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MIRA
INFORM REPORT
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Report Date : |
16.02.2011 |
IDENTIFICATION DETAILS
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Name : |
POLY RESOURCES ( |
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Registered Office : |
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Country : |
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Date of Incorporation : |
05.12.2007 |
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Com. Reg. No.: |
38801517 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Supply and Procurement, Importer, Exporter and Wholesaler |
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 : |
Regular |
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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 – June 30, 2010
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Country Name |
Previous Rating (01.04.2010) |
Current Rating (30.06.2010) |
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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 and address
POLY RESOURCES
(
ADDRESS: Suite 1501, 15/F., Great Eagle Centre,
23 Harbour Road, Wanchai, Hong Kong.
PHONE: 3162
6603, 3162 6623
FAX: 3162
6669
MANAGEMENT
Managing Director:
Ms. Lee Chun Yeung, Catherine
SUMMARY
Incorporated on: 5th December, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$7,800,000.00
Business Category: Supply and procurement.
Group Revenue: HK$859,758,000 (Year ended 31-03-2010)
Employees: 15.
Group Employees: About 100. (As at 30-09-2010)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered
Head Office:-
Holding
Company:-
Poly Development Group Ltd., British Virgin Islands.
[Formerly known as Wealth Fame International Ltd.]
Ultimate
Holding Company:-
Beijing Yu Sheng Tang Pharmaceutical Group Ltd.,
Bermuda/Hong Kong.
Affiliated
Companies:-
Yu Sheng Tang Group of Companies
Able Market Profits Ltd., British Virgin Islands.
Beijing Yu Sheng Tang Chinese Medicine Clinic Co. Ltd.,
China.
Beijing Yu Sheng Tang Cultural Broadcasting Co. Ltd., China.
Beijing Yu Sheng Tang Holdings Ltd., Hong Kong.
Jinhua Qinggan (
Poly Development Holdings Ltd., Hong Kong.
Poly Profits Ltd., Hong Kong.
Xin Corporation (HK) Ltd., Hong Kong.
Xin Credit Services Ltd., Hong Kong.
etc.
BUSINESS REGISTRATION NUMBER
38801517
COMPANY FILE NUMBER
1192021
MANAGEMENT
Executive Director & Chairman: Mr. Suen Cho Hung, Paul
Executive Director & Chief Executive Officer: Mr. Sue Ka Lok
Managing Director:
Ms. Lee Chun Yeung, Catherine
CAPITAL
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$7,800,000.00
SHAREHOLDER
(As
per registry dated 05-12-2010)
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Name |
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No.
of shares |
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Poly Development Group Ltd. [Formerly known as Wealth Fame International Ltd.] Palm Grove House, P.O. Box 438, Road Town, Tortola,
British Virgin Islands. |
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7,800,000 ======= |
DIRECTORS
(As per
registry dated 05-12-2010)
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Name (Nationality) |
Address |
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SUEN Cho Hung, Paul |
27/F., Celestial Heights, 33 Celestial Avenue, 80 Sheung
Shing Street, Ho Man Tin, Kowloon, Hong Kong. |
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SUE Ka Lok |
Room 1516, Block E, Kornhill, Hong Kong. |
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LEE Chun Yeung, Catherine |
Flat C, 42/F., Tower 3, Harbour Green, 8 Shum Mong Road,
Tai Kok Tsui, Kowloon, Hong Kong. |
SECRETARY
(As
per registry dated 05-12-2010)
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Name |
Address |
Co.
No. |
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Asian Ocean Ltd. |
Suite 1510, 15/F., Great Eagle Centre, 23 Harbour Road,
Wanchai, Hong Kong. |
0733396 |
HISTORY
The subject was incorporated on 5th December, 2007 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: Supply and Procurement,
Importer, Exporter and Wholesaler.
Lines: Iron ore,
raw materials for pharmaceuticals, etc.
Employees: 15.
