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MIRA INFORM REPORT
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Report No. : |
486655 |
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Report Date : |
22.01.2018 |
IDENTIFICATION DETAILS
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Name : |
SANY INTERNATIONAL DEVELOPMENT LIMITED |
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Registered Office : |
Room 2010, 20/F., Landmark
North, 39 Lung Sum Avenue, Sheung Shui, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.06.2007 |
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Com. Reg. No.: |
38264325 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Trader of all kinds of construction machinery and equipment |
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No. of Employees : |
8 (Including
associated companies) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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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, which took effect in 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 2.6% in 2016, but slowed to 2.0% in 2017. 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 and address
SANY INTERNATIONAL
DEVELOPMENT LIMITED
ADDRESS: Room 2010, 20/F., Landmark
North, 39 Lung Sum Avenue, Sheung Shui, New Territories, Hong Kong.
PHONE: 852-2578 1318, 2187 3864
FAX: 852-2488 3766, 2187
3578
MANAGEMENT
Managing
Director: Mr. Zhou Fugui
SUMMARY
Incorporated on: 20th
June, 2007.
Organization: Private Limited Company.
Issued Share Capital: US$281,920,000.00
Business Category: Machinery Trader.
Group Turnover: RMB23,280.1
million Yuan (Year ended 31-12-2016)
Employees: 8. (Including associated companies)
Main Dealing Banker: China Development Bank Corporation Hong
Kong Branch.
Banking
Relation: Good.
ADDRESS
Registered Head
Office:-
Room 2010, 20/F., Landmark
North, 39 Lung Sum Avenue, Sheung Shui, New Territories, Hong Kong.
Holding Company:-
Sany Heavy Industry
Co. Ltd., China.
Ultimate Holding
Company:-
Sany Group Co. Ltd.,
China.
Associated
Companies:-
Sany Group of
Companies
Changde Sany Machinery
Co. Ltd., China.
China Wealth (Asia)
Machine Ltd., Hong Kong. (Same address)
China Wealth (Macau)
Machine Ltd., Macau.
China Wealth
(Vietnam) Machine Ltd., Vietnam.
China Wealth Hua Yue
Machine Co. Ltd., Vietnam.
China Wealth Middle
East Machinery LLC, UAE.
China Wealth
Singapore Machinery Pte. Ltd., Singapore.
Hongkong Winternity
International Trade Co. Ltd., Hong Kong. (Same address)
Hunan Automobile
Manufacturing Co. Ltd., China.
Hunan Sany Pump
Machinery Co. Ltd., China.
Hunan Sany Repair Services
Co. Ltd., China.
Hunan Sany Road
Machinery Co. Ltd., China.
Hunan Sany Zhongyang
Machinery Co. Ltd., China.
Intermix GmbH,
Germany.
Kunshan Sany
Machinery Co. Ltd., China.
Kunshan Synnium
Machinery Co. Ltd., China.
Loudi Zhongxing
Hydraulic Parts Co. Ltd., China.
P.T. Sany Indonesia
Machinery, Indonesia.
Putzmeister Holding
GmbH, Germany.
Sany (Vietnam)
Machine Co. Ltd., Vietnam.
Sany American Inc.,
USA.
Sany Australia Pty.
Ltd., Australia.
Sany Automotive
Manufacturing Co. Ltd., China.
Sany Belgium Financial
Corporation, Belgium.
Sany Belgium Holding
S.A., Belgium.
Sany East Asia Co.
Ltd., South Korea.
Sany Egypt Machinery
LLC, Egypt.
Sany European
Machinery Co. Ltd., Spain.
Sany France S.A.R.L.,
France.
Sany Germany GmbH,
Germany.
Sany Heavy Equipment
International Holdings Co. Ltd., Cayman Islands/Hong Kong. (Same address)
Sany Heavy Industry
(Kenya) Co. Ltd., Kenya.
Sany Heavy Industry
(Thailand) Co. Ltd., Thailand.
Sany Heavy Industry
India Pvt. Ltd., India.
Sany Heavy Industry Pakistan
(Pvt) Ltd., Pakistan.
Sany Heavy Industry
Qatar W.L.L., Qatar.
Sany Heavy Machinery
Co. Ltd., China.
Sany Hongkong Group
Ltd., Hong Kong. (Same address)
Sany LLC, Russia.
Sany Makina Ticaret
Ltd. Sirketi, Turkey.
Sany Nigeria Ltd.,
Nigeria.
