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MIRA INFORM REPORT
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Report No. : |
486759 |
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Report Date : |
19.01.2018 |
IDENTIFICATION DETAILS
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Name : |
NHU (HONGKONG) TRADING COMPANY LIMITED |
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Registered Office : |
C/O Teamwork Secretarial
Co Ltd., 11/F., Hong Kong Trade Centre, 161-167 Des Voeux Road Central |
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Country : |
Hong Kong |
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Financials (as on) : |
2017 [Nine months] |
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Date of Incorporation : |
18.08.2006 |
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Com. Reg. No.: |
37071600 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject is a
fine chemical trader. |
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No. of Employees : |
The subject has no
employees 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
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 4.4% in 2014, but slowed to 2.9% in 2015. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source : CIA |
COMPANY
NAME
NHU (HONGKONG) TRADING COMPANY LIMITED
ADDRESS
Registered Office:-
c/o Teamwork
Secretarial Co Ltd.
11/F., Hong Kong
Trade Centre, 161-167 Des Voeux Road Central, Hong Kong.
Immediate Holding Company:-
Zhejiang NHU Co. Ltd., China.
Ultimate Holding Company:-
NHU Holding Group Co. Ltd., China.
Associated Companies:-
Nhu Europe GmbH, Germany.
Shandong NHU Amino Acid Co. Ltd., China.
Shandong Xinhecheng Pharmacentical Co. Ltd., China.
Shangyu NHU Biochemical Industry Co. Ltd., China.
World Express Inc. Ltd., Hong Kong.
Xinchang NHU Vitamin Co. Ltd., China.
Zhejiang NHU Import & Export Co. Ltd., China.
Zhejiang Nhu Special Materials Co. Ltd., China.
Zhejiang NVB Co. Ltd., China.
Zhejiang Sanpo Polyment Co. Ltd., China.
Zhejiang Vityesini Animal Nutrition & Health Co. Ltd., China.
Zhejiang Xindong Chemical Co. Ltd., China.
Zhejiang Xinhecheng Pharmaceutical Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
37071600
COMPANY
FILE NUMBER
1068081
DATE
OF INCORPORATION
18th August, 2006.
ISSUED
SHARE CAPITAL
HK$18,720,000.00
SHAREHOLDER
(As per registry
dated 18-08-2017)
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Name |
|
No. of shares |
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Zhejiang NHU Co.
Ltd. No. 4, Jiangbei Road,
Chengguan Town, Xinchang County, Zhejiang Province, China. |
|
18,720,000 ======== |
DIRECTOR
(As per registry
dated 18-08-2017)
|
Name (Nationality) |
Address |
|
SHI Guanqun |
No. 4, Jiangbei Road,
Chengguan Town, Xinchang County, Zhejiang Province, China. |
SECRETARY
(As per registry
dated 18-08-2017)
|
Name |
Address |
Co. No. |
|
Teamwork
Secretarial Co Ltd. |
11/F., Hong Kong
Trade Centre, 161-167 Des Voeux Road Central, Hong Kong. |
0248117 |
GENERAL
NHU (Hongkong)
Trading Co. Ltd. was incorporated on 18th August, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject is a
wholly-owned subsidiary of Zhejiang NHU Co. Ltd. [Zhejiang NHU] which is a
China-based and listed company. In turn
Zhejiang NHU is a subsidiary company of NHU Holding Group Co. Ltd. which is
also a China-based company. Its phone
number is 86-575-86123357.
The director of the
subject Mr. Shi Guanqun is a China merchant.
He is a China ID holder and does not have the right to reside in Hong
Kong permanently. He is also the only
director of the subject.
Shi Guanqun is also
Chief Financial Officer, Vice President and Secretary of the Director Board of
Zhejiang NHU.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at 11/F., Hong Kong
Trade Centre,161‑167 Des Voeux Road Central, Hong Kong known as Teamwork
Secretarial Co Ltd. which is handling its correspondences and documents. This company is also the corporate secretary
of the subject.
The subject has no
employees in Hong Kong.
Established in 1999
and headquartered in Xinchang Zhejiang Province, Zhejiang NHU is specialized in
the production of bulk pharmaceutical chemicals, medications, health products,
food additives, feed additives and flavours and aromas and it has modern
production bases in Xinchang, Meizhu, Shangyu, Shandong. In 2004, Zhejiang NHU was listed as the first
enterprise in Small-and Medium-sized Enterprises Board in Shenzhen bearing
stock code of 002001.
Zhejiang NHU has set
up a state-level technology centre, a National Post-doctoral Research &
Development Centre, and has developed 13 state-level new products, 12 National
Torch Plan Projects, 1 National Key Technology Research & Development
Program, 2 National Science and Technology Support Programs, 2 National High
Technology Research & Development Program of China (863 Program) and
obtained 54 patent licenses.
Besides, NHU is a Chinese
Famous Trademark, and Vitamin feedstuffs branded NHU is a Chinese Famous
Product. In 2011, the new green
synthesis process and industrialization of soluble Vitamins and carotenoid
achieved the second prize of the National Science and Technology Invention
Award.
NHU maintains its
professional way, focus in the field of fine chemicals.
The subject is also a
fine chemical trader.
According to Zhejiang
NHU, the following figure are the financial highlights of the subject for the
year ended 31st December from 2013 to 2016:-
Unit: RMB’ million Yuan
|
Item |
2016 |
2015 |
2014 |
2013 |
|
Sales Turnover |
2,830.8 |
2,367.1 |
984.2 |
708.5 |
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Operating
Profit/(Loss) |
--- |
(38.1) |
150.3 |
35.7 |
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Net Profit/(Net
Loss) |
284.9 |
(38.3) |
150.3 |
27.3 |
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Total Assets |
1,412.3 |
1,236.0 |
464.0 |
689.1 |
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Net Assets |
--- |
511.2 |
210.0 |
491.6 |
|
Item |
Jan. to Sept. 2017 |
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Sales Turnover |
2,250.0 |
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Operating
Profit/(Loss) |
--- |
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Net Profit/(Net
Loss) |
(42.6) |
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Total Assets |
1,581.5 |
|
Total Equity |
493.0 |
In the first nine
months of 2017, the subject made a net loss of RMB42.6. It also suffered from a loss in the full year
of 2017.
In recent years, the
Group has set up an associated company known as Nhu Europe GmbH which is a Germany-based company. This company is 51% stake held by the
subject.
For the year ended
31st December, 2016, the Group had 6,150 (2015: 5,918) employees.
Zhejiang NHU is the
guarantor of the subject for an amount of RMB2 billion.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over eight years and three months. It is fully supported by Zhejiang NHU.
The history of the
subject in Hong Kong is over 11 years and five 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.
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 |
INR 63.84 |
|
|
1 |
INR 88.28 |
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Euro |
1 |
INR 77.88 |
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HKD |
1 |
INR 8.15 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.