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Report Date : |
18.02.2012 |
IDENTIFICATION DETAILS
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Name : |
YUE PAK CO. LTD. |
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Formerly Known As : |
LUCKY PLAN ENTERPRISES LTD |
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Registered Office : |
Room 1601-1603, 16/F., Nathan Centre, 580G-580K Nathan Road, Mongkok,
Kowloon, Hong Kong |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.12.1981 |
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Com. Reg. No.: |
07602849 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of Chinese metals and chemicals |
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No. of Employees : |
13. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
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 |
C2 |
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Off-credit |
D |
YUE PAK CO.
LTD.
Room 1601-1603, 16/F., Nathan Centre, 580G-580K Nathan Road, Mongkok,
Kowloon, Hong Kong.
PHONE: 2780 1257
FAX: 2780 7399
E-MAIL: yuepak@yuepak.com
Managing Director: Mr. Yu Keung
Incorporated on: 23rd
December, 1981.
Organization: Private
Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Metal and Chemical Merchant.
Annual Turnover: HK$120-150
million.
Employees:
13.
Main Dealing Banker: Bank of Communications Co. Ltd., Hong Kong
Branch.
Banking Relation: Satisfactory.
YUE PAK CO.
LTD.
Registered Head
Office:-
Room 1601-1603, 16/F., Nathan Centre, 580G-580K Nathan Road, Mongkok,
Kowloon, Hong Kong.
Parent Company:-
Yue Pak Groups Ltd., Hong Kong.
Associated/Affiliated
Companies:-
Goldmart Chemicals Ltd., Hong Kong.
[Dissolved]
Paddy Chemicals Ltd., Hong Kong.
Paddy Garment Manufactory Ltd., Hong Kong.
Tomorrow Paint Ltd., Hong Kong.
Xiu Chuan Ltd., Hong Kong.
Yue Jing Co. Ltd., Hong Kong.
Yue Pak Chemical Ltd., Hong Kong.
Yue Pak Commodities Ltd., Hong Kong.
[Dissolved]
Yue Pak Textiles Ltd., Hong Kong.
[Dissolved]
Zhongshan Yue Pak Paintings Co. Ltd., China.
07602849
0107009
Managing Director: Mr. Yu Keung
Contact Person: Mr. Kenneth Leung
Nominal Share Capital: HK$500,000.00 (Divided into 50,000 shares of
HK$10.00 each)
Issued Share Capital: HK$500,000.00
(As per registry
dated 23-12-2011)
|
Name |
|
No. of shares |
|
Yue Pak Groups Ltd., Hong Kong. |
|
49,999 |
|
YU Keung |
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1 |
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|
–––––– |
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Total: |
50,000 ===== |
(As per registry
dated 23-12-2011)
|
Name (Nationality) |
Address |
|
LAW Yuk Ling |
Flat 19B, Block 5, King’s Park Villa, 1 King’s Park Rise, Kowloon,
Hong Kong. |
|
YU Keung |
Flat C, 12/F., Tower 18, Laguna Grande, Laguna Verde, 8 Laguna
Verde Avenue, Kowloon, Hong Kong. |
(As per registry
dated 23-12-2011)
|
Name |
Address |
|
CHIU Soo Mai, Souman |
Flat C, 12/F., Tower 18, Laguna Grande, Laguna Verde, 8 Laguna
Verde Avenue, Kowloon, Hong Kong. |
The subject was incorporated on 23rd December, 1981 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Lucky Plan Enterprises
Ltd., name changed to the present style on 16th July, 1982.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of Chinese metals and chemicals which include antimony, antimony
trioxide, arsenic, bismuth, cadmium, ferro alloys, gallium, germanium, indium,
magnesium, manganese, selenium, silicon, tungsten, vanadium pentoxide, etc.
Employees: 13.
Commodities Imported: Mainly bought from China.
Markets: Europe,
North and South America, Asia, Australia and Africa, etc.
