MIRA
INFORM REPORT
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Report Date : |
19.08.2008 |
IDENTIFICATION
DETAILS
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Name : |
TECHGEN
MACHINERIES LTD. |
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Registered Office : |
Room 1005, 10/F., South Tower, Concordia Plaza, 1 Science Museum
Road, Tsimshatsui East, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.07 1996 |
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Com. Reg. No.: |
20035966 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Trader of Machinery and Equipment |
RATING &
COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 of the company
TECHGEN
MACHINERIES LTD.
ADDRESS
Room 1005, 10/F., South Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 2314 1928
FAX: 2314 7668
E-MAIL: info@techgen.com.hk
MANAGEMENT
Managing
Director: Mr. Wong Tak Yung, Victor
SUMMARY
Incorporated on: 11th July, 1996.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Machinery & Equipment Trader.
Annual Turnover: Over HK$200 million.
Employees: 15. (Hong Kong)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
Room 1005, 10/F.,
South Tower, Concordia Plaza, 1 Science Museum Road, Tsimshatsui East, Kowloon,
Hong Kong.
China Offices:-
In Beijing,
Shanghai, Fuzhou & Guangzhou, China.
Holding Company:-
Techgen Holdings
Ltd., Hong Kong.
Affiliated Companies:-
Guangzhou Dejian Machineries Ltd., China.
Shijiazhuang Dejian Machineries Ltd., China.
Techgen Biotech Development Ltd., China.
Techgen International (Holdings) Ltd., Hong Kong.
Techgen Machineries Export Ltd., Hong Kong.
Techgen Package Material & Printing Co. Ltd., Hong Kong.
Victory Century International Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
20035966
COMPANY FILE NUMBER
557634
MANAGEMENT
Managing
Director: Mr. Wong Tak Yung, Victor
CAPITAL
Nominal Share
Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,000,000.00
SHAREHOLDER
(As per registry dated 11-07-2008)
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Name |
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No. of shares |
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Techgen Holdings
Ltd., Hong Kong. |
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1,000,000 ======= |
DIRECTOR
(As per registry dated 11-07-2008)
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Name (Nationality) |
Address |
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WONG Tak Yung |
Room
1705, Fu Ning House, Fu Keung Court, Lok Fu, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 11-07-2008)
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Name |
Address |
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TSANG
Fung Ching |
Room 1705, Fu Ning House, Fu Keung Court, Lok Fu, Kowloon, Hong Kong. |
HISTORY
The subject was
incorporated on 11th July, 1996 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.
OPERATIONS
Activities: Importers & Exporters; Agents.
Lines: All kinds of food processing and packing machineries widely use in beverage, brewery, dairy, pharmaceutical, health care industries.
Office Space: 1,500
sq.ft. (In Hong Kong)
Employees:
15. (Hong Kong)
550. (China)
Commodities
Imported: Europe, US, etc.
Markets: China (main), US, Southeast Asia, etc.
Annual Turnover:
Over HK$200 million.
Terms/Sales: Installments or as per contracted.
Terms/Buying: On various terms.
FINANCIAL INFORMATION:
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge (since 2002): (See attachment)
Profit & Loss: Traded at a profitable angle.
Condition: Business remains normal.
Facilities: Is making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of Communications Co. Ltd., Hong Kong Branch.
Dah Sing Bank Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Techgen Machineries Ltd. [TML] was incorporated on 11th July, 1996 as a private limited liability company. With a nominal and issued capital of HK$1 million, TML is a wholly-owned subsidiary of Techgen Holdings Ltd. [THL].
THL is the holding company of the Techgen Group which is engaged in the manufacture and sale of food processing and packing machineries widely use in beverage, brewery, dairy, pharmaceutical, health care industries.
Major members of the Group include the following:-
THL
(Holding Company)
Shijiazhuang Dejian Machineries Ltd.
(Manufacturing, R&D, engineering & etc.)
TML
(For local sales in China)
Techgen International (Holdings) Ltd.
(For international sales and export)
Victory Century International Ltd.
(For investment, projects and joint-venture)
Guangzhou Dejian Machineries Ltd.
(Manufacture of milk machinery)
TML provides clients with dairy, beverage, food packaging, winery, brewery, medicine machinery, complete plant and engineering consultation services. In addition, it also provides training and effective after sales services for its end-users.
Presently, TML has two factories and four offices in China and employing over 550 staff. The two factories in China are Guangzhou Dejian Machineries Ltd. and Shijiazhuang Dejian Machineries Ltd. The former is engaged in manufacturing machinery and equipment for dairy farms while the latter for beverages and food packaging industries. Main products of the factories are:
- Aseptic & Non-aseptic milk UHT & Pouch F/F/S system for Plastic & Paper Pouch
- PET Complete filling line
- Water Treatment
- Processing
- 5 gallon filling line
- Complete brewery bottling line 20,000BPH-48,000BPH
All the products are in conformity
with the US and European Standards.
