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Report No. : |
351242 |
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Report Date : |
27.11.2015 |
IDENTIFICATION DETAILS
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Name : |
ARSEN INTERNATIONAL (HK) LTD. |
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Registered Office : |
C/o World Trade Enterprises Consultancy Ltd. JHZ011, Room 2105, 21/F., Trend Centre, 29-31 Cheung Lee Street, Chai Wan |
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Country : |
Hong Kong
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Date of Incorporation : |
26.03.2004 |
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Com. Reg. No.: |
34461319 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of All kinds of Iron and Steel Products. |
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No. of Employees : |
No Employee in Hong Kong 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
|
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.
|
Source
: CIA |
ARSEN INTERNATIONAL (HK) LTD.
ADDRESS: C/o
World Trade Enterprises Consultancy Ltd.
JHZ011, Room 2105, 21/F., Trend Centre,
29-31 Cheung Lee Street, Chai Wan, Hong Kong.
PHONE: 852-2115
3188
FAX: 852-2115
9613
MANAGEMENT:
Managing Director: Ms. Shen Lixia
Incorporated on: 26th March, 2004.
Organization: Private
Limited Company.
Issued Share Capital: HK$40,000,000.00
Business Category: Iron &
Steel Trader.
Employees: Nil.
Main Dealing Banker: DBS Bank
Ltd., Hong Kong.
Banking Relation: Satisfactory.
ARSEN INTERNATIONAL (HK) LTD.
Registered
Office:-
C/o World Trade Enterprises Consultancy Ltd.
JHZ011, Room 2105, 21/F., Trend Centre, 29-31 Cheung Lee Street, Chai
Wan, Hong Kong.
Holding Company:-
Zhejiang Materials Industry International Co. Ltd., China.
Associated Companies:-
Guangdong Ruihong Trading Co. Ltd., China.
Henan Jingang Development Steel Trading Co. Ltd., China.
Liaoning Xinda Development Steel Trading Co. Ltd., China.
Ningbo Zhenhai Hongyi Trading Co. Ltd., China.
Shanghai Maco Materials Industry Trading Co. Ltd., China.
Taizhou Ruihongda Trading Co. Ltd., China.
Tangshan Ruihongjin Steel Trading Co. Ltd., China.
Tianjin Ruihongjin Steel Trading Co. Ltd., China.
Zhejiang Daxie Fuel Oil Transportation & Sales Co. Ltd., China.
Zhejiang Materials Development Co. Ltd., China.
Zhejiang Materials Industry Property Management Co. Ltd., China.
Zhejiang Ruifeng Materials Industry Co. Ltd., China.
34461319
0892020
Managing Director: Ms. Shen Lixia
HK$40,000,000.00
(As per registry dated 26-03-2015)
|
Name |
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No. of shares |
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Zhejiang Materials Industry International Co. Ltd., No. 455 Kaixuan Road, Hangzhou, Zhejiang Province,
China. |
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40,000,000 ======== |
(As per registry dated 26-03-2015)
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Name (Nationality) |
Address |
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SHEN Lixia |
Room 2105, 21/F., Trend Centre, 29-31 Cheung Lee Street, Chaiwan, Hong
Kong. |
|
CHENG Liyan |
HZ, Room 2105, 21/F., Trend Centre, 29-31 Cheung Lee Street, Chaiwan,
Hong Kong. |
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WANG Qida |
Room 807, HZ, Golden Plaza, 118 Qingchun Road, Hangzhou, Zhejiang,
China. |
(As per registry dated 15-10-2015)
|
Name |
Address |
Co. No. |
|
Global East Enterprise Ltd. |
Room 702, 7/F., Greenfield Tower, Concordia Plaza, 1 Science Museum
Road, Tsimshatsui East, Kowloon, Hong Kong. |
2235925 |
The subject was incorporated on 26th March, 2004 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hongkong ZMI
International Co. Ltd., name changed to the present style on 29th March, 2005.
The subject increased its issued share capital to HK$40 million in 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Iron
& Steel Trader.
Lines: All
kinds of iron and steel products.
Employees: Nil.
Commodities Imported: China, other
Asian countries.
Markets: China,
Japan, other Asian countries, Europe.
Terms/Sales: As per contracted.
Terms/Buying: As per contracted.
Issued Share Capital: HK$40,000,000.00
Profit or Loss: Keeping 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.
Bankers:-
DBS Bank Ltd., Hong Kong.
Industrial and Commercial Bank of China (Asia) Ltd., Hong Kong.
United Overseas Bank Ltd., Hong Kong Branch.
Standing: Small.
Having issued 40 million ordinary shares of HK$1.00 each, Arsen
International (HK) Ltd. is wholly owned by Zhejiang Materials Industry International
Co. Ltd. [ZMI] which is a China-based company.
