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Report No. : |
345650 |
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Report Date : |
26.10.2015 |
IDENTIFICATION DETAILS
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Name : |
U-VEX CHEMICALS (HONG KONG) CO. LTD. |
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Registered Office : |
Unit 1901, 19/F., Block B, New Trade Plaza, 6 On Ping Street, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.02.1996 |
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Com. Reg. No.: |
19685697 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Resins, Pigments, Wax, Additives, Decorative Materials |
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No. of Employees : |
16 |
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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
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 |
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 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 |
U-VEX CHEMICALS
(HONG KONG) CO.
LTD.
ADDRESS: Unit 1901, 19/F., Block B, New Trade
Plaza, 6 On Ping Street, Shatin, New Territories, Hong Kong.
PHONE: 852-2690 3882, 3188 9988
FAX: 852-2692 7780
E-MAIL: info@u-vex.com
Managing Director: Mr. Chan Ming
Kai
Incorporated on: 22nd February, 1996.
Organization: Private Limited
Company.
Issued Share Capital: HK$500,000.00
Business Category: Importer,
Wholesaler and Re-exporter.
Employees: 16. (Hong Kong)
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
U-VEX CHEMICALS
(HONG KONG) CO.
LTD.
Registered Head Office:-
Unit 1901, 19/F., Block B, New Trade Plaza, 6 On Ping Street, Shatin,
New Territories, Hong Kong.
China Sales Offices:-
Shanghai Improve Chemicals Co. Ltd.
Room 1401, Building B, Oasia Plaza, No. 3064, North Zhongshan Road, Shanghai
200063, China.
Tel (86-21) 6297 1919, 6243 2700
Fax: (86-21) 6257 2867
E-mail: shanghai@u-vex.com
U-Vex Chemicals (Shenzhen) Co. Ltd.
Room 209-211, 2/F., Hong Cheng Ge, Zhong Huan Lu, Long Hua, Shenzhen 518109,
China.
Tel: (86-755) 2811 6657, 2811 6342
Fax: (86-755) 2811 7180
E-mail: shenzhen@u-vex.com
Training and Production Centre:-
Huizhou Phoetron Plastics Co. Ltd.
Huangdong Industrial Area, Huangdong Tangyi Village, Zhenlong Town,
Huiyang District, Huizhou City, Guangdong Province, China.
[Tel.: 86-752-3299 656 Fax: 86-752-3299
659]
Associated Companies:-
Phoetron Corporation Ltd., Hong Kong.
Shenzhen Yue Kai Trading Corporation Ltd., China.
South China Yuekai Trading Shenzhen Co. Ltd., China.
U-Vex (China) Holdings Ltd., China.
19685697
0539742
Managing Director: Mr. Chan Ming
Kai
Contact Person: Mr. Janelle Ho
HK$500,000.00
(As per registry
dated 22-02-2015)
|
Name |
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No. of shares |
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CHAN Ming Kai |
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250,000 |
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LIU Wai |
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250,000 |
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––––––– |
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Total: |
500,000 ====== |
(As per registry
dated 22-02-2015)
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Name (Nationality) |
Address |
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CHAN Ming Kai |
Flat D, 23/F., Block 13, Yuet Wu Villa, Tuen Mun,
New Territories, Hong Kong. |
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LIU Wai |
Flat D, 23/F., Block 13, Yuet Wu Villa, Tuen Mun,
New Territories, Hong Kong. |
LIU Wai (As per registry dated
22-02-2015)
The subject was incorporated on 22nd February, 1996 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 511, 5/F., Fo Tan Industrial
Centre, 26-28 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong;
moved to Unit 1-3, 3/F., Block B, New Trade Plaza, 6 On Ping Street, Shatin,
New Territories, Hong Kong in March 2004 and further to present address at
March 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Wholesaler and Re-exporter.
Lines: Resins,
Pigments, Wax, Additives, Decorative Materials.
Employees: 16. (Hong Kong)
20. (China)
Commodities Imported: Imported from
Europe, India, Japan, United States,.
Markets: Hong
Kong, China, other Asian countries.
