MIRA
INFORM REPORT
|
Report Date : |
06.12.2008 |
IDENTIFICATION
DETAILS
|
Name : |
PATEK TRADING CO. LTD. |
|
|
|
|
Registered Office : |
1/F., Kentucky Industrial Building, 57-61 Lei Muk Road,
Kwai Chung, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
25.11.1986 |
|
|
|
|
Com. Reg. No.: |
10649006 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter; Wholesaler; Agent of All kinds of
Dyestuffs |
RATING &
COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
Litigation : |
Clear |
name of the company
PATEK TRADING
CO. LTD.
ADDRESS
1/F., Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 2423 3234, 2943 3700
FAX: 2489 2063
E-MAIL: info@patek.com.hk
MANAGEMENT
Managing Director: Mr. Li Wing Tang
SUMMARY
Incorporated on: 25th November, 1986.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Dyestuff and Chemical Trading.
Annual Turnover: HK$120-125 million.
Employees: 20.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
1/F., Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
Holding Company:-
Rickat Investment Ltd., British Virgin Islands.
Associated with:-
Evertek Hong Kong Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
10649006
COMPANY FILE NUMBER
178721
MANAGEMENT
Managing Director: Mr. Li Wing Tang [Husband]
Administration Director: Ms. Ng Ka Ling, Kathleen [Wife]
CAPITAL
Nominal Share Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$3,000,000.00
SHAREHOLDERS
(As per registry
dated 25-11-2007)
|
Name |
|
No. of shares |
|
Rickat Investment Ltd. International Trust Building, Wickhams Cay, Road Town, Tortola, British Virgin Islands. |
|
29,999 |
|
Senna Developments Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin Islands. |
|
1 |
|
|
|
–––––– |
|
|
Total: |
30,000 ===== |
DIRECTORS
(As per registry
dated 25-11-2007)
|
Name (Nationality) |
Address |
|
LI Wing Tang (British) |
12/F., Kowloon Tong Mansion, 110 Boundary Street, Kowloon, Hong Kong. |
|
NG Ka Ling, Kathleen (British) |
12/F., Kowloon Tong Mansion, 110 Boundary Street, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 25-11-2007)
|
Name |
Address |
Co. No. |
|
Prinza Ltd. |
3806, Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. |
334490 |
HISTORY
The subject was incorporated on 25th November, 1986 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: Importer and Exporter; Wholesaler; Agent.
Lines: All kinds of dyestuffs (such as acid dyes, basic dyes, cationic dyes, direct dyes, disperse dyes, leather dyes, reactive dyes) and intermediate, flavour and aroma chemicals.
Agents for:-
|
Brand |
Product |
Country of Origin |
|
ICI |
Dyestuffs and auxiliaries |
UK |
|
EVERDIRECT |
Dyestuffs and auxiliaries |
Taiwan |
|
EVERLIGHT |
Dyestuffs |
Taiwan |
|
INOLAR |
Dyestuffs |
Japan |
|
POLKAZOL |
Dyestuffs |
Indonesia |
Total Floor Space: 2,100 sq.m. – self-owned.
Employees: 20.
Commodities Imported: Imported from China, Taiwan, Japan, Indonesia, UK, France and other European countries.
Markets: Hong Kong, China, Japan and Taiwan.
Annual Turnover: HK$120-125 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T and D/P.
MAIN JAPANESE SUPPLIER
Inoue Chemicals Co. Ltd., Japan.
MEMBERSHIP
The Hong Kong General Chamber
of Commerce, Hong Kong.
[Membership No. HKP0104]
FINANCIAL INFORMATION
Nominal Share Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$3,000,000.00
Increase of Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$3,000,000.00 |
on |
23-03-1988 |
Mortgage or Charge: (See attachment)
Profit & Loss: Traded at a profitable angle.
Condition: Keeping in an active and good manner.
Facilities: Making active use of general banking facilities.
Payment: Regularly met.
Commercial Morality: Good.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking:-
One source reports they maintain an active and entirely satisfactory current account with them which was opened on 5th December, 1986. Partially secured banking facilities granted to them are utilized to their satisfaction. They handle their import bills under letters of credit and on a collection basis and export bills against letters of credit with satisfactory results.
Standing: Normal.
GENERAL
Patek Trading Co. Ltd., formed in 1986, was formerly jointly owned by Mr. and Mrs. Li Wing Tang and their friends. In 1994, all the shares were transferred to the couple’s investment arm, Rickat Investment Ltd., a firm registered in the British Virgin Islands. Since then, the subject has become a wholly-owned subsidiary of Rickat Investment Ltd.
Besides its main office and laboratory, the subject also owns large warehouse to serve its customers with on time delivery. Since its establishment, the subject has been focusing on trading of textile dyestuffs and auxiliaries imported from all over the world. It is the distributor of BASF, Chematex, DyStar, Everlight, ICI, Inolar, Stahl, Yorkshire, etc. and is one of the largest dyestuff importers in Hong Kong. Products sold include reactive dyes, acid dyes, direct dyes, cationic dyes, disperse dyes, and VAT dyes.
