|
Report No. : |
343169 |
|
Report Date : |
07.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
POINTER INVESTMENT (HONG KONG) LTD. |
|
|
|
|
Registered Office : |
Room 3202, 32/F., West Tower, Shun Tak Centre, 200 Connaught Road |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
30.10.1984 |
|
|
|
|
Com. Reg. No.: |
09513741 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Bicycle, footwear, textile
products, peacegoods, transport equipment, yarns, machine parts |
|
|
|
|
No. of Employee : |
10. |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 internationalTRADE 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 |
POINTER INVESTMENT
(HONG KONG) LTD.
ADDRESS: Room 3202, 32/F., West
Tower, Shun Tak Centre, 200 Connaught Road,
Hong Kong.
PHONE: 852-2540 4489
FAX: 852-2858 2539
E-MAIL: pointer@hk.super.net
MANAGEMENT
General Manager: Mr. Zhuang
Zhi-Cong
Incorporated on: 30th October,
1984.
Organization: Private Limited
Company.
Issued Share Capital: HK$158,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Group Turnover: RMB55,287.9
million Yuan (Year ended 31-12-2014)
Employees: 10.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Room 3202, 32/F., West Tower, Shun Tak Centre, 200 Connaught Road, Hong
Kong.
Holding Company:-
Xiamen International Trade Group Corp. Ltd., China.
Associated
Companies:-
Bai Lu Zhou Ltd., British Virgin Islands.
Brisk Development Ltd., Hong Kong.
[Dissolved]
Chengdu Investment (HK) Ltd., China.
Egret Oasis Ltd., Hong Kong.
[Dissolved]
Fujian Golden Strait Guarantee Co. Ltd., China.
Fujian Huaxia Motor City Development Co. Ltd., China.
Guangzhou Keerun Industrial Co. Ltd., China.
ITG Futures Co. Ltd., China.
ITG Marine (H.K.) Ltd., Hong Kong.
ITG Resources (Singapore) Pte. Ltd., Singapore.
ITG Shipping (H.K.) Co. Ltd., Hong Kong.
ITG Voma Corporation, US.
Peng Huang Hai Ltd., British Virgin Islands.
Phoenix Ocean Shipping Ltd., Hong Kong.
[Dissolved]
Sansteel Minguang Co. Ltd., China.
Shanghai Keerun Industrial Co. Ltd., China.
Tianjin Keerun Investment Co. Ltd., China.
Van Nice Shipping (HK) Corporation, Ltd., Hong Kong.
Xiamen ITG Holding Co. Ltd., China.
Xiamen ITG Logistics Co. Ltd., China.
Xiamen ITG Motors Co. Ltd., China.
09513741
0143030
General Manager: Mr. Zhuang
Zhi-Cong
HK$158,000,000.00
(As per registry dated 30-06-2015)
|
Name |
|
No. of shares |
|
Xiamen International Trade Group Corp. Ltd. 18/F., Gaomau Building, Hubin South Road, Xiamen Special Economic
Zone, China. |
|
158,000,000 ========= |
(As per registry dated 30-06-2015)
|
Name (Nationality) |
Address |
|
LI Zhi Huang |
Room 101, 52 Hubin East Road, Siming District, Xiamen Special Economic
Zone, China. |
|
CHEN Jinming |
Room 602, 21 Jianxing Road, Siming District, Xiamen Special Economic
Zone, China. |
|
WU Yunxuan |
3/F., 180 Zhongshan Road, Siming District, Xiamen Special Economic
Zone, China. |
LI Zhi Huang (As per registry
dated 26-08-2015)
The subject was incorporated on 30th October, 1984 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Pointer
Investment Ltd., name changed to the present style on 19th April, 1985.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter
and Wholesaler.
Lines: Bicycle, footwear,
textile products, peacegoods, transport equipment, yarns, machine parts
Employees: 10.
