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Report Date : |
15.05.2013 |
IDENTIFICATION DETAILS
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Name : |
WEALTH CHEMICALS TRADING CO. LTD. |
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Registered Office : |
Flat A, 17/F., Superluck Industrial Building, Stage 1, 45-53 Sha Tsui
Road, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
07.09.1995 |
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Com. Reg. No.: |
19332981 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Re-exporter of All kinds of organic and
inorganic chemicals. |
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No. of Employees : |
7 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
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 |
WEALTH CHEMICALS
TRADING CO. LTD.
Flat A, 17/F., Superluck Industrial Building, Stage 1, 45-53 Sha Tsui
Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 2614 3982
FAX: 2614 0413
Contact Person: Ms. Luk Har Mun, Paulus
Incorporated on: 7th September, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Chemical
Trader.
Employees: 7.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WEALTH CHEMICALS
TRADING CO. LTD.
Registered Head
Office:-
Flat A, 17/F., Superluck Industrial Building, Stage 1, 45-53 Sha Tsui
Road, Tsuen Wan, New Territories, Hong Kong.
Holding Company:-
Systematic Growth Inc., British Virgin Islands.
Affiliated
Company:-
Top Shine Asia Pacific Ltd., Hong Kong.
19332981
0524912
Contact Person: Ms. Luk Har Mun,
Paulus
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 07-09-2012)
|
Name |
Occupation |
No. of shares |
|
Systematic Growth Inc. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin
Islands. |
Corporation |
2 = |
(As per registry dated 07-09-2012)
|
Name |
Address |
|
Systematic Growth Inc. |
P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin
Islands. |
(As per registry dated 07-09-2012)
|
Name |
Address |
Co. No. |
|
Longease Services Ltd. |
Unit 1303, 13/F., Chinachem Johnston Plaza, 178‑186 Johnston Road,
Wanchai, Hong Kong. |
0281342 |
The subject was incorporated on 7th September, 1995 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 5, 15/F., Global Trade Centre,
15 Wing Kin Road, Kwai Chung, New Territories, Hong Kong, moved
to the present address in July 2007.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Wholesaler and Re-exporter.
Lines: All
kinds of organic and inorganic chemicals.
Employees: 7.
Commodities Imported: Imported
from Germany, Switzerland, and other European countries, India, etc.
Markets: Hong
Kong, China, other Asian countries.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C,
D/P and T/T.
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: Making
a small profit in the past years.
Condition: Business
is rather active.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
Wealth Chemicals Trading Co. Ltd. is a private limited company
incorporated in September 1995. It was
equally held by Ms. Paulus Luk Har Mun and Systematic Growth Inc. [Systematic
Growth], a firm registered in the British Virgin Islands. The subject has just issued two ordinary
shares of HK$1.00 each while each of the shareholders held a single share. Later, Paulus Luk transferred her share to
Systematic Growth which now has become the only holding company of the subject.
The subject is dealing in all kinds of organic, inorganic chemicals and
chemical raw materials. Commodities are
imported from India, Germany, Switzerland, and the other European countries,
etc. Hong Kong and China are its prime
markets. It also re-exports some of the
commodities to the other Asian countries.
Ms. Luk has been engaged in the line of business for more than nineteen
years. Now, the subject has developed
long term business ties with a number of foreign suppliers and local buyers. Business has been rather active.
To our knowledge, Ms. Luk Har Mun is also the only director of Top Shine
Asia Pacific Ltd. [Top Shine] which is a Hong Kong-registered firm located at a
different address.
Top Shine does not have its own operating office. Its registered office is in a commercial
service firm located at Suite 2203, Level 22, Office Tower, Langham Place, 8
Argyle Street, Mongkok, Kowloon, Hong Kong known as Day Business Centre Ltd.
which is handling its correspondences and documents. Nominally, Top Shine is also located at the
same address of the subject.
Top Shine and the subject are engaged in the same lines of business.
As the history of the subject in Hong Kong is over seventeen years and
eight months, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.71.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.