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Report Date : |
15.12.2012 |
IDENTIFICATION DETAILS
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Name : |
PATEK
TRADING CO. LTD. |
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Registered Office : |
1/F., Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.11.1986 |
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Com. Reg. No.: |
10649006 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
subject is a chemical and dyestuff trader |
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No. of Employees : |
24 employees |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
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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 |
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 |
PATEK TRADING CO. LTD.
1/F., Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 2423 3234, 2943 3700
FAX: 2489 2063
E-MAIL: info@patek.com.hk
Managing Director: Mr. Li Wing Tang
Incorporated on: 25th November, 1986.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Dyestuff and Chemical Trading.
Annual Turnover: HK$150~200 million.
Employees: 24.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
1/F., Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
Holding Company:-
Rickat Investment Ltd., British Virgin Islands.
Subsidiary:-
Guangzhou Patek Tai Yick Pigment Co., China.
Associated
Company:-
Evertek Hong Kong Ltd., Hong Kong.
10649006
0178721
Managing Director: Mr. Li Wing Tang
Administration Director: Ms. Ng Ka Ling, Kathleen
Nominal Share Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry
dated 25-11-2012)
|
Name |
|
No. of shares |
|
Rickat Investment Ltd. International Trust Building, Wickhams Cay, Road Town, Tortola, British Virgin Islands. |
|
29,999 |
|
Senna Developments Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin Islands. |
|
1 |
|
|
|
–––––– |
|
|
Total: |
30,000 ===== |
(As per registry
dated 25-11-2012)
|
Name (Nationality) |
Address |
|
LI Wing Tang |
12/F., Kowloon Tong Mansion, 110 Boundary Street, Kowloon, Hong Kong. |
|
NG Ka Ling, Kathleen |
12/F., Kowloon Tong Mansion, 110 Boundary Street, Kowloon, Hong Kong. |
(As per registry
dated 25-11-2012)
|
Name |
Address |
Co.
No. |
|
YHL Secretaries Ltd. |
Unit A, 15/F., Sing Ho Finance Building, |
0678446 |
The subject was incorporated on 25th November, 1986 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, Exporter, Wholesaler and Agent.
Lines: All kinds of dyestuffs (such as acid dyes, basic dyes, cationic dyes, direct dyes, disperse
dyes, leather dyes, reactive dyes) and intermediate, flavour and aroma chemicals.
Agents for:-
|
Brand |
Product |
Country of Origin |
|
ICI |
Dyestuffs and auxiliaries |
UK |
|
EVERDIRECT |
Dyestuffs and auxiliaries |
Taiwan |
|
EVERLIGHT |
Dyestuffs |
Taiwan |
|
INOLAR |
Dyestuffs |
Japan |
|
POLKAZOL |
Dyestuffs |
Indonesia |
Total Floor Space: 2,100 sq.m. – self-owned.
Employees: 24.
Commodities Imported: Imported from China, Taiwan, Japan, Indonesia, UK, France and other European
countries.
Markets: Hong Kong, China, Japan and Taiwan.
Annual Turnover: HK$150~200 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T and D/P.
Inoue Chemicals Co. Ltd., Japan.
The Hong Kong General Chamber of Commerce, Hong Kong. [Membership No. HKP0104]
Nominal Share Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$3,000,000.00
Increase of
Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$3,000,000.00 |
on |
23-03-1988 |
Mortgage or Charge: (See attachment)
Profit or Loss: Business is profitable.
Condition: Keeping in a steady condition.
Facilities: Is making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Good.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking:-
One source reports they maintain an active and entirely satisfactory current account with them which was opened on 5th December, 1986. Partially secured banking facilities granted to them are utilized to their satisfaction. They handle their import bills under letters of credit and on a collection basis and export bills against letters of credit with satisfactory results.
Standing: Good.
Patek Trading Co. Ltd., formed in 1986, was formerly jointly owned by Mr. Li Wing Tang, Ms. Kathleen Ng Ka Ling and their friends. In 1994, all the shares were transferred to Li and Ng’s investment arm, Rickat Investment Ltd., a firm registered in the British Virgin Islands. Since then, the subject has become a wholly-owned subsidiary of Rickat Investment Ltd.
Seemed to be a couple, Li and Ng are also directors of the subject.
The subject belongs to the Patek Group.
The subject is a chemical and dyestuff trader. It is carrying auxiliaries, dyestuffs, pigments, printing auxiliaries, etc. It is a distributor of many leading dyestuff manufacturers of the world.
Besides its main office and laboratory, the subject also owns a large warehouse which is storing those well received products. On the other hand, the warehouse is able to serve its customers so that on time delivery can be assured. Since its establishment, the subject has been trading in textile dyestuffs and auxiliaries imported from all over the world. However, its main supplying country is Germany and Taiwan.
The subject is the distributor of BASF, Chematex, DyStar, Everlight, ICI, Inolar, Stahl, Yorkshire, etc. It is one of the largest dyestuff importers in Hong Kong. Products carried include reactive dyes, acid dyes, direct dyes, cationic dyes, disperse dyes, VAT dyes, pigment and auxiliaries for textile products. It also trades in leather dyes, intermediates, and other chemical products.
