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Report No. : |
347101 |
|
Report Date : |
02.11.2015 |
IDENTIFICATION DETAILS
|
Name : |
ZOOMLION INTERNATIONAL TRADING (H.K.) CO. LTD. |
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|
|
|
Registered Office : |
C/o Two Birds
Secretarial Services (Hong Kong) Ltd., Room 406-409, 4/F., Three Pacific
Place, 1 Queen’s Road East, |
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Country : |
Hongkong |
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Date of Incorporation : |
28.05.2008 |
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Com. Reg. No.: |
39495456 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of Machinery and Equipment for
Building and Construction. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
HONGKONG - 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.
|
Source
: CIA |
ZOOMLION
INTERNATIONAL TRADING (H.K.) CO. LTD.
ADDRESS: C/o
Two Birds Secretarial Services (Hong Kong) Ltd.
Room 406-409,
4/F., Three Pacific Place, 1 Queen’s Road East, Hong Kong.
PHONE: 852-2248
6000
FAX: 852-2248 6011
E-MAIL: zl.hk@hotmail.com
Managing Director:
Mr. Shen Ke
Incorporated on: 28th May, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$31,200,000.01
Business Category: Importer
and Exporter.
Group Turnover: RMB25,851 million Yuan (Year ended 31-12-2014)
Employees: Nil. (Hong Kong)
Main Dealing Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Two Birds Secretarial Services (Hong Kong) Ltd.
Room 406-409, 4/F., Three Pacific Place, 1 Queen’s Road
East, Hong Kong.
Holding Company:-
Zoomlion H.K. Holding Co. Ltd., Hong Kong. (Same address)
Ultimate Holding Company:-
Zoomlion Heavy Industry Science & Technology Co.
Ltd., China/Hong Kong.
Associated/Affiliated
Companies:-
Zoomlion Group of Companies
Bichamp Cutting Technology (Hunan) Co. Ltd., China.
Changsha Zhonglian Chuanyi Investment Co. Ltd., China.
Changsha Zhonglian Zhitong Trenchless Technology Co.
Ltd., China.
Chongqing Zhonglian Shenghong Investment Management Co.
Ltd., China.
Compagnia Italiana Forme Acciaio S.p.A., Italy.
Fujian Zhonglian Zhicheng Engineering Machinery Co. Ltd.,
China.
Gansu Zhonglian Dongsheng Engineering Machinery Co. Ltd.,
China.
Hubei Zhonglianzhongke Crane Machinery Co. Ltd., China.
Hunan Teli Hydraulic Co. Ltd., China.
Hunan Zhonghan High Polymer Material Technology Co. Ltd.,
China.
Hunan Zhonglian Engineering Machinery Co. Ltd., China.
Hunan Zoomlion Axle Co. Ltd., China.
Hunan Zoomlion Concrete Machinery Site Equipment Co. Ltd.
China.
Hunan Zoomlion Crawling Crane Ltd., China.
Hunan Zoomlion Hardware Co. Ltd., China.
Hunan Zoomlion Intelligent Technology Co. Ltd., China.
Hunan Zoomlion International Trade Co. Ltd., China.
Hunan Zoomlion Special Vehicles Co. Ltd., China.
Jiangsu Hesheng Zhonglian Engineering Machinery Co. Ltd.,
China.
m-tec mathis technik GmbH, Germany.
Raxtar B.V., Netherlands.
Shaanxi Zoomlion Earth Working Machinery Co. Ltd., China.
Shandong Yifang Zhonglian Engineering Machinery Co. Ltd.,
China.
Shanghai Zoomlion Pile Foundation Machinery Co. Ltd.,
China.
Shannxi Xiongtu Zhonglian Engineering Machinery Co. Ltd.,
China.
Top Carbon S.r.l., Italy.
Xinjiang Zhongcheng Zhonglian Engineering Machinery Co.
Ltd., China.
Zoomlion Commercial Factoring (China) Co. Ltd., China.
Zoomlion Finance & Leasing (Beijing) Co. Ltd., China.
Zoomlion Finance & Leasing (China) Co. Ltd., China.
Zoomlion H.K. SPV Co. Ltd., China.
Zoomlion Material Handling Equipment Co. Ltd., China.
etc.
39495456
1242105
Managing Director:
Mr. Shen Ke
HK$31,200,000.01
(As per registry dated 28-05-2015)
|
Name |
|
No. of shares |
|
Zoomlion H.K. Holding Co. Ltd., Hong Kong. |
|
3,120,000,001 ========== |
(As per registry dated 28-05-2015)
|
Name (Nationality) |
Address |
|
SHEN Ke |
No. 224, Youyi Zhai, Yuelu District, Changsha Town,
China. |
(As per registry dated 28-05-2015)
|
Name |
Address |
Co. No. |
|
Two Birds Secretarial Services (Hong Kong) Ltd. |
Suite 406-409, 4/F., Three Pacific Place, 1 Queen’s
Road East, Hong Kong. |
0785980 |
The subject was incorporated on 28th May, 2008 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
and Exporter.
