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Report Date : |
12.12.2012 |
IDENTIFICATION DETAILS
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Name : |
EASTSUN CHEMICAL CO.
LTD. |
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Registered Office : |
c/o LFDI Secretaries Ltd., Suite 2006, 20/F., 340 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.10.1997 |
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Com. Reg. No.: |
21333505 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Agrochemicals, veterinary drug, etc. |
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No. of Employees : |
Not Available |
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
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
C2 |
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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.
|
Source : CIA |
EASTSUN CHEMICAL CO. LTD.
c/o LFDI Secretaries Ltd.
Suite 2006, 20/F., 340 Queen’s Road Central, Hong Kong.
PHONE: 2519 4341
FAX: 2511 6711
Managing Director: Mr. Chan Hui
Incorporated on: 24th October, 1997.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Chemical Trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o LFDI Secretaries Ltd.
Suite 2006, 20/F., 340 Queen’s Road Central, Hong Kong.
Holding Company:-
Sun Valley Hall Ltd., British Virgin Islands.
Associated
Companies:-
Jiangyin Eastsun Chemical Co. Ltd., China.
Shanghai Eastsun Chemical Co. Ltd.
Room 2407, No. 1, Lane 600, Tianshan Rd., Shanghai 200051, China.
[ Tel: 86-21-6145 7380, 6145 7381, 6145 7385, 6145 7386
Fax: 86-21-6145 7383
E-mail: henry@eastsunchem.com
Eastsun Pharmaceuticals & Chemicals Ltd., China.
21333505
0627924
Managing Director: Mr. Chan Hui
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry
dated 24-10-2012)
|
Name |
|
No. of shares |
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Sun Valley Hall Ltd., British Virgin Islands. |
|
100 === |
(As per registry dated
24-10-2012)
|
Name (Nationality) |
Address |
|
CHEN Hui |
Room 301, 33 Hai Tang Yuan, Shanghai Wan Ke City Garden, 3333 Qi Xin Road, Shanghai, China. |
|
LIN Yi |
Room 301, 33 Hai Tang Yuan, Shanghai Wan Ke City Garden, 3333 Qi Xin Road, Shanghai, China. |
(As per registry
dated 24-10-2012)
|
Name |
Address |
Co.
No. |
|
LFDI Secretaries Ltd. |
Suite 2006, 20/F., 340 Queen’s Road Central, Hong Kong. |
0461529 |
The subject was incorporated on 24th October, 1997 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject changed its shareholders on 28th March, 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: Agrochemicals, veterinary drug, etc.
Employees: Nil.
Commodities Imported: Germany, India, other European countries, etc.
Markets: China, other Asian countries, Europe, etc.
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Mortgage or
Charge:-
Date of Security Over Deposits with the Bank: 10-07-2012
Amount: To secure all monies in respect of banking facilities owing at any time plus interest & all expenses
Property: Initially US$500,000 and all monies hereafter standing to the credit of the company’s deposit
account No. 047-769484
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 100 ordinary shares of HK$1.00 each, Eastsun Chemical Co. Ltd. was jointly owned by Mr. Lin Yi, holding 51% interests; and Mr. Chen Hui, holding 49%. They transferred all their shares to Sun Valley Hall Ltd. which is a BVI-registered firm on 28th March, 2012. Now, the holding company of the subject is Sun Valley Hall Ltd.
Lin and Chen remain to be the directors of the subject. Both of whom are China ID holders and do not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Suite 2006, 20/F., 340 Queen’s Road Central, Hong Kong known as LFDI Secretaries Ltd. which is handling its correspondences and documents. LFDI Secretaries Ltd is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject has had a main associated company in Shanghai known as Shanghai Eastsun Chemical Co. Ltd. [Shanghai Eastsun]. Shanghai Eastsun is a company involves in international trading business, contracted formulation business, researching new product and sourcing for overseas customers in markets such as agrochemicals, veterinary drug, public health treatment products and some intermediate of agrochemicals and pharmaceuticals. It began its business as a trader in 1997, dealing in agrochemicals from other manufactures. Now it has its own contracted formulation plant to develop new combined formulation or some formulations with high-technologies. Shanghai Eastsun has got ISO9001:2000 certification.
Currently Shanghai
Eastsun and the subject are trading in the following chemicals:-
l
Fungicide;
l
Herbicide;
l
Insecticide;
l
Plant Growth
Regulator;
l
Products for
Public Health; &
l
Rodenticide.
The following
products are for Public Health:
l
D-cyphenothrin;
l
D-phenothrin;
l
Empenthrin;
l
Octachloro-dipropyl
ether;
l
Piperonyl
butoxide(PBO);
l
Pirimiphos-methyl;
l
Propoxur;
l
Refined Pyrethrum
Exact;
l
Temephos; &
l
Transfluthrin.
The subject has had another associated company known as Jiangyin Eastsun Chemical Co. Ltd. which is in Jiangyin City, Jiangsu Province, China.
Another associated company Eastsun Pharmaceuticals & Chemicals Ltd. is in Changzhou City, Jiangsu Province, China.
It is likely that the China firms deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. The China firms also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not very active.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis or in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.32 |
|
UK Pound |
1 |
Rs.87.36 |
|
Euro |
1 |
Rs.70.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.