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Report Date : |
20.03.2012 |
IDENTIFICATION DETAILS
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Name : |
VITAR INSULATION MANUFACTURERS LTD. |
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Registered Office : |
Flat 4-6, 3/F., New Trade Plaza, Tower B, 6 On Ping Street, Siu Lek Yuen, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.11.1978 |
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Com. Reg. No.: |
05792147 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Wholesaler and Exporter of Silicone fibre glass sleevings, heater mica sheets, silicon wire and tubes, glass fibre tapes and rope, insulation laminate products, PVC tubes, heat shrinkable tubes, pedestal fans, pressboard, magnetic wire, electric cable and exhaust fans. |
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No. of Employees : |
50 |
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 : |
Exists |
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) |
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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 |
C2 |
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Off-credit |
D |
VITAR INSULATION
MANUFACTURERS LTD.
ADDRESS: Flat 4-6, 3/F., New Trade Plaza, Tower B,
6 On Ping Street, Siu Lek Yuen, Shatin, New Territories, Hong Kong.
PHONE: 2411 3108, 2411 3176
FAX: 2411 0895, 2789 8982
E-MAIL: enquiry@vitar.com.hk
Managing Director: Mr. Leung Kai
Wing
Incorporated on: 7th
November, 1978.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Manufacturing and trading of insulated sleeving,
tubes, wires and mica sheets.
Annual Sales Turnover: HK$120-135
million.
Employees: 50.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Flat 4-6, 3/F., New Trade Plaza, Tower B, 6 On Ping Street,
Siu Lek Yuen, Shatin, New Territories, Hong Kong.
China Factory:-
Longchuan Vitar Insulation Factory
Baolong Industrial Park, Longchuan County, Heyuan City, Guangdong
Province, China.
Holding Company:-
Vitar Insulation Holdings Ltd., British Virgin Islands.
Ultimate Holding Company:-
Pure Best Ltd., British Virgin Islands.
Subsidiary/Associated Companies:-
Leader Tech Ltd., Hong Kong.
Long Chuan Weida Insulation Material Co. Ltd., China.
Longchuan Vitar Insulation Factory, China.
Vitar Insulation Material (Shenzhen) Ltd., China.
Weida Electrical Industrial Equipment (Long Chuna) Co. Ltd., China.
05792147
0065199
Managing Director: Mr. Leung Kai
Wing
Nominal Share Capital: HK$10,000,000.00 (Divided into 100,000 shares of
HK$100.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 07-11-2011)
|
Name |
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No. of shares |
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Vitar Insulation Holdings Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
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100,000 ====== |
(As per registry dated 07-11-2011)
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Name (Nationality) |
Address |
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LEUNG Chau Hiu |
656 Wonderland, Tai Po Tau, Tai Po, New Territories, Hong Kong. |
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LEUNG Kai Wing |
Flat A, 3/F., Ascot Heights, 21 Lok Lam Road, Fo Tan, Shatin, New
Territories, Hong Kong. |
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TSANG Chi Yung |
Flat A, 3/F., Ascot Heights, 21 Lok Lam Road, Fo Tan, Shatin, New
Territories, Hong Kong. |
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LEUNG Chun Yin |
Flat B, 65/F., Tower 8, Lake Silver, 599 Sai Sha Road, Ma On Shan,
Shatin, New Territories, Hong Kong. |
(As per registry dated 07-11-2011)
|
Name |
Address |
Co. No. |
|
Max Nominees Ltd. |
Office C, 6/F., Centre Mark II, 305-313 Queen’s Road Central, Hong
Kong. |
0637286 |
The subject was incorporated on 7th November, 1978 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Block C, 26/F., Shield Industrial
Centre, 84-92 Chai Wan Kok Street, Tsuen Wan, New Territories, Hong Kong, moved
to the present address in March 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Wholesaler and Exporter.
Lines: Silicone
fibre glass sleevings, heater mica sheets, silicon wire and tubes, glass fibre
tapes and rope, insulation laminate products, PVC tubes, heat shrinkable tubes,
pedestal fans, pressboard, magnetic wire, electric cable and exhaust fans.
Brand Name: VITAR.
Employees:
50.
Materials/Commodities: Imports raw materials from Europe, Japan,
Taiwan, Korea, etc. and finished products from China.
Markets: Europe,
Japan, Southeast Asia, South America, etc.
Annual Sales Turnover: HK$120-135 million.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T and D/P.
Federation of Hong Kong Industries,
Hong Kong. [Member No. A4524]
Hong Kong Electrical Appliances
Manufacturers Association, Hong Kong.
Hong Kong Productivity Council,
Hong Kong.
The Chinese General Chamber of Commerce,
Hong Kong.
