MIRA INFORM
REPORT
|
Report Date : |
28.04.2011 |
IDENTIFICATION DETAILS
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Name : |
DU
PONT CHINA LTD. |
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Registered Office : |
26/F., Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.02.1985 |
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Com. Reg. No.: |
16211293 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Engineering plastics, textile and industrial fibers, agricultural and industrial chemicals, electronic materials and products, biomedical products and pharmaceuticals, and specialty chemicals |
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 : |
Exists |
NOTES :
Any query related to this report can be made
on e-mail : infodept@mirainform.com
while quoting report number, name and date.
ECGC Country Risk Classification List – December 31, 2010
|
Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
DU PONT CHINA LTD.
Company ADDRESS
26/F., Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2734 5345, 2734 5465
FAX: 2734 5486, 2724 4458, 2368 3516
E-MAIL: info.hk@hkg.dupont.com
MANAGEMENT
Managing Director: Ms. Lam Mei Mei, Mini
SUMMARY
Registered in Hong Kong on: 15th February, 1985. (Oversea Company)
Incorporated on: 20th October, 1992.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer and exporter of chemicals, polymer, fiber, electronics, etc.
Group Net Sales: US$31,505 million (Year ended 31-12-2010)
Employees: 200. (Hong Kong)
Main Dealing Banker: Citibank N.A., Hong Kong Branch.
Banking Relation: Good.
Company ADDRESS
Registered Head
Office:-
26/F., Tower 6, The Gateway, 9 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
P.O. Box 98851, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
E.I. du Pont de Nemours & Co.
DuPont Building, 1007 Market Street, Wilmington, Delaware 19898, USA.
[Tel: 1-302-774-1000; Fax: 1-302-773-2631]
Affiliated
Companies:-
DuPont Group of
Companies
· Belco Technologies Corporation, USA.
· Coastal Training Technologies Corporation, USA.
· DuPont (Australia) Ltd., Australia.
· DuPont (Changshu) Fluoro Technology Co. Ltd., China.
· DuPont (China) Research & Development Co. Ltd., China.
· DuPont (Korea) Inc., Korea.
· DuPont (U.K.) Industrial Ltd., UK.
· DuPont (U.K.) Ltd., UK.
· DuPont Agricultural Caribe Industries Ltd., Bermuda.
· DuPont Apollo (Shenzhen) Ltd., China.
· DuPont Argentina S.A., Argentina.
· DuPont Asia Pacific Ltd., Japan.
· DuPont Asturias S.L., Spain.
· DuPont Capital Management Corporation, USA.
· DuPont Chemical & Energy Operations Inc., USA.
· DuPont China Holding Co. Ltd., China.
· DuPont Co. (Singapore) Pte. Ltd., Singapore.
· DuPont Coordination Center N.V., Belgium.
· DuPont de Colombia S.A., Colombia.
· DuPont de Nemours (Belgium) BVBA, Belgium.
· DuPont de Nemours (Deutschland) GmbH, Germany.
· DuPont de Nemours (France) S.A.S., France.
· DuPont de Nemours (Luxembourg) SARL, Luxembourg.
· DuPont de Nemours (Nederland) B.V., The Netherlands.
· DuPont de Nemours Development S.A., Switzerland.
· DuPont de Nemours Groupe S.A.R.L., France.
· DuPont de Nemours Holding SA, Switzerland.
· DuPont de Nemours International SA, Switzerland.
· DuPont de Nemours Italiana S.r.l., Italy.
· DuPont Deutschland Holding GmbH & Co. KG, Germany.
· DuPont do Brasil S.A., Brazil.
· DuPont Electronics Microcircuits Industries Ltd., Bermuda.
· DuPont Energy Co. LLC, USA.
· DuPont Feedstocks Co., USA.
· DuPont Global Operations Inc., USA.
· DuPont Iberica S.L., Spain.
· DuPont India Ltd., USA.
· DuPont Industrial (Luxembourg) SARL, Luxembourg.
· DuPont International BV, the Netherlands.
· DuPont International Operations SARL, Switzerland.
· DuPont K.K., Japan.
· DuPont KGA BV, the Netherlands.
· DuPont Mexico S.A. de C.V., Mexico.
· DuPont Operations (Luxembourg) SARL, Luxembourg.
· DuPont Operations Inc., USA.
· DuPont Operations Worldwide Inc., USA.
· DuPont Performance Coating France SAS, France.
