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Report Date : |
05.12.2012 |
IDENTIFICATION DETAILS
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Name : |
WONDERFUL
CHEMICAL INDUSTRIAL LTD. |
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Registered Office : |
Unit 18, 8/F., Pacific Trade Centre, |
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Country : |
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Date of Incorporation : |
08.07.1988 |
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Com. Reg. No.: |
12322583 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Exporter of Dyestuffs, etc. |
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No. of Employees : |
08 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2hon |
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Off-credit |
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 re-exports, is about four times GDP. 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, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
WONDERFUL CHEMICAL INDUSTRIAL LTD.
Unit 18, 8/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 2798 0118
FAX: 2795 9817
E-MAIL: skwong@wonderful-chem.com.hk
Managing Director: Mr. Wong Shiu Kee
Incorporated on: 8th July, 1988.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Importer, Wholesaler and Exporter.
Employees: 8.
Main Dealing Banker: First Commercial Bank Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 18, 8/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.
Affiliated/Associated
Companies:-
Chongging Taifeng Taixing Chemical Industrial Co. Ltd., China.
Chongging Unisplendour Chemical Co. Ltd., China.
Hinworld Investment Ltd., Hong Kong. (same address)
Inner Mongolia Ruida Taifeng Chemical Co. Ltd., China.
Inner Mongolia Taixing Taifeng Chemical Co. Ltd., China.
Jiangsu Huifeng Technology Co. Ltd., China.
Jiangsu Taifeng Chemical Co. Ltd., China.
Jiangsu Zhongdan Group Co. Ltd., China.
Sytron Industrial Co. Ltd., Taiwan.
Sytron Thai Co. Ltd., Thailand.
Wonderful Chemical Ltd., Hong Kong.
12322583
0220680
Managing Director: Mr. Wong Shiu Kee
Contact Person: Ms. Jane Lau
Nominal Share Capital: HK$100,000.00 (Divided into 1,000 shares of HK$100.00 each)
Issued Share Capital: HK$100,000.00
(As per registry
dated 08-07-2012)
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Name |
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No. of shares |
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WONG MA Mei Chuan |
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400 |
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WONG Shiu Kee |
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600 |
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––––– |
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Total: |
1,000 ==== |
(As per registry
dated 08-07-2012)
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Name (Nationality) |
Address |
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WONG Shiu Kee |
F2, Marina Cove, Sai Kung, New Territories, Hong Kong. |
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WONG MA Mei Chuan |
F2, Marina Cove, Sai Kung, New Territories, Hong Kong. |
(As per registry
dated 08-07-2012)
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Name |
Address |
Co.
No. |
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W.S. Lau Secretarial & Accountancy Services Ltd. |
Room 702-703, 7/F., Harvest Building, 29‑35 Wing Kut Street, Hong Kong. |
0035153 |
The subject was incorporated on 8th July, 1988 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.
Activities: Importer, Wholesaler and Exporter.
Lines: Dyestuffs, etc.
Employees: 8.
Commodities Imported: Mainly imported from Europe, Taiwan, etc.
Markets: Hong Kong, China and Southeast Asia.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C and T/T.
Nominal Share Capital: HK$100,000.00 (Divided into 1,000 shares of HK$100.00 each)
Issued Share Capital: HK$100,000.00
Mortgage or
Charge:-
Date of Security Over Deposits with The Bank: 19-04-1999
Amount: To secure credit facilities or other financial accommodation
Property: HK$1,000,000 standing to the credit of the company’s deposit account No. 941-21-010111-8,
deposit No. 0000007
Mortgagee: First Commercial Bank Ltd., Hong Kong Branch.
Profit & Loss: Made profits in the past years.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: First Commercial Bank Ltd., Hong Kong Branch.
Standing: Normal.
Wonderful Chemical Industrial Ltd. is a private limited company which was jointly owned by Mr. Lam Yiu Kwok, holding 40% interests, and Mr. Wong Shiu Kee holding 60%. The subject had issued 1,000 ordinary shares while Lam and Wong held 400 and 600 shares of HK$1.00 each respectively. Subsequently, Lam transferred all his shares to Wong MA Mei Chuan who is the wife of Wong. Now, the shareholders are also directors of the subject.
The subject is the Hong Kong company of Jiangsu Taifeng Chemical Co. Ltd. [Taifeng] which is a China-based firm.
Taifeng is jointly set up by Jiangsu Zhongdan Group Co. Ltd. [Zhongdan], a China-based firm, and three Hong Kong-registered firms.
Taifeng is engaged in producing indigo blue dyestuffs which are marketed by the subject.
The subject is
trading in the following products:-
l Dyestuffs;
l Tanning & Colouring Materials [TF indigo, WDF indigo
(dyestuff for denim), TF indigo, WDF indigo(dyestuff for denim)].
Taifeng is able to produce 60% of the worldwide indigo. Its prime markets are Central and South America, the European Union, India, Pakistan, Southeast Asia, etc.
Taifeng is a “Jiangsu High and New Technology Enterprise” a “China Torch Plan High and New Technology Enterprise”. It has got ISO9001 certification.
In the past years,
Taifeng has wholly-invested or partly-invested in the following firms:-
l Chongqing Taixing Taifeng Chemical Co. Ltd., China
[Partly-owned];
l Chongqing Ziguang Chemical Co. Ltd., China
[Partly-owned];
l Inner Mongolia Ruida Taifeng Chemical Co. Ltd., China
[Partly‑owned];
l Inner Mongolia Taixing Taifeng Chemical Co. Ltd.,
China [Wholly‑owned];
l Sytron Industrial Co. Ltd., Taiwan [Wholly-owned];
&
l Sytron Thai Co. Ltd., Thailand [Wholly-owned].
Zhongdan was founded in 1980, which is a enterprise group with combination of production and research, integration of science and industry. Zhongdan is mainly involved in fine chemicals, pharmaceutical intermediates and agro intermediates industries. There are three production sites in Jiangsu (HQ), Chongqing and Inner Mongolia. Zhongdan has an international business team and marketing networks in Europe, America, Asia and throughout China.
All the pharmaceutical products have received the GMP certificate, while one product API has passed FDA audit, All its fine chemical enterprises have been certified by ISO9000, OHSAS18001.
Zongdan’s Indigo, Amino Series products and Ethoxyquin, each has ranked the first in the world.
The subject’s business is chiefly handled by Mrs. Wong Ma Mei Chuan and Mr. Wong Shiu Kee. Business is active. Annual sales turnover is significant.
On the whole, having a history over twenty-four years, the subject is considered good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.95 |
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UK Pound |
1 |
Rs.88.42 |
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Euro |
1 |
Rs.71.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.