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MIRA INFORM REPORT
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Report No. : |
491961 |
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Report Date : |
01.03.2018 |
IDENTIFICATION DETAILS
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Name : |
WANHUA CHEMICAL (HONGKONG) CO., LIMITED |
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Registered Office : |
Room C, 19/F., Lockhart Centre, 301-307 Lockhart Road, Wanchai, Hong
Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.12.2005 |
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Com. Reg. No.: |
36312221 |
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Legal Form : |
Private limited liability |
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Line of Business : |
The subject is engaged in the following
business scope:- ·
Consultancy services; ·
Foreign trading; & ·
Introduction of foreign
advanced technologies. |
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No. of Employees : |
No employee 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
WANHUA CHEMICAL
(HONGKONG) CO., LIMITED
ADDRESS
Registered Office:-
c/o Joy Enterprise Secretary Services Ltd.
Room C, 19/F., Lockhart Centre, 301-307
Lockhart Road, Wanchai, Hong Kong.
Holding Company:-
Wanhua Chemical Group Co. Ltd.
No. 7, Xinfu South Road, Yantai City,
Shandong Province, China.
Ultimate Holding Company:-
Wanhua Industrial Group Co. Ltd., China.
Wholly-owned Subsidiaries:
Wanhua
Chemical US Holding Inc., US.
Wanhua Innovation
& Technology LLC, US.
Sister/Associated Companies:-
Yantai Wanhua Group of Companies
BorsodChem
Zrt, Hungary.
Wanhua
Chemical (America) Co. Ltd., US.
Wanhua
Chemical (Beijing) Co. Ltd., China.
Wanhua
Chemical (Guangdong) Co. Ltd., China.
Wanhua
Chemical (Japan) Co. Ltd., China.
Wanhua
Chemical (Netherlands) B.V., Netherlands.
[Dissolved]
Wanhua
Chemical (Ningbo) Chlor-Alkali Co. Ltd., China.
Wanhua
Chemical (Ningbo) Co. Ltd., China.
Wanhua
Chemical (Ningbo) Rongwei Polyurethane Co. Ltd., China.
Wanhua
Chemical (Singapore) Pte. Ltd., Singapore.
Wanhua
Chemical (Yantai) Chlor-Alkali Thermal Power Co. Ltd., China.
Wanhua
Chemical International Holding Co. Ltd., British Virgin Islands.
Wanhua
International (India) Pvt. Ltd., India.
Wanhua
Shipping (Singapore) Pte. Ltd., Singapore.
etc.
BUSINESS
REGISTRATION NUMBER
36312221
COMPANY
FILE NUMBER
1015126
DATE
OF INCORPORATION
21st
December, 2005.
ISSUED
SHARE CAPITAL
HK$63,750,000.00
SHAREHOLDER
(As per registry dated 21-12-2017)
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Name |
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No. of shares |
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Wanhua Chemical Group Co. Ltd. No. 7, Xingfu South Road, Yantai City,
Shandong Province, China. |
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63,750,000 ======== |
DIRECTORS
(As per registry dated 21-12-2017)
|
Name (Nationality) |
Address |
|
LI Junyan |
Szent Florian ter, 2 Kazincbarcika, H-3702,
Hungary. |
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SHAO Jianming |
Room 501, No. 3 Building, Huangshanhaoting,
Xinqi Street, Beicang District, Ningbo City, Zhejiang Province, China. |
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WANG Liang |
11111 Katy Fwy, Suite 910, Houston, TX
77079, U.S. |
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XING Huailei |
No. 2, Xingfu (S) Road, Zhifu District,
Yantai City, Shandong Province, China. |
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ZHANG Shoujun |
No. 2, Xingfu (S) Road, Zhifu District,
Yantai City, Shandong Province, China. |
SECRETARY
(As per registry dated 21-12-2017)
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Name |
Address |
Co. No. |
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Joy Enterprise Secretary Services Ltd. |
Room C, 19/F., Lockhart Centre, 301‑307 Lockhart
Road, Wanchai, Hong Kong. |
1336601 |
HISTORY
The subject was incorporated on 21st December,
2005 as a private limited liability company under the Hong Kong Companies
Ordinance.
