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Report No. : |
350802 |
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Report Date : |
25.11.2015 |
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 : |
Hongkong |
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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 : |
Good |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hongkong |
A1 |
A1 |
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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 |
HONGKONG - 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 has no
tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 total trade 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than
4.4% in 2014. 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. In 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
WONDERFUL
CHEMICAL INDUSTRIAL LTD.
ADDRESS: 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.
Issued Share Capital: 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.
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.
Syntron Industrial Co. Ltd., Taiwan.
Syntron Thai Co. Ltd., Thailand.
Wonderful Chemicals Ltd., Hong Kong.
12322583
0220680
Managing Director:
Mr. Wong Shiu Kee
Contact Person: Ms. Jane Lau
HK$100,000.00
(As per registry dated 08-07-2015)
|
Name |
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No. of shares |
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WONG MA Mei Chuan |
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400 |
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WONG Shiu Kee |
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600 |
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––––– |
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Total: |
1,000 ==== |
(As per registry dated 08-07-2015)
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Name (Nationality) |
Address |
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WONG Shiu Kee |
House F2, Marina Cove, Sai Kung, New Territories,
Hong Kong. |
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WONG MA Mei Chuan |
House F2, Marina Cove, Sai Kung, New Territories,
Hong Kong. |
|
WONG Wing Dip |
House F2, Marina Cove, Sai Kung, New Territories,
Hong Kong. |
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WONG Wing Ling |
House F2, Marina Cove, Sai Kung, New Territories,
Hong Kong. |
(As per registry dated 08-07-2015)
|
Name |
Address |
Co. No. |
|
Lam’s Management Services Ltd. |
Suites 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, China, etc.
Markets: Hong
Kong, China, Southeast Asia, India, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C and T/T.
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 or 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 other two directors are the daughters of
Wong Shiu Kee and Wong Ma Mei Chuan.
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” and a “China Torch Plan High and New
Technology Enterprise”. It has got
ISO9001 certification. In recent years,
it has employed a US expert Mr. James Eric McFarland in its R&D department.
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];
· Syntron Industrial Co. Ltd., Taiwan [Wholly-owned]; &
· Syntron Thai Co. Ltd., Thailand [Wholly-owned].
Inner Mongolia
Taixing Taifeng is engaged in manufacturing liquefied chlorine, potassium
hydroxide, hydrochloric acid, etc.
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:
· Jiangsu Zhongdan Chemical Technology Co. Ltd.
· Jiangsu Zhongdan Pharmaceuticals Manufacturing Co. Ltd.
· Jiangsu Zhongdan Pharmaceuticals R&D Co. Ltd.
· 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. Regular customers have been maintained.
On the whole, having
a history over twenty-seven years and four months, the subject is considered
good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.66.35 |
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|
1 |
Rs.100.66 |
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Euro |
1 |
Rs.70.47 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.