Lines: All
kinds of machinery and equipment for building and construction.
Brand Name: Zoomlion.
Employees: Nil. (Hong Kong)
20,314.
(Group) [As at 31-12-2014]
Materials/Commodities: Imports raw materials from European countries,
some Asian countries and finished
products from China.
Markets: China
and other foreign countries.
Group Turnover: RMB32,193
million Yuan (Year ended 31-12-2010)
RMB46,323 million
Yuan (Year ended 31-12-2011)
RMB48,071 million
Yuan (Year ended 31-12-2012)
RMB38,542 million
Yuan (Year ended 31-12-2013)
RMB25,851 million
Yuan (Year ended 31-12-2014)
RMB13,989 million
Yuan (6 months ended 30-06-2014)
RMB10,571 million
Yuan (6 months ended 30-06-2015)
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Issued Share Capital: HK$31,200,000.01
Mortgage or Charge: (See attachment)
Group Profit Attributable to Equity Holders:-
RMB4,666 million
Yuan (Year ended 31-12-2010)
RMB8,066 million
Yuan (Year ended 31-12-2011)
RMB7,330 million
Yuan (Year ended 31-12-2012)
RMB3,844 million
Yuan (Year ended 31-12-2013)
RMB 594 million Yuan (Year ended 31-12-2014)
RMB 904 million Yuan (6 months ended 30-06-2014)
(RMB 299 million Yuan) (6 months ended 30-06-2015)
Profit or Loss: Group
made a loss in the first half of 2015.
Condition: Business
is not active in Hong Kong.
Facilities: Adequate
for current running.
Payment: Met as required.
Commercial Morality:
Satisfactory.
Bankers:-
Bank of China
(Hong Kong) Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
China Construction
Bank (Asia) Corporation Ltd., Hong Kong.
China Merchants Bank
Co. Ltd., Hong Kong Branch.
Agricultural Bank of
China Ltd., Hong Kong Branch.
Standing: Small.
Zoomlion
International Trading (H.K.) Co., Ltd. is a wholly-owned subsidiary of Zoomlion
H.K. Holding Co. Ltd. [ZHKH] which is a Hong Kong-registered firm located
at the same registered address. The
subject’s ultimate holding company is Zoomlion Heavy Industry Science &
Technology Co. Ltd. [Zoomlion/Company, Group when including associates] is a
China-based firm. However, it was also
registered in Hong Kong on 7th December, 2010 as a Non-Hong Kong Company.
The subject’s
registered office is in a commercial service firm located at Room 406-409,
4/F., Three Pacific Place, 1 Queen’s Road East, Hong Kong known as Two
Birds Secretarial Services (Hong Kong) Ltd. which is handling its
correspondences and documents. This firm
is also the corporate secretary of the subject.
The old Managing
Director of the subject Dr. Zhan Chunxin is also the legal representative of
Zoomlion. He is a China businessman holding
a China passport. Currently, Zhan is
residing in Changsha City, Hunan Province, China. He is also Chairman of the Board. The Director of the subject is Mr. Shen
Ke.
The subject is an
associated company of Hunan Zoomlion International Trade Co. Ltd. [ZITC] which
is a wholly-owned subsidiary of Zoomlion.
The head office of Zoomlion is located in Zoomlion Science Park, 361
Yinpen South Road, Changsha, Hunan Province, China.
ZITC is engaged in
exporting business. It has set up a
marketing department, business supporting department, integration department,
financial department, importing department and administration department. It has about 85 employees, among which 15
have studied abroad and over 80% employees are graduated from
universities. ZITC is importing all
needed components of Zoomlion and exporting of all Zoomlion’s products. Currently, its business has expanded to all
around the world, and has set up a branch in Persian Gulf.
Founded in 1992, Zoomlion
is a listed firm in Shenzhen Special Economic Zone bearing stock code
000157. It was listed on 12th October,
2000.
Zoomlion was also
listed in Hong Kong on 23rd December, 2010 in the form of H shares. Its H Share Stock Code is 1157.
The Group’s turnover
decreased by 32.93% from RMB38,542 million Yuan for the year ended 31st
December, 2013 to RMB25,851 million Yuan for the year ended 31st December,
2014.
As a result, the
Group’s profit attributable to shareholders of the Company decreased by 84.55%
from RMB3,844 million Yuan for 2013 to RMB594 million Yuan for 2014.
In particular, the
Group’s turnover from sales of concrete machinery decreased by 38.60% from
RMB17,191 million Yuan for 2013 to RMB10,555 million Yuan for 2014. Its turnover from sales of crane machinery
fell by 40.52% from RMB12,479 million Yuan for 2013 to RMB7,423 million Yuan
for 2014, mainly attributable to the continuing slowdown in the growth of the
state’s fixed assets investment, especially the real estate investment, resulting
in a further shrinkage of the market demand for our two major products,
concrete machinery and crane machinery.
