MIRA INFORM REPORT
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Report Date : |
24.05.2013 |
IDENTIFICATION DETAILS
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Name : |
Hong Kong Chemitex ENTERPRISE Ltd. |
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Registered Office : |
C/o Henda Secretaries & Nominees Ltd. Room 301-302, 3/F., Hang Seng Wanchai Building, 200 Hennessy Road,
Wanchai, Hong Kong. |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.06.2011 |
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Com. Reg. No.: |
58539988 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading in Textile Chemicals, Other 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 : |
Unknown |
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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
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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.
Source
: CIA
Company Name
HONG KONG CHEMITEX
ENTERPRISE LTD.
ADDRESS
Registered Office:-
c/o Henda Secretaries & Nominees Ltd.
Room 301-302, 3/F., Hang Seng Wanchai Building, 200 Hennessy Road,
Wanchai, Hong Kong.
[Tel: 2861 0885; Fax: 2861
0802]
BUSINESS REGISTRATION NUMBER
58539988
COMPANY FILE NUMBER
1619055
DATE OF INCORPORATION
21st June, 2011.
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER
(As per registry dated 21-06-2012)
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Name |
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No. of shares |
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Marcelo Pires Ferreira COELHO |
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10,000 ===== |
DIRECTOR
(As per registry dated 21-06-2012)
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Name (Nationality) |
Address |
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Marcelo Pires Ferreira COELHO |
Room 301-302, 3/F., Hang Seng Wanchai Building, 200 Hennessy
Road, Wanchai, Hong Kong. |
SECRETARY
(As per registry dated 10-07-2012)
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Name |
Address |
Co. No. |
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Hong Kong Zhuoxin Accountants Ltd. |
Room 301-302, 3/F., Hang Seng Wanchai Building, 200 Hennessy Road,
Wanchai, Hong Kong. |
1771182 |
GENERAL
Hong Kong Chemitex Enterprise Ltd. was incorporated on 21st June, 2011
as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 301-302, 3/F., Hang Seng Wanchai Building, 200
Hennessy Road, Wanchai, Hong Kong known as Henda Secretaries & Nominees
Ltd. [Henda] which is handling its correspondences and documents. This firm is also the corporate secretary of
the subject. Your given phone number and
fax number 2861 0885 and 2861 0802 belong to Henda.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each which are wholly-owned by
Mr. Marcelo Pires Ferreira Coelho who is a Brazil passport holder and does
not have the right to reside in Hong Kong permanently. He is also the only director of the
subject. The shareholder of the subject
cannot be reached.
The subject’s lines of business are unknown since the secretarial firm
declined to divulge any information about it.
According to our secondary sources, the subject is trading in textile
chemicals, other chemicals. Commodities
are sourced from Europe and Asian countries.
Prime market is South America, especially Brazil.
It is likely that the subject has got an associated company in Brazil
which is also operated by Coelho.
It is also likely that the Brazil firm deals with foreign parties under
the name of the subject and let foreign firms correspond with the subject’s
registered address in Hong Kong. The Brazil
firm 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 less than two years.
On the whole, since the subject does not have its own operating office,
history is short 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
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Indian Rupees |
|
US Dollar |
1 |
Rs.55.99 |
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|
1 |
Rs.84.18 |
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Euro |
1 |
Rs.71.86 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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.