· DuPont Performance Coating Nederland BV, the Netherlands.
· DuPont Performance Coatings (Changchun) Co. Ltd., China.
· DuPont Performance Coatings (Shanghai) Co. Ltd., China.
· DuPont Performance Coatings (U.K.) Ltd., UK.
· DuPont Performance Coatings Austria GmbH, Austria.
· DuPont Performance Coatings GmbH, Germany.
· DuPont Performance Elastomers LLC, USA.
· DuPont Powder Coatings USA Inc., USA.
· DuPont Science (Luxembourg) SARL, Luxembourg.
· DuPont Taiwan Ltd., Taiwan.
· DuPont Trading (Shanghai) Co. Ltd., China.
· E.I. DuPont Canada - Thetford Inc., Canada.
· E.I. DuPont Canada Co., Canada.
· E.I. DuPont India Private Ltd., India.
· EKC Technology Inc., USA.
· First Chemical Corporation, USA.
· Holding DuPont S.A. de C.V., Mexico.
· Initiatives de Mexico S.A. de C.V., Mexico.
· Liqui-Box Corporation, USA.
· MECS Inc., USA.
· Pioneer Hi-Bred International Inc., USA.
· Solae LLC, USA.
etc.
BUSINESS REGISTRATION NUMBER
16211293
COMPANY FILE NUMBER
0385752
MANAGEMENT
President (Greater China): Mr. Su Hsiao Shih, Tony
Managing Director: Ms. Lam Mei Mei, Mini
CAPITAL
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
SHAREHOLDER
(As per registry dated 20-10-2010)
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Name |
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No. of shares |
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E.I. du Pont de Nemours & Co. DuPont Building, 1007 Market Street, Wilmington, Delaware 19898, USA. |
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5,000,000 ======= |
DIRECTORS
(As per registry dated 20-10-2010)
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Name (Nationality) |
Address |
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LAM CHING Wai Tuen, Elizabeth |
18, Lotus Villas, 100 Chuk Yeung Road, Sai Kung, New Territories, Hong Kong. |
|
LAM Mei Mei, Mini |
Flat C, 10/F., Block 2, Victoria Centre, 15 Watson Road, North Point, Hong Kong. |
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LEUNG Wei Chuen |
Flat A6, 3/F., On Kay Court, 20 Chun Wah Road, Kowloon, Hong Kong. |
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SU Hsiao Shih |
Unit 1501, Building, 6 Shama Century Park, Lane 99, Dong Xiu Road, Pudong, Shanghai, China. |
SECRETARY
(As per registry dated 20-12-2010)
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Name |
Address |
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John J. HANSSEN |
Room 1604, Tower B, Queen’s Garden, 9 Old Peak Road, Hong Kong. |
HISTORY
The subject was originally incorporated in Delaware, the United States, and registered in Hong Kong on 15th February, 1985 as an oversea company. Incorporated in Hong Kong as a private limited liability company on 20th October, 1992 under the Hong Kong Companies Ordinance.
The private limited company was originally registered under the name of Netwin Investments Ltd., name changed to the present style on 26th January, 1993.
Formerly the subject was located at Room 1122, 11/F., New World Office Building (East Wing), 24 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2002.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Engineering plastics, textile and industrial fibers, agricultural and industrial chemicals, electronic materials and products, biomedical products and pharmaceuticals, and specialty chemicals.
Branded Products:-
“CRASTIN” PBT thermoplastic polyester resins
“DELRIN” acetal resins
“HYTREL” thermoplastic polyester elastomers
“MINLON” mineral reinforced nylon resins
“RYNITE” PET thermoplastic polyester resins
“VESPEL” parts and shapes
“ZENITE” LCP liquid crystal polymer and PCT high performance polyester resins
“ZYTEL” HTN high performance polyamide resins and nylon resin
Office Area: 50,000 sq.ft. in Hong Kong.
Employees: 200. (Hong Kong)
1,900. (China)
Commodities Imported: Europe, China, etc.
Markets: Hong Kong, China, Europe, North America, etc.
Group Net Sales: US$27,421 million (Year ended 31-12-2006)
US$29,378 million (Year ended 31-12-2007)
US$30,529 million (Year ended 31-12-2008)
US$26,109 million (Year ended 31-12-2009)
US$31,505 million (Year ended 31-12-2010)
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
MEMBERSHIP
· The American Chamber of Commerce in Hong Kong.