Commodities Imported: China
Markets: China, Japan, other
Asian countries, Europe, the Middle East, North America
Group Turnover:
RMB45,631.4 million Yuan (Year ended 31-12-2011)
RMB42,102.0 million Yuan (Year ended 31-12-2012) [Restated]
RMB49,374.7 million Yuan (Year ended 31-12-2013) [Restated]
RMB55,287.9 million Yuan (Year ended 31-12-2014)
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P
Issued Share Capital: HK$158,000,000.00
Mortgage or charge (since 2012):
(See attachment)
Group profit attributable to shareholders:
RMB541.1 million Yuan (Year ended 31-12-2011)
RMB382.7 million Yuan (Year ended 31-12-2012) [Restated]
RMB939.4 million Yuan (Year ended 31-12-2013) [Restated]
RMB849.0 million Yuan (Year ended 31-12-2014)
Profit or Loss: Making a small
profit every year.
Condition: Keeping in a good
manner.
Facilities: Making rather
active use of general banking facilities.
Payment: Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Agricultural Bank of China Ltd. Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Société Générale, Hong Kong Branch.
Standing: Good.
Pointer Investment (Hong Kong) Ltd. is a wholly-owned subsidiary of
Xiamen International Trade Group Corp. Ltd. [ITG/Group] which is a China-based
company.
The subject is one of the key companies of the ITG Group. ITG is a listed company in Shanghai bearing
stock code 600755. Its shares are traded
in Shanghai Stock Exchange, China.
The subject is trading in the commodities of the ITG Group. It is one of the leading exporters of
garments and fabrics in China. It
provides customers with various types of garments, including men’s and women’s
uniform, outerwear, winter wear and t-shirts, sportswear
The subject was founded in 1984 and its customers are all over the
world.
The subject is trading in the following commodities:-
Piecegoods - Vegetable Fibre (From China)
Piecegoods - Synthetic (Rayon from China)
Yarn - Synthetic ( Excluding Acrylic & Nylon ) (Viscose from China)
Knitted Garments
Building Materials
Bicycles, and accessories (Iron frame)
Auto Parts
Footwear
Iron & Steel, Iron Ore
Coal
Chemicals
Commodities are exported to Central & South America, Japan, South
Korea, Southeast Asia, Taiwan, Western Europe, etc. Business is active.
ITG is a comprehensive enterprise founded in 1980 and listed in Shanghai
Stock Exchange in 1996. Now the company
has built up three core businesses: Trading, Real Estate and Logistics.
ITG is listed in “Top 500 Chinese Enterprises” and “Top 100 Chinese
listed companies”.
The directors of the subject are also CEOs of ITG.
For the year ended 31st December, 2014, the turnover of ITG amounted to
RMB55,287.9 million Yuan (2013: RMB49,068.5 million Yuan); group profit
attributable to shareholders in the year was RMB849.0 million Yuan
(2013: RMB939.4 million Yuan).
Group business in the past four years were profitable. However, it profit attributable to
shareholders decreased by 9.6% as compared with previous year.
The following table shows the financial highlights of the subject for
the year of 2014:
|
Item |
2014 Unit: RMB’ million Yuan |
|
Total Assets |
3,091.5 |
|
Net Assets |
585.4 |
|
Principal Operating Revenues |
11,700.1 |
|
Operating Profit |
71.9 |
|
Net Profit |
59.7 |
One of the directors Ms. Wu Yunxuan is also the Vice President and
Financial Controller of ITG.
As at end of December 2014, ITG had 4,180 employees (2013: 3,598 employees). The subject is fully supported by ITG. History in Hong Kong is about 31 years.
On the whole, consider the subject good for normal business engagements.
(Since 2012)
|
Date |
Description of Instrument |
Mortgagee |
|
16-10-2012 |
Security Agreement over Bank Account (all moneys) (Own
Obligations) |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
16-10-2012 |
Trade Finanace Security Assignment |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
|
30-05-2014 |
Trade Finanace Security Agreement |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
30-09-2014 |
Trade Finanace Security Assignment |
Société Générale, Hong Kong Branch. |
|
11-03-2015 |
Trade Finanace Security Assignment |
Agricultural Bank of China Ltd., Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.39 |
|
|
1 |
Rs.99.05 |
|
Euro |
1 |
Rs.73.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
HNA |
|
|
|
|
Report Prepared
by : |
ANK |
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.