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Report Date : |
19.07.2013 |
IDENTIFICATION DETAILS
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Name : |
CHEMETALS
INTERNATIONAL LTD. |
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Registered Office : |
Unit A-C, 21/F., Golden Sun Centre, 59-67 Bonham Strand West |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.06.1989 |
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Com. Reg. No.: |
12878592 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of minor metals, ferro alloys, chemicals, non-ferrous metals and pharmaceuticals such as antimony, bismuth, cadmium, chromium (chrome), cobalt, magnesium, silicon, lead, zinc. |
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No. of Employees : |
08 |
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) |
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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 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 |
CHEMETALS INTERNATIONAL LTD.
Unit A-C, 21/F., Golden Sun Centre, 59-67 Bonham Strand West, Hong Kong.
PHONE: 852-2815 8111 (8 lines)
FAX: 852-2541 8919, 2544 4912
E-MAIL: chemetal@netvigator.com
Managing Director: Mr. Wong Fun Tsang, Stephen
Incorporated on: 30th June, 1989.
Organization: Private Limited Company.
Capital: Nominal: HK$1,600,000.00
Issued: HK$1,600,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$200~220 million.
Employees: 8.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit A-C, 21/F., Golden Sun Centre, 59-67 Bonham Strand West, Hong Kong.
China
Representative Offices:
Jishou, Shantou, Beijing.
Associated
Company:
Vancouver, Canada.
12878592
0256462
Managing Director: Mr. Wong Fun Tsang, Stephen
Nominal Share Capital: HK$1,600,000.00 (Divided into 1,600,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,600,000.00
(As per registry
dated 30-06-2013)
|
Name |
|
No.
of shares |
|
WONG Fun
Tsang |
|
660,000 |
|
Edward
WONG |
|
360,000 |
|
YANG Bing |
|
580,000 |
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|
|
–––––––– |
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Total: |
1,600,000 ======= |
(As per registry
dated 30-06-2013)
|
Name (Nationality) |
Address |
|
Edward WONG |
Flat B, 11/F., 8 Connaught
Road West, Hong Kong. |
|
WONG Fun Tsang |
10D, Fu Lai Yuen, Chi Fu Fa
Yuen, Hong Kong. |
Edward
WONG (As per registry dated 30-06-2013)
The subject was incorporated on 30th June, 1989 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: Importer, Exporter and Wholesaler.
Lines: All kinds of minor metals, ferro alloys, chemicals, non-ferrous metals and
pharmaceuticals such as antimony, bismuth, cadmium, chromium (chrome), cobalt, magnesium, silicon, lead, zinc.
Floor Space: 110 sq.m.
Employees: 8.
Commodities
Imported:-
Ferro alloys – China.
Chemicals – China.
Non-ferrous metals – China.
“FLYING WHEEL” Zinc oxide – China.
“SOUTH CHINA” Paraffin wax – China.
“SOUTH BOAT” Gum rosin – China.
Furfurr, ferro-alloys (FE-SI/SI-MN/SIC/SI-CA), silicon metal, cobalt salts, barium salts, paracetamol, vitamins, arsenie metal/trioxide, electro-manganese metal/dioxide, zinc ingot/flanges – China.
Markets: Asian countries, Europe, North & South America, etc.
Annual Turnover: HK$200~220 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, etc.
The Minor Metals Trade Association, UK.
Nominal Share Capital: HK$1,600,000.00 (Divided into 1,600,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,600,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Operation is profitable.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
· Bank of China (Hong Kong) Ltd., Hong Kong.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Good.
Having issued 1.6 million ordinary shares of HK$1.00 each, Chemicals International Ltd. is jointly owned by Mr. Wong Fun Tsang, holding 41.25% interests; Mr. Edward Wong, holding 22.50%; and Ms. Yang Bing, 36.25%. The former two are also the directors of the subject.
The subject is a chemical and metal trader. It is chiefly trading in non-ferrous metal (arsenic and antimony metal and ferro-alloys), metal flakes, organic and inorganic chemicals (including plastic materials), dyestuffs and pharmaceuticals. Most of the commodities are sourced from China and India. Prime markets are Japan, South Korea, Taiwan, the other Asian countries, North America, Europe, etc. Business is rather active.
It was reported that the subject has set up representative offices in Jishou, Shantou and Beijing of China and a joint venture in Vancouver of Canada.
In recent years, the subject has been exporting electrolytic manganese metal flakes to the United States via Yiantian Harbour in Shenzhen Special Economic Zone, China.
