MIRA INFORM REPORT

 

 

Report Date :           

22.11.2011

 

IDENTIFICATION DETAILS

 

Name :

KARTEX  TRADING  LTD.

 

 

Registered Office :

c/o Benzol Co. Ltd., Unit 12, G/F., Block A, Shatin Industrial Centre, 5-7 Yuen Shun Circuit, Shatin, New Territories

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

11.01.1999

 

 

Com. Reg. No.:

30032796

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Wholesaler and Re-exporter of Coatings, rust conventing primer, steel surface treatment chemical, silicone sealant, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

Payment Behaviour :

No Complaints

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

KARTEX  TRADING  LTD.

 

 

Company ADDRESS

 

c/o Benzol Co. Ltd.

Unit 12, G/F., Block A, Shatin Industrial Centre, 5-7 Yuen Shun Circuit, Shatin, New Territories, Hong Kong.

PHONE:            2636 0299

FAX:                 2647 8041

E-MAIL:                        hkbenzol@hotmail.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Chui Chit Kwong, Charles

 

 

SUMMARY

 

Incorporated on:             11th January, 1999.

                         

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$500,000.00

Issued:              HK$500,000.00

 

Business Category:        Chemical Trader.

 

Employees:                   10.  (Including affiliates)

 

Main Dealing Banker:     Shanghai Commercial Bank Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

COMPANY ADDRESS

 

Registered Head Office:-

c/o Benzol Co. Ltd.

Unit 12, G/F., Block A, Shatin Industrial Centre, 5-7 Yuen Shun Circuit, Shatin, New Territories, Hong Kong.

 

China Associated Factory:-

·         Buji Sang Hing Electronic Chemical Factory

·         Xia Li Lang Industrial District, Buji Town, Shenzhen, China.

[Tel: 86-755-2872 5654;  Fax: 86-755-2872 5572]

 

Associated/Affiliated Companies:-

·         Benzol Co. Ltd., Hong Kong.

·         Chemlab American Ltd., Hong Kong.
[Trading as Sang Hing Industrial Chemicals Co.]

·         Chemlab International Ltd., British Virgin Islands.

·         Hoson Technology Ltd., Hong Kong.  [Dissolved]

·         Mid-Sino Holdings Ltd., British Virgin Islands.

·         Mid-Sino Properties Ltd., Hong Kong.

·         Sang Hing Electronic Chemical Ltd., Hong Kong.

etc.

 

 

BUSINESS REGISTRATION NUMBER

 

30032796

 

 

COMPANY FILE NUMBER

 

0664513

 

 

MANAGEMENT

 

Managing Director:  Mr. Chui Chit Kwong, Charles

 

 

CAPITAL

 

Nominal Share Capital:   HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$500,000.00

 

SHAREHOLDERS

(As per registry dated 11-01-2011)

 

Name

 

No. of shares

Chemlab International Ltd.

Skelton Building, Main Street, P.O. Box 3136, Road Town, Tortola, British Virgin Islands.

 

175,000

CHUI Chit Kwong

 

325,000

 

 

–––––––

 

Total:

500,000

======

 

 

DIRECTORS

(As per registry dated 11-01-2011)

 

Name

(Nationality)

 

Address

HO Yau Hon

House No. 93, Constellation Cove, 1 Hung Lam Drive, Tai Po, New Territories, Hong Kong.

 

CHUI Chit Kwong

Room 109, Block O, Telford Gardens, Kowloon Bay, Kowloon, Hong Kong.

 

 

SECRETARY

(As per registry dated 11-01-2011)

 

CHUI Chit Kwong 

 

 

HISTORY

 

The subject was incorporated on 11th January, 1999 as a private limited liability company under the Hong Kong Companies Ordinance.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

OPERATIONS

 

Activities:                      Importer, Wholesaler and Re-exporter.

 

Lines:                           Coatings, rust conventing primer, steel surface treatment chemical, silicone sealant, etc.

 

Trade Marks:                 CHEMLAB, STEELCOTE, KSP, SILICEX, SLUBYSIL, LEO and DIABOND.

 

Office Area:                   2,000 sq.ft. in Hong Kong – owned by affiliate.

 

Employees:                   10.  (Including affiliates)

 

Commodities Imported:   Imported from US, Europe, India, etc.

 

Markets:                       Hong Kong, China, other Asian countries, etc.

 

Terms/Sales:                 COD or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$500,000.00

 

Profit or Loss:                Making a small profit in the past years.

 

Condition:                      Business is rather active.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Shanghai Commercial Bank Ltd., Hong Kong.

 

Standing:                      Normal.

GENERAL

 

Having issued 500,000 ordinary shares of HK$1.00 each, Kartex Trading Ltd. is a private limited company incorporated in January 1999.

