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Report Date : |
11.06.2013 |
IDENTIFICATION DETAILS
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Name : |
INT'L
CHEM LTD. |
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Registered Office : |
c/o Tannet Group Ltd. Unit E, 3/F., Good Harvest Centre, 33 On Chuen Street, Fanling, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.01.2002 |
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Com. Reg. No.: |
32327212 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Trader of all kinds of organic and inorganic chemicals |
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No. of Employees : |
no employees in Hong Kong (It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence
address only. Subject operates from some other country and does not have a
base in Hong Kong. Such companies are registered in Hong Kong just to tax
benefit purpose and due to the strict privacy laws prevailing in the country.
In such cases, the companies are not required to have any employees in Hong
Kong nor do have an office there.) |
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 : |
---- |
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Litigation : |
---- |
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
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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.
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Source : CIA |
INT'L CHEM LTD.
c/o Tannet Group Ltd.
Unit E, 3/F., Good Harvest Centre, 33 On Chuen Street, Fanling, New Territories, Hong Kong.
PHONE: 852-2675 6699
FAX: 852-2675 0303
Managing Director: Mr. Pei Xiaofan
Incorporated on: 11th January, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Chemical Trader.
Employees: Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Tannet Group Ltd.
Unit E, 3/F., Good Harvest Centre, 33 On Chuen Street, Fanling, New Territories, Hong Kong.
Associated
Companies:-
Hunan Phoebus Chemical Technology Co. Ltd., China.
Yueyang Xinchang Petrochemical Co. Ltd., China.
32327212
0782379
Managing Director: Mr. Pei Xiaofan
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry
dated 11-01-2013)
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Name |
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No.
of shares |
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PEI
Xiaofan |
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1 |
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LI Gangyi |
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1 |
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– |
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Total: |
2 = |
(As per registry
dated 11-01-2013)
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Name (Nationality) |
Address |
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LI Gangyi |
6/F., Block 2-2, Kejiting,
Hunan, China. |
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PEI Xiaofan |
6/F., Block 2-2, Kejiting,
Hunan, China. |
(As per registry
dated 11-01-2013)
|
Name |
Address |
Co.
No. |
|
Ata Corporate Formation & Management Ltd. |
Unit 1001, 10/F., Fourseas Building, 208‑212 Nathan
Road, Kowloon, Hong Kong. |
0768611 |
The subject was incorporated on 11th January, 2002 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: All kinds of organic and inorganic chemicals.
Employees: Nil.
Commodities Imported: China, etc.
Markets: China, the other Asian countries, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
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$2.00
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: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued just two ordinary shares of HK$1.00 each, Int’l Chem Ltd. is equally owned by two China merchants, namely, Mr. Pei Xiaofan and Mr. Li Gangyi. They are China ID holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Unit E, 3/F., Good Harvest Centre, 33 On Chuen Street, Fanling, New Territories, Hong Kong” known as “Tannet Group Ltd.” which is handling its correspondences and documents.
The subject has no employees in Hong Kong.
In China the subject has had an associated company Hunan Phoebus Chemical Technology Co. Ltd. [Phoebus] which is a China-based in Hunan Province, China. Its holding company is Yueyang Xinchang Petrochemical Co. Ltd. [YXPC] which is a China-based firm.
YXPC and Phoebus are engaged in the same lines of business, more or less.
Phoebus is engaged in researching, manufacturing and distributing specialty chemical materials like latex of organosilicon and acrylic acid. It was founded in 2001 in Yueyang City, Hunan Province, China.
Products are marketed in China, exported to the other Asian countries, Europe, the United States, etc.
Mr. Li Gangyi is the general manager of Phoebus. The subject also has had an office in the same address of Phoebus.
It is likely that Phoebus deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Phoebus also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eleven 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 L/C basis.
Note:
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.57.78 |
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UK Pound |
1 |
Rs.89.71 |
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Euro |
1 |
Rs.76.24 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
---- |
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.