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Report Date : |
19.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ARTEC
CHEMICAL CO. LTD. |
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Registered Office : |
Unit 1302, 13/F., Riley House, 88 Lei Muk Road, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.08.2000 |
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Com. Reg. No.: |
31131557 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Chemical Trader of -Cosmetic colorants, hair dyes, hair dye intermediates, etc. |
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No. of Employees : |
18. (Including office and warehouse) |
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
|
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 |
ARTEC CHEMICAL CO. LTD.
Unit 1302, 13/F., Riley House, 88 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 2543 2233
FAX: 2543 1883
E-MAIL: info@artechem.com
Managing Director: Mr. Wong Wai Kit, William
Incorporated on: 2nd August, 2000.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Chemical Trader.
Employees: 18. (Including office and warehouse)
Main Dealing Banker: Citibank, N.A., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 1302, 13/F., Riley House, 88 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
Holding Company:-
Artec Chemical Group Ltd., British Virgin Islands.
Hong Kong Island
Office:-
Room 1608, 16/F.,
Shui On Centre, 6 Harbour Road, Wanchai, Hong Kong.
[Phone:
+852-25432233 Fax: +852-25431883]
Warehouse &
Delivery Address:-
Unit G, 2/F., Block 1, Vigor Industrial Building, 49-53 Ta Chuen Ping Street, Kwai Chung, Hong Kong.
China Office:-
No. 519, Tong Fu
Road, Tong An District, Xiamen City, Fujian Province, China.
Associated
Companies:-
Artec (Xiamen) Daily Chemical Co. Ltd., China.
Artec Chemical International Ltd., Hong Kong. (same address)
Artenano Co. Ltd., Hong Kong. (same address)
31131557
0726008
Managing Director: Mr. Wong Wai Kit, William
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 02-08-2012)
|
Name |
|
No.
of shares |
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Artec Chemical Group Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town,
Tortola, British Virgin Islands. |
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1,000,000 ======= |
(As per registry
dated 02-08-2012)
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Name (Nationality) |
Address |
|
WONG Wai Kit |
Room B, 30/F., Shing Loong
Court, 13 Dragon Terrace, North Point, Hong Kong. |
(As per registry
dated 02-08-2012)
|
Name |
Address |
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HUNG Kar Yan |
Room B, 30/F., Shing Loong Court, 13 Dragon Terrace,
North Point, Hong Kong. |
The subject was incorporated on 2nd August, 2000 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: Cosmetic colorants, hair dyes, hair dye intermediates, etc.
Employees: 18. (Including office and warehouse)
Commodities Imported: China, other Asian countries, etc.
Markets: Hong Kong, China, Europe, Middle East, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
The Hong Kong General Chamber of Commerce, Hong Kong.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or
Charge:-
Date of Deposit Deed: 23-03-2011
Amount: All moneys now or at any time in the future owing by the company
Property: By way of a first fixed charge & as a continuing security for the Obligations
Mortgagee: Citibank N.A., Hong Kong Branch.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Citibank, N.A., Hong Kong.
Standing: Normal.
Having issued 1 million ordinary shares of HK$1.00 each, Artec Chemical Co. Ltd. is a wholly owned subsidiary of Artec Chemical Group Ltd. which is a BVI-registered firm.
The subject is a member of the Artec Group. It is trading in the following products:-
Cosmetic colorants, permanent hair dyes, hair dye intermediates, semi‑permanent & temporary hair dyes, hair bleaching powder, hair bleaching cream, hair colour emusilifer or stabilizer, conditioning agent, thickening agent, other active ingredients, etc.
The subject’s products are chiefly manufactured by its factory in Xiamen known as Artec (Xiamen) Daily Chemical Co. Ltd.
Now, the subject supplies chemicals and personal care products to over 80 countries around the world.
Now, the Group has its subsidiaries in Hong Kong, China, Europe and the Middle East.
The phase II building construction of the subject’s factory in Xiamen, China was completed in December 2012.
The total construction area is above 8,300 sq.m.
The factory in Xiamen has been assessed and found in compliance with the requirement of ISO 9001:2008.
The Xiamen factory has been evaluated by Intertek and was found in compliance with the GMPC Guidelines of Europe and the United States.
According to the subject, it will develop a new product line of hair care products in China. More resources will be allocated to the R & D projects for the South East Asia.
The business of the subject is active and steady. History in Hong Kong is over twelve years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
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UK Pound |
1 |
Rs.81.93 |
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Euro |
1 |
Rs.70.01 |
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 |
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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.