MIRA INFORM
REPORT
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Report Date : |
10.08.2011 |
IDENTIFICATION DETAILS
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Name : |
BP
ASIA LTD. |
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Registered Office : |
Suite 2201-2202, 22/F., Devon House, Taikoo Place, 979 King’s Road, Quarry Bay |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.08.1971 |
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Com. Reg. No.: |
03360439 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter, Wholesaler and Distributor of Marine bunker, fuel, lubricant, chemicals, cutting fluid, grease, dielectric oil, gear oil, hydraulic oil, aviation oil and other petroleum products. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Clear |
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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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 |
Bottom of Form
Company name
BP ASIA
LTD.
Company ADDRESS
Suite 2201-2202, 22/F., Devon House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong.
PHONE: 2586 8899, 2586 8951
FAX: 2586 8981, 2586 8875, 2827 1609
E-MAIL: lop@bp.com
MANAGEMENT
Executive Director: Mr. Yim Chung Ching
SUMMARY
Incorporated on: 13th August, 1971.
Organization: Private Limited Company.
Capital: Nominal: HK$780,000,000.00
Issued: HK$780,000,000.00
Business Category: Petroleum Merchant.
Group Sales: US$297,107 million (Year ended 31-12-2010)
Group Employees: Approx. 79,700. (As at 31-12-2010)
Employees: 111. (Including 96 local staff)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Company ADDRESS
Registered Head
Office:-
Suite 2201-2202, 22/F., Devon House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong.
China Offices: Beijing, Shanghai and Guangzhou.
Immediate Holding
Company:-
BP Global Investments Ltd., UK.
Ultimate Holding
Company:-
BP p.l.c., UK.
Affiliated
Companies:-
BP Group of Companies
· Abu Dhabi Marine Areas, UK.
· Abu Dhabi Petroleum Co., UK.
· Amoco Caspian Sea Petroleum, British Virgin Islands.
· Angola LNG Supply Services, USA.
· Atlantic 4 Holdings, USA.
· Atlantic LNG 2/3 Co. of Trinidad & Tobago, Trinidad & Tobago.
· Atlantic Richfield Co., USA.
· BP (Prime) Sunoasis Co. Ltd., China.
· BP America Production Co., USA.
· BP America, USA.
· BP Amoco Chemical Co., USA.
· BP Amoco Exploration (In Amenas), Scotland.
· BP Australia Capital Markets, Australia.
· BP Berau, USA.
· BP Canada Energy, Canada.
· BP Canada Finance, Canada.
· BP Capital Markets America, USA.
· BP Capital Markets, UK.
· BP Company North America, USA.
· BP Corporate Holdings Ltd., UK.
· BP Corporation North America, USA.
· BP Developments Australia Pty. Ltd., Australia.
· BP Egypt Co., USA.
· BP España S.A., Spain.
· BP Europa SE, Germany.
· BP Exploration & Production, USA.
· BP Exploration (Alaska) Inc., USA.
· BP Exploration (Angola), UK.
· BP Exploration (Caspian Sea), UK.
· BP Exploration (El Djazair), Bahamas.
· BP Exploration Operating Co. Ltd., UK.
· BP Finance Australia, Australia.
· BP Guangzhou Development Oil Products Co. Ltd., China.
· BP Holdings North America, UK.
· BP Hong Kong Ltd., Hong Kong. (Same address)
· BP International Ltd., UK.
· BP Norge, Norway.
· BP Oil Australia, Australia.
· BP Oil International Ltd., UK.
· BP Oil New Zealand, New Zealand.
· BP Oil UK, UK.
· BP Products North America, USA.
· BP Shipping Ltd., UK.
· BP Southern Africa, South Africa.
· BP Sunoasis Co. Ltd., China.
· BP Trinidad & Tobago, USA.
· BP West Coast Products, USA.
· BP Zhuhai Chemical Co. Ltd., China.
· BP-Husky Refining, USA.
· Britoil, Scotland.
· Burmah Castol Ltd., Scotland.