Sany Peru S.A., Peru.
Sany Port Machinery
Co. Ltd., China.
Sany Russia (Euro)
Co. Ltd., Russia.
Sany Scandinavia AB,
Sweden.
Sany South East Asia
Pte. Ltd., Singapore.
Sany Southern Africa
Pty. Ltd., South Africa.
Sany U.K. Ltd., UK.
Sany-Angola Lda.,
Angola.
Shanghai Sany Heavy
Machinery Ltd., China.
Shanghai Sany
Technology Co. Ltd., China.
Shanghai Synnium
Leasing Co. Ltd., China.
Suote Transmission
Equipment Co. Ltd., China.
Synnium Machinery
Ltd., Hong Kong. (Same address)
Zhejiang Sany Casting
Co. Ltd., China.
Zhejiang Sany
Equipment Co. Ltd., China.
BUSINESS
REGISTRATION NUMBER
38264325
COMPANY
FILE NUMBER
1142957
MANAGEMENT
Managing
Director: Mr. Zhou Fugui
ISSUED
SHARE CAPITAL
US$281,920,000.00
SHAREHOLDER
(As per registry dated
20-06-2017)
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Name |
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No. of shares |
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Sany Heavy Industry
Co. Ltd. Chang Sha Shi Jing
Ji Ji Shu, Kai Fa Qu, China. |
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281,920,000 ========= |
DIRECTORS
(As per registry
dated 20-06-2017)
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Name (Nationality) |
Address |
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ZHOU Fugui |
No. 30, Tong Zi Po
Road, Yue Lu Qu Tong, Chang Sha Shi, China. |
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XIANG Wenbo |
Building 35,
Biguiyuan-Venice City Emerald Bay, Changsha, Hunan, China. |
SECRETARY
(As per registry
dated 20-06-2017)
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Name |
Address |
Co. No. |
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Tims Corporate Services
Ltd. |
Room A, 15/F.,
Fortis Tower, 77-79 Gloucester Road, Wanchai, Hong Kong. |
0284320 |
HISTORY
The subject was
incorporated on 20th June, 200720th June, 2007 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject
was located at Room 1001, 10/F., Landmark North, 39 Lung
Sum Avenue, Sheung Shui, New Territories, Hong Kong, moved to Room 2022-2023,
20/F., Landmark North, 39 Lung Sum Avenue, Sheung Shui, New Territories, Hong
Kong on 10th March, 2014.
The subject further
moved to the present address in May 2017.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Machinery Trader.
Lines: All kinds of construction
machinery and equipment.
Employees: 8. (Including associated companies)
Commodities Imported: Europe, Japan, China, etc.
Markets: Asian countries, Europe,
North America, South America, etc.
Group Turnover:
RMB46,830.5
million Yuan (Year ended 31-12-2012)
RMB37,327.9
million Yuan (Year ended 31-12-2013)
RMB30,364.7
million Yuan (Year ended 31-12-2014)
RMB23,470.3
million Yuan (Year ended 31-12-2015)
[restated]
RMB23,280.1
million Yuan (Year ended 31-12-2016)
RMB16,489.7
million Yuan (9 months ended 30-09-2016)
RMB28,159.1
million Yuan (9 months ended 30-09-2017)
Terms/Sales: As
per contracted.
Terms/Buying: Various
terms.
FINANCIAL
INFORMATION
Issued Share Capital: US$281,920,000.00
Mortgage or
Charge: (See
attachment)
Group Profit
Attributable to shareholders:-
RMB5,686.1
million Yuan (Year ended 31-12-2012)
RMB2,903.6
million Yuan (Year ended 31-12-2013)
RMB 709.2 million Yuan (Year ended 31-12-2014)
RMB 5.0 million Yuan (Year ended 31-12-2015) [restated]
RMB 203.5 million Yuan (Year ended 31-12-2016)
RMB 174.6 million Yuan (9 months ended 30-09-2016)
RMB1,802.7
million Yuan (9 months ended
30-09-2017)
Company Profit or
Loss: Made a loss in 2016.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
rather active use of general banking facilities.
Payment: No
complaints.
Commercial
Morality: Satisfactory.
Bankers:-
China
Development Bank Corporation Hong Kong Branch.
Bank of
China (Hong Kong) Ltd., Hong Kong.
Société
Générale, (China) Ltd., Hong Kong Branch.
Standing: Normal.