Annual Turnover: HK$120-150
million.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$500,000.00 (Divided into 50,000 shares of
HK$10.00 each)
Issued Share Capital: HK$500,000.00
Mortgage or Charge: (See
attachment)
Profit & Loss: Operation is profitable.
Condition: Keeping
in a normal condition.
Facilities: Making
active use of general banking facilities.
Payment:
Met as
required.
Commercial Morality: Satisfactory.
Bankers: Bank
of Communications Co. Ltd., Hong Kong Branch.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
JPMorgan Chase Bank N.A., Hong Kong Branch.
Citibank N.A., Hong Kong Branch.
Standing:
Normal.
Yue Pak Co. Ltd. was incorporated on 23rd December, 1981 as an
international trading company based in Hong Kong. It is a wholly-owned subsidiary of Yue Pak
Groups Ltd. which is jointly owned by Mr. Yu Keung, holding 37% interest; Mr.
Albert Law Yuk Ling, holding 32%; Ms. Heung Cheuk Kuen, 18%; and Ms. Souman
Chiu Soo Mai, 13%.
The subject is trading in non-ferrous metals, ferro alloys and
chemicals. It has a good network and
strong ties with many China corporations, smelters and manufacturers.
Presently, the products handled by the subject include the followings:-
Non-Ferrous Metal
Antimony metal, Antimony Sulphide Lumps/Powder, Antimony Trioxide,
Arsenic metal, Bismuth, Cadmium, Ferro alloys, Germanium metal, Indium metal,
Magnesium Metal, Manganese metal, Silicon metal, Tungsten & Vanadium
Pentoxide mainly to India
Industrial Chemicals
Ammonium Chloride, Antimony Trioxide, Barium Carbonate, Barium Chloride,
Barium Hydroxide, Barium Nitrate, Beta Haphthol, Lactic Acid, Lithopone,
Manganese Carbonate, Manganese Chloride, Maganese Sulphate, Melamine, Oxalic
Acid, Phosphoric Acid, Polyvinyl Alcohol, Potassium Permanganate, Sebacic Acid,
Strontium Carbonate, Titanium Dioxide, Trisodium Phosphate, Zinc Carbonate,
Zinc Oxide, etc. mainly to India
Most of the products are marketed in China, exported to Japan, South
Korea, India, North America, Taiwan, Southeast Asia, other Asian countries,
Western Europe, Africa, etc. Currently
it has had over 200 customers throughout the world.
The subject also imports base metal scraps and precious metal scraps
such as Cd, Se Te, Cu, Al and plastic.
It offers flexible contractual and delivery terms to satisfy different
customers’ needs. After many years of
development, it has established its reputation in the worldwide market.
In addition, the subject is also engaged in manufacturing and marketing
paints through its associate, Yue Pak Chemical Ltd. The associate was set up in Hong Kong on
27th January, 1984. With a factory in
Zhongshan City, Guangdong Province, China known as known as Zhongshan Yue Pak
Paints Co. Ltd., the associate sells a wide range of paints for wooden
products, furniture, kitchen cabinets, guitars, pianos, consumer electronics,
sport goods, stationery, packaging, metal, computers, toys, etc. The subject and Yue Pak Chemical Ltd. are
located at the same operating office in Hong Kong.
The famous brands of the factory are “Yulian Paint”
and “Bicai Coatings”. Covering an area of over 26,000 sq.m., the
China factory has been ISO 9001 certified.
The annual sales turnover of the subject ranges from HK$120 to 150
million. Making a small profit every
year.
On the whole, consider the subject good for normal business engagements.
Court
case:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Apr. 1992 |
New Future Office Supplies Co. |
Yue Pak Co. Ltd. |
Goods Sold and Delivered |
Not stated |
|
Apr. 1992 |
New Future Office Supplies Co. |
Yue Pak Co. Ltd. |
Goods Sold and Delivered |
Not stated |
Property information of the company, affiliate and secretary:-
1.Property Location: Unit 1205-1206 on 12/F., Nathan Centre,580G-580K
Nathan Road, Kowloon, Hong Kong.
