|
Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
YEE LEE INDUSTRIAL CHEMICAL LTD. |
|
|
|
|
Registered Office : |
Room 1706, 17/F., Yardley Commercial Building, 1-6 Connaught Road West, Sheung Wan |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Year of Incorporation : |
1936 |
|
|
|
|
Com. Reg. No.: |
00507450 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer, Exporter, Wholesaler, Godown Operator, Insurance Broker and Investment. (Industrial and fine chemicals, dyestuffs, pigment and ancillary products) |
|
|
|
|
No. of Employees : |
108 (Group) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
Regular |
|
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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
Source
: CIA
YEE LEE INDUSTRIAL CHEMICAL
LTD.
ADDRESS: Room 1706, 17/F., Yardley Commercial
Building, 1-6 Connaught Road West, Sheung Wan, Hong Kong.
PHONE: 2545 2611
FAX: 2544 2498
E-MAIL: info@yeelee.com
Executive Director: Mr. Lau Kam Hung, Alexander
Establishment: 1936.
Incorporated on: 2nd
January, 1953.
Organization: Private
Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Chemical and industrial raw material trader.
Group Turnover:- (Year ended
31-12-2011)
HK$2,784,292,000 (Whole Group)
HK$ 403,763,000
(Trading Division)
Group Employees: 108. (As at 30-06-2012)
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Room 1706, 17/F., Yardley Commercial Building, 1-6 Connaught Road West,
Sheung Wan, Hong Kong.
Warehouse:-
LZ 2075 King Lam Street, Mui Kong Tsun, New Territories, Hong Kong.
[Tel: 2428 3220]
China Office:- [Operated by
Dongguan Yee Lee Trading Co. Ltd.]
No. 7, G/F., Block B, Xing Ye Hua Yuan, Chong Tou, Changan, Dongguan,
Guangdong Province, China.
[Tel: (86-769) 8531 2330; Fax:
(86-769) 8553 7330]
China Factory:- [Operated by Mutual
Fountain Materials Factory]
Changan, Dongguan, Guangdong Province, China.
Immediate Holding Company:-
Yee Lee Technology Co. Ltd., British Virgin Islands/Hong Kong.
Intermediate Holding Company:-
Jinhui Holdings Co. Ltd., Hong Kong.
Ultimate Holding Company:-
Fairline Consultants Ltd., British Virgin Islands.
Affiliated Companies:-
Jinhui Group of
Companies
ADVANCE Rich Ltd., British Virgin Islands.
Antow Profits Ltd., British Virgin Islands.
Axton Enterprises Ltd., Liberia.
CARPA Ltd., Hong Kong.
Eenfair Investment Ltd., Hong Kong.
Exalten Ltd., Hong Kong.
Fair Fait International Ltd., Hong Kong.
Fair Group International Ltd., Hong Kong.
First Lion International Ltd., Hong Kong.
Galsworthy Ltd., Liberia.
Goldbeam International Ltd., Hong Kong.
Goldbeam Shipping Inc., Liberia.
Huafeng Shipping Inc., Panama.
inkford International Ltd., Hong Kong.
Inyao Marine Inc., Panama.
Inyuan Marine Inc., Panama.
Inzhou Marine Inc., Panama.
Jin Hui Shipping Inc., British Virgin Islands.
Jinan Marine Inc., Panama.
Jinao Marine Inc., Panama.
Jinbi Marine Inc., Panama.
Jinchao Marine Inc., Panama.
Jincheng Marine Inc., Panama.
Jinfeng Marine Inc., Panama.
Jingang Marine Inc., Panama.
Jinhan Marine Inc., Panama.
Jinhong Marine Inc., Panama.
Jinhui Investments (China) Ltd., Hong Kong & China.
Jinhui Investments Ltd., British Virgin Islands.
Jinhui Marine Inc., Panama.
Jinhui MetCoke Ltd., Bermuda.
Jinhui Shipping & Transportation Ltd., Bermuda.
Jinjeng Marine Inc., Panama.
Jinji marine Inc., Panama.
Jinjun marine Inc., Panama.
Jinlang Marine Inc., Panama.
Jinli Marine Inc., Panama.
Jinmao Marine Inc., Panama.
Jinmei Marine Inc., Panama.
Jinming Marine Inc., Panama.
Jinping Marine Inc., Panama.
jinpu Marine Inc., Panama.
Jinquan Marine Inc., Panama.
Jinrong Marine Inc., Panama.
Jinrui Marine c., Panama.
Jinshun Shipping Inc., Panama.
Jinsui Marine Inc., Panama.
