MIRA
INFORM REPORT
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Report Date : |
04.12.2008 |
IDENTIFICATION
DETAILS
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Name : |
ALCAN INTERNATIONAL NETWORK CHINA LTD. |
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Formerly Known as : |
PECHINEY FAR EAST LTD |
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Registered Office : |
Room 2803, 28/F., Windsor House, 311 Gloucester Road,
Causeway Bay |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.09.1971 |
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Com. Reg. No.: |
3374232 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Regional/Marketing Office; Importer and Exporter |
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
ALCAN INTERNATIONAL NETWORK CHINA LTD.
ADDRESS
Room 2803, 28/F., Windsor House, 311 Gloucester Road, Causeway Bay, Hong Kong.
PHONE: 2882 1208
FAX: 2837 9888
E-MAIL: ain-hongkong@alcan.com
MANAGEMENT
Managing Director: Mr. Zheng Da Wei
SUMMARY
Incorporated on: 14th September, 1971.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Regional/Marketing Office; Importer and Exporter.
Group Annual Sales & Operating Revenues: US$23-25 billion.
Employees: 20. (Office staff)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Office:-
6/F., Alexandra House, 18 Chater Road, Central, Hong Kong.
Head Office:-
Room 2803, 28/F., Windsor House, 311 Gloucester Road, Causeway Bay, Hong Kong.
China Offices: Beijing, Shanghai, Chengdu, Guangzhou and Shenzhen.
China Factories:-
Rio Tinto Alcan Packaging Jiangyin Propack Co. Ltd., China.
Rio Tinto Alcan Packaging Propack Beijing Co. Ltd., China.
Rio Tinto Alcan Packaging Propack Chengdu Ltd., China.
Rio Tinto Alcan Packaging Propack Huizhou Ltd., China.
Rio Tinto Alcan Packaging Propack Huizhou Plastics Co. Ltd., China.
Immediate Holding
Company:-
Pechiney World Trade S.A., France.
Intermediate Holding
Company:-
Rio Tinto Alcan Inc.
1188 Sherbrooke Street West, Montreal, Quebec, Canada H3A 3G2.
[Tel: 1-514-848-8000; Fax: 1-514-848-8115]
Ultimate Holding
Company:
Rio Tinto PLC, UK.
Subsidiaries:-
Everweal International Ltd., Hong Kong.
Foshan Alcan DQ Co. Ltd., China.
Huizhou Propack Plastic Ltd., China.
Jiangyin Propack Advanced Packing Co. Ltd., China.
Jiangyin Propack Packing Co. Ltd., China.
Propack Huizhou Ltd., China.
Propack Huizhou New Material Co. Ltd., China.
Rio Tinto Alcan Propack Chengdu Co. Ltd., China.
VPS Propack Beijing Co. Ltd., China.
Affiliated
Companies:-
Rio Tinto Alcan Group of Companies
Aluminium Co. of Canada Ltd., Canada.
P.T. Rio Tinto Alcan Packaging Flexipack, Indonesia.
Rio Tinto Alcan (Bermuda) Ltd., Bermuda.
Rio Tinto Alcan Alumina Ltda., Brazil.
Rio Tinto Alcan Aluminium UK Ltd., UK.
Rio Tinto Alcan Asia Ltd., Hong Kong.
Rio Tinto Alcan Asia Pacific Ltd., Canada.
Rio Tinto Alcan Composites Ltd., China.
Rio Tinto Alcan Composites USA Inc., US.
Rio Tinto Alcan Corporation, US.
Rio Tinto Alcan Europe Ltd., UK.
Rio Tinto Alcan Finances (Bda) Ltd., Bermuda.
Rio Tinto Alcan Finances (Ireland) Co., Ireland.
Rio Tinto Alcan Finances B.V., the Netherlands.
Rio Tinto Alcan France S.A.S., France.
Rio Tinto Alcan Global Pharmaceutical Packaging Inc., US.
Rio Tinto Alcan Holding Italia S.p.A., Italy.
Rio Tinto Alcan Holdings Australia Pty. Ltd., Australia.
Rio Tinto Alcan Holdings Germany GmbH, Germany.
Rio Tinto Alcan Holdings Switzerland AG, Switzerland.
Rio Tinto Alcan International Ltd., Canada.
Rio Tinto Alcan International Network Shanghai Ltd., China.
Rio Tinto Alcan Japan Ltd., Japan.
Rio Tinto Alcan Management Services Canada Ltd., Canada.
Rio Tinto Alcan Nikkei China Ltd., Hong Kong.
Rio Tinto Alcan Ningxia Aluminium Co. Ltd., China.
Rio Tinto Alcan Ningxia Holdings Ltd., Bermuda.
Rio Tinto Alcan Packaging (Suzhou) Co. Ltd., China.
Rio Tinto Alcan Packaging do Brasil Ltda., Brazil.
Rio Tinto Alcan Packaging Italia S.r.l., Italy.
Rio Tinto Alcan Packaging Malaysia Sdn. Bhd., Malaysia.
Rio Tinto Alcan Packaging Phetchaburi Co. Ltd., Thailand.