The Group provides clients with
advanced equipment and technology and production lines according to the requirements
of the clients.
The Group has had the following
long-term customers in China:
COCA-COLA, Wahaha, Robust, Beijing Huiyuan, President,
Dole, Heilongjiang Longdan Dairy, Inner Mongolia Nailun Dairy, Inner Mongolia,
Keerqin Dairy, Inner Mongolia Mengniu Dairy, Inner Mongolia Yili Dairy, Dalian
Dairy, Xi’an Dairy, Ningxia Dairy, Sichuan Xinyangping Dairy, Shangdong Dawang
Dairy, Zibo Lusaer Dairy, Shanxi Gucheng Dairy, etc.
The Group has provided Beijing Huiyuan with Aseptic PET Filling Line which is one of its products. Beijing Huiyuan began operation in 2002.
Besides marketing
in China, the Group’s products are exported to the United States, the
Philippines, Malaysia, Vietnam, Thailand, Indonesia, South America,
etc. The Group have got agents in
Italy, the United States, France, Australia, Indonesia, Iran, etc.
On the other hand,
the Group is also the agent in the Great China Region for the US Teledyne
Taptone Packaging Inspection Systems.
The Group’s
business is chiefly handled by Mr. Wong Tak Yung and Ms. Tsang Fung Ching.
We consider the
company good for its normal business engagements.
COURT CASES: None per our.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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11-04-2002 |
Instrument: Deed
of Indemnity, Charge Over Deposit(s) and Set-Off Property: By way of fixed charge to the Bank all the
Company’s estate, right, title, claim, benefit and interest to and in the
Deposit (the balance now or at any time hereafter standing to the credit of
Customer No. 027-6203138-5) and all interest from time to time payable
thereon and together with all title deeds and documents relating thereto. Mortgagee: Bank
of Communications, Hong Kong Branch.
[Now known as Bank of Communications Co. Ltd.] |
All actions, suits, proceedings, claims,
demands, losses, damages, costs, fees, expenses and/or liabilities of
whatsoever nature which the Bank may suffer incur or sustain, whether actual
or contingent, by reason, arising out or on account of the Bank agreeing at
the request of the Company to grant or continue to grant to the Company
general banking facilities |
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24-11-2004 |
Instrument: Security
Over Deposit as Borrower or Guarantor Property: Deposit in the name of Techgen Machineries
Ltd. maintained from time to time with Dah Sing Bank Ltd. and any further
sum(s) hereafter standing to the credit of any account of the company with
the bank. Mortgagee: Dah
Sing Bank Ltd., Hong Kong. |
General banking facilities |
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06-02-2008 |
Instrument: Deed
of Indemnity, Charge Over Deposit(s) and Set-Off Property: By way of first
fixed charge: All the Company’s estate,
right, title, claim, benefit and interest to and in the Deposit(s) and all
interest from time to time payable thereon and together with all title deeds
or documents relating thereto. All the fixed deposit(s) and/or call
deposit(s) of whatever nature and in whatever currency now or at any time
hereafter maintained or to be maintained by the Company with the Bank under the
following customer number: 012-7695527-6 Mortgagee: Bank
of China (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities |
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25-03-2008 |
Instrument: Security
Over Deposits Property: A deposit with chargee in the amount of EUR1,600,00
and all moneys under Deposit A/C No. 596-463422 whatever currency it may
subsequently be denominated in, any renewal of such deposit and the interest
thereon together with any further monies in any deposit account with the
chargee at any of its offices. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) all monies in any currency owing by the Company to the chargee at
any time, actually or contingently, in any capacity, alone or jointly with
any other person, (ii) interest on such monies, to the date on which the
chargee receives payment, at the rates payable by the Company or which would
have been payable but for any circumstance which restricts payment and
(iii) all expenses of the chargee in perfecting or enforcing the charge |
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19-03-2008 |
Instrument: Charge
on Cash Deposit(s) to secure Liabilities of the Depositor(s) Property: (1) By way of first fixed
charge and agreement to charge: the Deposit and
all right, title and interest of the Company whatsoever, present and future,
thereto and therein, together with any certificates of deposit or other
instruments or securities evidencing title, or otherwise relating, thereto
and any account to which the same is credited. (2) By way of set-off: any sum standing to the credit of any one
or more of the accounts of the Company with the Bank wheresoever situate. Mortgagee: DBS
Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.43.23 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.63.80 |
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%)