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Report Date : |
12.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
SUNMOST
CHEMICAL CO. LTD. |
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|
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Registered Office : |
c/o Ksun Accounting Secretarial Service Co. Ltd., Unit B & C, 20/F., Full Win Commercial Centre, 573 Nathan Road, Yau Ma Tei, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.04.2010 |
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Com. Reg. No.: |
52152784 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of fine chemicals, etc. |
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No. of Employees : |
Not
available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
11-25 |
Ca |
Adverse factors a re 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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Status : |
No Operating Office in Hong Kong
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Payment Behaviour : |
Unknown |
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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 |
|
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 |
SUNMOST CHEMICAL CO. LTD.
c/o Ksun Accounting Secretarial Service Co. Ltd.
Unit B & C, 20/F., Full Win Commercial Centre, 573 Nathan Road, Yau Ma Tei, Kowloon, Hong Kong.
PHONE: 2172 6223
FAX: 2172 6413
Managing Director: Mr. Tang Wen Bin
Incorporated on: 26th April, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Chemical Trader.
Employees: Nil.
Main Dealing Banker: Ping An Bank Co. Ltd., China.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Ksun Accounting Secretarial Service Co. Ltd.
Unit B & C, 20/F., Full Win Commercial Centre, 573 Nathan Road, Yau Ma Tei, Kowloon, Hong Kong.
Associated
Companies:-
Zhejiang Yangfan Investment Group of Companies
Jiangxi Zixi Fine Chemical Co. Ltd., China.
Zhejiang Sou & Fu Chemtrade Co. Ltd., China.
Zhejiang Soufu Chemical Co. Ltd., China.
Zhejiang Yangfan Chemtech Development Co. Ltd., China.
Zhejiang Yangfan Fine Chemical Co. Ltd., China.
Zhejiang Yangfan Holding Group Co. Ltd., China.
52152784
1448977
Managing Director: Mr. Tang Wen Bin
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 26-04-2012)
|
Name |
|
No. of shares |
|
LIU Hui Jian |
|
10,000 ===== |
(As per registry
dated 11-12-2012)
|
Name (Nationality) |
Address |
|
TANG Wen Bin |
1/F.-2/F., No. 9 Wenyi Road, Gongshu Districts. Hangzhou City, Zhejiang, China. |
(As per registry
dated 26-04-2012)
|
Name |
Address |
Co.
No. |
|
Ksun Accounting Secretarial Service Co. Ltd. |
Unit B & C, 20/F., Full Win Commercial Centre, 573 Nathan Road, Yau Ma Tei, Kowloon, Hong Kong. |
1479469 |
The subject was incorporated on 26th April, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the registered address of the subject was located at Flat I, 19/F., Phase 2, Tai Lin Pai Road, Gold Field Building, 144-150 Kwai Chung, New Territories, Hong Kong, moved to the present address in April 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Chemical Trader.
Lines: All kinds of fine chemicals, etc.
Brand Name: Shou & Fu Chemical.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: China, India, other Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C or as per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
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: Ping An Bank Co. Ltd., China.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Sunmost Chemical Co., Ltd. is wholly owned by Mr. Liu Hui Jian who is a China merchant. The only director of the subject Mr. Tang Wen Bin is also a China merchant. He is a China passport holder and does not have the right to reside in Hong Kong permanently. Currently the shareholder and the director are residing in Zhejiang Province, China.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Unit B & C, 20/F., Full Win Commercial Centre, 573 Nathan Road, Yau Ma Tei, Kowloon, Hong Kong” known as “Ksun Accounting Secretarial Service Co. Ltd.” which is handling its correspondences and documents. This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. In China, it has had a number of associated chemical companies. The main firm is Zhejiang Soufu Chemical Co. Ltd. [or known as Zhejiang Sou & Fu Chemical Co. Ltd./ Sou & Fu], a China-based company. The contact persons of this firm are also Mr. Liu Hui Jian and Mr. Tang Wen Bin.
Sou & Fu was invested by Yangfan Group of companies. Established in 2002, the Group is engaged in manufacturing fine chemicals and intermediates. Sou & Fu is one of the subsidiaries of the Group.
Sou & Fu is mainly engaged in Researching, Developing and Manufacturing those fine chemical materials and pharmaceutical intermediates which contain-SH&-S-unctional group. Over the last 20 years, Shou & Fu has developed more than 200 kinds of fine chemical products and sulphide and disulfide compounds, sulfone and sulfoxide compounds, thiophene series compounds and pyridine series compounds, etc. In addition, Sou & Fu achieved ISO9001:2000 and ISO14001 in 1998 and 2002 respectively.
Zhejiang Yangfan Fine Chemical Co., Ltd., one of the wholly-owned subsidiary companies of Yangfan Group, is located at the Hangzhou Gulf Fine Chemical Zone, Shangyu City, Zhejiang Province, China. It covers an area about 133, 200 m2. This Factory is mainly engaged in manufacturing of photoinitiators such as YF-PI 907, etc.
Yangfan Group has had some other subsidiaries or associated companies in China.
The Group’s products are marketed in China, exported to the other Asian countries, etc.
The subject’s business in Hong Kong is not active. History in Hong Kong is about three years.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.53 |
|
UK Pound |
1 |
Rs.83.59 |
|
Euro |
1 |
Rs.71.33 |
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.