Originally the subject was registered under
the name of Wanhua International (Hong Kong) Co. Ltd., name changed to the
present style on 16th August, 2013.
The subject does not have its own operating
office. Formerly, its registered address
was located at “Room 1701 (024), 17/F., Henan Building, 90 Jaffe Road, Wanchai,
Hong Kong” where was the operating address of Companies Registrations &
Secretary Ltd. Its registered address
moved to the present one in December 2012 where is the operating address of a
secretarial firm “Joy Enterprise Secretary Service Ltd.”. The subject changed its registered address as
it has changed its commercial service provider.
The subject changed its directors in 2017.
The subject changed its ultimate holding
company and its directors in 2016.
Apart from these, neither material change nor
amendment has been ever traced and noted.
GENERAL
Wanhua Chemical (HongKong) Co., Limited is a
wholly-owned subsidiary of Wanhua Chemical Group Co. Ltd. [Wanhua], a
China-based firm.
The subject does not have its own operating
office. Its registered office is in a
commercial service firm located at Room C, 19/F., Lockhart Centre, 301‑307 Lockhart
Road, Wanchai, Hong Kong known as Joy Enterprise Secretary Services Ltd. [Joy]
which is handling its correspondences and documents. Joy is also company secretary of the subject.
The subject has no employee in Hong
Kong. Your given Hong Kong phone and fax
number 852-2537 7886 and 852-2537 7780 respectively belong to Joy.
The ultimate holding company of the subject
is Wanhua Industrial Group Co. Ltd., a China-based company. However, this company is 39.497% owned by
Yantai City People’s Government State-owned Assets Supervision Commission.
The subject has five directors while one is
in Hungary, one in The United Stated and three in China.
The subject has had a wholly-owned subsidiary
known as Wanhua Chemical International Holding Co. Ltd. which is a BVI-registered
company.
The subject is engaged in the following
business scope:-
Consultancy services;
Foreign trading; &
Introduction of foreign advanced
technologies.
The subject is trading in Wanhua’s products
which includes the followings:
Methylene Diphenyl Diisocyanate [MDI]
Thermoplastic Polyurethane [TPU]
Wanhua was founded on 20th December, 1998 and
is the first listed shareholding enterprise following reorganization in
Shandong Province, China. The business
licence number is 37000018020049. It was
listed on Shanghai Stock Exchange in 2001.
Its code No. is 600309.
Wanhua’s business covers R&D, production
and marketing of isocyanates, aromatic polyamines and thermal-plastic
polyurethanes [TPUS]. Wanhua currently
has two MDI plants with the total capacity of 800,000 tons/year while product
quality and unit consumption have reached the world advanced level.
MDI is one of the key materials in the
manufacturing of polyurethane.
Polyurethane has both rubber and plastic features. As a result, it has good performances
comparing to other synthetic materials, especially in thermal insulation, sound
proof, abrasive resistance, oil resistance, elasticity and flexibility. Therefore it has also been widely used in
chemical industry, light industry, textiles, construction, domestic appliance,
building materials, transportation, vehicles, aviation, etc.
Now, Wanhua has set up associated companies
in the United States, the Netherlands, and offices in India, the United Arab
Emirates, Japan, etc.
The turnovers of Wanhua are listed below:
RMB15,942.1 million Yuan (Year ended 31-12-2012)
RMB20,238.0 million Yuan (Year ended 31-12-2013)
RMB22,088.4 million Yuan (Year ended 31-12-2014)
RMB19,492.4 million Yuan (Year ended 31-12-2015)
RMB30,099.9 million Yuan (Year ended 31-12-2016)
RMB20,932.2 million Yuan (9 months ended 30-09-2016)
RMB38,963.5 million Yuan (9 months ended 30-09-2017)
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
INR 64.10 |
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|
1 |
INR 94.44 |
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Euro |
1 |
INR 79.59 |
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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
: |
PRA |
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Report Prepared
by : |
KET |
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.