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Report Date : |
29.11.2012 |
IDENTIFICATION DETAILS
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Name : |
FERCHEMICALS ENTERPRISE LTD. |
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Registered Office : |
Flat B, 28/F., |
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Country : |
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Date of Incorporation : |
17.12.1991 |
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Reg. No.: |
15245041 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Industrial Chemicals and the other
kinds of chemicals (including plastic materials) |
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No. of Employees : |
1 |
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 (31.03.2011) |
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 |
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 |
FERCHEMICALS
ENTERPRISE LTD.
Flat B, 28/F., Traffalgar Court, 70 Tai Hang Road, Hong Kong.
PHONE: 2890 9567, 2915 7580;
2893 0666
FAX: 2573 2235
E-MAIL: ferchem@netvigator.com
Managing Director: Mr. Chen Tsung
Haw, Ronnie
Incorporated on: 17th December, 1991
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 1.
Main Dealing Banker: Hang Seng
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
FERCHEMICALS
ENTERPRISE LTD.
Registered
Office:-
19/F., Wah Hen Commercial Centre, 381-383 Hennessy Road, Wanchai, Hong
Kong.
Operating Office:-
Flat B, 28/F., Traffalgar Court, 70 Tai Hang Road, Hong Kong.
Mailing Address: Post Office Box
30531, Causeway Bay, Hong Kong.
Associated
Companies:-
Basic Rich Ltd., Hong Kong.
Ferchemicals International Ltd., Hong Kong.
15245041
0338021
Managing Director: Mr. Chen Tsung
Haw, Ronnie
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 17-12-2011)
|
Name |
|
No. of shares |
|
CHEN Tsung Haw, Ronnie |
|
749,999 |
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NG Ying Yu, Emily |
|
250,000 |
|
Front Rank Ltd., Hong Kong. |
|
1 |
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|
–––––––– |
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Total: |
1,000,000 ======= |
(As per registry dated 17-12-2011)
|
Name (Nationality) |
Address |
|
CHEN Tsung Haw, Ronnie |
19/F., Wah Hen Commercial Centre, 381-383 Hennessy Road, Wanchai, Hong
Kong. |
|
Front Rank Ltd. |
19/F., Wah Hen Commercial Centre, 381-383 Hennessy Road, Wanchai, Hong
Kong. |
(As per registry dated 17-12-2011)
|
Name |
Address |
Co. No. |
|
One Nominees Ltd. [Resigned on 13-11-2012] |
No. C, 16/F., Chinaweal Centre, 414-424 Jaffe Road, Wanchai, Hong
Kong. |
0359753 |
The subject was incorporated on 17th December, 1991 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Koluk
International Ltd., name changed to the present style on 5th June, 1998.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Industrial
Chemicals and the other kinds of chemicals (including plastic materials)
Employees: 1.
Commodities Imported: India,
Europe, etc.
Markets: China, Taiwan,
and other Asian countries, etc.
Terms/Sales: L/C, Advanced T/T, etc.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Indebtedness: HK$7,726,812.33 (Total amount outstanding on all mortgages
and charges as per last
Annual Return
dated 17-12-2011)
Mortgage or Charge (since 2009):
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Hang Seng Bank Ltd., Hong Kong.
Standing: Small.
Having issued 1 million ordinary shares of HK$1.00 each, Ferchemicals
Enterprise Ltd. is jointly owned by Mr. Chen Tsung Haw, Ronnie, holding 75%
interests, and Ms. Ng Ying Yu, Emily, holding 25%. Chen Tsung Haw is also the managing director
of the subject.
The subject’s registered address is located at 19/F., Wah Hen Commercial
Centre, 381-383 Hennessy Road, Wanchai, Hong Kong. However, its operating office is in a private building located at Flat B,
28/F., Traffalgar Court, 70 Tai Hang Road,
Hong Kong. It is likely that this
is the residence of Chen Tsung Haw, Ronnie.
The residential building is not trespassed by outsiders. The subject has one
employee in Hong Kong.
It is trading in the following commodities:-
Industrial chemicals;
Organic and inorganic chemicals, etc.; & Plastic Materials.
Chemicals are sourced from India, China, Europe, the other Asian
countries, etc. Prime markets are China,
Taiwan, Singapore, the other Asian countries, etc. Business is fairly active.
The subject is able to make a small profit every year. Business is chiefly handled by the two
shareholders.
As the history of the subject is about twenty-one years in Hong Kong, on
the whole, consider it good for normal business engagements in small credit
amounts.
(Since 2009)
|
Date |
Particulars |
Amount |
|
27-05-2009 |
Instrument: Mortgage Property: All Those 4 equal undivided 7th parts or shares of and in All Those 210
equal undivided 5,420 parts or shares of and in The Remaining Portion of
Inland Lot No. 6376, 6455; 7705; 7706 and Inland Lot No. 7707 (Unit 1702,
17/F. of McDonald’s Building, No. 46-54 Yee Wo Street, Hong Kong. Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure general banking facilities to such extents as shall from
time to time be mutually agreed or be stipulated by the Lender & interest
thereon |
|
27-05-2009 |
Instrument: Mortgage Property: All Those 210 equal undivided 5,420 parts or shares of and in The
Remaining Portion of Inland Lot No. 6376; 6455; 7705; 7706 and 7707 (the
whole of the 8/F., of McDonald’s Building, No. 46-54 Yee Wo Street, Hong
Kong) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure general banking facilities to such extent as shall from time
to time be mutually agreed or be stipulated by the Lender and interest
thereon |
|
22-07-2010 |
Instrument: Rental Assignment Property: As further security for the payment
by the Assignor of the Secured Indebtedness & all other moneys becoming
due to the Lender, the Assignor as beneficial owner hereby assigns &
agrees to assign to the Lender all the Assignor right, title, interest &
benefit to & in any moneys whatsoever payable to the Assignor by the
Lessee & all other rights & benefits whatsoever accruing thereafter
to the Assignor, in the Assignor’s capacity as a lessor, from the Lessee Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
The Secured Indebtedness |
|
22-07-2010 |
Instrument: Rental Assignment Property: As further security for the payment by the Assignor of the Secured
Indebtedness & all other moneys becoming due to the Lender, the Assignor
as beneficial owner hereby assigns & agrees to assign to the Lender all
the Assignor’s right, title, interest & benefit to & in any moneys
whatsoever payable to the Assignor by the Lessee & all other rights &
benefits whatsoever accruing thereafter to the Assignor, in the Assignor’s
capacity as a lessor, from the Lessee Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
The Secured Indebtedness |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.89.34 |
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Euro |
1 |
Rs.72.35 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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 |
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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.