GENERAL
Sany International
Development Limited [SIDL] is a wholly-owned subsidiary of Sany Heavy Industry
Co. Ltd. [SHICL] which is a China-based and listed company. In turn, SHICL is a subsidiary of Sany Group
Co. Ltd. which is also a China-based firm.
SHICL is a listed firm in Shanghai, China. It went public on the Shanghai Stock Exchange
on 3rd July, 2003.
The subject’s
associated company Sany Heavy Equipment International Holdings Co. Ltd. is also
located at the same address.
Incorporated in June
2007, SIDL is a member of the Sany Group of Companies.
Sany Group is a
global company in the construction machinery industry with a vast product range
of construction machinery, road machinery, excavating machinery, pile driving
machinery, hoisting machinery, port machinery, coal mining machinery and wind
turbines.
Invested by Sany
Group, SHICL was founded in 1994, with its headquarters located in the Changsha
Economic Technological Development Zone.
Since its founding, the output of SHICL grew at an annualised rate of
50%.
At present, SHICL is
involved in all aspects of construction machinery manufacturing, with products as
diversified as construction equipment, road construction equipment, crane,
etc., totalling 25 categories and more than 120 kinds. The leading products include the concrete
pump, truck mounted concrete pump, concrete batching plant, asphalt batching
plant, roller, asphalt paver, motor grader, truck crane, crawler crane, and so
on. Market shares of truck mounted
concrete pumps, concrete pumps, and full hydraulic rollers stand first place in
the domestic market and the production of pump truck tops the world. So far, SHICL remains the producer of
concrete pumps with the longest boom and largest volume of displacement.
Each year, SHICL
would put about 5% of sales revenue aside for its R&D. It aims at upgrading its products to the
world’s level with the conviction that “quality changes the world”. SHICL has its own post-doctoral research
centres, which have become one of the country’s top technological development
centres, obtaining more than 536 authorized patents and developing hundreds key
technologies. SHICL also has been
honoured the second prize of “National Technology Progress”, “China Well-Known
Trademark”, “Inspection-Free Product” of China, and “Benchmark Products of
China’s Construction Machinery Industry”.
Currently Sany Group
has set up over 30 overseas affiliates in more than 150 countries. Its products have been exported to more than
110 countries and areas.
Sany Group has
invested in India and the United States and has established its manufacture and
R&D bases. On 1st January, 2009, Sany
Group signed an agreement to invest €100 million to build a R&D centre and
machinery manufacturing base in Bedburg of Germany.
Sany Group has been
certified ISO 9000 Quality System Certification, ISO 14001 Environment
Management System Certification, OHSAS 18001 Occupational Health Safety System
Certification, and the German TUV Certification, etc.
In 2016, the revenue
of SHICL was RMB23.3 billion Yuan, decreased by 0.9% as compared with RMB23.5
billion Yuan in 2015. Total profit
attributable to shareholders was RMB203.5 million Yuan, increased substantially
as compared with RMB5.0 million Yuan in FY 2015.
In the first 9 months
ended 30th September, 2017, the revenue of SHICL was RMB28.2 billion Yuan,
increased by 70.9% as compared with RMB16.5 billion Yuan in the same period of
2016. Total profit attributable to
shareholders was RMB1,802.7 million Yuan, grew substantially as compared with
profit of RMB174.6 million Yuan in the same period of FY 2016.
The following figures
are the financial highlights of the subject:
Unit: RMB’ million Yuan (year ended 31 December)
|
Items |
2016 |
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Revenue |
2,084.6 |
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Operating
Profit/(Loss) |
(68.0) |
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Net Profit/(Loss) |
(50.3) |
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Total Assets |
14,150.4 |
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Net Assets |
1,549.3 |
The total employees of
the Group in 2016 was 13,760 (2015: 22,800).
The subject is fully
supported by SHICL and ultimately by the Sany Group. History in Hong Kong is over ten years and
seven months.
On the whole,
consider the subject good for normal business engagements.
MORTGAGE
OR CHARGE
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Date |
Description of
Instrument |
Mortgagee |
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16-04-2012 |
Security Assignment |
China Development
Bank Corporation, Hong Kong Branch. |
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21-10-2016 |
Security Deed Over Debts and Collection Account |
Bank of China
(Hong Kong) Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.72 |
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1 |
INR 88.64 |
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Euro |
1 |
INR 78.14 |
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HKD |
1 |
INR 8.18 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
NIS |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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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.