In the first half of
2015, the Group’s revenue was RMB10,571 million Yuan (same period of previous
year: RMB13,898 million Yuan). With respect
to product segment, the Group recorded a significant decrease of revenue in
concrete machinery and crane machinery products as compared to the same period
of last year, resulting in a decrease in revenue.
The Group’s revenue
recorded a decrease of 52.97% and 35.55% in concrete machinery and crane
machinery products, respectively, mainly due to the further shrinkage of market
demand for the two major products in the construction machinery sector, namely
concrete machinery and crane machinery, and the tightened sales policies
maintained by the Group.
As a result of the
foregoing, the Group’s net loss attributable to shareholders of the parent
company amounted to RMB299 million Yuan in the first half of 2015 (same period
of previous year: made a profit of RMB904 million Yuan).
The Group had 20,814
employees as at end of 2014.
The subject is fully
supported by the Zoomlion Group.
On the whole,
consider it good for normal business engagements in small credit amounts since
it does not have any employees in Hong Kong.
Brief personal profile of Senior Management of the
Board:-
Dr.
ZHAN Chunxin was born in 1955, is the Chairman and Group Chief
Executive Officer of Zoomlion. Dr. Zhan has
been appointed as a director of Zoomlion since the establishment of Zoomlion in
1999, and as the Chairman since 2001.
Currently, Dr. Zhan also serves as the chairman of various subsidiaries
of Zoomlion, including Zoomlion Powermole Ltd. and Hunan Teli Hydraulic Co.
Ltd. and as the director of various subsidiaries of Zoomlion, including
Zoomlion H.K. Holding Co. Ltd., Zioomlion International Trading (H.K.) Co.
Ltd., and Zoomlion Capital (H.K.) Co. Ltd.
Dr. Zhan became an expert entitled to special government subsidy granted
by the State Council since January 1994, a senior engineer as recognised by the
Ministry of Construction in 1995 and a researcher-level senior engineer
specialised in management and engineering as recognised by the Ministry of Construction
in September 1997. Dr. Zhan has
previously served various senior positions in Construction Machinery Research
Institute of Changsha, the Ministry of Construction [Research Institute],
including the deputy head of Research Institute fro February 1992 to July 1996
and head of Research Institute from July 1996 to December 2008. Dr. Zhan has been serving various public
functions. He was appointed as a
representative at the 16th National Congress of the Communist Party of China in
2002, the 10th National People’s Congress in 2003, the 17th National Congress
of the Communist Party of China in 2007 and 10th National Congress of the
Communist Party of China in Hunan Province in 2011, a member of the 10th
Session of CPC Hunan Provincial Committee in 2011 and a representative at the
12th National People’s Congress in 2013.
Dr. Zhan has also served as the deputy chairman of China Entrepreneurs
Association and China Enterprise Confederation since September 2008. Dr. Zhan has received various titles and
awards, including the Yuan Baohua Enterprise Management Gold Award awarded in
May 2010 which is the most distinguished award for corporate executives in
China, the 2010 Leonardo Award in Italy awarded in January 2011, the 2011 CCTV
Chinese Economic Annual Figure awarded in December 2011 and the Most
Outstanding Person Award awarded in January 2013. Dr. Zhan graduated from Northwestern
Polytechnicial University in 1978 and obtained a master’s degree in
aeronautical engineering from Northwestern Polytechnical University in 2000 and
a doctorate degree in system engineering from Northern Polytechnical University
in December 2005.
Mr.
SHEN Ke, born in
1971, is currently the secretary to the Board of Directors and the company
secretary of the Company. He also serves as the director of the Office of
Secretary to the Board of Directors, the director of the Office of Investment
Management, the deputy general manager of environmental industry branch of the
Company, executive director and legal representative of Hunan Zoomlion Special
Vehicle Co. Ltd., and the chairman of Zoomlion Gulf FZE. Mr. Shen was the vice manager and head of
investment development department of the Company from July 2003 to August 2008,
deputy head of investment financing management department of the Group’s
Company from September 2008 to July 2010. Mr. Shen graduated from Shenyang
University of Technology in Shenyang City, the PRC with a bachelor’s degree in
industrial management in July 1993, and Central South University of Technology
(currently known as Central South University) in Changsha City, the PRC with a
master’s degree in management science and engineering in December 1998.
|
Date |
Description of Instrument |
Mortgagee |
|
28-05-2011 |
Trade Finance Security
Assignment |
China Merchants Bank Co. Ltd., Hong Kong Branch. |
|
14-08-2014 |
Trade Finance Security
Assignment |
Agricultural Bank of China Ltd., Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.22 |
|
|
1 |
Rs.99.93 |
|
Euro |
1 |
Rs.71.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
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|
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.