MIRA
INFORM REPORT
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Report Date : |
26th
May 2006 |
IDENTIFICATION
DETAILS
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Name : |
BAYER MATERIALSCIENCE LTD. |
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Registered Office : |
76/F & 77/F, The Center, 99 Queen's Road Central, Hong Kong |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.02.1998 |
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Com. Reg. No.: |
636023 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Import & supply of polymer materials. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
NAME
BAYER MATERIALSCIENCE LTD.
ADDRESS
76/F & 77/F, THE CENTER, 99 QUEEN'S ROAD
CENTRAL, HONG KONG
TEL : 852 25888851 / 28955888
FAX : 852 25988839
EXECUTIVE SUMMARY
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INCORPORATION DATE |
11-2-1998 |
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REGISTRATION NO. |
636023 |
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REGISTERED
LEGAL FORM |
PRIVATE
LIMITED CO. |
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CHIEF
EXECUTIVE |
STACHELS
ELMAR (DIRECTOR) |
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STAFF
STRENGTH |
150 |
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AUTHORIZED
CAPITAL |
HKD 0.1M
= 0.1M SHARES @ HKD 1.- |
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PAID-UP
CAPITAL |
HKD 0.1M |
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BUSINESS
LINE |
IMPORT
& SUPPLY OF POLYMER MATERIALS |
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TURNOVER |
EUR
4,946M (ASIAN REGION, YEAR ENDED
31-12-2004) |
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EQUITIES |
N/A (AS
OF DEC. 31, 2004) |
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PAYMENT |
AVERAGE |
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RECOMM.
CREDIT RANGE |
FAIRLY
LARGE AMOUNT |
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MARKET
CONDITION |
COMPETITIVE |
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FINANCIAL
CONDITION |
STABLE |
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OPERATIONAL
TREND |
FAIRLY
STEADY |
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GENERAL
REPUTATION |
AVERAGE |
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EXCHANGE
RATE |
HKD
7.79962 = USD1 AS OF 2006-12-08 |
The correct name of SC should be the heading one instead of "Bayer Material Science Ltd." given by you.
SC is a private limited company registered under incorporation file no. 636023 on 11-2-1998.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 11-2-2005) Number of shares held
Lanxess HK Ltd.
(Former name: Bayer China Co. Ltd.) 99,999
Stachels Elmar 1
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100,000
=======
Directors (as at 16-8-2004)
Stachels Elmar / P995017A
Plumpe Gottfried Artur Walter / 5247852845
The above registration information is based on SC's annual return filed at Companies Registry within the last 2 years.
Our current search reveals certain material change or amendment of SC has been recorded within the last 2 years & noted as follows:
Partial change in SC's directorship as
follows:
Name(s) of resigned director(s) Resignation date
Heitmann Axel Claus 16-8-2004
Name(s) of newly appointed director(s) Appointment date
Plumpe Gottfried Artur Walter 16-8-2004
Change of co. name : SC was formerly named Bayer Polymers Co. Ltd. & adopted present name on 1-9-2004.
Shares transfers :
Date No. of shares Transferor(s) Transferee(s)
27-7-2004 99,999 Lanxess Hong Kong Ltd. Bayer Far East
Service Co. Ltd.
Total number of employees : 150 (sharing with its parent).
Location : Maintaining its office at the heading business address which occupies a gross area of 10,000 square feet at a commercial building in a commercial district.
Condition inside the premises during our visit : Normal.
Office/factory layout : Standard.
The premises is reportedly rented. Land copy is not available during current search.
This section will contain the civil litigations & winding-up petitions filed against SC for the last 6 years (as stored in our database), and the mortgage/charge filed by SC for the last 2 years. In Hong Kong, creation of such mortgages/charges by an unlimited co is not required to be registered in the public records.
Civil litigation/winding-up petitions : None in our database.
Mortgage/charge record(s) : None filed within the last 2 years as per our current search.
SC is a subsidiary of Bayer Far East Service Co. Ltd. whose partial information is as follows:
Year established : 1983
Registered/business address : Same as heading business address
Business line : It is engaged in trading of chemical materials,
including synthetic rubbers, synthetic fibers & plastic materials for local, PR China, South East & Asian markets.
No. of employees : 150 (sharing with SC)
Civil litigation & winding-up
petition records : None in our database
Turnover : NA
The said co is, in turn, ultimately owned by Bayer AG, a public co. listed on NYSE (USA) & Germany, whose partial information is as follows:
- Year established: 1863
- Registered/business address: 51368 Leverkusen, Germany.