Rio Tinto Alcan Packaging Propack Co. Ltd., Hong Kong.
Rio Tinto Alcan Packaging Puerto Rico Inc., US.
Rio Tinto Alcan Packaging Rizal Corporation, Philippines.
Rio Tinto Alcan Packaging Strongpack Public Co. Ltd., Thailand.
Rio Tinto Alcan Packaging Strongthaipack Co. Ltd., Thailand.
Rio Tinto Alcan Packaging UK Ltd., UK.
Rio Tinto Alcan Realty Ltd., Canada.
Rio Tinto Alcan Romania SRL, Romania.
Rio Tinto Alcan Shipping (Bermuda) Ltd., Bermuda.
Rio Tinto Alcan Shipping Services Ltd., Canada.
Rio Tinto Alcan Singen GmbH, Germany.
Rio Tinto Alcan South Pacific Pty. Ltd., Australia.
Rio Tinto Alcan Vietnam Co. Ltd., Vietnam.
etc.
BUSINESS REGISTRATION NUMBER
3374232
COMPANY FILE NUMBER
25155
MANAGEMENT
Managing Director: Mr. Zheng Da Wei
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS
(As per registry
dated 14-09-2008)
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Name |
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No. of shares |
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Jean-Pierre, Roland, Daniel, Emmanuel PAILLOT |
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1 |
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Pechiney World Trade S.A. 7 place du Chanceller, Adenauer, 75016 Paris, France. |
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999 |
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––––– |
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Total: |
1,000 ==== |
DIRECTORS
(As per registry
dated 14-09-2008)
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Name (Nationality) |
Address |
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Jean-Pierre, Roland, Daniel, Emmanuel PAILLOT |
11 Allée de la Bellardière, 95220 Herblay, France. |
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ZHENG Da Wei |
Flat C, 21/F., Block 2, Sceneway Garden, Lam Tin, Kowloon, Hong Kong. |
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CHEUNG Suk Man |
17B, block 8, Island Resort, 28 Siu Wai Wan Road, Siu Sai Wan, Hong Kong. |
SECRETARY
(As per registry
dated 14-09-2008)
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Name |
Address |
Co. No. |
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Consec Services Ltd. |
6/F., Alexandra House, 18 Chater Road, Central, Hong Kong. |
24925 |
HISTORY
The subject was incorporated on 14th September, 1971 as a private limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Ugine Kuhlmann Co. Hong Kong Ltd. and name changed for several times as follows:-
to Pechiney Ugine Kuhlmann (H.K.) Ltd. on 27-03-1979
to Pechiney Hongkong Ltd. on 27-01-1984
to Pechiney World Trade (Far East) Ltd. on 02-01-1987
to Pechiney Far East Ltd. on 15-01-1991
to the present style on 01-03-2006
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Regional/Marketing Office; Importer and Exporter.
Lines: Iron and steel bars, rods, angles, shapes and sections (including sheet piling); civil engineering and contractors’ plant and equipment and parts thereof, n.e.s., including roller, bulldozers, leveller; aluminium (including bars, rods, angles, sheets, tubes); tubes, pipes and fittings, of iron or steel; universals, plates and sheets, of iron or steel; copper; glassware; other machinery and equipment specialized for particular industries, and parts thereof, n.e.s.
Agencies:-
“NOVAMETAL” arc welding electrodes – Switzerland.
“UGINOX” stainless steel – France.
“TOMAGO” aluminium alloys – Australia.
“PECHINEY” aluminium sheets – France.
“RHENALU” aluminium sheets – France.
“QAL” aluminium plates – Australia.
“FORTAL” mould spare parts – France.
“BRANDEIS” copper.
“SANTA MARINA” glassware.
Employees: 20. (Office staff)
Commodities Imported: Imported from France, Australia and Switzerland.
Markets: Hong Kong, China, US, Canada and Europe.
Group Sales & Operating Revenues:-
US$12,483 million (Year ended 31-12-2002)
US$13,850 million (Year ended 31-12-2003)
US$24,948 million (Year ended 31-12-2004)
US$20,320 million (Year ended 31-12-2005)
US$23,641 million (Year ended 31-12-2006)
Terms/Sales: Various terms.
Terms/Buying: L/C, T/T and D/P.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,000,000.00
Alternation of Capital:-
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16-09-1971 |
paid up |
HK$ 550,000.00 |
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24-09-1979 |
paid up |
HK$ 450,000.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 1,000,000.00 ============== |
Increase of Nominal Capital:-
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From |
HK$550,000.00 |
to |
HK$1,000,000.00 |
on |
24-09-1979 |
Mortgage or Charge:-
Date of Trade Finance Security Assignment: 02-07-2008
Amount: All obligations and liabilities
Property: The Customer as beneficial owner and as security for the payment of all Secured Liabilities
Mortgagee: Australia & New Zealand Banking Group Ltd., Hong Kong Branch.
