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Report No. : |
339931 |
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Report Date : |
07.09.2015 |
IDENTIFICATION DETAILS
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Name : |
LEVACHEM CO. LTD. |
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Registered Office : |
C/o Sinomix & Co., Certified Public Accountants HZ2254, Unit (S) 2, LG1, Mirror Tower, 61 Mody Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
02.08.2002 |
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Com. Reg. No.: |
32858518 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employees : |
No Employee 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 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% of total system
deposits in Hong Kong by the end of 2013. 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 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
LEVACHEM CO. LTD.
Registered
Office:-
C/o Sinomix & Co., Certified Public Accountants
HZ2254, Unit (S) 2, LG1, Mirror Tower, 61 Mody Road, Tsimshatsui,
Kowloon, Hong Kong.
Associated
Company:-
Nanjing Levachem Co. Ltd.
2112, Suning Universal Mansion, 188 Guangzhou Road, Nanjing City 210024,
Jiangsu Province, China.
[Tel: 86-25-8324 7442~3, 8324 7445~7
Fax: 86-25-8324 7441
E-mail: sales@levachem.com ]
32858518
0808808
2nd August, 2002.
HK$10,000.00
(As per registry dated 02-08-2014)
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Name |
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No. of shares |
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LU Min Yan |
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2,500 |
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CAI Jun |
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2,500 |
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LUO Kai Yu |
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2,500 |
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LIU Tong Qiu |
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2,500 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 02-08-2014)
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Name (Nationality) |
Address |
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LU Min Yan |
Room 2607, No. 2, Xiyi Xincun, Baixia, Nanjing, Jiangsu, China. |
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CAI Jun |
Room 2204, No. 4, Beimenqiao Road, Xuanwu, Nanjing, Jiangsu, China. |
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LUO Kai Yu |
Room 1506, Unit 3, No. 218, Hanzhong Road, Gulou, Nanjing, Jiangsu,
China. |
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LIU Tong Qiu |
Room 1406, Unit 3, No. 5, Guangzhou Road, Gulou, Nanjing, Jiangsu,
China. |
(As per registry dated 02-08-2014)
|
Name |
Address |
Co. No. |
|
SBS Nominee Ltd. |
Unit 802A, 8/F., Fortress Tower, 250 King’s Road, North Point, Hong
Kong. |
0809165 |
The subject was incorporated on 2nd August, 2002 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Room 1020-1021,
10/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon, Hong
Kong where is the operating address of a secretarial firm known as Hong Kong
Secretarial Ltd. Its registered address
moved to ‘Room 1505B, 15/F., Fortress Tower, 250 King’s Road, North Point,
Hong Kong’ in August 2010 as it had changed its secretarial firm.
The subject’s registered address moved to the present address in July
2014 as it has further changed its secretarial firm since then.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Levachem Co. Ltd. is
equally owned by Mr. Lu Min Yan, Mr. Cai Jun, Mr. Luo Kai Yu and Mr. Liu
Tong Qiu. Being China ID Card holders,
all the shareholders are also directors of the subject. Currently, they are residing in Nanjing City,
Jiangsu Province, China.
The subject does not have its own operating office. Its registered office is in an accountant
firm located at HZ2254, Unit (S) 2, LG1, Mirror Tower, 61 Mody Road,
Tsimshatsui, Kowloon, Hong Kong known as Sinomix Ltd. which is handling its
correspondences and documents. The
subject’s file number in the secretarial company is HZ2254.
The subject changed its registered address again in July 2014.
To our knowledge, the subject has had a main associated company Nanjing
Levachem Co. Ltd. [Nanjing Levachem] which is in Nanjing City, Jiangsu
Province, China. The subject and Nanjing
Levachem form the Levachem Group.
At present, Levachem Group oversees two operating companies, the subject
and Nanjing Levachem.
The subject chiefly is engaged in serving foreign customers. Now, the Group has customers in about fifteen
countries.
Nanjing Levachem was established in 2001 in China. The Group has had four cooperating
manufacturers that are engaged in producing fine chemicals, diversified
pharmaceuticals, agrochemical ingredients and the other high technology
products.
The Group is an international fine chemicals holding company and one of
China’s leading providers of integrated fine chemicals. It is engaged in sourcing business, research
and development, custom manufacturing business, as well as other value-added
services.
The Group has three major business sectors: Pharmaceuticals, Dyestuffs
and Other Fine Chemicals.
According to the subject, it is trading in the following main products:-
Catalyst and Auxiliary, Inorganic Chemicals, Organic Intermediates,
Agrochemicals, Other Chemicals, Pharmaceuticals and Biochemicals, Laboratory
Chemicals, Basic Organic Chemicals, Adhesives and Sealants, Food & Feed
Additives, Flavour & Fragrance, Other Chemicals, Daily Chemicals.
Levachem Group is significant for its organic chemicals.
The following firms are its partners:-
Lixin Chemical Co. Ltd. — Produce Dyestuff Intermediates, such as
Bromamine Acid, 1-amino Anthraquinone, etc.;
Tian Ma Fine Chemical Co. Ltd. — Produce Pharmaceutical Ingredients,
such as N-octyl D-Glucmine, etc.;
Xin Yuan Fine Chemical Co. Ltd. — Produce Dyestuff / Pigment /
Agrochemical Intermediates and Special Chemicals.; &
Xing Nong Chemical Co. Ltd. — Produce Agrochemical and Intermediates.
Nanjing Levachem is marketing the above-mentioned firms’ products. Most of the chemicals are marketed in China,
exported to Europe, the Middle East, Africa, Oceania, the other Asian
countries, North America, Central and South America, etc. About 90% of the products are exported. Currently, it is carrying over 130 type of
chemical products.
It was reported that the annual sales turnover of Nanjing Levachem is
about RMB760 to 800 million Yuan.
However, it profit margin was usually low in the past years.
Nanjing Levachem is also operated and owned by the four shareholders of
the subject. It has opened an account at
The Hongkong & Shanghai Banking Corp. Ltd., Shanghai Branch, China.
The Contact Person of Nanjing Levachem Mr. Lu Min Yan is one of the
shareholders of the subject.
The subject’s business in Hong Kong is not active. History in Hong Kong is over twelve
years and seven months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis
or in very small credit amounts.
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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
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Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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.