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Report No. : |
341323 |
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Report Date : |
18.09.2015 |
IDENTIFICATION DETAILS
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Name : |
XINCHENG INTERNATIONAL FINANCIAL LEASING CO. LTD. |
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Registered Office : |
Room 2104, 21/F., Austin Plaza, 83 Austin Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.12.2013 |
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Com. Reg. No.: |
62524351 |
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Legal Form : |
Private Limited Company |
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Line of business : |
Importer,
Exporter and Wholesaler of all kinds of Machinery and Equipment |
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No. of Employee : |
8. (Including Associates) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Relatively New Business |
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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 |
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% of total system deposits in Hong Kong by the end of 2013. 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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% in 2013. 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 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
XINCHENG
INTERNATIONAL FINANCIAL LEASING
CO. LTD.
ADDRESS: Room
2104, 21/F., Austin Plaza, 83 Austin Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2417
1739, 2866 6933
FAX: 852-2866
6166
E-MAIL: hkkeda@netvigator.com
Managing
Director: Mr. Zeng Fei
Incorporated
on: 20th
December, 2013.
Organization: Private
Limited Company.
Capital: Nominal: US$20,000,000.00
Issued: US$10,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Operating
Income: RMB3, 811.9 million Yuan (Year ended 31-12-2013)
Employees: 8.
(Including associates)
Main Dealing
Banker: Bank of China (Hong Kong)
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Head Office:-
Room 2104, 21/F.,
Austin Plaza, 83 Austin Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Anhui Xincheng
Investment Co. Ltd., China.
Ultimate Holding Company:-
Keda Clean Energy
Co. Ltd. [Formerly known as Keda
Industrial Co. Ltd.]
1 Huanzhen Xi Road,
Guanglong Industrial Zone, Chencun, Shunde, Foshan, Guangdong, China.
[Tel: 86-757-2383 2929, 2383 2922
Fax: 86-757-2383 2690
E-mail: ied@kedachina.com.cn]
Affiliated/Associated Companies:-
Anhui Xincheng
Financial Leasing Co. Ltd., China.
Champ Will Development
Ltd., Hong Kong. (Same address)
Foshan Henglitai
Machinery Co. Ltd., China.
Foshan Keda
Hydraulic Machinery Co. Ltd., China.
Foshan Keda Steel
Machine Works, China.
Great Champ
International Trading Ltd., Hong Kong.
(Same address)
Guangdong Teckwin
Ceramic Digital Printing Co. Ltd., China.
Guangdong Xincheng
Financial Lease Co. Ltd., China.
Henan Neutl
Metallurgical Science & Technology Co. Ltd., China.
Jiangyin Tianjiang
Pharmaceutical Co. Ltd., China.
Keda Clean Energy
(Ma’anshan) Co. Ltd., China.
Keda Industrial
(Ma’anshan) Ltd., China.
Keda Stone
Machinery Co. Ltd., China.
Shenyang Keda Clean
Energy Gas Co. Ltd., China.
Shunde Keda
Ceramics Machinery Co. Ltd., China.
Wuhu Suremaker
Machinery Co. Ltd., China.
62524351
2015247
Managing
Director: Mr. Zeng Fei
Nominal Share
Capital: US$20,000,000.00 (Divided into
20,000,000 shares of US$1.00 each)
Issued Share
Capital: US$10,000,000.00
(As per registry dated 20-12-2013)
|
Name |
|
No. of shares |
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Anhui Xincheng
Investment Co. Ltd. B408-409 Kecheung
Centre, 399 Meishan Road, Maanshan Economic Technology Development Zone,
Anhui Province, China |
|
10,000,000 ======== |
(As per registry dated 20-12-2013)
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Name (Nationality) |
Address |
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ZENG Fei |
Guangdong Sheng
Foshan Shi Shunde Qu Chencun Zhen Hecheng Lu Songyuan Xincheng Junjing
Haoting G Zuo 401, China. |
|
LI Zhiqing |
Room 1906, Block D,
66 Tongji Road, Chan Cheng District, Foshan, Guangdong, China. |
|
ZHOU Hehua |
Block No. 2, Yuan
Mign Ju, Beijiao Biguiyuan, Shunde, Foshan, Guangdong Province, China. |
(As per registry dated 20-12-2013)
|
Name |
Address |
Co. No. |
|
H & R Block
(HK) Ltd. |
Room 504, 5/F.,
Tung Wai Commercial Building, 109-111 Gloucester Road, Causeway Bay, Hong
Kong. |
0113523 |
The subject was
incorporated on 20th December, 2013 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, Exporter,
Wholesaler, Machinery Leasing, etc.