The history of the subject in Hong Kong is about twenty-four years. Business is normal. Regular suppliers and overseas customers have been maintained.
On the whole, consider it good for normal business engagements.
REMARKS:
Court case record:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Apr.
1993 |
H2692 |
Ng Ying Man trading as Hui
Ying Trading Co. |
Chemetals International Ltd.
and others |
Injunction |
Not
stated |
Property information
of the company:-
1. Property Location: Unit E on 21/F., Golden Sun Centre, 59-67 Bonham Strand West, Hong Kong.
Owner: Chemetals International Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
13-06-2007 |
- |
Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Office 2 on 7/F., 43-47 Bonham Strand West, Hong Kong.
Owner: Chemetals International Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
29-03-2004 |
- |
Bank of China (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
|
Date |
Particulars |
Amount |
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05-11-1997 |
Instrument: Charge on Cash Deposit Property: A first fixed charge on a deposit of variable amount covering outstanding obligations Mortgagee: MeesPierson N.V., Hong Kong Branch. [Transferred to Fortis Bank Asia HK. Name changed to Belgian Bank but the
business was taken over by Industrial & Commercial Bank of China (Asia)
Ltd.] |
To secure all obligations and liabilities |
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29-03-2004 |
Instrument: Mortgage Property: 1/36th part or share of and in The Remaining Portion of Section C of Inland Lot No. 1022, The Remaining Portion of Section A of Inland Lot No. 1023, The Remaining Portion of Subsection 1 of Section C of Inland Lot No. 1022 and The Remaining Portion of Section A of Inland Lot No. 1022 (Office 2 on 7/F. of 43-47 Bonham Strand West, Hong Kong.) Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
All moneys |
|
13-06-2007 |
Instrument: Mortgage Property: 8/945th parts or shares of and in The Remaining Portion of Inland Lot No. 1324, The Remaining Portion of Section A of Inland Lot No. 1348, The Remaining Portion of Inland Lot No. 1348, Section B of Inland Lot No. 1325, The Remaining Portion of Inland Lot No. 1325, The Remaining Portion of Inland Lot No. 1326, The Remaining Portion of Inland Lot No. 1327 and The Remaining Portion of Section A of Inland Lot No. 1324 (Unit E on 21/F. of Golden Sun Centre, 59‑67 Bonham Strand West, Hong Kong.) Mortgagee: Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
To secure banking facilities |
|
05-02-2009 |
Instrument: Rent Assignment Property: 8/945th parts or shares of and in The Remaining Portion of Inland Lot No. 1324, The Remaining Portion of Section A of Inland Lot No. 1348, The Remaining Portion of Inland Lot No. 1348, Section B of Inland Lot No. 1325, The Remaining Portion of Inland Lot No. 1325, The Remaining Portion of Inland Lot No. 1326, The Remaining Portion of Inland Lot No. 1327 and The Remaining Portion of Section A of Inland Lot No. 1324 (Unit E on 21/F. of Golden Sun Centre, 59‑67 Bonham Strand West, Hong Kong.) Mortgagee: Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
The obligations and the observance and performance |
|
31-03-2010 |
Instrument: Deed of Charge Over Deposits Property: Charge by way of fixed charge and release to Wing Hang Bank Ltd. all Chemetals International Ltd.’s present and further rights in respect of the sums of money Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
To secure all sums of money and liabilities |
|
03-12-2010 |
Instrument: Deed of Charge Over Deposits Property: Charge by way of fixed charge and release to Wing Hang Bank Ltd. all Chemetals International Ltd.’s present and further rights in respect of the sums of money Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
To secure all sums of money and liabilities |
|
18-04-2011 |
Instrument: Security over Deposit in respect of Obligations of the
Depositor Property: By way of first fixed charge to the Charge the account No. 701600016858 and all deposits Mortgagee: Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
All monies and liabilities |
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04-07-2012 |
Instrument: Security Deed Property: By way of first fixed Mortgage to the Mortgagee all the securities as recorded from time to time in the Custodian account No. 701912344009 Mortgagee: Industrial & Commercial Bank of China (Asia) Ltd.,
Hong Kong. |
All principal, interest, free, costs, expenses, charges,
compensation, damages & other moneys which are or at any time in the
future may become payable by the Borrower |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.71 |
|
UK Pound |
1 |
Rs.90.59 |
|
Euro |
1 |
Rs.78.22 |
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 |
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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.