Group Net Income/(Loss):-
(US$ 348 million) (Year ended 31-12-2002)
US$ 64 million (Year ended 31-12-2003)
US$ 258 million (Year ended 31-12-2004)
US$ 129 million (Year ended 31-12-2005)
US$1,786 million (Year ended 31-12-2006)
Profit & Loss: Traded at a profitable angle.
Condition: Business is active and good.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Calyon, Hong Kong Branch.
Standing: Good.
GENERAL
Formerly known as Pechiney Far East Ltd., Alcan International Network China Ltd. is a wholly owned subsidiary of Pechiney World Trade S.A., a France-based firm.
The holding company of Pechiney World Trade S.A. is Rio Tinto Alcan Inc., a Canada-based firm. The subject’s ultimate holding company is Rio Tinto PLC, a UK-based firm.
The subject is the regional subsidiary of Rio Tinto Alcan Group, one of the world’s leading industrial groups for manufacturing aluminium packaging products.
Formerly, Rio Tinto Alcan Group was known as Alcan Group which was represented by Alcan Inc. Alcan Inc. was a US listed firm. Its common shares were listed on the New York Stock Exchange. In the second half year of 2007, Alcan Group was acquired by a subsidiary of Rio Tinto PLC. After the acquisition, Alcan Inc. was removed from listing and changed name to Rio Tinto Alcan Inc.
The subject is one of the key members of the Group. It is chiefly trading in aluminium and other raw materials for its affiliated factories.
Currently, Rio Tinto Alcan Group’s six sales offices in China are: two in Beijing (one for food packaging while the other for pharmaceutical packaging), one in Shanghai, one in Chengdu, two in Guangzhou (also one for food packaging while the other for pharmaceutical packaging).
The Rio Tinto Alcan Group is specialised in supplying flexible packaging materials and laminates for food, pharmaceutical, electronic and construction industries.
The Group’s products include the following categories:-
Packaging products for Food
Packaging products for Pharmaceutical
Packaging products for Household Products
Packaging products for Cosmetic and Personal Care Products
Packaging products for Industrial and Agricultural Products
Packaging products for Accessories
The subject’s affiliate in Hong Kong Alcan Packaging Propack Co. Ltd. offers a full-range of products in food, daily chemicals, pharmaceutical, medical devices, BIB, PE film and personal hygiene applications to noted customers such as Pepsi Food, Nestle, Danone, Unilever, Wrigley, P&G, Heniz, as well as many others.
Rio Tinto Alcan Group’s Packaging department has 130 plants in 30 countries and regions. It is the largest supplier worldwide in flexible food, pharmaceutical and cosmetics packaging while the second largest supplier in tobacco packaging.
Rio Tinto Alcan Group’s China factories have got AOQC ISO 9002 certificate and GMP certificate. Having acquired the fourth factory in Beijing, Rio Tinto Alcan has become the largest packaging group in China.
Rio Tinto Alcan Group is the world’s second largest producer of primary aluminium, a technology leader in this sector and a rather predominant global producer of value-added engineered products and composites, supplying key market sectors such as aerospace, automotive and beverage cans. As a leading full-service provider in most packaging sectors, Rio Tinto Alcan is ranked No. 1 worldwide in food flexible, pharmaceutical and cosmetics packaging and No. 2 in tobacco packaging. Rio Tinto Alcan is also one of the world’s leading metal traders. It is also engaged in aluminium recycling.
Alcan also has evolved into one of the globe’s leading suppliers of bauxite, alumina. Currently, in general, Rio Tinto Alcan operates through four Business Group:-
Bauxite and Alumina [Headquartered in Montreal, Canada]
Primary Metal [Headquartered in Montreal, Canada]
Engineered Products [Headquartered in Paris, France]
Packaging [Headquartered in Paris, France]
On 31st December, 2006, Rio Tinto Alcan employed about 64,700 people in 61 countries and regions, excluding 3,300 people employed in joint ventures.
Rio Tinto Alcan maintains a corporate head office in Montreal, Canada which focuses on corporate strategy and growth initiatives, human resources and strategic capital allocation, corporate governance and compliance functions. Rio Tinto Alcan also has its global business group headquarters in Montreal of Canada and Paris of France. It is a public company traded on the Toronto, New York, London, Paris and Swiss stock exchanges.
Currently, Rio Tinto Alcan has had agents in 54 countries of the world.
In 2006, Alcan’s sales and operating revenues amounted to US$23,641 million, representing a growth of 16.3% as compared with US$20,320 million in 2005. Net income in the year was US$1,786 million, grew substantially as compared with US$129 million in 2005.
In FY 2006, Alcan’s net income was the greatest in the past five years. It is predicted that Rio Tinto Alcan’s sales and operating revenues range from US$23 to 25 billion. Overall busines is active and steady.
The subject is fully supported by Alcan. It belongs to the Segmet of Engineering Products. This segment produces engineered and fabricated aluminium products including rolled, extruded and cast aluminium products.
On the whole, in view of the subject’s parentage and background, consider it good for normal business engagements.
COURT CASES: None per our records.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs49.69 |
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UK Pound |
1 |
Rs.72.96 |
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Euro |
1 |
Rs.63.46 |
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%)