Formerly the subject was jointly held by Mr. Chui Chit Kwong who owned 175,000 shares; Mr. Lin Chang Quan, owned 150,000 shares; and Chemlab International Ltd. [Chemlab], a BVI-registered firm which held 175,000 shares.  On 25th July, 2002, Lin transferred all his shares to Chui, since then Chui has been holding 325,000 shares which accounts for 65% interests, while Chemlab is still holding 175,000 shares, 35%.

The subject has got an affiliated company known as Benzol Co. Ltd. [Benzol] which is also located at the subject’s operating address.  Benzol is a wholly‑owned subsidiary of Chemlab.  Incorporated on 7th March, 1986 and engaged in the same lines of business as the subject, Benzol is specialized in coatings.

Currently, the subject is also dealing in coatings.  It imports, wholesales and re-exports the following industrial chemicals:-

·         Coating (Chemical resistance)
Brandnames: “LEO” and “STEELCOTE”

·         Coating (Floor Coating)
Brandnames: “LEO” and “STEELCOTE”

·         Rust Conventing Primer
Brandnames: “LEO” and “STEELCOTE”

·         Steel Surface Treatment Chemical
Brandnames: “LEO” and “STEELCOTE”

·         Silicone Sealant
Brandname: “RHODORSIL”

Benzol has got the ISO 9002 certification.

“STEELCOTE” coatings, manufactured in the United States, have been used for over 80 years in such diverse and demanding situations as mines, bridges, ships, wastewater plants, electric power stations, chemical tanks, etc.

Besides, the subject is also trading in dyestuffs, leather chemicals manufactured by Italy “SABO”, Germany “Zschimmer & Schwarz”, UK “KSP MolyPaul” series lubricant.  The subject’s products are distributed in Hong Kong and re-exported to China, Southeast Asia, etc.  Business is rather active.

The subject’s affiliated factory, in Shenzhen Special Economic Zone, covers an area of about 5,000 sq.ft. and employs over 40 persons.  This China factory is responsible for re-packaging and distributing the above-mentioned coatings and chemicals.  Prime markets are large cities of Guangdong Province, China.  The factory has got ISO 9000, ISO 9001, ISO 9002, ISO 9003, ISO 9004 and ISO 14000 certifications.

The annual sales turnover of Benzol ranges from HK$9 to 13 million.  Business is rather active.

In Hong Kong, the subject also contracts engineering projects concerning the maintenance of iron and steel fabrications.

The Managing Director of Benzol Ho Yau Hong is also the director of the subject.

The history of the subject in Hong Kong is over twelve years and ten months.

On the whole, consider it good for normal business engagements.

 

REMARKS:

 

     Property information of affiliates:-

1.     Property Location:       Workshop 12 on G/F. of Block A and Car Parking Space No. L11 on G/F., Shatin Industrial Centre, 5-7 Yuen Shun Circuit, Shatin, New Territories, Hong Kong.

Owner:     Chemlab American Ltd.

Date of Purchase:  29-11-1991

Purchased Price:  HK$5,700,000

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

29-11-1991

-

Shanghai Commercial Bank Ltd., Hong Kong.

Mortgage to secure general banking facilities granted to Chemlab American Ltd. and Chemlab American Ltd. trading as Sang Hing Industrial Chemicals Co.

 

2.     Property Location:       Penthouse B & Roof of Penthouse B on 13/F., Claymore Garden,
3 Lok Fung Path, Shatin, New Territories, Hong Kong.

Owner:     Mid-Sino Properties Ltd.

Date of Purchase:  22-03-1994

Purchased Price:  HK$9,300,000 pt.

Incumbrances:-

Date of Mortgage

Amount Consideration

Mortgagee

Nature

22-03-1994

-

Shanghai Commercial Bank Ltd., Hong Kong.

Legal charge to secure general banking facilities

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.51.72

UK Pound

1

Rs.81.42

Euro

1

Rs.68.89

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

71-85

Aa

Possesses adequate working capital. No caution needed for credit transaction. It has above average (strong) capability for payment of interest and principal sums

 

Large

56-70

A

Financial & operational base are regarded healthy. General unfavourable factors will not cause fatal effect. Satisfactory capability for payment of interest and principal sums

 

Fairly Large

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

11-25

Ca

Adverse factors are apparent. Repayment of interest and principal sums in default or expected to be in default upon maturity

 

Limited with full security

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

----

NB

New Business

----

 

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 and their relative weights (as indicated through %) are as follows:

 

Financial condition (40%)            Ownership background (20%)                 Payment record (10%)

Credit history (10%)                    Market trend (10%)                                Operational size (10%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.