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Report Date : |
05.08.2013 |
IDENTIFICATION DETAILS
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Name : |
RISING CHEMICAL CO. LTD. |
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Registered Office : |
c/o Bright Chemical (Group) Ltd. Suite 1601, 16/F., Island Centre, 470 Reclamation Street, Mongkok,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.05.2003 |
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Com. Reg. No.: |
33674143 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Chemical Trader of Cyclopentane, all kinds of fine chemicals. |
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No. of Employees : |
4. (Including associate) |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 |
RISING CHEMICAL
CO. LTD.
c/o Bright Chemical (Group) Ltd.
Suite 1601, 16/F., Island Centre, 470 Reclamation Street, Mongkok,
Kowloon, Hong Kong.
PHONE: 852-2390 2927
FAX: 852-2390 2937
General Manager: Mr. So Shun Wing
Incorporated on: 30th May, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Chemical
Trader.
Employees: 4. (Including associate)
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
RISING CHEMICAL
CO. LTD.
Registered
Office:-
c/o Bright Chemical (Group) Ltd.
Suite 1601, 16/F., Island Centre, 470 Reclamation Street, Mongkok,
Kowloon, Hong Kong.
Holding Company:-
Rising Chemical Holdings Co. Ltd., British Virgin Islands.
Affiliated/Associated
Companies:-
Bright Chemical (Group) Ltd., Hong Kong.
Guangdong Dymatic Chemicals Inc.
South Chaogui Road, Science and Technology Industrial Park, Shunde New
and High-tech Development Zone, 528305 Foshan City, Guangdong Province, China.
[Tel: 0757-28399088 Fax:
0757-28396930]
Meilong Cyclopentane Chemical Co. Ltd., China.
33674143
0848413
General Manager: Mr. So Shun Wing
Chairman: Mr. Huang Guanxiong
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry dated 30-05-2013)
|
Name |
|
No. of shares |
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Rising Chemical Holdings Co. Ltd. Commence Chambers, P.O. Box 2208, Road Town, Tortola, British Virgin
Islands. |
|
100 === |
(As per registry dated 30-05-2013)
|
Name (Nationality) |
Address |
|
Rising Chemical Holdings Co. Ltd. |
Commence Chambers, P.O. Box 2208, Road Town, Tortola, British Virgin
Islands. |
(As per registry dated 30-05-2013)
|
Name |
Address |
Co. No. |
|
Pro-Corp Nominees Ltd. |
Room 2702-2703, 27/F., Bank of East Asia Harbour View Centre, 56 Gloucester
Road, Wanchai, Hong Kong. |
0309291 |
The subject was incorporated on 30th May, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced
and noted.
Activities: Chemical
Trader.
Lines: Cyclopentane,
all kinds of fine chemicals.
Employees: 4. (Including associate)
Commodities Imported: India,
Europe, etc.
Markets: China,
other Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, 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$100.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Small.
Having issued 100 ordinary shares of HK$1.00 each, Rising Chemical Co.
Ltd. is wholly owned by Rising Chemical Holdings Co. Ltd. [RCHCL] which is a
BVI-registered firm. RCHCL is also the
director of the subject.
The subject is using the operating address of a Hong Kong-registered
firm Bright Chemical (Group) Ltd. [Bright Chemical] as its registered
address. Bright Chemical seems to be a
business partner of the subject.
To our knowledge, the subject is an associated company of Guangdong
Dymatic Chemicals Inc. [Dymatic] which is a China-based firm. Dymatic is also a listed firm in Shenzhen
Special Economic Zone, China. Its share
code is 002054.
Dymatic is engaged in producing textile auxiliaries and other fine
chemicals in China. The followings are
its main products:-
Textile auxiliaries, dye printing auxiliaries, paper making auxiliaries,
printing ink, paint, polyurethane coating agents, foaming agents, etc.
Founded in 1989, Dymatic operates more than ten locations across
China. With more than 200 technical
people including 50 senior technical experts, Dymatic has 600 employees. It has been certified as “State High
Technology Enterprise” by the government and acquired ISO9001 and ISO 14001
certifications through the British Standards Institution (BSI). The company established an industrial
postdoctoral workstation to enhance the fundamental research in textile
chemicals. The stock of “DYMATIC
Chemicals” (002054) was initial public offered in July 2006.
Dymatic has become a leader in textile chemicals and has expanded to
print inks, leather chemicals, polyurethane foaming agents and
stabilizers. More than 200 products have
been developed in textile chemicals.
Many products are the leaders in the textile auxiliary market.
The subject is engaged in the same lines of business as Dymatic.
Besides marketing in China, the subject’s chemicals are exported to
Africa, Australasia, Central & South America, Eastern Europe, Japan, South
Korea, the Middle East, North America, Scandinavia, Southeast Asia, Taiwan, the
other Asian Countries, Western Europe, etc.
The legal representative of Dymatic is Mr. Huang Guanxiong.
Meilong Cyclopentane Chemical Co. Ltd. [Meilong], founded in November
1997 and headquartered in Shunde, Foshan City, Guangdong Province, China, is a
joint venture between Longshan Chemical Plant of Jilin Chemical Industrial
Group and Dymatic. Meilong, with an
annual production capacity of more than 20,000 tons of pentanes, is specialized
in manufacturing cyclopentane.
Meilong’s products are sold to Bosch-Siemens, Sharp, Electrolux,
National/Panasonic, Xinfei, Kelon, Haier, Meiling, etc. Its Cyclopentane also has been exported
abroad.
Bright Chemical in Hong Kong also trades in the products of Dymatic.
The subject is fully supported by Dymatic.
As the history of the subject is over ten years in Hong Kong, on the
whole, consider it good for normal business engagements in small credit
amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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 |
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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 |
|
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NB |
New Business |
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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.