In recent years, the dyestuffs imported from Taiwan has been increasing.
The subject shows its expertise by providing professional before and after sales services to its customers. Technical advice is supported by its own laboratory while financial support to customers is backed by its healthy banking arrangements and credit control.
In order to cope with the mass relocation of dyeing factories to China which happened for more than 10 years in the past, the subject has established its subsidiaries in South China. Besides, processing plants, warehouses, and laboratories also have been set up in order to service the customers in China.
In June 2007, the subject took over the operation of Hong Kong Tai Yick Dyestuffs Co. Ltd. and its subsidiary Guangzhou Tai Yick Company.
The subject renamed the Guangzhou firm as Guangzhou Patek Tai Yick Pigment Co. in September 2007.
The subject is also the distributor of many significant dyestuffs manufactured by world famous manufacturers.
The followings are
some of the significant brands:-
|
Brand
Name |
Brand Product/Service |
Brand Remarks |
|
Everlight (Official Agent) |
Dyeing, Tanning and Colouring Materials |
Dyestuffs |
|
DIC Group (Official Agent) |
Dyeing, Tanning and Colouring Materials Textile Chemicals |
Colour and pigment dyes auxiliaries |
|
DyStar (Official Agent) |
Dyeing, Tanning and Colouring Materials |
|
|
BASF (Official Agent) |
Dyeing, Tanning and Colouring Materials |
Dyestuffs |
|
Chematex International (Official Agent) |
Dyeing, Tanning and Colouring Materials |
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|
Chematex (Official Agent) |
Dyeing, Tanning and Colouring Materials |
|
|
ICI |
Textile Chemicals |
Dyestuffs |
|
Inolar |
Dyeing and Colouring Materials |
Dyestuffs |
|
Stahl |
Dyeing and Colouring Materials |
Dyestuffs |
|
Yorkshire |
Dyeing and Colouring Materials |
Dyestuffs |
The subject’s business is active and good.
Located at the same office, the subject has got an affiliated enterprise Evertek Hong Kong Ltd. [Evertek] which is engaged in the same lines of business. Incorporated on 16th July, 1991, Evertek is wholly-owned by Senna Development Ltd. which is also a BVI-registered firm. This firm is also controlled by the shareholders of the subject.
According to the subject, it has set up affiliated firms in order to service its customers in China. In the years ahead, it is going to set up processing factories, warehouses and laboratories to penetrate the China market further.
The business is chiefly administered by Li and Ng.
The annual sales turnover of the subject ranges from HK$150 to 200 million. Making a small profit every year.
On the whole, having a history of about twenty six years in Hong Kong, the subject is considered good for normal business engagements.
REMARKS:
Property information
of the company and associate:-
1. Property Location: 1/F.
and Car Parking Space No. 3 on G/F.,
Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories,
Hong Kong.
Owner: Patek Trading Co. Ltd.
Date of Purchase: 19-03-1988
Purchased Price: HK$3,350,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
19-03-1988 |
- |
Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
Legal charge to secure general banking facilities |
2. Property Location: 5/F., Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
Owner: Patek Trading Co. Ltd.
Date of Purchase: 13-01-1993
Purchased Price: HK$3,250,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
13-01-1993 |
- |
Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
Mortgage to secure general banking facilities |
3. Property Location: 12/F. & Roof, Kowloon Tong Mansion, 110 Boundary Street, Kowloon, Hong Kong.
Owner: Evertek Hong Kong Ltd.
Date of Purchase: 15-02-1995
Purchased Price: HK$12,000,000 pt.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
15-02-1995 |
- |
Dao Heng Bank Ltd., Hong Kong. [Merged into DBS Bank (Hong Kong) Ltd.] |
First legal charge to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
19-03-1988 |
Instrument: Legal Charge Property: 1) 1/F. and Car Park No. 3 on G/F. of Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories, Hong Kong. 2) By way of assignment the benefit of all insurance over the Premises Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
All monies and the discharge of all obligations and liabilities |
|
13-01-1993 |
Instrument: Mortgage Property: 1) The Property:- 11/190th parts or shares of and in Tsuen Wan Lot No. 989 in Demarcation District No. 450 (5/F. of Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.) and Fixtures (all fixed plant, fixed machinery and fixtures, fittings, goods and materials) 2) All the interest and benefit arising out of all insurances relating to the Property or any part thereof 3) All the sale proceeds, the rents and other sums of moneys and deposits now or to become payable by virtue of each sale agreement, lease, tenancy agreement or other Disposal (any sale, assignment, exchange, transfer, concession, loan, lease, surrender of lease, tenancy, licence, direct or indirect reservation, waiver, compromise, release, dealing with or in or granting of any option, right of first refusal or other right or interest whatsoever or any agreement for any of the same) Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
To secure all principal, interest and other amounts |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.39 |
|
UK Pound |
1 |
Rs.87.78 |
|
Euro |
1 |
Rs.71.29 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.