Group Employees: About
100. (As at 30-09-2010)
Commodities Imported: Iran,
Europe, etc.
Markets: China,
etc.
Group Revenue:-
HK$155,550,000 (Year ended 31-03-2006)
HK$193,989,000 (Year ended 31-03-2007)
HK$129,582,000 (Year ended 31-03-2008)
HK$350,146,000 (Year ended 31-03-2009)
HK$859,758,000 (Year ended 31-03-2010)
HK$210,859,000 (6 months ended 30-09-2009) – Unaudited
HK$406,077,000 (6 months ended 30-09-2010) – Unaudited
Terms/Sales:
As per
contracted.
Terms/Buying:
L/C or as
per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$7,800,000.00
Mortgage or Charge (since 2010):
(See attachment)
Group Net Profit/(Loss):-
(HK$10,334,000) (Year ended 31-03-2006)
HK$ 90,000 (Year
ended 31-03-2007)
(HK$10,141,000) (Year ended 31-03-2008)
(HK$ 5,485,000) (Year
ended 31-03-2009)
(HK$16,747,000) (Year ended 31-03-2010)
(HK$12,958,000) (6 months ended 30-09-2009) –
Unaudited
(HK$83,032,000) (6 months ended 30-09-2010) –
Unaudited
Profit or Loss: Group
suffered from losses for the past three years.
Condition:
Keeping
in a satisfactory manner.
Facilities:
Making
active use of general banking facilities.
Payment: Met
trade commitments as required.
Commercial Morality:
Satisfactory.
Bankers:-
Bank of
Cooperatieve Centrale Raiffeisen - Boerenleenbank B.A.
[trading as Rabobank International], Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
The Royal Bank of
Standing: Normal.
GENERAL
Poly Resources (Asia) Ltd. is a wholly-owned subsidiary of
Poly Development Group Ltd. which is a BVI-registered firm. The ultimate holding company of the subject
Beijing Yu Sheng Tang Pharmaceutical Group Ltd. [Yu Sheng Tang] is a Hong Kong
listed firm.
The subject is trading in iron ore and other raw
materials. Iron ore is imported from
Iran and re-exported to China. The
subject has been in Iran‑China trade for several years. The problem is that banks in Hong Kong refuse
to issue L/Cs for Iranian cargoes.
Yu Sheng Tang is a public company listed on the Main Board
of The Stock Exchange of Hong Kong Ltd. bearing stock code 1141 on 12th
March, 1998. Yu Sheng Tang and its
subsidiaries [Yu Sheng Tang Group/the Group] are principally engaged in
pharmaceutical business in the PRC as well as in the supply and procurement
business of fuel, metal minerals and recycled metal materials in Asia. It is also engaged in financing and
securities investment business in Hong Kong.
The subject is one of the subsidiaries of the Group engaged
in metal minerals and recycled metal materials trading.
The Group manufactures a Chinese medicine known as Jinhua
Qinggan which is aimed at treating patients who have been infected with
Influenza A (H1N1) and other types of influenza. Jinhua Qinggan is currently a prescription
drug for clinical use in the PRC.
The Group also focuses on sourcing coal, metal minerals and
mill scale from Asia, the Middle East and Australia and supply to power plants
and steel manufacturers in the PRC.
The Group’s revenue for the year ended 31st March, 2010
amounted to HK$859,758,000, representing a 146% growth from previous year
(2009: HK$350,146,000) whereas gross profit of the Group was HK$21,887,000,
which also shows an increase of 54% over the previous year (2009:
HK$14,170,000). The sharp increases in
the Group’s revenue and gross profit were mainly attributed to the strong
business growth of the Group’s supply and procurement division.
During the year of FY 2010, the Supply and Procurement
Division has significantly expanded its network of suppliers and customers for
trading of metal minerals with the results that the trade volume of the
Division has increased substantially.
The revenue and operating profit of this Division was HK$853,816,000
(2009: HK$348,127,000) and HK$14,879,000 (2009: HK$9,718,000) respectively,
jumped by 145% and 53% over last year.
