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MIRA
INFORM REPORT
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Report Date : |
24.12.2008 |
IDENTIFICATION DETAILS
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Name : |
HORNEMAN CHEMPLAS (FAR
EAST) LTD. |
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Formerly Known As : |
Sogem Plastics Ltd. |
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Registered Office : |
15/F.,
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Country : |
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Date of Incorporation : |
30.10.1987. |
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Com. Reg. No.: |
11327312 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter; Wholesaler and Distributor of all kinds of chemicals, polymer and plastic materials. |
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
HORNEMAN
CHEMPLAS (FAR EAST)
LTD.
ADDRESS
15/F.,
PHONE: 2882 2300
FAX: 2882 2339
E-MAIL: info@horneman.com.hk
hr@chemplastic.com
MANAGEMENT
Managing Director: Ms. Wong Lai Tak, Angela
SUMMARY
Incorporated on: 30th October, 1987.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Chemical Merchant.
Annual Turnover: HK$100-110 million
Employees: 28. (
Main
Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
15/F.,
Warehouse:-
Unit 105, 1/F., Nan Fung Industrial City, Block 4, 18 Tin Hau Road, Tuen Mun, New Territories, Hong Kong.
[Tel: 2463 9199; Fax: 2463 9090]
Guangzhou
Office
Unit C, 12/F., Peace World Plaza, 362-366 Huanshi Dong Lu, Guangzhou,
Guangdong, China. [Postal Code: 510060]
[Tel: (86-20) 8387 2661; Fax: (86-20)
8387 2272]
Shanghai
Office
Room 1708-1710, Suncome Liauw’s Plaza,
[Tel: (86-21) 5831 7880; Fax: (86-21)
5831 7886]
Chengdu
Office
Room 29-5-3, CBD International
Plaza, No. 2, 3rd Block, South Renmin Road, Chengdu, Sichuan, China. [Postal Code: 610041]
[Tel: (86-28) 8556 4216; Fax: (86-28)
8556 4215]
Dongguan
Office
Room 2301, Changan
[Tel: (86-769) 8544 9982; Fax: (86-769)
8531 8286]
Shantou
Office
Room 701,
[Post Code: 515041]
[Tel: (86-754) 889 5294 Fax: (86-754)
886 9425]
Holding Company:-
Sino Link (Holdings) Ltd., Hong Kong. (See attachment)
Affiliated Companies:-
Sino
Link Group of Companies
DCO
Environmental & Recycling
DCO
International Inc.,
Horneman
Chemplas (Europe)
Lorolana
Co. Ltd.,
Pacific
Star Ltd.,
PolymerPacific.com
Ltd.,
Shanghai
De Tian Ltd.,
Sino
Link SCS (Asia) Ltd.,
etc.
BUSINESS REGISTRATION NUMBER
11327312
COMPANY FILE NUMBER
202106
MANAGEMENT
Managing Director: Ms. Wong Lai Tak, Angela
Assistant General Manager: Mr. Raymond C. W. Tsui
Marketing
Manager of Greater
CAPITAL
Nominal Share Capital: HK$5,000,000.00 (Divided into 50,000 shares of HK$100.00 each)
Issued Share Capital: HK$5,000,000.00
SHAREHOLDERS
(As per registry dated 30-10-2008)
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Name |
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No. of shares |
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Sino Link (Holdings) Ltd., Hong Kong. |
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47,500 |
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Cameron McLatchie of “AILSA” and Martin John Davies as Trustee of the John Leech Accumulation and Maintenance Settlement |
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2,500 |
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–––––– |
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Total: |
50,000 ===== |
DIRECTORS
(As per registry dated 30-10-2008)
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Name (Nationality) |
Address |
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WONG Lai Tak, Angela (Canadian) |
House 81, |
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John LEECH (British) |
Flat 16, Gilbery House, |
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LEUNG Hoi Hung |
Flat B, 7/F., Block 9, |
SECRETARY
(As per registry dated 30-10-2008)
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Name |
Address |
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Wideyield (Nominees) Ltd. |
Room 904-908, 9/F., |
83449 |
HISTORY
The subject was incorporated on 30th October, 1987 as a private limited liability company under the Hong Kong Companies Ordinance.