Formerly the subject had just issued 500,000 ordinary shares of HK$1.00
each. It increased its ordinary shares
to the present number in 2015.
ZMI belongs to Zhejiang Materials Industry Group Corporation
[ZMIG/Group].
The directors of the subject are Ms. Shen Lixia, Mr. Wang Qida and
Ms. Cheng Liyan. All are China ID
holders and do not have the right to reside in Hong Kong permanently. Wang Qida was newly appointed on
15th August, 2014.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 2105, 21/F., Trend Centre, 29‑31 Cheung
Lee Street, Chaiwan, Hong Kong known as World Trade Enterprises Consultancy
Ltd. [WTEC] which is handling its correspondences and documents. WTEC is also the corporate secretary of the
subject. WTEC has had two offices in
Hong Kong.
The subject has no employees in Hong Kong.
The subject is trading in all kinds of iron and steel. Commodities are chiefly sourced from the
suppliers in China and the other Asian countries. Its holding company also trades in chemicals.
ZMI was founded in 1999 with a registered capital of RMB483 million
Yuan.
ZMI is trading in the following commodities: Iron & Steel Products,
Electromechanical Equipment, Automobile parts, Minerals, Coke, Petroleum,
Vessel Equipment and Accessories, Vessels, Building Materials, Automobiles.
ZMI, as a well-known automobile marketing and service company, is the
approved regional dealer of many famous brands such as Volvo, Peugeot, Mazda,
Buick, Cadillac, Spark, Sail, Land Rover, Jaguar, Rolls-Royce, Skyper,
etc. It has set up several 4S
centers. As an important automobile
importer of China, ZMI has a wide automobile marketing network, covering many
cities of Zhejiang Province. The market
share of ZMI is increasing annually. In
the years ahead, ZMI will be dedicated to expanding brands sales and exploring
the automobile maintenance and repairing business, spare part supplying as well
as the second-hand automobile trading business.
The subject also trades in the above-mentioned commodities.
The controlling shareholder of the company, Zhejiang Materials Industry
Group [ZMIG], is one of the Global 500 Enterprises. Since the founding of the ZMI, it has
received great support from its controlling shareholder.
The metal trade, whose product classes include steel, iron ore,
ferroalloy, scrap steel, electrolytic aluminium and so on, is one of the key
businesses of ZMIG. ZMIG has a steady
long strategy cooperation relationship with over sixty large-middle steelworks
in China.
In 2012, ZMI achieved a sales volume of RMB52 billion Yuan, and the
total volume of import and export reached US$1.82 billion, keeping a leading
position in the provincial-level import and export companies in Zhejiang for
years. In 2014, the sales of ZMI was
about RMB55 billion Yuan.
Now, ZMI has become a significant company in the industry. It is involved in global purchase and sales,
and advancing toward a competitive Global Integrated Service Provider in the
Steel and Metallurgical Supply Chain.
The principal shareholders of ZMI are the following firms:-
According to the strategic plan, within 10 years, based on a stronger
distribution network, ZMI will set up a strong logistics distributive network
in China. It will also build a marketing
& service system that stand in Zhejiang Province, eradiate the Yangtze
Delta, and develops closer business ties with customers of the world, and translates
itself from the traditional logistics business to a modern logistics industry.
Ms. Shen Lixia is also the Assistant of the General Manager of ZMI.
The subject’s business in Hong Kong is not active. History in Hong Kong is over ten years and
eight months.
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.
|
Date |
Description of
Instrument |
Mortgagee |
|
14-10-2011 |
Charge Over Account and Set-Off |
United Overseas Bank Ltd., Hong Kong Branch. |
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14-10-2011 |
General Memorandum of Pledge of Goods |
United Overseas Bank Ltd., Hong Kong Branch. |
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14-10-2011 |
Assignment of Letters of Credit |
United Overseas Bank Ltd., Hong Kong Branch. |
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17-11-2011 |
Charge on Cash Deposit to secure Liabilities of the Depositor |
DBS Bank (Hong Kong) Ltd., Hong Kong. |
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08-02-2012 |
Security Memorandum |
ABN AMRO Bank N.V. |
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29-09-2012 |
Trade Finance Security Assignment |
United Overseas Bank Ltd. |
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04-05-2013 |
Trade Finance Security Assignment |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
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06-10-2014 |
Trade Fianace Security Assignment |
Agricultural Bank of China Ltd., Hong Kong Branch. |
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.66.55 |
|
|
1 |
Rs.100.64 |
|
Euro |
1 |
Rs.70.70 |
|
HKD |
1 |
Rs.8.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
|
-- |
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.