Jintong Marine Inc., Panama.
Jinwan marine Inc., Panama.
Jinxing Marine Inc., Panama.
Jinyang Marine Inc., Panama.
Jinyu Shipping Inc., Panama.
Jinyue Marine Inc., Panama.
Jinze Marine Inc., Panama.
Ompol Trading Ltd., Liberia.
Onder Enterprises Ltd., Liberia.
Onocosmic Ltd., Hong Kong.
Ringo Star Co. Ltd., Hong Kong.
etc.
00507450
0003674
Executive Director: Mr. Lau Kam
Hung, Alexander
Director & General Manager:
Mr. Wong Hing Wai, Harry
Nominal Share Capital: HK$5,000,000.00 (Divided into 50,000 shares of
HK$100.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 02-01-2013)
|
Name |
|
No. of shares |
|
Yee Lee Technology Co. Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola,
British Virgin Islands. |
|
49,999 |
|
Asiawide Profits Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola,
British Virgin Islands. |
|
1 |
|
|
|
–––––– |
|
|
Total: |
50,000 ===== |
(As per registry dated 02-01-2013)
|
Name (Nationality) |
Address |
|
LAU Kam Hung |
Flat A, 9/F., Shing Loong Court, 13 Dragon Terrace, Hong Kong. |
|
WONG Hing Wai |
Flat LA, 26/F., Tower 1, Le Prestige, Lohas Park, 1 Lohas Park Road,
Tseung Kwan O, New Territories, Hong Kong. |
LAU Kam Hung (As per registry dated
02-01-2013)
The subject was incorporated on 2nd January, 1953 as a private limited
liability company under the Hong Kong Companies Ordinance to take over the
activities of Yee Lee Industrial Chemical Company which was established in
1936.
Re-organized to be a member of the Jinhui Group in 1997.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter, Wholesaler, Godown Operator, Insurance Broker and Investment.
Lines: Industrial
and fine chemicals, dyestuffs, pigment and ancillary products.
Import/Agent for:-
|
Brand |
Products |
Country of
Origin |
|
BASF |
Plastic raw materials |
Korea |
|
CCP |
Copper clad laminates, hydrogen peroxide |
Taiwan, Japan |
|
CHANGCHUN |
Printed circuit boards, adhesives |
Taiwan |
|
DENKA |
Plastic raw materials |
Singapore |
|
EBCHEM |
Adhesives |
China |
|
HKPC |
Plastic raw materials |
Hong Kong |
|
IMC |
Copper anodes, nickel sulphamate |
U.S.A., Japan |
|
INCO |
Nickel anodes |
Canada |
|
LIH JEOU |
Surface finishing machines |
Korea |
|
MGC |
Chemical micro-etching solution |
Japan |
|
MITSUBISHI |
Plastic raw materials |
Japan |
|
NS |
Copper clad laminates |
Korea |
|
OMG |
Nickel sulphamate, nickel anodes |
Finland |
|
TALCO |
Copper anodes |
U.S.A. |
|
TOAQCSEI |
Trichloroethylene |
Japan |
|
UCAR |
Adhesives |
Indonesia |
|
UJIDEN |
Surface finishing media |
Japan |
|
VIBRO TECH |
Surface finishing machines |
Taiwan |
|
- |
Alpaste (aluminium paste) |
South Africa |
|
- |
Solvents |
Europe, Japan, Netherlands, U.K. |
Office Floor Space: 3,673 sq.m. in Hong Kong.
Group Employees: 108.
(As at 30-06-2012)
Commodities Imported: Imported from Japan, Taiwan, Korea, China, Singapore, Indonesia,
Europe, South Africa, etc.
Markets: Hong
Kong and China.
Group Turnover:-
|
Period |
Whole Group |
Trading
Division |
|
Year ended 31-12-2007 |
HK$2,575,790,000 |
HK$264,764,000 |
|
Year ended 31-12-2008 |
HK$3,885,957,000 |
HK$179,801,000 |
|
Year ended 31-12-2009 |
HK$2,867,606,000 |
HK$142,754,000 |
|
Year ended 31-12-2010 |
HK$3,120,053,000 |
HK$403,503,000 |
|
Year ended 31-12-2011 |
HK$2,784,292,000 |
HK$403,763,000 |
Terms/Sales:
COD or 30-120 days credit.
Terms/Buying: L/C, D/P, etc.
Mitsubishi Gas Chemical Co., Japan.
Mitsui Toatsu Chemical Inc., Japan.
Nisso Shoji Co. Ltd., Tokyo, Japan.
Ohara & Co. Ltd., Tokyo, Japan.
