MIRA INFORM REPORT

 

 

Report Date :

23.08.2011

 

IDENTIFICATION DETAILS

 

Name :

POLYTEX  ENGINEERING  GROUP  LTD.

 

 

Registered Office :

C/o HKRTP Ltd.

MNJ3609, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

03.05.2010

 

 

Com. Reg. No.:

52195734

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Chemical Engineering Project Contractor Turnkey project – polyester chip plant.

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

No Complaints

 

 

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)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

           

POLYTEX  ENGINEERING  GROUP  LTD.

 

 

ADDRESS:       

c/o HKRTP Ltd.

MNJ3609, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.

 

PHONE:            Not available

 

FAX:                 Not available

 

 

MANAGEMENT

 

Managing Director:  Mr. Lu Xukun

 

 

SUMMARY

 

Incorporated on:             3rd May, 2010.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10,000.00

 

Business Category:        Chemical Engineering Project Contractor

 

Employees:                    Nil.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

ADDRESS

 

Registered Head Office:-

c/o HKRTP Ltd.

MNJ3609, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.

 

Associated Companies:-

Polytex Chemical Engineering Co. Ltd.

Yangzhou Polytex Chemical Engineering Technique Co. Ltd.

317 Wenhuidong Road, Yangzhou City, Jiangsu Province, China.

[           Tel:       86-514-7859276, 5106586, 5106596

Fax:      86-514-7857559

E-mail:  market@polytex.cc]

 

 

BUSINESS REGISTRATION NUMBER 

 

52195734

 

 

COMPANY FILE NUMBER

 

1451552

 

 

MANAGEMENT

 

Managing Director:  Mr. Lu Xukun

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$10,000.00

 

 

SHAREHOLDERS

(As per registry dated 03-05-2011)

 

Name

 

No. of shares

LU Xukun

 

2,500

WANG Dubin

 

2,500

YANG Wei

 

2,500

YU Guoqing

 

2,500

 

 

––––––

 

Total:

10,000

=====

 

 

DIRECTORS

(As per registry dated 03-05-2011)

 

Name

(Nationality)

 

Address

LU Xukun

18 Wenchang Middle Road, Yangzhou, Jiangsu, China.

 

YANG Wei

18 Wenchang Middle Road, Yangzhou, Jiangsu, China.

 

YU Guoqing

18 Wenchang Middle Road, Yangzhou, Jiangsu, China.

 

WANG Dubin

18 Wenchang Middle Road, Yangzhou, Jiangsu, China.

 

 

SECRETARY

(As per registry dated 03-05-2011)

 

Name

Address

Co. No.

HKRTP Ltd.

Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.

0663489

 

 

HISTORY

 

The subject was incorporated on 3rd May, 2010 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:                      Chemical Engineering Project Contractor

 

Lines:                           Turnkey project – polyester chip plant.

 

Employees:                   Nil.

 

Commodities Imported:   Foreign advanced countries.

 

Markets:                       China, etc.

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               Various terms.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$10,000.00

 

Profit or Loss:                Too early to offer an opinion.

 

Condition:                      Business is under development.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Having issued 10,000 ordinary shares of HK$1.00 each, Polytex Engineering Group Ltd. is equally owned by four China merchants, namely, Lu Xukun, Wang Dubin, Yang Wei and Yu Guoqing.  They are also directors of the subject.  Being China passport holders, the shareholders do not have the right to reside in Hong Kong permanently.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at MNJ3609, Room 1007, 10/F., Ho King Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong known as HKRTP Ltd. which is handling its correspondences and documents.  HKRTP Ltd. is also the corporate secretary of the subject.

The subject has no employees in Hong Kong.

To our knowledge, the subject has had an associated company Polytex Chemical Engineering Co. Ltd. [Polytex] in Yangzhou City, Jiangsu Province, China.

Since its founding in 2002, Polytex has provided design, engineering, procurement, and technique services to industry.  Polytex is a full-service engineering firm that was established to serve the Chemical Process and fibre industries.  Polytex is a professional engineering company, which is a manufacturer and supplier of chemicals and fibre plants and equipment, polyester polymerisation plant, nylon 6 polymerisation plant, Solid State Polymerisation plant, spinning plant, staple fibre plant, dye plant ,etc.  Polytex is specialized in engineering, designing of polymerisation, know-how transfer and general engineering contract of polyester, nylon 6 and Solid State Polymerisation.  Polytex has provided technical, consulting, design, engineering, operational, and turnkey project services on numerous projects.  Polytex has established itself rather successfully in China in the industry by providing cost-effective designing and engineering services.  Polytex has been serving both domestic and international clients.  Polytex is also headed by Lu Xukun.

It is likely that Polytex deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.  Polytex also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.

The subject’s business in Hong Kong is not very active.

Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.45.95

UK Pound

1

Rs.75.76

Euro

1

Rs.66.01

 

 

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

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

--

NB

                                       New Business

 

--

 

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.