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MIRA INFORM REPORT
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Report No. : |
494344 |
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Report Date : |
03.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ETERNAL TSINGSHAN GROUP LIMITED |
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Registered Office : |
c/o Healy Consultants (Hong Kong) Ltd. Unit
2, LG1, Mirror Tower, 61 Mody Road, Tsimshatsui, Kowloon |
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Country : |
Hong
Kong |
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Date of Incorporation : |
12.06.2015. |
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Com. Reg. No.: |
64885832 |
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Legal Form : |
Private
limited liability company |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employees : |
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.
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. In 2017, Chief Executive 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 and address
ETERNAL TSINGSHAN
GROUP LIMITED
ADDRESS:
Registered Office:-
c/o Healy Consultants (Hong Kong) Ltd.
Unit 2, LG1, Mirror Tower, 61 Mody Road,
Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Wints Investment, Cayman Islands.
Ultimate Holding Company:-
Tsingshan Holding Group Co. Ltd., China.
Associated Companies:-
Fujian Decent Industries Co. Ltd., China.
Fujian Decent Nickel Industry Co. Ltd.,
China.
Fujian Decent Technology Co. Ltd., China.
Fujian Hongwang Industrial Co. Ltd., China.
Fujian Tsingtuo Shangke Stainless Ltd.,
China.
Fujian Yongjin Metal Technology Co. Ltd.,
China.
Guangdong Guangqing Metal Technology Co.
Ltd., China.
Guangdong J-ERAY Technology Group Co. Ltd.,
China.
PT. Indonesia Ruipu Nickel & Chrome
Alloy, Indonesia.
PT. Indonesia Tsingshan Stainless Steel,
Indonesia.
Qingyuan Tsingshan Stainless Steel Co. Ltd.,
China.
Ruipu Technology Group Co. Ltd., China.
Shanghai Decent Investment (Group) Co. Ltd.,
China.
Songyang Tsingshan Steel Co. Ltd., China.
Tsing Tuo Group Co. Ltd., China.
Wenzhou Haitong Stainless Steel Co. Ltd.,
China.
Zhejiang Ruipu Metal Trading Co. Ltd., China.
Zhejiang Ruipu Technology Co. Ltd., China.
Zhejiang Tsingshan Iron & Steel Co. Ltd.,
China.
Zhejiang Tsingshan Special Steel Co. Ltd.,
China.
etc.
BUSINESS
REGISTRATION NUMBER
64885832
COMPANY
FILE NUMBER
2250240
DATE
OF INCORPORATION
12th
June, 2015.
ISSUED
SHARE CAPITAL
HK$10,000.00 & US$19,978,718.00
(10,00 fully paid HK$ ordinary shares and 19,978,718 fully paid US$ ordinary
shares)
SHAREHOLDER
(As per registry dated 19-09-2017)
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Name |
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No. of
shares |
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Ordinary
(HK$) |
Ordinary
(US$) |
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Wints
Investment P.O.
Box 472, 2nd Floor, Harbour Plaza, 103 South Church Street, George
Town, Grand Cayman, KY1‑1106, Cayman Islands. |
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10,000 ===== |
19,998,718 ======== |
DIRECTORS
(As per registry dated 19-09-2017)
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Name (Nationality) |
Address |
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XIANG
Binghe |
No. 6, Lane
An Ji, Sha Cheng Street, Long Wan District, Wen Zhou City, Zhejiang, China. |
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SUN
Jianfen |
No.
60-2, Da Lang Qiao Road, Sham Cheng Town, Long Wan District, Wenzhou
City, Zhejiang, China. |
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XIANG
Guangda |
Room 1106,
Jiangnan Building, East Renmin Road, Nanmen Street, Lucheng District, Wenzhou
City, Zhejiang Province, China. |
SECRETARY
(As per registry dated 12-06-2017)
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Name |
Address |
Co. No. |
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SBS
Nominee Ltd. |
Unit
1002B, 10/F., Fortress Tower, 250 King’s Road North Point, Hong Kong. |
0809165 |
HISTORY
The subject was incorporated on 12th June,
2015 as a private limited liability company under the Hong Kong Companies
Ordinance.
Originally the subject was registered under
the name of Jemal Ltd., name changed to Eternity Tsing Group Ltd. on 21st June,
2017 and further changed to the present style on 15th September, 2017.
Apart from these, neither material change nor
amendment has been ever traced and noted.
GENERAL
Eternal Tsingshan Group Limited was incorporated on 12th June,
2015 as a private limited liability company under the Hong Kong Companies
Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at ‘Unit 2, LG1, Mirror Tower, 61 Mody Road, Tsimshatsui,
Kowloon, Hong Kong’ known as ‘Healy Consultants (Hong Kong) Ltd.’ which is
handling its correspondences and documents.
Its company secretary is another company located at a different address.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject is a wholly-owned subsidiary of Wints
Investment which is a Cayman Islands-registered company.
The directors of the subject are Mr. Xiang Binghe, Ms. Sun Jianfen
and Mr. Xiang Guangda, all of whom are China merchants.
They are China ID holders and do not have the right to reside in
Hong Kong permanently. Their registered
address is in Wenzhou City, Zhejiang Province, China.
The subject has had an associated company known as Tsingshan
Holding Group Co. Ltd. [Group]. The
President of the Group is Mr. Xiang Binghe, Managing Director is Ms. Sun
Jianfen.
Currently, the Group has about 20 associated companies in China.
Established in 1992, the Group is engaged in the following scope
of business:
Investment holding, Products Manufacturing and Marketing,
Warehousing, Domestic and Foreign Trading, etc.
However, the Group chiefly is an iron and steel product
manufacturer and trader.
The Group mainly produces stainless steel ingots, steel bars,
plates, wires and seamless tubes, which are widely used in the industries of
petroleum, chemical engineering, machinery, electric power, automobile,
shipbuilding, aerospace, food, pharmacy, decoration and other fields.
After years of development, the Group has established four bases
for nickel-chromium alloy smelting, stainless steel smelting and steel rolling
production respectively in Indonesia, Fu’an of Fujian Province, Lishui of
Zhejiang Province and Yangjiang of Guangdong Province. These bases have formed a complete industrial
chain from the upstream mining of nickel and chromium ores, melting of nickel,
chromium and iron to the downstream processing of bars, wires and plates,
manufacturing of steel pipes, processing of refined wires, transportation&
logistics, commodity trading and international trading.
In 2017, the Group was ranked the 149th in the Top 500 Chinese
Enterprises, the 56th in Top 500 Chinese Manufacturing Enterprises and the 26th
in Top 500 Chinese Private Foreign Trade Enterprises.
Besides, it is also among the Top 100 Enterprises of Zhejiang and
the Top 100 Manufacturing Enterprises of Zhejiang. The Group has also won the honorary titles of
AAA Credit Rating Customer of CCB Headquarter, National AAA Quality Credit
Enterprise, AAA Taxpaying Credit Enterprise of Zhejiang Province, First Batch
of Chinese Green New Benchmark Brand Enterprise, Top 100 Trustworthy Chinese
Private Enterprises and many others successively. Tsingshan
has become a famous trademark in China.
In 2017, the Group realized an output of stainless crude steel up
to7480,000 tons and a sales income of RMB161.5 billion Yuan. The Group owns more than 42,800 employees.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five two years
and eight 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.23 |
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1 |
INR 89.71 |
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Euro |
1 |
INR 79.50 |
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HKD |
1 |
INR 8.33 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TRU |
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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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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.