Ryoko Chemical Co. Ltd., Tokyo, Japan.
Toryo Corporation Ltd., Japan.
Ujiden Chemical Industry Co. Ltd., Japan.
GOVERNMENT CONTRACTS AWARDED SINCE 1990:
|
Date |
GN No. |
Particulars |
Amount |
|
01-06-1990 |
GN1993 |
Tender for Supply of Two (2) Items of Chemicals
for the Kowloon Park Swimming Pool |
HK$346,422 (Jointly) |
|
29-10-1993 |
GN3992 |
Supply of Refrigerant Gas |
HK$1,045,244 (Estimated) |
The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKY0016]
The Industrial Chemical Merchants’ Association Ltd., Hong Kong.
Nominal Share Capital: HK$5,000,000.00
(Divided into 50,000 shares of HK$100.00 each)
Issued Share Capital: HK$5,000,000.00
Alternation of Capital:-
|
19-02-1953 |
paid up |
HK$
960,000.00 |
|
10-03-1953 |
paid up |
HK$
302,000.00 |
|
17-08-1953 |
paid up |
HK$
725,200.00 |
|
16-09-1953 |
paid up |
HK$
180,000.00 |
|
29-11-1953 |
paid up |
HK$
199,800.00 |
|
12-04-1954 |
paid up |
HK$
50,000.00 |
|
07-09-1954 |
paid up |
HK$
183,000.00 |
|
29-02-1956 |
paid up |
HK$
40,000.00 |
|
19-07-1965 |
paid up |
HK$
800,000.00 |
|
08-10-1976 |
paid up |
HK$1,560,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$5,000,000.00 ============== |
Increases of Nominal Capital:-
|
From |
HK$3,000,000.00 |
to |
HK$3,500,000.00 |
on |
25-07-1963 |
|
From |
HK$3,500,000.00 |
to |
HK$5,000,000.00 |
on |
08-10-1976 |
Group Net Profit: HK$ 671,692,000 (Year ended 31-12-2007)
HK$1,758,559,000 (Year ended 31-12-2008)
HK$1,197,275,000 (Year ended 31-12-2009)
HK$ 6,76,032,000 (Year
ended 31-12-2010)
HK$ 4,77,689,000 (Year
ended 31-12-2011)
HK$ 429,185,000 (6
months ended 30-06-2011)
HK$ 127,380,000 (6
months ended 30-06-2012)
Group Net Worth: HK$1,601,482,000 (As
at 31-12-2007)
HK$2,428,425,000 (As at 31-12-2008)
HK$3,102,443,000 (As at 31-12-2009)
HK$3,470,500,000 (As at 31-12-2010)
HK$3,734,665,000 (As at 31-12-2011)
HK$3,734,665,000 (6 months ended 30-06-2011)
HK$3,802,657,000 (6 months ended 30-06-2012)
Profit & Loss: Group has been making profits since 2003.
Condition: Business
is actively conducted.
Facilities: Making
active use of general banking facilities.
Payment:
Regularly met.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Bank of America N.A., Hong Kong Branch.
Deutsche Bank AG, Hong Kong Branch.
Banking:-
One source reports they have maintained an active
and well conducted current account in their books since 1953. They finance their import bills under Letter
of Credit and on a collection basis to their entire satisfaction.
Another source informs it maintains a well
conducted current account on their books since 1967. They have financed a considerable volume of
their imports with entirely satisfactory results.
Standing:
Very Good.
Yee Lee Industrial Chemical Ltd. [YLIC], incorporated in January 1953,
is a wholly-owned subsidiary of Yee Lee Technology Co. Ltd. [Yee Lee] which is
a BVI-registered firm.
YLIC was first founded in Hong Kong in 1936 by the late Chiu Kung
Po. After his death in September 1956,
YLIC changed hands and owned by his widow and son. Trading in chemicals, YLIC is one of the
leaders in the line of business and enjoying good reputation. Since its establishment, YLIC has been
specialised in supplying end users with quality chemicals and industrial raw
materials. In 1997, YLIC was reorganised
and shifted under the control of Yee Lee, a British Virgin Islands-registered
firm with business operating in Hong Kong.
Yee Lee is engaged in the trading business in chemical and industrial
raw materials. Now, Yee Lee is 75% owned
by Jinhui Holdings Co. Ltd. [Jinhui Holdings], a public listed company in Hong
Kong.
