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Report Date : |
19.09.2013 |
IDENTIFICATION DETAILS
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Name : |
WONDERFUL
CHEMICAL INDUSTRIAL LTD. |
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Registered Office : |
Unit 18, 8/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.07.1988 |
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Com. Reg. No.: |
12322583 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Exporter of Dyestuffs. |
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No. of Employees : |
6 |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
WONDERFUL
CHEMICAL INDUSTRIAL LTD.
Unit 18, 8/F.,
Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2798 0118, 2753 9233
FAX: 852-2795 9817
E-MAIL: skwong@wonderful-chem.com.hk
Managing Director: Mr. Wong Shiu Kee
Incorporated on: 8th July, 1988.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Importer, Wholesaler and Exporter.
Employees: 6.
Main Dealing Banker: First Commercial Bank Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
WONDERFUL
CHEMICAL INDUSTRIAL LTD.
Registered
Head Office:-
Unit 18, 8/F.,
Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.
Affiliated/Associated
Companies:-
Chongging Taifeng Taixing Chemical Industrial Co. Ltd., China.
Chongging Unisplendour Chemical Co. Ltd., China.
Hinworld Investment Ltd., Hong Kong. (same address)
Inner Mongolia Ruida Taifeng Chemical Co. Ltd., China.
Inner Mongolia Taixing Taifeng Chemical Co. Ltd., China.
Jiangsu Huifeng Technology Co. Ltd., China.
Jiangsu Taifeng Chemical Co. Ltd., China.
Jiangsu Zhongdan Group Co. Ltd., China.
Sytron Industrial Co. Ltd., Taiwan.
Sytron Thai Co. Ltd., Thailand.
Wonderful Chemicals Ltd., Hong Kong.
12322583
0220680
Managing
Director: Mr. Wong Shiu Kee
Contact
Person: Ms. Jane Lau
Nominal Share Capital: HK$100,000.00 (Divided into 1,000 shares of HK$100.00 each)
Issued Share Capital: HK$100,000.00
(As per registry dated 08-07-2013)
|
Name |
|
No.
of shares |
|
WONG
MA Mei Chuan |
|
400 |
|
WONG Shiu Kee |
|
600 |
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|
|
––––– |
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Total: |
1,000 ==== |
(As per registry dated 08-07-2013)
|
Name (Nationality) |
Address |
|
WONG Shiu Kee |
F2, Marina Cove, Sai Kung,
New Territories, Hong Kong. |
|
WONG MA Mei
Chuan |
F2, Marina Cove, Sai Kung,
New Territories, Hong Kong. |
|
WONG Wing Dip |
F2, Marina Cove, Sai Kung, New
Territories, Hong Kong. |
|
WONG Wing Ling |
F2, Marina Cove, Sai Kung, New
Territories, Hong Kong. |
(As per registry dated 03-09-2013)
|
Name |
Address |
Co.
No. |
|
Lam’s
Management Services Ltd. |
Suite 1708-1710, 17/F., The Gateway, Tower 1, 25 Canton Road,
Tsimshatsui, Kowloon, Hong Kong. |
0071974 |
The
subject was incorporated on 8th July, 1988 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, Wholesaler and Exporter.
Lines: Dyestuffs, etc.
Employees: 6.
Commodities Imported: Mainly imported from Europe, Taiwan, etc.
Markets: Hong Kong, China, Southeast Asia, India, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C and T/T.
Nominal Share Capital: HK$100,000.00 (Divided into 1,000 shares of HK$100.00 each)
Issued Share Capital: HK$100,000.00
Mortgage or Charge:-
Date of Security Over Deposits with The Bank: 19-04-1999
Amount: To secure credit facilities or other financial accommodation
Property: HK$1,000,000 standing to the credit of the company’s deposit account No. 941-21-010111-8, deposit No. 0000007
Mortgagee: First Commercial Bank Ltd., Hong Kong Branch.
Profit & Loss: Made profits in the past years.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: First Commercial Bank Ltd., Hong Kong Branch.
Standing: Good.
Wonderful
Chemical Industrial Ltd. is a private limited company which was jointly owned
by Mr. Lam Yiu Kwok, holding 40% interests, and Mr. Wong Shiu Kee holding
60%. The subject had issued 1,000 ordinary
shares while Lam and Wong held 400 and 600 shares of HK$1.00 each
respectively. Subsequently, Lam
transferred all his shares to Wong Ma Mei Chuan who is the wife of Wong. Now, the shareholders are also directors of
the subject.
The
subject is the Hong Kong associated company of Jiangsu Taifeng Chemical Co.
Ltd. [Taifeng] which is a China-based firm.
Taifeng
is jointly set up by Jiangsu Zhongdan Group Co. Ltd. [Zhongdan], a China-based
firm, and three Hong Kong-registered firms.
Taifeng
is engaged in producing indigo blue dyestuffs which are marketed by the
subject. The subject is trading in the
following products:-
·
Dyestuffs;
·
Tanning & Colouring Materials
[TF indigo, WDF indigo (dyestuff for denim), TF indigo, WDF indigo(dyestuff for
denim)].
According
to the subject, Taifeng is able to produce about 70% of the worldwide indigo
(C6H10N2O2). Products are packed in
plastic buckets (25 kg), iron buckets (25 kg), paper buckets (25 kg), textile
bags (25 kg), large iron buckets (100 or 60 kg).
Its
prime markets are Central and South America, the European Union, India,
Pakistan, Southeast Asia, South Africa, etc.
Taifeng
is a “Jiangsu High and New Technology Enterprise” a “China Torch Plan High and
New Technology Enterprise”. It has got
ISO9001 certification.
In
the past years, Taifeng has wholly-invested or partly-invested in the following
firms:-
·
Chongqing Taixing Taifeng Chemical
Co. Ltd., China [Partly-owned];
·
Chongqing Ziguang Chemical Co.
Ltd., China [Partly-owned];
·
Inner Mongolia Ruida Taifeng Chemical
Co. Ltd., China [Partly‑owned];
·
Inner Mongolia Taixing Taifeng
Chemical Co. Ltd., China [Wholly‑owned];
·
Sytron Industrial Co. Ltd., Taiwan
[Wholly-owned]; &
·
Sytron Thai Co. Ltd., Thailand
[Wholly-owned].
Zhongdan
was founded in 1980, which is an enterprise group with combination of
production and research, integration of science and industry. Zhongdan is mainly involved in producing fine
chemicals, pharmaceutical intermediates and agro-intermediates. There are three production sites in China,
one in Jiangsu (HQ), the second in Chongqing and the third in Inner Mongolia.
The
total employees in China is about 2,000.
Zhongdan
has an international business team and marketing networks in Europe, America,
Asia and throughout China. It has had
the following group members:
1. Jiangsu
Zhongdan Chemical Technology Co. Ltd.
2. Jiangsu
Zhongdan Pharmaceuticals Manufacturing Co. Ltd.
3. Jiangsu
Zhongdan Pharmaceuticals R&D Co. Ltd.
4. Jiangsu
Zhongdan Chemical Import & Export Co. Ltd.
All
the pharmaceutical products have received the GMP certificate, while one
product API has passed FDA audit, All
its fine chemical enterprises have been certified by ISO9000, OHSAS18001.
Zongdan’s
Indigo, Amino Series products and Ethoxyquin, each has ranked the first in the
world.
The
subject’s business is chiefly handled by Mrs. Wong Ma Mei Chuan and Mr. Wong
Shiu Kee. Overall business is
active. Annual sales turnover is
significant.
On
the whole, having a history over twenty-five years, the subject is considered
good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.14 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.84.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
-- |
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.