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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
U-VEX CHEMICALS (HONG KONG) CO. LTD. |
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Registered Office : |
Unit 1901, 19/F., Block B, New Trade Plaza, 6 On Ping Street, Shatin,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.02.1996 |
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Com. Reg. No.: |
19685697 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Ink raw materials, Resins,
Pigments, Wax, Additives, etc. |
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No. of Employees : |
25. (Hong Kong) |
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
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Country Name |
Previous Rating (31.03.2012) |
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.
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Source : CIA |
U-VEX CHEMICALS
(HONG KONG) CO. LTD.
Unit 1901, 19/F., Block B, New Trade Plaza, 6 On Ping Street, Shatin,
New Territories, Hong Kong.
Former address located at:
Unit 1-3, 3/F., Block B of the same building.
PHONE: 2690 3882, 3188 9988
FAX: 2692 7780
E-MAIL: info@u-vex.com
Managing Director: Mr. Chan Ming
Kai
Incorporated on: 22nd February, 1996.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Importer,
Wholesaler and Re-exporter.
Employees: 25. (Hong Kong)
Main Dealing Banker: Hang Seng
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
U-VEX CHEMICALS
(HONG KONG) CO. LTD.
Registered Head
Office:-
Unit 1901, 19/F., Block B, New Trade Plaza, 6 On Ping Street, Shatin,
New Territories, Hong Kong.
China Sales
Offices:-
Shanghai Improve Chemicals Co. Ltd.
Room 1401, Building B, Oasia Plaza, No. 3064, North Zhongshan Road, Shanghai
200063, China.
Tel (86-21) 6297 1919, 6243 2700
Fax: (86-21) 6257 2867
E-mail: shanghai@u-vex.com
U-Vex Chemicals (Shenzhen) Co. Ltd.
Room 209-211, 2/F., Hong Cheng Ge, Zhong Huan Lu, Long Hua, Shenzhen 518109,
China.
Tel: (86-755) 2811 6657, 2811 6342
Fax: (86-755) 2811 7180
E-mail: shenzhen@u-vex.com
Associated
Company:-
U-Vex (China) Holdings Ltd., China.
19685697
0539742
Managing Director: Mr. Chan Ming
Kai
Contact Person: Mr. Cyril Chan
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of
HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry dated 22-02-2012)
|
Name |
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No. of shares |
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CHAN Ming Kai |
|
250,000 |
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LIU Wai |
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250,000 |
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––––––– |
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Total: |
500,000 ====== |
(As per registry dated 22-02-2012)
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Name (Nationality) |
Address |
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CHAN Ming Kai |
Flat D, 23/F., Block 13, Yuet Wu Villa, Tuen Mun,
New Territories, Hong Kong. |
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LIU Wai |
Flat D, 23/F., Block 13, Yuet Wu Villa, Tuen Mun,
New Territories, Hong Kong. |
LIU Wai (As per registry dated
22-02-2012)
The subject was incorporated on 22nd February, 1996 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 511, 5/F., Fo Tan Industrial
Centre, 26-28 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong;
moved to Unit 1-3, 3/F., Block B, New Trade Plaza, 6 On Ping Street, Shatin,
New Territories, Hong Kong in March 2004 and further to present address at
March 2011.
Apart from these, neither material change nor amendment has been ever traced
and noted.
Activities: Importer,
Wholesaler and Re-exporter.
Lines: Ink
raw materials, Resins, Pigments, Wax, Additives, etc.
Employees: 25. (Hong Kong)
20. (China)
Commodities Imported: Imported from
Europe, India, Japan, United States, etc.
Markets: Hong
Kong, China, other Asian countries.
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$500,000.00
(Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
Mortgage or Charge:-
Date of Mortgage: 27-10-2008
Amount: To
secure all moneys in respect of general banking facilities
Property: 9/5,612th
parts or shares of and in Sha Tin Town Lot No. 372 (Workshop No. 1 on 19/F. of
Block B of New Trade Plaza, 6 On Ping Street, Shatin, New Territories,
Hong Kong.)
Mortgagee: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Profit or Loss: Made
small profits in the past years.
Condition: Business has been active.
Facilities: Is
making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Standing: Good.
Incorporated in February 1996, U-Vex Chemicals (Hong Kong) Co. Ltd. is a
private limited company equally owned by Mr. Chan Ming Kai and Ms. Liu
Wai. They are also directors of the
subject. Chan and Liu is a couple.
The subject is dealing in various kinds of specialty raw materials for
paint and ink industries. Its sales offices
are in Hong Kong, Shenzhen Special Economic Zone and Shanghai, China. It also has had trading partners in major
cities of various provinces of China.
The subject represents reputed manufacturing companies, such as:-
Besides the above-mentioned firms, the subject also represents the
following companies:-
American Gilsonite Co., Zhejiang Baihe Chemical Holding Group, DAVY
Specialty Chemicals, DIC (Dainippon Ink & Chemicals Incorporated), Fukuda
Metal Foil & Powder Co. Ltd., Micro Inks Ltd., Dalian Nemoto Chemicals Co.
Ltd., NOVEON Specialty Chemicals (Shanghai) Ltd., SUBHASRI, Sun Chemical, etc.
The subject’s products also include the following brand names and
manufacturers:-
Micro Inks, Fukuda, ADPL, Baihe Chemical, Nemoto, Radiant, Sudarshan,
SunChemical, Subhasri, American Gilsonite, Yuen Liang, Toyal, Kronos, Pflaumer,
etc.
The subject’s customers include leading companies in the “Paint & Ink”
industries. According to the subject, it
provides clients with “efficient technical backup and after-sales
services”. Business has been actively
operated as regular customers have been maintained in South and East China.
The subject’s business is chiefly handled by Chan and Liu.
Since the subject’s history in Hong Kong is over sixteen years and
eleven months, on the whole, consider it good for normal business engagements.
Court Cases: None as per our.
Property information of
the company:-
1. Property
Location: Workshop No. 1-3 on 3/F.
of Block B, New Trade Plaza,
6 On Ping Street, Shatin, New Territories, Hong Kong.
Owner: U-Vex Chemicals (Hong Kong)
Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
01-09-2008 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property
Location: Workshop No. 1 on 19/F. of
Block B, New Trade Plaza,
6 On Ping Street, Shatin, New Territories, Hong Kong.
Owner: U-Vex Chemicals (Hong Kong)
Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
27-10-2008 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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.