· Elvary Neftegaz Holdings BV, Netherlands.
· Guangdong Dapeng LNG Co. Ltd., China.
· Jupiter Insurance, Guernsey.
· Kenilworth Oil Co. Ltd., UK.
· Pan American Energy, USA.
· Petromonagas, Venezuela.
· Rhur Oel, Germany.
· Shanghai Secco Petrochemical Co. Ltd., China.
· Shenzhen China Bluesky Aviation Oil Co. Ltd., China.
· South Caucasus Pipeline Co., Cayman Islands.
· Standard Oil Co., USA.
· Sunrise Oil Sands, Canada.
· The Baku-Tbilisi-Ceyhan Pipeline Co., Cayman Islands.
· TNK-BP, British Virgin Islands.
· Verano Collateral Holdings, USA.
· Watson Cogeneration, USA.
· Yangtze River Acetyls Co. Ltd., China.
· Yangzi Peetrochemical Co. Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
03360439
COMPANY FILE NUMBER
0024836
MANAGEMENT
Executive Director: Mr. Yim Chung Ching
CAPITAL
Nominal Share Capital: HK$780,000,000.00 (Divided into 780,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$780,000,000.00
SHAREHOLDERS
(As per registry
dated 13-08-2010)
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Name |
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No. of shares |
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BP Global Investments Ltd. Chertsey Road, Sunbury on Thames, Middlesex TW16 7BP, UK. |
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779,999,998 |
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Kenilworth Oil Co. Ltd. Chertsey Road, Sunbury on Thames, Middlesex TW16 7BP, UK. |
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2 |
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–––––––––– |
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Total: |
780,000,000 ========= |
DIRECTORS
(As per registry
dated 15-09-2010)
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Name (Nationality) |
Address |
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YANG Shixu |
Room 2602, Building 4, Four Season Garden, 149 Dong An Road, Shanghai 200032, China. |
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YIM Chung Ching |
Room 2309, Ngar Tsui House, Hiu Tsui Court, Siu Sai Wan, Chai Wan, Hong Kong. |
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WONG Wai Yee |
Flat D, 22/F., Tower 1, Star Crest, 9 Star Street, Hong Kong. |
SECRETARY
(As per registry
dated 22-12-2010)
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Name |
Address |
Co.
No. |
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CFAS Ltd. |
21/F., Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong Kong. |
1208831 |
HISTORY
The subject was incorporated on 13th August, 1971 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject was originally registered under the name of Amoco Chemicals Hong Kong Ltd., name changed to Amoco Chemicals Far East Ltd. on 9th December, 1983; to Amoco Chemical Asia Pacific Ltd. on 22nd March, 1994; and further to the present style on 1st March, 2002.
Formerly the subject was located at 16/F., Great Eagle Centre, 23 Harbour Road, Wanchai, Hong Kong, moved to the present address in December 2000.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter, Wholesaler and Distributor.
Lines: Marine bunker, fuel, lubricant, chemicals, cutting fluid, grease, dielectric oil, gear oil, hydraulic oil, aviation oil and other petroleum products.
Trade Marks: “BP” and “CASTROL” brands.
Group Employees: Approx. 79,700. (As at 31-12-2010)
Employees: 111. (Including 96 local staff)
Commodities Imported:-
“BP” lubricant, cutting oil, grease, dielectric oil and hydraulic oil – Europe and Singapore.
Gear oil – Europe and Singapore.
Other petroleum products – Worldwide.
Markets: Hong Kong, China, other Asian countries, etc.
Group Sales: US$265,906 million (Year ended 31-12-2006)
US$284,365 million (Year ended 31-12-2007)
US$361,143 million (Year ended 31-12-2008)
US$239,272 million (Year ended 31-12-2009)
US$297,107 million (Year ended 31-12-2010)
Terms/Sales: As per contracted.