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$500,000.00
Mortgage or Charge:-
Date: 31-12-2014
Description of Instrument: Mortgage
Mortgagee: Bank
of China (Hong Kong) Ltd., Hong Kong.
Profit or Loss: Made
small profits in the past years.
Condition: Business is
active.
Facilities: Adequate for
current running.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Good.
Incorporated in February 1996, U-Vex Chemicals (Hong Kong) Co. Ltd. is a
private limited company equally owned by Mr. Chan Ming Kai and Ms. Liu
Wai. They are also directors of the
subject. Chan and Liu is a couple.
The subject is dealing in various kinds of specialty raw materials for
paint and ink industries. Its sales
offices are in Hong Kong, Shenzhen Special Economic Zone, Kunshan and Shanghai,
China. It also has had trading partners
in major cities of various provinces of China.
The subject has had an associated company Phoetron Corporation Ltd.
[Phoetron] located at the same address.
Phoetron and the subject are engaged in the same lines of business, more
or less. However, Phoetron is
significant for its decorative concrete products. Phoetron Decorative Concrete provides a full
range of products including bag mixes, Eco-Stains, sealers, moulds and
tools. It can be used for both indoor
and outdoor applications for virtually any decoration and resurfacing needs. Theme parks, hotels, villas, home decoration,
car parks, factory floorings, landscaping, and renovation of floors and walls
are only a few examples of highly suitable applications. It can imitate any kind of stone, tile,
wood-texture, metal surface or broom texture.
Its associated factory in Huizhou City is known as Huizhou Phoetron
Plastics Co. Ltd.
The subject represents reputed manufacturing companies, such as:-
·
Noveon Specialty Chemicals — Hyperdispersants,
Surface Modifiers, Resins and Polymers;
·
Dainippon Inks & Chemicals (Japan) — Organic
pigments;
·
Pflaumer Brothers Inc. (USA) — Dispersing agents
and functional additives;
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Toyo Aluminium KK (Japan) — Toyal Aluminium paste;
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Asha Dispersions (Japan) — Pigment chips;
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Davy Speciality Chemicals Inc. — Metallic Orientation
Wax-gel and Anti-Setting Wax-gel, Baihe organic
pigments;
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Sun Chemical – pigments and colour
chips;
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Micro Inks Limited (India) – for resins, flushes;
·
Kronos (Germany) — Titanium Dioxide,.
All the products are in conformity with international standards such as
ASTM, EN71, REACH, ROHS, etc.
Besides the above-mentioned firms, the subject also represents the
following companies:-
American Gilsonite Co., Zhejiang Baihe Chemical Holding Group, DIC
(Dainippon Ink & Chemicals Incorporated), Fukuda Metal Foil & Powder
Co. Ltd., Micro Inks Ltd., Dalian Nemoto Chemicals Co. Ltd., NOVEON Specialty
Chemicals (Shanghai) Ltd., SUBHASRI, Sun Chemical, Meghmani Organics Ltd.,
Lubrizol, Davy Speciality Chemicals,.
According to the subject, its business in China has been expanding. Its associated company in Huizhou City, China
is known as Huizhou Phoetron Plastics Co. Ltd. [Huizhou Phoetron] which was set
up in 2005. Its registered capital was
HK$8 million. The contact person is Mr.
Chan Ming Kai who can be reached at his China mobile phone number
86-1392 3404 683.
Huizhou Phoetron is also the training centre and production centre of
the subject.
The subject’s business is chiefly handled by Chan and Liu. The contact person is Mr. Janelle Ho.
The subject operates from its own premises.
Since the subject’s history in Hong Kong is over nineteen years and
seven months, on the whole, consider it good for normal business engagements.
Property information of
the company:-
1. Property
Location: Workshop No. 1-3 on 3/F.
of Block B, New Trade Plaza,
6 On Ping Street, Shatin, New Territories, Hong Kong.
Owner: U-Vex Chemicals (Hong Kong)
Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
01-09-2008 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property
Location: Workshop No. 1 on 19/F.
of Block B, New Trade Plaza,
6 On Ping Street, Shatin, New Territories, Hong Kong.
Owner: U-Vex Chemicals (Hong Kong)
Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
27-10-2008 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
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|
1 |
Rs.99.88 |
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Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
DPT |
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.