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MIRA INFORM REPORT
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Report No. : |
512502 |
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Report Date : |
01.06.2018 |
IDENTIFICATION DETAILS
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Name : |
ARSEN INTERNATIONAL (HK) LIMITED |
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Formerly Known As : |
HONGKONG ZMI INTERNATIONAL CO. 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 Liability Company |
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Line of Business : |
The subject is trading in all kinds of iron and steel. |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source : CIA |
COMPANY
NAME
ARSEN INTERNATIONAL
(HK) LIMITED
ADDRESS
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.
No. 445 Kaixuan Road,
Hangzhou City, Zhejiang Province, China.
Tel：86-571-87055397
Fax：86-571-87054566
Ultimate Holding
Company:
Wuchan Zhongda Group
Co. Ltd., China.
Associated
Companies:-
Gangtong
International (HK) Co. Ltd., Hong Kong.
Guangdong Ruihong
Trading Co. Ltd., China.
Henan Jingang
Development Steel Trading Co. Ltd., China.
HK Jiankun Energy Co.
Ltd., Hong Kong.
Hongkong 5Ctong Ltd.,
Hong Kong.
HongKong Kamtai
Trading Co. Ltd., Hong Kong.
Inco International
(HK) Co. Ltd., Hong Kong.
Intop International
(Singapore) Pte. Ltd., Singapore.
King Metore
International Pte. Ltd., Singapore.
Liaoning Xinda
Development Steel Trading Co. Ltd., China.
Ningbo Zhenhai Hongyi
Trading Co. Ltd., China.
Sendi International
(Hong Kong) Co. Ltd., Hong Kong.
Shanghai Maco
Materials Industry Trading Co. Ltd., China.
Singapore Qianyuan
International Energy Pte. Ltd., Singapore.
Sino Commodities
International Pte. Ltd., Singapore.
Taizhou Ruihongda
Trading Co. Ltd., China.
Tangshan Ruihongjin
Steel Trading Co. Ltd., China.
Tianjin Ruihongjin
Steel Trading Co. Ltd., China.
Wuchan Zhongda Utech
Singapore Pte. Ltd., Singapore.
Zhejiang Daxie Fuel
Oil Transportation & Sales Co. Ltd., China.
Zhejiang Materials
Development Co. Ltd., China.
Zhejiang Materials
Industry International Co. Ltd., China.
Zhejiang Materials
Industry Property Management Co. Ltd., China.
Zhejiang Metals &
Materials Co., China.
Zhejiang Ruifeng
Materials Industry Co. Ltd., China.
Zhongda (HongKong)
Futures Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
34461319
COMPANY
FILE NUMBER
0892020
DATE
OF INCORPORATION
26th March, 2004.
ISSUED
SHARE CAPITAL
HK$40,000,000.00
SHAREHOLDER
(As per registry
dated 26-03-2018)
|
Name |
|
No. of shares |
|
Zhejiang Materials
Industry International Co. Ltd., No.
45,5 Kaixuan Road, Hangzhou, Zhejiang Province, China. |
|
40,000,000 ======== |
DIRECTORS
(As per registry
dated 26-03-2018)
|
Name (Nationality) |
Address |
|
SHEN Lixia |
JHZ011, Room 2105,
21/F., Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong. |
|
CHENG Liyan |
JHZ011, Room 2105, 21/F.,
Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong Kong. |
|
WANG Qida |
Room 807, HZ,
Golden Plaza, 118 Qingchun Road, Hangzhou, Zhejiang, China. |
SECRETARY
(As per registry
dated 26-03-2018)
|
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 |
HISTORY
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.
GENERAL
Having issued 40
million ordinary shares of HK$1.00 each, Arsen International (HK) Limited 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].
The ultimate holding
company is Wuchan Zhongda Group Co. Ltd. [WZG] which is a listed company in
Shanghai, China.
WZG has been listed
on Shanghai Stock Exchange bearing Code No. 600704.
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 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 JHZ011 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.
‘JHZ011’ is the file number of the subject in WTEC.
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, etc.
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 centres.
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.
Your give number
86-571-8705 4850 belongs to Zhejinag Materials Chemical Group. This chemical group is trading in Styrene
Butadiene Rubber, Latex, Standard Rubber, Ethylene Propylene Rubber, Carbopol,
etc.
WZG, formerly
Zhejiang Material Industrial Zhongda Yuantong Group Co. Ltd., is principally
engaged in automobile business, real estate business, international trading
business, mechanical and electrical business, as well as financial business. WZG operates its businesses mainly through
the sale of automobiles, future business, the development of residential and
commercial buildings, the trading of apparels, textile products, mechanical and
electrical products.
The financial
highlights of WZG are as follow:
Unit: RMB’ million
Yuan (Year ended 31 December)
|
Items |
2016 |
2015 |
2014 |
2013 |
|
Operating Income |
206,898.9 |
182,360.1 |
214,251.3 |
211,866.7 |
|
Profit attributable
to shareholders |
2,154.3 |
1,348.5 |
1,124.5 |
676.3 |
|
Total Equity |
20,156.6 |
18,794.8 |
15,161.6 |
9,008.2 |
|
Total Assets |
76,571.2 |
72,969.3 |
61,731.3 |
65,831.2 |
The business of WZG
was normal in past four years.
For the year end of
2016, the total employees of WZG was 18,150.
Ms. Shen Lixia is also
the Assistant of the General Manager of ZMI.
The subject has been
banking with the following banks:
1.
DBS Bank Ltd., Hong Kong.
2.
Industrial and Commercial Bank of China
(Asia) Ltd., Hong Kong.
3.
United Overseas Bank Ltd., Hong Kong
Branch.
4.
Agricultural Bank of China Ltd., Hong Kong
Branch.
5.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
6.
China Merchants Bank Co. Ltd., Hong Kong
Branch.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over 14 years and two 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.
MORTGAGE
OR CHARGE
|
Date |
Description of
Instrument |
Mortgagee |
|
14-10-2011 |
Charge Over Account
and Set-Off |
United Overseas
Bank Ltd., Hong Kong Branch. |
|
14-10-2011 |
General Memorandum
of Pledge of Goods |
United Overseas
Bank Ltd., Hong Kong Branch. |
|
14-10-2011 |
Assignment of
Letters of Credit |
United Overseas
Bank Ltd., Hong Kong Branch. |
|
17-11-2011 |
Charge on Cash
Deposit to secure Liabilities of the Depositor |
DBS Bank
(Hong Kong) Ltd., Hong Kong. |
|
08-02-2012 |
Security Memorandum |
ABN AMRO Bank N.V. |
|
29-09-2012 |
Trade Finance
Security Assignment |
United Overseas Bank Ltd. |
|
04-05-2013 |
Trade Finance
Security Assignment |
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
|
06-10-2014 |
Trade Finance
Security Assignment |
Agricultural Bank of China Ltd., Hong Kong Branch. |
|
08-06-2016 |
Charge Over Deposit |
Agricultural Bank of China Ltd., Hong Kong Branch. |
|
28-10-2016 |
Charge Over Securities
and Deposits with the Bank (Limited Company) (Unlimited Amount) |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
|
30-11-2016 |
Trade Finance
Security Assignment |
China Merchants Bank Co. Ltd., Hong Kong Branch. |
|
02-03-2018 |
Trade Finance
Security Assignment |
The Hongkong &
Shanghai Banking Corp. Ltd., 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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.45 |
|
|
1 |
INR 89.79 |
|
Euro |
1 |
INR 78.79 |
|
HKD |
1 |
INR 8.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on secured
terms only |
|
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.