The Chinese Manufacturers’ Association of
Hong Kong, Hong Kong.
[Membership No. 004440]
Nominal Share Capital: HK$10,000,000.00 (Divided into 100,000 shares
of HK$100.00 each)
Issued Share Capital: HK$10,000,000.00
Profit or Loss: Made losses in 2009 and 2011
Condition: Maintaining
in a normal manner.
Facilities: Making
rather active use of general banking facilities.
Payment:
Met as
contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Dah Sing Bank Ltd., Hong Kong.
Standing: Normal.
Having issued 100,000 ordinary shares of HK$100.00 each, Vitar
Insulation Manufacturers Ltd. is a wholly owned subsidiary of Vitar Insulation
Holdings Ltd. which is a BVI-registered firm.
The ultimate holding company Pure Best Ltd. [Pure Best] is also a
BVI-registered firm.
Formerly the ultimate holding company of the subject Vitar International
Holdings Ltd. [VIHL] was a Caymen Islands-registered firm. It was also a listed firm. Now, VIHL has changed name to Goodtop Tin
International Holdings Ltd. [Goodtop] which is still a listed firm in Hong
Kong.
On 5th December, 2011, Goodtop agreed to sell the entire issued share
capital of VIHL to Pure Best, a BVI-registered firm, for cash consideration of
HK$83.4 million. Pure Best is owned by
Mr. Liu Guohua who is a China merchant.
Goodtop has changed its core business to mining and sales of non‑ferrous
metal such as tin resources since March 2011.
The Directors consider that the disposal of VIHL would allow the Group
to focus on its core business of mining and sales of non-ferrous metal such as
tin resources.
The subject holds the entire issued share capital of Leader Tech Ltd., a
Hong Kong-registered firm and 100% equity interest in PRC subsidiaries.
The subject is a silicone rubber insulation material manufacturer. It owns a set of proprietary formula that
enables it to produce cost effective and high quality silicone rubber materials
applicable in a wide range of household electric appliances. The subject provides one-stop solution
entailing a variety of products to customers.
The subject was the 10th largest insulation materials supplier for
household electric appliances in China in terms of annual production
value. Most of its customers are OEM
manufacturers in China for leading global brands.
The subject’s principal production facilities are based in Longechuan,
Guangdong Province, China which are owned by Weida Longchuan.
The subject’s Longchuan factory has a total area of 86,000 sq.m. and has
been equipped with more than 2,000 braiding machines, nine production lines of
silicone-based and fluoro-polymer-based electric wiring products, eight
production lines for silicone and PVC tubes and six production lines for fibre‑glass
sleeving tubers with silicone coating.
The followings are the subject’s main products:-
Silicone Glass Fibre Sleeving (UL/CSA)
Silicone Rubber Tube (FDA)
Silicone Glass Fibre Braided Silicone Tube
Lead Wire – Silicone Rubber Wire (CUL)
Lead Wire – Silicone G.F. Braided Silicone Wire (CUL)
Silicone Heating Cable (CUL), Silicone Lid Seal, etc.
Most of the subject’s products are exported to Europe, Japan and
Southeast Asia. Other minor markets are
South America, etc. The subject’s
significant clients are Sony and Matsushita.
In September 2001, the subject got the ISO 9002 certification. Besides, the subject’s Mica products got UL
approval in 1992. Sleeving products got
CSA approval in 1995. Lead Wires got
UL3122 and UL3367 approval, Silicone heating cable got UL3590 approval in
1998. Mica Tape also got UL approval in
1998.
On 29th October, 2004, the subject set up a wholly-owned subsidiary
Leader Tech Ltd. in Hong Kong which is the holding company of Long Chuan Weida
Insulation Material Co. Ltd.
In 2008, all the production facilities were moved to Longchuan
Plant. Vitar Insulation Material
(Shenzhen) Ltd. has become a customer service centre, showroom, research &
development centre and warehouse.
The subject suffered from losses in 2009 and 2011.
On the whole, consider the subject good for normal business engagements.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
14-09-2001 |
ST8407 |
Government of HKSAR |
Vitar Insulation Manufacturers Ltd. |
Parked likely to cause unnecessary obstruction of a road or danger to
other persons using the road |
Not stated |
|
10-02-2004 |
D686 |
Kwok Wai Man trading as Kam Fook Generator & Engineering Co. |
Vitar Insulation Manufacturers Ltd. |
Services Rendered |
HK$87,065 |
|
06-04-2004 |
ST29 |
Government of HKSAR |
Vitar Insulation Manufacturers Ltd. |
Failing to give information relating to the driving of vehicles |
Not stated |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.12 |
|
|
1 |
Rs.79.37 |
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Euro |
1 |
Rs.66.00 |
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.