It
was originally registered under the name of Sogem (
Formerly
the subject’s operating address was located at Room 2101-2103, 21/F., Windsor
House,
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter; Wholesaler and Distributor.
Lines: All kinds of chemicals, polymer and plastic materials.
Employees: 28.
(
25. (
Commodities
Imported: Imported from
Markets:
Annual Turnover: HK$100-110 million
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$5,000,000.00 (Divided into 50,000 shares of HK$100.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
Profit & Loss: Made small profits in the past years.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: Met on time.
Commercial Morality: Satisfactory.
Bankers:-
The
Hongkong & Shanghai Banking Corp. Ltd.,
Industrial
& Commercial Bank of
Standing:
GENERAL
The
subject, previously known as Sogem Plastics Ltd., was a member of the
Belgian-based Sogem Group in
The
subject is a member of the Sino Link Group. Today, it has grown into one of the world’s
leading polymer distributors, supplying 400,000 metric tons of plastics resins
to over 2,000 manufacturers throughout
The subject is operating globally through its affiliated
companies including DCO International (North America and the Middle East), De
Tian (
The subject continuously expands its global network to serve a wider customer base with a more extensive product offering. It has been supplying raw materials to the plastic and rubber industries for over 20 years.
The
subject has a very high profile throughout
Currently the subject is trading in the following plastics:-
·
Low
Density Polyethylene [ABS]
·
High
Density Polyethylene [PVC]
·
Linear
Low Density Polyethylene [SAN]
·
Polypropylene [PET]
·
Polystyrene [PMMA]
·
Polyacetal [Nylon]
In
Sino Link is the flagship of Sino Link Group, one of the
leading industrial material distributors in the world, with strong presence in
the Greater China and the
Sino Link was incorporated in December 1989 with an issued share capital of HK$3,000,000.00. It is jointly owned by Ms. Angela Wong Lai Tak, holding 40% interest, Mr. Leung Hoi Hung, also holding 40%, and Mr. Li Jian Hong who is a Mainland Chinese, 20%. Ms. Angela Wong is the Chief Executive Officer of the subject as well as the group.
The
significant firm of Sino Link Group is Sino Link SCS (
The annual sales turnover of the subject ranges from HK$100 to 110 million. Business is rather active.
On the whole, consider the subject good for normal business engagements.
COURT CASES:
None per our.
Name
SINO
LINK (HOLDINGS) LTD.
ADDRESS
15/F.,
BUSINESS REGISTRATION NUMBER
13380912
COMPANY FILE NUMBER
268877
DATE OF INCORPORATION
29th December, 1989.
CAPITAL
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
SHAREHOLDERS
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Name |
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No. of shares |
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LI Jian Hong |
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600,000 |
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WONG Lai Tak, Angela |
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1,200,000 |
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LEUNG Hoi Hung |
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1,200,000 |
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–––––––– |
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Total: |
3,000,000 ======= |
DIRECTORS
LI Jian Hong
WONG Lai Tak, Angela
LEUNG Hoi Hung
SECRETARY
Wideyield
(Nominees) Ltd.,
REMARKS
The name was changed from Silverdoor Industrial Ltd. to the present style on 29th July, 1993.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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07-03-2002 |
Instrument: Assignment of DC Proceeds Property: By way of assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing proceeds payable or to be paid to the Customer under the Documentary Credits, all the Customer’s right, title and interest in the said Documentary Credits and the benefit of all powers and remedies for enforcing the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., |
All loans or other advances made or to be made by the Bank to the Customer against documents submitted under a Documentary Credit, all monies and liabilities in any currency owing by the Customer to the Bank at any time, whether separately or jointly, actually or contingently, present or future, interest on all loans and advances and such monies and all expenses of the Bank in perfecting or enforcing the Assignment |
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14-10-2005 |
Instrument: Security Over Deposits with the Bank (Limited Company – Under Seal) Property: HK$9,000,000 initially and all monies of the time being hereafter standing to the credit of the company’s deposit No. 004-371118 together with any further sum hereafter standing to the credit of any deposit account with the Bank Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., |
To secure general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.99 |
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1 |
Rs.72.49 |
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Euro |
1 |
Rs.68.44 |
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%)