Terms/Buying: On various terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$780,000,000.00 (Divided into 780,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$780,000,000.00
Alternation of Capital:-
|
20-10-1971 |
paid up |
HK$ 1,000.00 |
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30-12-1974 |
paid up |
HK$ 9,000.00 |
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31-12-1974 |
paid up |
HK$ 15,000.00 |
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13-06-2008 |
paid up |
HK$ 779,975,000.00 |
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––––––––––––––––– |
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Total: |
paid up |
HK$ 780,000,000.00 ================ |
Increases of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$ 25,000.00 |
on |
30-12-1974 |
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From |
HK$25,000.00 |
to |
HK$780,000,000.00 |
on |
13-06-2008 |
Group Net Profit:
US$22,286 million (Year ended 31-12-2006)
US$21,169 million (Year ended 31-12-2007)
US$21,666 million (Year ended 31-12-2008)
US$16,759 million (Year ended 31-12-2009)
(US$ 3,324 million) (Year ended 31-12-2010)
Group Net Worth:
US$ 84,624 million (As at 31-12-2006)
US$ 93,690 million (As at 31-12-2007)
US$ 91,303 million (As at 31-12-2008)
US$101,613 million (As at 31-12-2009)
US$ 94,987 million (As at 31-12-2010)
Profit or Loss: Group made a loss in FY 2010.
Condition: Business is active.
Facilities: Making active use of general banking facilities.
Payment: Met on time.
Commercial Morality: Good.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Citibank N.A., Hong Kong Branch.
Banking:-
Bank source reported the subject maintains with the bank an active and properly conducted HKD account opened in August 1973 with balances averaging in low six figures for the past six months. It also maintains with the bank a USD account with an average balance of low three figures. Their relationship has been satisfactory.
Standing: Good.
GENERAL
BP Asia Ltd. [BP Asia] was incorporated in August 1971 as a wholly-owned subsidiary of BP Global Investments Ltd. which is a UK-based firm. BP Global Investments Ltd. is in turn a subsidiary of BP p.l.c. [BP], a listed company in the United Kingdom.
Being one of the United Kingdom’s largest companies, BP is the holding company of one of the world’s largest energy companies, providing customers with fuel for transportation, energy for heat and light, retail services and petrochemicals products for everyday items. BP Asia’s affiliated company, BP Hong Kong Ltd. [BPHK], which is the marketing office of the BP products in Hong Kong while BP Asia is administering the BP business in Hong Kong, China, Taiwan and the Asia Pacific region.
Since 1983, BPHK is the Asia Pacific Regional Centre for BP with representatives from Exploration and Production and Gas and Power (Upstream), Refining and Marketing (Downstream) and Chemicals business streams.
BP does not operate a retail network in Hong Kong, but supplies gas to Hong Kong along a 778-km pipeline from its Yacheng gas field (BP 34.3%) – the largest offshore natural gas field in China – some 90 kms southwest of Hainan Island. It is also a partner in the construction of a liquefied natural gas [LNG] terminal at Guangdong, which has supply Hong Kong since 2006. During 2008, The Yacheng Offshore gas field supplies Castle Peak Power Co. Ltd. with feedgas for up to 70% of Hong Kong’s gas-fired electricity generation.
BP’s ordinary shares is the London Stock Exchange [LSE]. BP’s ordinary shares are a constituent element of the Financial Times Stock Exchange 100 index. BP’s ordinary share are also traded on the Frankfurt Stock Exchange in Germany. In the United States, BP’s securities are traded in the form of ADSs. ADSs are listed on the New York Stock Exchange.
Hong Kong is at the hub of BP’s expanding Asia operations, serving as a regional centre for the Group and providing a base for its Asia Pacific President. Several of the exploration, refining and marketing, chemicals, lubricants and marine businesses operating in the region are now represented in Hong Kong, as are the financial, legal, communications and human resource teams which support these activities. BP in Hong Kong employs 111 employees, 96 of whom are local with 9 are currently posted outside Hong Kong. It operates under both the “BP” and “Castrol” brands in the Hong Kong SAR.