Under the support of the Intermediate holding company Jinhui Holdings
Co. Ltd. [JHC], YLIC has been expanding and trading in a wider range of
products which are applied in different industries. Products carried include printed circuit
boards, electronics, chemicals for electroplating, surface finishing, bleaching
and dyeing, coating, paper packaging, plastics producing, food processing,
etc. Main products are copper clad
laminates, copper anodes, trichloroethylene, nickel sulphamate, hydrogen
peroxide, nickel anodes, etc.
YLIC is also carrying the following textile chemicals: glacial acetic
acid, hydrogen peroxide, perchloroethylene, potassium hydroxide, sodium
hydroxide, softening agents, etc.
YLIC maintains a logistic supporting system with a lorry fleet and well‑facilitated
warehouses for stocking general and dangerous goods in Hong Kong. An office has been set up in Changan Town,
Dongguan City, Guangdong Province, China to service the customers in Southern
China. The Dongguan Office also can
provide clients in China with supporting services including the latest products
and technology information.
YLIC is also engaged in developing new products. It also has established its first
manufacturing plant, Mutual Fountain Materials Factory, in Changan Town,
Dongguan City, Guangdong Province, China.
The factory commenced business on 27th July, 2001.
JHC was incorporated on 23rd April, 1991 as a holding company of the
Jinhui Group. It has been listed on The
Stock Exchange of Hong Kong Ltd., bearing the stock code 137, since
6th December, 1991.
Jinhui Group is principally engaged in ship chartering, ship owning,
trading, transportation and warehousing.
It is also trading in dry bulk commodities, metallurgical coke products. All these businesses serve as a complement to
its ship chartering business. It
acquired the Yee Lee Group which is trading in chemical products in 1997.
Jinhui Group’s trading activities have been carried out by Yee Lee and
its subsidiaries. Jinhui Group’s
turnover in trading usually represents the turnover of Yee Lee.
The Group’s revenue for the year of 2011 was HK$2,784,292,000,
representing a decrease of 11% as compared to HK$3,120,053,000 for the year
2010. The Group’s net profit for the
year 2011 amounted to HK$477,689,000, whereas HK$676,032,000 was reported in
2010.
The Group’s revenue for the first half of 2012 was HK$1,066,674,000,
representing a decline of 31% as compared to HK$1,544,617,000 for the first
half of 2011.
The net profit attributable to shareholders of the group for the first
half of 2012 was HK$67,992,000 whereas HK$234,328,000 was reported in the same
period in 2011.
The Group operates its worldwide shipping activities through Jinhui
Shipping and Transportation Limited (“Jinhui Shipping”), an approximately
54.77% owned subsidiary of the Group, whose shares are listed on the Oslo Stock
Exchange, Norway.
Dry bulk shipping market was under severe challenges in the first half
of 2012. China and India, the main
driving forces for global seaborne trade, showed signs of slowing down in
economic growth, reflecting economic distress in western countries has cascaded
into the emerging countries. The
continual delivery of new dry bulk tonnages rapidly outpaced market demand for
dry bulk carriers, and caused market freight rates to drop rigorously. The market sentiment was further weighed down
by the worsening Eurozone financial crisis when Spain recently revealed its
banking crisis that immediately triggered a chain reaction on the financial
markets across peripheral Europe. Given
the weak macroeconomic market environment, the Baltic Dry Index opened at 1,738
points at the beginning of 2012 and collapsed to its record low at 647 points
on 3 February 2012 and closed at 1,004 points by end of June 2012.
As at 30th June 2012, the Group had thirty seven owned vessels which
included two modern Post-Panamaxes, two modern Panamaxes, thirty one modern
grabs fitted Supramaxes, one Handymax and one Handysize.
Apart from the owned vessels, the Group operated four chartered-in
vessels which included two Capesizes and two Supramaxes as at 30th June 2012.
Subsequent to the six months ended 30th June 2012, a newly built
Supramax named as “Jin Xiang” was delivered to the Group on 23rd July 2012.
As at 30th June, 2012, Jinhui Group had 108 full-time employees.
The management of the Group predicts that the Group’s trading business
is expected to contribute steady returns to the Group in future.
On the whole, in view of YLIC’s parentage and background, consider it
good for normal business engagements.
Brief information of
the principal director:-
Mr. LAU Kam Hung Alexander, aged 52, Joined the Group in 1994 as a
director of Yee Lee Technology Company Ltd, Which is engaged in the trading
business in chemical and industrial raw materials. Mr. Lau has extensive working experience in
finance and management. He graduated in
Accountancy from the Hong Kong Polytechnic (now known as The Hong Kong
Polytechnic University) and is an associate member of the Hong Kong Institute
of Certified Public Accountants.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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 |
|
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 |
|
-- |
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.