Owner: Yue Pak Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of
Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
02-08-2011 |
- |
Citibank N.A., Hong Kong Branch. |
Legal charge to secure general banking facilities |
2.Property Location: Unit 1601-1603 on 16/F., Nathan Centre, 580G-580K Nathan
Road, Kowloon, Hong Kong.
Owner: Yue Jing Co. Ltd.
Date of Purchase: 31-12-1990
Purchased Price: HK$4,038,450
Incumbrances:-
|
Date of
Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
31-12-1990 |
- |
Bank of Communications, Hong Kong Branch. [Now known as Bank of Communications Co.
Ltd.] |
Legal charge to secure general banking facilities |
|
24-01-1992 |
- |
- ditto - |
Second legal charge to secure banking facilities |
3.Property Location: Flat C on 12/F. of Tower 18, (Phase IVA), Laguna
Grande,Laguna Verde, 8 Laguna Verde Avenue, Kowloon, Hong Kong.
Owner: Chiu Soo Mai, Souman
Date of Purchase: 31-12-2001
Purchased Price: HK$9,566,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
31-12-2001 |
- |
Bank of Communications, Hong Kong Branch. [Now known as Bank of Communications Co.
Ltd.] |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
18-03-2003 |
Instrument: Charge Property: 1) By way of first fixed charge: the
Deposit A/C No. 630‑571442-044 and the right to repayment and other
rights and benefits accruing to or arising in connection with the Deposit to
the intent that such charge shall operate as a release of the Deposit to the
Bank until the Secured Liabilities have been unconditionally and irrevocably
paid and discharged in full 2) By way of set-off: (i) the Borrower authorises
the Bank at any time to apply the Deposit or the part which has matured in
accordance; and (ii) the Bank is authorised to use all or any part of the
Deposit to buy such other currencies as may be necessary to effect the
application Mortgagee: Fortis Bank Asia HK, Hong Kong
Branch. [Name changed to Belgian Bank
but the business was taken over by Industrial & Commercial Bank of China
(Asia) Ltd.] |
As security for
the payment and discharge of the Secured Liabilities |
|
30-10-2009 |
Instrument: Deposit Deed Property: By way of a first
fixed charge and as a continuing security for the Obligations, the Company
charges and assigns absolutely all its rights, title to and interest in the
Accounts and all Deposits from time to time in the Accounts Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys now or
at any time in the future owing by the Company under any banking, derivative,
foreign exchange, trade, margin, guarantee or other facility or facilities or
any account and all other liabilities |
|
02-08-2011 |
Instrument: Legal Charge/Mortgate Property: 14/3,038th parts
or shares of and in Kowloon Inland Lot No. 7047, Kowloon Inland Lot No. 7048,
Kowloon Inland Lot No. 7049 and Kowloon Inland Lot No. 7050 (Unit 1205 & 1206
on 12/F. of Nathan Centre, 580G-580K Nathan Road, Kowloon, Hong Kong.) Mortgagee: Citibank N.A., Hong Kong Branch. |
All monies |
|
02-08-2011 |
Instrument: Rental Assignment Property: 14/3,038th parts or
shares of and in Kowloon Inland Lot No. 7047, Kowloon Inland Lot No. 7048,
Kowloon Inland Lot No. 7049 and Kowloon Inland Lot No. 7050 (Unit 1205 &
1206 on 12/F. of Nathan Centre, 580G-580K Nathan Road, Kowloon, Hong Kong.) Mortgagee: Citibank N.A., Hong Kong Branch. |
All monies |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.21 |
|
|
1 |
Rs.77.75 |
|
Euro |
1 |
Rs.64.58 |
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 |
---- |
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.