·
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKD0083]
FINANCIAL INFORMATION
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Group Net Income: US$3,148 million (Year ended 31-12-2006)
US$2,988 million (Year ended 31-12-2007)
US$2,007 million (Year ended 31-12-2008)
US$1,755 million (Year ended 31-12-2009)
US$3,031 million (Year ended 31-12-2010)
Profit or Loss: Group made profits in the past years.
Condition: Keeping in an active and good manner.
Facilities: Making active use of general banking facilities.
Payment: Reliable.
Commercial Morality: Good.
Bankers:-
· Citibank N.A., Hong Kong Branch.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Sound.
GENERAL
Du Pont China Ltd. was incorporated in Hong Kong in October 1992 as a private limited company to take over the business of Du Pont China Ltd., Hong Kong Branch which was originally established in February 1985.
The subject is a wholly-owned subsidiary of E.I. du Pont de Nemours & Co. [DuPont], the United States – one of the largest and most diversified industrial corporations in the world.
DuPont was founded in 1802 and was incorporated in Delaware in 1915. It is a world leader in science and innovation across a range of disciplines, including agriculture and industrial biotechnology, chemistry, biology, materials science and manufacturing. DuPont operates globally and offers a wide range of innovative products and services for markets including agriculture and food, building and construction, electronics and communications, general industrial, and transportation. Total worldwide employment at 31st December, 2010 was approximately 60,000 people.
DuPont was founded by Mr. Eleuthère Irénée du Pont de Nemours in Delaware, the United States, as an explosives company. Mr. E.I. de Pont de Nemours gained expertise in the manufacturing of gunpowder when he had worked as an apprentice in chemist Antoine Lavoisier’s laboratory at Essone, France since 1788.
DuPont consists of 13 businesses which are aggregated into seven segments based on similar economic characteristics, the nature of the products and production processes, end-use markets, channels of distribution and regulatory environment. DuPont’s reportable segments in 2010 are Agriculture & Nutrition, Electronics & Communications, Performance Chemicals, Performance Coatings, Performance Materials, Safety & Protection, and Pharmaceuticals. DuPont includes certain embryonic businesses not included in the reportable segments, such as Applied BioSciences, and nonaligned businesses in Other.
Now, DuPont is carrying the following brands and products: “DuPont Oval and DuPont™” (The “DuPont Brand Trademarks”); “Pioneer®” brand seeds; “Teflon®” fluoropolymers, films, fabric protectors, fibers, and dispersions; “Corian®” solid surfaces; “Kevlar®” high strength material; and “Tyvek®” protective material.
No commodities or raw materials are purchased for the Pharmaceuticals segment. This segment’s revenues arise from licensing arrangements for “Cozaarâ” and “Hyzaarâ” antihypertensive drugs, which are manufactured and distributed by Merck & Co.
In 1802, DuPont was primarily an explosives company. One hundred years ago, its focus turned to chemicals, materials and energy. Today, DuPont delivers science-based solutions that make real differences in people’s lives around the world in areas such as food and nutrition, health care, apparel, safety and security, construction, electronics and transportation.
In 1985, Du Pont China Ltd., a US incorporated company established a branch office in Hong Kong and opened an office in Beijing. A Shanghai office was opened in 1986. In 1988, DuPont China Holding Co. Ltd. was established in Shenzhen. In October 1992, Du Pont China Ltd. (the subject) was set up as a private limited company in Hong Kong. In the 1990s, DuPont has been developing well in China. Now DuPont has several offices and eight joint venture factories in China. The subject is mainly responsible for the sourcing and marketing activities for the group in Hong Kong.
In 2010, the Group’s net sales amounted to US$31,505 million (2009: US$26,109 million) and its net income was US$3,031 million (2009: US$1,755 million).
DuPont has more than 40 research and development and customer service labs in the United States, and more than 35 labs in 11 other countries.
In Fortune 500, DuPont was ranked the largest US industrial/service corporation.
The subject is fully supported by DuPont.
On the whole, in view of the subject’s parentage and background, consider it good for normal business engagements.
REMARKS:
Court case record:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
June 2003 |
H2198 |
Chan Ka Ming, Garine and Wood Kon Wing, Aaron |
Du Pont China Ltd. |
Landlords and Tenants (Possession) |
Not stated |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.40 |
|
|
1 |
Rs.73.26 |
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Euro |
1 |
Rs.65.17 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.