Nowhere is BP’s expansion into Asia more evident than in China where it is now the country’s leading foreign oil company investor having invested more than US$2.5 billion in commercial projects, plus a further US$1 billion in the Initial Public Offerings [IPOs] of Sinopec and PetroChina.
BP is building world scale petrochemicals sites in China, and with its partners expects to create a retail network of 1,500 fuel stations. BP is supporting the development of China’s natural gas resources and is developing the LNG, liquefied petroleum gas [LPG] and natural gas infrastructure to provide cleaner energy to expanding markets in the south, east and north of China.
BP’s activities in China include production and import of natural gas; supplying aviation fuel; importing and marketing liquefied petroleum gas [LPG]; retail service stations; production and sale of lubricants; solar power installations; joint venture chemical plants and the sales of chemicals technology.
BP is deeply committed to growing its business in China and to helping China address energy security issues. It is working with Chinese partners now to advance the cooperation it has begun. BP believes that the steps it has taken so far are just the beginning.
BP has operated in China for more than three decades and was one of the earliest foreign invested enterprises in China. During the past three decades it has played an active role in China’s economic development. To date, with more than US$4 billion invested, BP is one of the largest foreign investors in China, where it has more than 30 joint ventures and wholly owned companies and more than 4,000 staff.
BP and its partners in Indonesia’s Tangguh natural gas project signed an agreement in September 2002 to supply LNG to China’s Fujian LNG terminal. The agreement sees BP in all three legs of China’s LNG strategy. In August 2002, China selected Australia’s North West Shelf consortium – in which BP is an equal (16.7%) shareholder – to supply three million tonnes of LNG a year to China’s first LNG terminal in Guangdong Province. BP was also chosen in 2001 as China’s foreign partner in the construction of the Guangdong LNG terminal and pipeline, which will access a market that is forecast to grow rapidly.
BP is also engaged in a range of business activities in other Asian countries – Indonesia, Vietnam, Thailand, Malaysia, Singapore, Japan and Korea. One of the most significant of these projects is the commercialisation of the vast Tangguh gas fields in the remote Indonesian province of Papua where more than 14.4 trillion cu.ft. of gas has been discovered. This project also serves as an example of how BP works in partnership with local communities to manage environmental and social issues consistent with the Group’s strong belief that a good business should be both competitively successful and a force for good.
With international headquarters in London of the United Kingdom, BP was previously known as British Petroleum and began to involve in petroleum industry in 1909, later extended to other natural resources such as coal, gas and mineral. Today, BP has grown from a local oil company into a global energy group; operating or marketing its products in more than 80 countries in Europe, the United States, Canada, Russia, South America, Australasia, Asia and Africa.
With effect from 1st January, 2008, the organizational structure of BP has been simplified into two business segments — Exploration and Production [E & P] and Refining and Marketing [R & M]. A separate business, Alternative Energy [AE], handles BP’s low-carbon businesses and future growth options outside oil and gas, including solar, wind, gas-fired power, hydrogen, biofuels and coal conversion.
E & P’s activities include oil and natural gas exploration, development and production (upstream activities), together with related pipeline, transportation and processing activities (midstream activities), as well as the marketing and trading of natural gas (including LNG), power and natural gas liquids [NGLS].
The activities of R & M include the supply and trading, refining, manufacturing, marketing and transportation of crude oil, petroleum and chemicals products and related services.
Presently, BP’s daily production is over 3.99 million barrels of oil and gas and its daily refined product sales reach 5.9 million barrels. The Group has 22,400 service stations worldwide. It has exploration and production in 30 countries. As at the end of 2010, the total employees of the BP Group was approximately 79,700.
For the year ended 31st December, 2010, the BP Group’s turnover and loss were US$297,107 million and US$3,324 million respectively, compared with US$239,272 million and a profit of US$16,759 million in 2009 respectively.
On the whole, in view of the background and the parentage of BP Asia, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.45.17 |
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UK Pound |
1 |
Rs.73.72 |
|
Euro |
1 |
Rs.64.26 |
RATING EXPLANATIONS
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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 |
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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.