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Report Date : |
29.05.2013 |
IDENTIFICATION DETAILS
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Name : |
YICK-VIC CHEMICALS AND PHARMACEUTICALS (HONG KONG) LTD. |
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Registered Office : |
Room 1006, 10/F., Hewlett Centre, 52-54 Hoi Yuen Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.08.1980 |
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Com. Reg. No.: |
06854394 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of chemicals and raw materials,
etc. |
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No. of Employees : |
18 (Including associate) |
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 – 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 |
ECONOMIC OVERVIEW – HONG KONG
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 |
YICK-VIC CHEMICALS AND PHARMACEUTICALS (HONG KONG) LTD.
Room 1006, 10/F., Hewlett Centre, 52-54 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2541 2772
FAX: 852-2542 3444
E-MAIL: yickvic@hkstar.com
Managing Director: Mr. Leung Lap Cheung, Victor
Incorporated on: 19th August, 1980.
Organization: Private Limited Company.
Capital: Nominal: HK$700,000.00
Issued: HK$700,000.00
Business Category: Chemical Trader.
Annual Turnover: HK$250~300 million. (Including associate)
Employees: 18. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1006, 10/F., Hewlett Centre, 52-54 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
Associated Companies:-
Master-L (International) Ltd., Hong Kong. (same address)
Yick-Vic (Aust.) Pty. Ltd., Australia.
BUSINESS REGISTRATION
NUMBER: 06854394
COMPANY FILE
NUMBER: 0085583
Managing Director: Mr. Leung Lap Cheung, Victor
Nominal Share Capital: HK$700,000.00 (Divided into 70,000 shares of HK$10.00 each)
Issued Share Capital: HK$700,000.00
(As per registry dated 19-08-2012)
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Name |
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No. of shares |
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LEUNG Lap Cheung, Victor |
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69,999 |
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CHEONG Suk Fun, Monica |
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1 |
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–––––– |
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Total: |
70,000 ===== |
(As per registry dated 07-01-2013)
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Name (Nationality) |
Address |
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LEUNG Lap Cheung, Victor |
Flat H, 14/F., Block 8, Laguna City, 25 Laguna Street, Cha
Kwo Ling, Kowloon, Hong Kong. |
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CHEONG Suk Fun, Monica |
Flat H, 14/F., Block 8, Laguna City, 25 Laguna Street, Cha
Kwo Ling, Kowloon, Hong Kong. |
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LEUNG Ho Yin, Christopher |
Flat H, 14/F., Block 8, Laguna City, 25 Laguna Street, Cha
Kwo Ling, Kowloon, Hong Kong. |
SECRETARY: LEUNG Lap Cheung, Victor (As per registry dated 19-08-2012)
The subject was incorporated on 19th August, 1980 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: Importer and Exporter.
Lines: All kinds of chemicals and raw materials, etc.
Brand Name: Yick-Vic.
Employees: 18. (Including affiliate)
Commodities Imported: Europe, India, etc.
Markets: Worldwide.
Annual Turnover: HK$250~300 million. (Including associate)
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, D/P, O/A, etc.
Nominal Share Capital: HK$700,000.00 (Divided into 70,000 shares of HK$10.00 each)
Issued Share Capital: HK$700,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
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: Good.
Having issued 70,000 ordinary shares of HK$10.00 each, Yick-Vic Chemicals And Pharmaceuticals (Hong Kong) Ltd. is chiefly owned by Mr. Leung Lap Cheung, Victor. The directors of the subject are Leung Ho Yin, Christopher, Leung Lap Cheung, Victor and his wife, Ms. Cheong Suk Fun, Monica. Cheong is a minor shareholder.
The subject is a chemical development and trading company providing international customers with chemicals produced in China. With over thirty years of experience in the industry, the subject has established an extensive product base in chemicals, pharmaceuticals, intermediates and dyes.
The subject was founded by Monica Cheong and Victor Leung in August 1980. Both are registered pharmacists of the Great Britain, Australia and Hong Kong.
In general, the subject is trading in the following products:-
Cosmetic Chemicals;
Dyes, Pigments and Colours;
Industrial / Photo / Agro-Chemicals and Food Chemicals;
Intermediates;
Other Organic Chemicals, etc.; &
Pharmaceutical Raw Materials.
Most of the subject’s products bear the brand name of “Yick-Vic”. Besides sourcing from China, the subject also sources products from European countries and India.
According to the subject, it is providing China-made chemicals to businesses worldwide. As a chemical sourcing and trading agent, the subject opens up the vast market in China to international buyers.
The subject is a “Grade A” Supplier of Sigma-Aldrich Group. It is specialized in chemical development and trading; providing international customers with chemicals chiefly produced in China.
With its rapidly expanding capabilities, the subject now has had joint venture research laboratories in China which is able to develop and synthesize chemicals to its customer’s specifications. It also has got support from specialist research institutes and laboratories which are able to develop new products, as well as providing independent verification of quality of the products.
In recent years, the subject has set up a joint venture to from a Chemical Production Base with Hubei Research Institute of Chemistry.
Examples of products of Hubei Research Institute of Chemistry research fields include synthetic ammonia industry catalysts, gas purification catalysts, chemical materials for optical communication, electronic chemical products, pharmaceutical intermediates, natural food additives and fine chemicals.
The subject has had an affiliate Master-L (International) Ltd. [Master-L], a Hong Kong-registered firm, located at its operating address. This firm is trading in agro-chemicals‚ industrial chemicals‚ chemical intermediate‚ pharmaceutical chemicals (including veterinary medicines)‚ dyeing, tanning and colouring materials (dyes, pigment, ink, etc.). Products are exported to Africa, Australasia, Central and South America, Hong Kong, Japan, South Korea, China, Taiwan, Southeast Asia, other Asian countries, Eastern Europe, Western Europe, the Middle East, North America, Scandinavia, etc. Master‑L is also owned by the couple.
In the years ahead, the subject keeps on forming partnerships with China Research Laboratories to create new innovative products.
The annual sales turnover of the subject and its affiliate ranges from HK$250 to 300 million. Making a small profit every year.
The business of the subject is chiefly administered by the Leung family.
As the history of the subject is over thirty-two years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.74 |
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1 |
Rs.84.17 |
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Euro |
1 |
Rs.72.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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.