- Business line: The group is mainly engaged in 4 major business segments: including chemicals, garden & agriculture, health care & plastics & other materials through 7 sub-groups including Bayer Healthcare, Bayer Cropscience, Bayer Materialscience, Lanxess, Bayer Business Services, Bayer Technology Services & Bayer Industry Services.
- No. of employees: 113,000 (as at 31-12-2004)
- Civil litigation & winding-up petition records: None in our database
- Turnover: EUR29,758M (year ended 31-12-2004)
Partial financial data of the said
company:
Items Fiscal yr 31-12-2003 Fiscal yr 31-12-2004
Current assets : EUR8,925M EUR9,733M
Current liabilities : EUR23,013M EUR23,534M
Fixed assets & long term assets : EUR18,232M EUR16,855M
Tangible worth/(net deficit) : EUR4,144M EUR3,054M
Turnover : EUR28,567M EUR29,758M
Net income/(net loss) : (EUR1,361M) EUR603M
Stachels Elmar, managing director: In his mid 40's & married. He is by German nationality. Also currently director of Bayer Far East Service Co. Ltd. Currently residing in PR China & only visits Hong Kong for business occasionally.
Registered residential address: No.6, Lane 1389, Hua Shan Road, Shanghai, PR China.
Credit history check : This refers to a check of our database whether the said person has been involved in any of the following records stored by us within the last 6 years:
Civil litigation as defendants : None in our database
Bankruptcy/winding-up petitions : None in our database
Delinquent payment records : None in our database
Debt collection records : No overdue amount owed by the
said person was placed to us for
collection
Ownership background appraisal
Rating : 2 Obtained scores : 75 (see explanatory notes below)
Keys : 1 : scores 81-100 : Excellent
2 : scores 61-80 : Good
3 : scores 46-60 : Average
4 : scores 21-45 : Fair
5 : scores 01-20 : Poor
The rating indicates the personal financial & operational strength of SC's major principals. It is calculated from a composite of scores obtained from the following 5 factors which carry equal weight in our analysis:
Personal financial strength, credit history & trade reputation, business experience & track record, market connection and management skill.
Business categories
SC is engaged in import & supply of polymer materials.
Items available include acclaim polyol, alkydal, baycoll, bayfill, bayflex, baypreg, crelan, desmocap, makrofol, marnot, special foams, resistherm, vulkollan & other polyurethane raw materials & isocyanate coating raw materials.
Principal purchases
Major types of sourcing : Polymer materials
Local--type of suppliers : Nil
Buying terms : Nil
Overseas--supplying countries : SE Asia, USA & Europe (mainly Germany)
Buying terms : L/C & T/T
Principal market
Local--type of customers : Manufacturers, wholesalers, retailers & end-
users
Selling terms : COD & credit of 30 to 60 days
Overseas--buying countries : PR China, Taiwan & SE Asia
Selling terms : L/C & T/T
SC is not known to have any subsidiary at present.
Overall payment appraisal
( ) Excellent (X) Good ( ) Average ( ) Fair ( ) Poor ( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and ability to pay. It is based on the 3 weighed factors: Trade payment experience (through current enquiry with SC's suppliers), our delinquent payment records and our debt collection record concerning SC.
Delinquent payment record
None in our database.
Debt collection record
No overdue amount owed by SC was placed to us for collection within the last 6 years.
Banking relations are maintained principally with:
- HSBC
- Standard Chartered Bank (HK) Ltd.
- Hang Seng Bank Ltd.
- Deutsche Bank AG (HK branch)
Upon a current contact, SC's principal(s) declined forwarding any
financial information on the ground that SC is a private venture whose data is
not required for public inspection.
The annual report of SC's ultimate parent, Bay AG, indicated that the turnover of Asian region for the year ended 31-12-2004 was EUR4,946M.
As per current co. search, total amount of indebtedness of SC in respect of all mortgages and charges which are required to be registered with Companies Registry as at 11-2-2005 was NA.
SC is considered a well-maintained business being well-known in the trade. Its present standing for fairly large amount of credit dealings appear acceptable.
-- Asset Tracing --
Upon our current investigation, our database & sources consulted indicate that SC was not involved in any property transaction (both purchase & disposal) in Hong Kong for the last 6 years.
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 |
Unfavourable & favourable factors
carry similar weight in credit consideration. Capability to overcome
financial difficulties seems comparatively below average/normal. |
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 |