xinghui Yunjin, No. 3 Huacheng Road, Tianhe District,
Guangzhou, Guangdong Provicne, China. |
|
Koki KITAGAWA |
Flat 57, 11/F., Tower 9, Hong Kong Parkview, 88 Tai Tam Reservoir
Road, Hong Kong. |
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Kenichi YAMAGUCHI |
Apartment 14B, Shama Tsim Sha Tsui, 74-78 Nathan Road, Tsimshatsui, Kowloon,
Hong Kong. |
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Kazuaki TANAKA |
Unit 1805, 18/F., Tower 23, Central Park, 6 Chaoyangmenwai Avenue,
Chaoyang District, Beijing, China. |
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Hiroyuki TANAKA |
Flat A, 41/F., Tower 1, The Orchards, 3 Greig Road, Hong Kong. |
(As per registry
dated 23-06-2014)
|
Name |
Address |
Co. No. |
|
Deodand (Nominees) Ltd. |
Room 701, 7/F., World-Wide House, 19 Des Voeux Road Central, Hong
Kong. |
0016756 |
The subject was firstly registered in Hong Kong on 15th March, 1955 as a
Hong Kong branch office with head office in Japan. Incorporated on 22nd June, 1974 as a private
limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Marubeni Hong
Kong Ltd., name changed to the present style on 2nd April, 2001.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: General
Importer, Exporter, Distributor and Agent.
Lines: Textiles, cotton & rayon yarn
and fibre raw materials for non-ferrous & ferrous metals, walkie-talkies,
colour TVs, medical equipment, production line equipment, semiconductor,
foodstuffs, fertilizer and sundry goods.
Office Space: 20,318 sq.ft. - self-owned.
Employees: 150. (Including 25 Japanese staff)
Commodities Imported:-
Paper - Japan and
South Korea.
Copy machine,
cable, wheat flour, steel sheet and synthetic rubber - Japan.
Plastic resin -
Japan and US.
Textile fabric and
yarn - Japan, South Korea, Pakistan and Taiwan.
Shoes - Italy.
White cement -
Indonesia.
Markets: Hong Kong,
China, Europe, US, etc.
Revenue: US$520,427,590.00 (Year ended 31-12-2010)
US$553,585,516.00 (Year ended 31-12-2011)
US$583,150,891.00 (From 01-01-2012 to 31-03-2013)
US$448,125,123.00 (Year ended 31-03-2014)
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
|
Date |
GN No. |
Particulars |
Amount |
|
Under the name
of “Marubeni Corporation” |
|||
|
25-05-1990 |
GN1912 |
Supply of 4 Nos. of 316 Litres/Second Electrically Driven Pumpsets |
YEN94,185,000 |
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28-03-1991 |
GN1118 |
Supply of 4 Nos. of 2,580 Litres/Second Electrically Driven Pumpsets |
YEN 170,602,800 + |
|
Under the name
of “Marubeni Hong Kong Ltd.” |
|||
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26-08-1994 |
GN3237 |
Supply of Spares for Kubota 2800 L/S Pump |
HK$998,012 |
|
28-10-1994 |
GN4093 |
Supply of Spare Parts for Kubota Main Pumps |
HK$675,225 |
The Hong Kong General Chamber of Commerce, Hong Kong.
The Hong Kong Japanese Chamber of Commerce & Industry,
Hong Kong.
The Hongkong Japanese Club, Hong Kong.
Issued Capital: HK$204,340,856.00
Net Profit: US$5,995,644.00 (Year ended 31-12-2010)
US$2,629,754.00 (Year ended 31-12-2011)
US$3,337,654.00 (From 01-01-2012 to 31-03-2013)
US$2,383,779.00 (Year ended 31-03-2014)
Profit or Loss: Business
is profitable.
Condition: Keeping
in an active manner.
Facilities: Making active use of general
banking facilities.
Payment: Reliable.
Commercial Morality: Very Good.
Bankers:-
Mizuho Corporate
Bank Ltd., Hong Kong Branch.
Fortis Bank,
Hong Kong Branch.
Sumitomo Mitsui
Banking Corporation, Hong Kong Branch.
The Bank of
Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Wing Lung Bank
Ltd., Hong Kong.
etc.
Standing: Very Good.
Marubeni Hong Kong & South China Ltd. is a wholly-owned subsidiary
of Marubeni Corporation [Marubeni] of Japan, the 5th largest trading company in
Japan with shares listed on the stock exchanges in Tokyo, Osaka, Nagoya,
Dusseldorf and Frankfurt.
The subject although incorporated on 22nd June, 1974, it has not been in
operation until 1st April, 1977 when it officially took over all the business
of Marubeni Corporation, Hong Kong Branch.
It is the most active Japanese company in Hong Kong.
The subject is one of the overseas corporate subsidiaries of Marubeni,
which is one of Japan’s largest general trading companies (Sogo Shosha).
The new president of the subject is Mr. Koki Kitagawa.
The subject’s core business activity is domestic and international
trading (export, import and intermediary trade), handling a wide range of
products including natural resources, chemical & plastic products,
foodstuffs, metals, machinery, plants, paper, general merchandise and so
on. Not only these trading business, the
subject is also engaged in logistic support, direct investment and financial
arrangement for trade and projects.
The subject has set up the following five departments:-
Entry to WTO, the Chinese Government has been developing the western
part of China, and the 11th 5-year plan starting from 2006 may have a huge
impact on and boost the speed of the change in the industrial environment. In order to catch up with this industrial
revolution, the subject, itself, is also changing and expanding its business
scope in the same direction as the market does, such as IT, Bio-chemical and
Environmental related field, in addition to the traditional business.
Through this more than 50 years long business history, the subject has
expanded its business to Southeast Asian countries apart from Hong Kong and
China. Its service lines have expanded
from traditional trading to the value added supports for different customers.
When the Branch started business in Hong Kong, there were only 8
staff. Now, as a result of business
expansion, the subject has set up its own subsidiary company (Marubeni
Guangzhou Trading Co. Ltd.) and 2 liaison offices (Xiamen and Kunming) in
China, and has more than 150 staff under its management.
The subject has established strong networks among numerous business
partners in various industries over the years.
Its business will keep on improving.
For the year ended 31st March, 2014, the revenue of the subject amounted
to US$448.1 million (revenue during the period from 01-01-2012 to 31-03-2013:
US$583.2 million); profit for the year was US$2.4 million (during the period
from 01-01-2012 to 31-03-2013: US$3.3 million).
Overall business was good in the past years.
The subject has changed it fiscal year since 2013.
The history of the subject in Hong Kong is over 40 years.
The subject has got more directors appointed on 1st April, 2015.
On the whole, in view of the parentage and history of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 63.64 |
|
|
1 |
Rs. 100.41 |
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Euro |
1 |
Rs. 71.62 |
INFORMATION DETAILS
|
Analysis Done by
: |
RSM |
|
|
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Report Prepared by
: |
DPT |
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.