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Report Date : |
22.04.2013 |
IDENTIFICATION DETAILS
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Name : |
LEVACHEM CO. LTD. |
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Registered Office : |
C/o Sinomix & Co., Certified Public Accountants Room 1505B, 15/F., Fortress Tower, 250 King’s Road, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.08.2002. |
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Com. Reg. No.: |
32858518 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of fine chemicals, dyestuffs, pigment intermediates, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 (31.03.2011) |
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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
LEVACHEM CO. LTD.
c/o Sinomix & Co., Certified Public Accountants
Room 1505B, 15/F., Fortress Tower, 250 King’s Road, North Point,
Hong Kong.
PHONE: 2174 8030
FAX: 8344 5661
Managing Director: Mr. Lu Min Yan
Incorporated on: 2nd
August, 2002.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Sinomix & Co., Certified Public Accountants
Room 1505B, 15/F., Fortress Tower, 250 King’s Road, North Point,
Hong Kong.
Associated Company:-
Nanjing Levachem Co. Ltd.
2112, Suning Universal Mansion, 188 Guangzhou Road, Nanjing City 210024,
Jiangsu Province, China.
[Tel: 86-25-8324 7442~3, 8324
7445~7
Fax: 86-25-8324 7441
E-mail: sales@levachem.com]
32858518
0808808
Managing Director: Mr. Lu Min Yan
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 02-08-2012)
|
Name |
|
No. of shares |
|
LU Min Yan |
|
2,500 |
|
CAI Jun |
|
2,500 |
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LUO Kai Yu |
|
2,500 |
|
LIU Tong Qiu |
|
2,500 |
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|
|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 02-08-2012)
|
Name (Nationality) |
Address |
|
LU Min Yan |
Room 2607, No. 2, Xiyi Xincun, Baixia, Nanjing, Jiangsu, China. |
|
CAI Jun |
Room 2204, No. 4, Beimenqiao Road, Xuanwu, Nanjing, Jiangsu, China. |
|
LUO Kai Yu |
Room 1506, Unit 3, No. 218, Hanzhong Road, Gulou, Nanjing, Jiangsu,
China. |
|
LIU Tong Qiu |
Room 1406, Unit 3, No. 5, Guangzhou Road, Gulou, Nanjing, Jiangsu,
China. |
(As per registry dated 02-08-2012)
|
Name |
Address |
Co. No. |
|
SBS Nominee Ltd. |
Unit 842, 1/F., Block D, Mai Tak Industrial Building, 221 Wai Yip
Street, Kwun Tong, Kowloon, Hong Kong. |
0809165 |
The subject was incorporated on 2nd August, 2002 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 1020-1021,
10/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon, Hong
Kong where is the operating address of a secretarial firm known as Hong Kong
Secretarial Ltd. The subject’s
registered address moved to the present address in August 2010 as it has
changed its secretarial firm since then.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All kinds of fine chemicals,
dyestuffs, pigment intermediates, etc.
Employees: Nil.
Materials/Commodities: Imports raw materials from European countries,
some Asian countries and finished products from China.
Markets: China,
other Asian countries, Europe, North America, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
advanced T/T, D/P, etc.
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: Is making use of general banking
facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Levachem Co. Ltd.
is equally owned by Mr. Lu Min Yan, Mr. Cai Jun, Mr. Luo Kai Yu and
Mr. Liu Tong Qiu. Being China ID
Card holders, all the shareholders are also directors of the subject. Currently, they are residing in Nanjing City,
Jiangsu Province, China.
The subject does not have its own operating office. Its registered office is in an accountant
firm located at Room 1505B, 15/F., Fortress Tower, 250 King’s Road, North
Point, Hong Kong known as Sinomix & Co., Certified Public Accountants which
is handling its correspondences and documents.
The subject changed its registered address in August 2010. It has no employees in Hong Kong.
To our knowledge, the subject has had a main associated company Nanjing
Levachem Co. Ltd. [Nanjing Levachem] which is in Nanjing City, Jiangsu
Province, China. The subject and Nanjing
Levachem form the Levachem Group.
Nanjing Levachem was established in 2001 in China. It has had four cooperating manufacturers
that are engaged in producing fine chemicals, diversified pharmaceuticals,
agrochemical ingredients and other high technology products.
The Group is an international fine chemicals holding company and one of
China’s leading providers of integrated fine chemical services including its
core sourcing business, research and development, custom manufacturing
business, as well as other value-added customer services.
The Group has three major businesses: Pharmaceuticals, Dyestuffs and Other
Fine Chemicals. It is trading in the
following main products:-
·
APIs and Veterinary Medicines;
·
Intermediates for APIs;
·
Agrochemical and Intermediates;
·
Fine Chemicals;
·
Food/Feed Additives;
·
Intermediates for Dyestuff and Pigments; &
·
Dyestuffs.
The following firms are its partners:-
·
Xin Yuan Fine Chemical Co. Ltd. — Produce Dyestuff
/ Pigment / Agrochemical Intermediates and Special Chemicals, etc.
·
Tian Ma Fine Chemical Co. Ltd. — Produce
Pharmaceutical Ingredients, such as N-octyl D-Glucmine, etc.
·
Xing Nong Chemical Co. Ltd. — Produce Agrochemical
and Intermediates, etc.
·
Lixin Chemical Co. Ltd. — Produce Dyestuff
Intermediates, such as Bromamine Acid, 1-amino Anthraquinone, etc.
Nanjing Levachem is marketing the above-mentioned firms products. Most of the chemicals are marketed in China,
exported to Europe, the Middle East, Africa, Oceania, the other Asian
countries, North America, Central and South America, etc. About 90% of the products are exported. Currently, it is carrying over 130 type of
products.
It was reported that the annual sales turnover of Nanjing Levachem is
about RMB760 to 800 million. However, it
profit margin was usually low in the past years.
The customers of Nanjing Levachem are in about fifteen countries of the
world.
Nanjing Levachem is also operated and owned by the four shareholders of
the subject. It has opened an account at
The Hongkong & Shanghai Banking Corp. Ltd., Shanghai Branch, China.
It is likely that Nanjing Levachem deals with foreign parties under the
name of the subject and let foreign firms correspond with the subject’s
registered address in Hong Kong. Nanjing
Levachem also exports commodities to foreign markets under the name of the
subject and its registered address in Hong Kong.
The Contact Person of Nanjing Levachem is Lu Min Yan who is one of the
shareholders of the subject.
The subject’s business in Hong Kong is not very active. History in Hong Kong is over ten years
and five months.
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.54.03 |
|
UK Pound |
1 |
Rs.82.43 |
|
Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
<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.