Lines: All kinds of
machinery and equipment.
Employees: 8. (Including associates)
4,520. (Group)
Commodities
Imported: China,
Markets: Asian countries, Europe,
North America,
Group Operating Income:-
RMB2,492.5 million Yuan (Year
ended 31-12-2011)
RMB2,660.6 million Yuan (Year
ended 31-12-2012)
RMB3,811.9 million Yuan (Year
ended 31-12-2013)
RMB2,614.8 million Yuan (9 months
ended 30-09-2013)
RMB3,345.7 million Yuan (9 months
ended 30-09-2014)
Terms/Sales: L/C, T/T, or as per contract.
Terms/Buying: L/C,
T/T
Nominal Share
Capital: US$20,000,000.00 (Divided into
20,000,000 shares of US$1.00 each)
Issued Share
Capital: US$10,000,000.00
Group Profit Attributable to Shareholders:-
RMB356.1 million Yuan (Year ended
31-12-2011)
RMB273.3 million Yuan (Year ended
31-12-2012)
RMB370.2 million Yuan (Year ended
31-12-2013)
RMB291.8 million Yuan (9 months
ended 30-09-2013)
RMB398.1 million Yuan (9 months
ended 30-09-2014)
Profit or Loss: Group business is profitable
Condition: Keeping
in a satisfactory manner.
Facilities: Making
rather active use of general banking facilities.
Payment: Met
trade commitments as required.
Commercial
Morality: Satisfactory.
Banker: Bank
of China (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Having issued 10
million ordinary share of US$1.00, Xincheng International Financial Leasing Co.
Ltd. is wholly-owned by Anhui Xincheng Investment Co. Ltd., a China-based
company. Its ultimate holding company
Keda Clean Energy Co. Ltd. [formerly known as Keda Industrial Co. Ltd.] [Keda]
which is a China-based and listed firm.
All the directors of the subject are China merchants residing in
Guangdong Province, China.
The subject is one
of the trading arms of Keda which is a machinery and equipment trader.
It is also engaged
in machinery and equipment leasing and financing enterprises in China to
purchase machinery and equipment.
Keda is in Shunde
District, Foshan City, Guangdong Province, China.
Keda is a listed
firm in Shanghai bearing stock code 600499.
It has had a main factory in Foshan City, Guangdong Province, China
known as Foshan Keda Steel Machine Works which was set up in December
1982. Keda is principally engaged in the
manufacture and sale of machinery products.
Its machinery products include ceramics machinery, energy resource
machinery, stone processing machinery and building material processing
machinery. The ceramics machinery
products include cloth processing machine, turn over machine, desiccator,
drying apparatus, furnace, buffing machine, edge grinding machine, testing
equipment, stacking apparatus. It also
manufactures clean coal gasification machinery and others. Keda’s products are marketed in China and
exported to overseas markets.
As of 31st
December, 2013, Keda had a number of subsidiaries/associates, primarily engaged
in the provision of stone machinery, new energy machinery and construction
ceramics machinery, machinery and equipment leasing, among others.
The subject is
managed by Mr. Zhen Fei who is a China businessman.
For the year ended
31st December, 2013, the principal operating revenue of Keda was RMB3,345.7
million Yuan (2012: RMB2,614.8 million Yuan); profit attributable to
shareholders was RMB370.2 million Yuan for the year (2012: RMB291.8 million
Yuan).
Currently, Keda has
had distributors or agents in the following countries: Taiwan, India, Vietnam,
Thailand, Indonesia, Malaysia, North Korea, Iran, Turkey, Egypt, Russia, the
United Arab Emirates, etc. The business
of Keda is rather active and steady.
In the years ahead,
the subject will expand its overseas business according to the strategies of
Keda.
The subject’s
history in Hong Kong is just over a year and a months.
On the whole, supported
by Keda, the subject is considered good for normal business engagements in
small credit amounts as its history is short in Hong Kong.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.50 |
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|
1 |
Rs.101.99 |
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Euro |
1 |
Rs.75.03 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
NIT |
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.