The subject shows its expertise by providing professional before and after sales services to its customers. Technical advice is supported by its internal laboratory while financial support to customers is backed by healthy banking arrangement and credit control. To cope with the mass relocation of dyeing factories to China, which happened for more than 10 years in the past, the subject has established its subsidiaries in South China. Processing plants, warehouses, and laboratories are also set up to diversify business to different parts of China.
The subject is also the distributor of many significant dyestuffs manufactured by world famous manufacturers. The followings are some of the significant brands:-
|
Brand Name |
Brand Product/Service |
Brand Remarks |
|
Everlight (Official Agent) |
Dyeing, Tanning and Colouring Materials |
Dyestuffs |
|
Dic (Official Agent) |
Dyeing, Tanning and Colouring Materials Textile Chemicals |
Colour and pigment dyes auxiliaries |
|
Dystar (Official Agent) |
Dyeing, Tanning and Colouring Materials |
|
|
Basf (Official Agent) |
Dyeing, Tanning and Colouring Materials |
Dyestuffs |
|
Chematex International (Official Agent) |
Dyeing, Tanning and Colouring Materials |
|
|
Chematex (Official Agent) |
Dyeing, Tanning and Colouring Materials |
|
The subject’s business is active and good.
Located at the same office, the subject has got an affiliated enterprise Evertek Hong Kong Ltd. engaged in the same lines of business. Incorporated on 16th July, 1991, Evertek is wholly-owned by Senna Development Ltd., also a BVI-registered firm.
On the whole, having a history of over 22 years in Hong Kong, the subject is considered good for normal business engagements.
REMARKS
Court Cases: None per our.
Property information of the company and associate:-
1. Property Location: 1/F.
and Car Parking Space No. 3 on G/F.,
Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories,
Hong Kong.
Owner: Patek Trading Co. Ltd.
Date of Purchase: 19-03-1988
Purchased Price: HK$3,350,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
19-03-1988 |
- |
Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
Legal charge to secure general banking facilities |
2. Property Location: 5/F., Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.
Owner: Patek Trading Co. Ltd.
Date of Purchase: 13-01-1993
Purchased Price: HK$3,250,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
13-01-1993 |
- |
Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
Mortgage to secure general banking facilities |
3. Property Location: Flat C on 10/F., Goldwin Heights, 2 Seymour Road, Hong Kong.
Owner: Patek Trading Co. Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
11-07-1997 |
- |
Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
Legal charge to secure general banking facilities |
4. Property Location: 12/F. & Roof, Kowloon Tong Mansion, 110 Boundary Street, Kowloon, Hong Kong.
Owner: Evertek Hong Kong Ltd.
Date of Purchase: 15-02-1995
Purchased Price: HK$12,000,000 pt.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
15-02-1995 |
- |
Dao Heng Bank Ltd., Hong Kong. [Merged into DBS Bank (Hong Kong) Ltd.] |
First legal charge to secure general banking facilities |
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
19-03-1988 |
Instrument: Legal Charge Property: 1) 1/F. and Car Park No. 3 on G/F. of Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories, Hong Kong. 2) By way of assignment the benefit of all insurance over the Premises Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
All monies and the discharge of all obligations and liabilities |
|
13-01-1993 |
Instrument: Mortgage Property: 1) The Property:- 11/190th parts or shares of and in Tsuen Wan Lot No. 989 in Demarcation District No. 450 (5/F. of Kentucky Industrial Building, 57-61 Lei Muk Road, Kwai Chung, New Territories, Hong Kong.) and Fixtures (all fixed plant, fixed machinery and fixtures, fittings, goods and materials) 2) All the interest and benefit arising out of all insurances relating to the Property or any part thereof 3) All the sale proceeds, the rents and other sums of moneys and deposits now or to become payable by virtue of each sale agreement, lease, tenancy agreement or other Disposal (any sale, assignment, exchange, transfer, concession, loan, lease, surrender of lease, tenancy, licence, direct or indirect reservation, waiver, compromise, release, dealing with or in or granting of any option, right of first refusal or other right or interest whatsoever or any agreement for any of the same) Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
To secure all principal, interest and other amounts |
|
11-07-1997 |
Instrument: Legal Charge Property: 9/3,219th parts or shares of and in The Remaining Portion of Section A of Inland Lot No. 588 (Flat C on 10/F. of Goldwin Heights, 2 Seymour Road, Hong Kong.) Mortgagee: Standard Chartered Bank,
Hong Kong Branch. [Business
transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
To secure the due and punctual payment of the Secured Indebtedness (means all monies, obligations and liabilities) |
|
03-03-1999 |
Instrument: Rental Assignment Property: 9/3,219th parts or shares of and in The Remaining Portion of Section A of Inland Lot No. 588 (Flat C on 10/F. of Goldwin Heights, 2 Seymour Road, Hong Kong.) Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
To secure “all moneys” in respect of general banking facilities and interest thereon |
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.69 |
|
UK Pound |
1 |
Rs.72.96 |
|
Euro |
1 |
Rs.63.46 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)