MIRA
INFORM REPORT
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Report Date : |
18.04.2008 |
IDENTIFICATION
DETAILS
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Name : |
RHODIA HONG KONG LTD. |
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Registered Office : |
Unit A, 18/F, Manulife Tower, 169 Electric Road, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.7.1996 |
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Com. Reg. No.: |
13076 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of Chemicals. |
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 |
name & address
RHODIA
HONG KONG LTD.
UNIT A, 18/F,
MANULIFE TOWER, 169 ELECTRIC ROAD,
NORTH POINT., HONG KONG
TEL: 852 2807
5300 FAX: 852 2887 1874
EXECUTIVE SUMMARY
INCORPORATION DATE :
30-7-1996
REGISTRATION NO. :
13076
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : MR. CHUNG YEE TAK (DIRECTOR)
STAFF STRENGTH :
35
AUTHORIZED
CAPITAL : HK $5.6M = 56,000
SHARES @ HK $100.-
PAID-UP
CAPITAL : HK $5.6M
BUSINESS LINE :
TRADING OF CHEMICALS
TURNOVER :
EUR 5,081M (GROUP, YEAR ENDED 31-12-2007)
EQUITIES :
N/A (GROUP, YEAR ENDED 31-12-2007)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
MODERATE AMOUNT
MARKET CONDITION :
AVERAGE
FINANCIAL CONDITION :
N/A
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.79260 = USD 1
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD – Hong Kong Dollars
SC is a private limited company registered under incorporation file no.
13076 on 30-7-1996.
SC's shareholder(s) & director(s) are shown to be as follows:
Shareholder(s) (as at 30-7-2007) Number
of shares held
- Rhodia S.A. 55,999
- Rhodia Participations 1
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56,000
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Director(s) (as at 30-7-2007)
- Chung Yee Tak / A831868(1)
- Blum Alexandre Albert Rene / 07AF08255
- Clement de Givry Vincent, Mathieu, Marie / 05EK15504
- Yap Ping Luen / D349349(1)
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
SC maintains a registered office at 4/F-5/F, Central Tower,
28 Queen's Road, Central, HK.
Total number of employees: 35.
Location: Maintaining its office at the heading address at a commercial
building in a commercial and residential district.
Condition inside the premises during our
visit: Normal.
Office/factory layout: Standard.
The premise is rented.
SC is a subsidiary of Rhodia S.A., a public co. listed on Euronext Paris
New York with stock code RHA, whose partial information is as follows:
Year established : NA
Registered/business
address : Inneuble Coeur Defense Tower, A
110 esplanade, Charles de Gaulle, 92400 Courbevoie, France
Business line : As a holding co with
diverse interest through its subsidiaries & affiliates in manufacturing
& export of ind'l & pharmaceutical chemical to the consumer care, food,
agrochemical, automobile & fiber markets
No. of employees : 15,530 (group, year ended 31-12-2007)
Civil litigation & winding-up petition: Nil
Turnover :
EUR 5,081M (group, year ended 31-12-2007)
Partial financial data of the said company:
Items Fiscal
yr 31-12-2007 Fiscal yr 31-12-2006
Current assets: EUR2,115M EUR2,682M
Current
liabilities: EUR1,627M EUR2,151M
Fixed assets &
non-current assets: EUR2,363M EUR2,471M
Tangible
worth/(net deficit) : EUR2,851M EUR3,002M
Turnover: EUR5,081M EUR4,810M
Net income/(net
loss) : EUR131M EUR66M
EUR = Euro Dollar
1 EUR = HK$12.443
Competitors
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- BASF AG
- ICI
- Clariant International
Chung Yee Tak, director:
- In his early 60's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat 4, 19/F, Block R, Kornhill, Quarry
Bay, Hong Kong.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Chung Yee Tak, Wong Sook Yee
- Date of purchase / consideration: 11-8-1987 / HK $512,430
- Date of mortgage / secured amount: NA
- Mortgagee : NA
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
Yap Ping Luen, director:
- In his late 50's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: 12A Butler Tower, 1-5 Boyce Road,
Jardine's Lookout, Hong Kong.
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s): Yap Ping Luen, Wu Shui Chi Merrissa
- Date of purchase / consideration: 5-10-2006 / HK $13,880,000
- Date of mortgage / secured amount: 5-10-2006 / ANS
- Mortgagee: Bank of China (HK) Ltd.
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 : 70 (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.
During our report preparation, the principals could not be contacted
while the staff members hesitated to release financial information without the
principals' consent.
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 30-7-2007 was nil.
Banking relations are maintained principally with: HSBC.
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 records 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 since its incorporation date.
Overall payment appraisal:
( ) Excellent (
) Good (X) 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.
Trade payment
experience: SC did not provide any name of
trade/service suppliers and we have no other sources to conduct the enquiry at
present.
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.
Business categories:
SC is engaged in trading of chemicals.
Items available include pharmaceutical & industrial chemicals,
plastic materials, etc.
Principal purchases:
Major
types of sourcing : Raw
materials
Local--type
of suppliers : Distributors
& manufacturers
Buying
terms : COD
& credit of 30 days
Overseas--supplying
countries : France & UK
Buying
terms : L/C &
T/T
Principal market:
Local--type
of customers : Manufacturers
Selling
terms : COD &
credit of 30 days
Overseas--buying
countries : PR China, SE Asia &
North America
Selling
terms : L/C &
T/T
SC is not known to have any subsidiary at
present.
SC is considered a well-maintained business with solid base to meet
moderate amount of credit dealings.
-- 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. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)