As most of the customers of this Division are in Mainland China and it
is common consensus that economic growth of China will sustain, the management
of the Group expects that this Division will continue to perform well in the
coming years.
For the year ended 31st March, 2010, the Group recorded a
loss attributed to owners of the Group of HK$16,762,000 (2009:
HK$4,907,000). Such loss was mainly
attributable to the loss incurred by the Group’s securities investment division
and the non-cash equity settled share-based payment expenses of HK$20,958,000
(2009: HK$ 2,931,000).
For the six months ended 30th September, 2010, the loss
attributable to owners of the Group was HK$82,979,000 (30th September, 2009:
HK$13,004,000). The loss incurred by the
Group was mainly attributed to the net loss on investment in listed equity
securities of HK$67,642,000 (30th September, 2009: net gain of
HK$1,519,000) of which HK$58,546,000 (30th September, 2009: unrealised gain of
HK$1,716,000) represented unrealised holding loss for listed equity securities
measured at fair values at the interim period end date.
During the period of the six months ended 30th September,
2010, the Group continued to engage in the business of supply and procurement
of metal minerals and recyclable metal materials, pharmaceutical products,
provision of finance and securities investment.
When compared with the previous period, the Group’s revenue increased by
93% to HK$406,077,000 (30th September, 2009: HK$210,859,000) that was
primarily due to the sharp increase in revenue posted by the Supply and Procurement
Division, which in turn resulted from the significant increase in the
Division’s transaction volume. Despite
such revenue growth, the Group’s gross profit dropped by 15% to HK$7,750,000
(30th September, 2009: HK$9,167,000) that was mainly related to a trade dispute
for which a loss of about HK$5 million was recognised by the Supply and
Procurement Division.
At 30th September, 2010, the Group had about 100 (30th
September, 2009: 20) employees including directors.
On the whole, consider the subject good for normal business
engagements in moderate credit amounts.
REMARKS
Brief personnel profiles of the directors:-
Mr. SUEN Cho Hung, Paul (Chairman), aged 49, joined Yu Sheng
Tang as an Executive Director and the Chairman of Yu Sheng Tang in November
2007 and is also a director of various members of the Group. Mr. Suen holds a Master of Business
Administration degree from the University of South Australia. Mr. Suen has extensive experience in managing
metal, minerals and raw materials, energy and property business ventures as
well as in strategic planning and corporate management of business enterprises
in Hong Kong and the PRC. Mr. Suen
is a substantial shareholder of Yu Sheng Tang.
Mr. Suen is also an executive director and the chairman of BEP International
Holdings Ltd. (stock code: 2326), a listed company in Hong Kong and was an
executive director and the chairman of China Yunnan Tin Minerals Group Co. Ltd.
(stock code: 263), a listed company in
Mr. SUE Ka Lok (Chief Executive Officer and Chairman of the
Remuneration Committee), aged 45, joined Yu Sheng Tang as an Executive Director
in November 2007 and appointed as the Chief Executive Officer of Yu Sheng Tang
in November 2009. Mr. Sue is also a director
of various members of the Group. Mr. Sue
holds a Bachelor of Economics degree from the University of Sydney in Australia
and a Master of Science in Finance degree from the City University of
Hong Kong. Mr. Sue is a fellow
member of the Hong Kong Institute of Certified Public Accountants, a certified
practising accountant of the CPA Australia, a fellow member of both the Hong
Kong Institute of Chartered Secretaries and the Institute of Chartered
Secretaries and Administrators and a member of the Hong Kong Securities
Institute. Mr. Sue has extensive
experience in corporate management, finance, accounting and company secretarial
practice. Mr. Sue is also an executive
director and the chief executive officer of BEP International Holdings Ltd. and
a non‑executive director and the chairman of Sewco International Holdings
Ltd. (stock code: 209), both are listed companies in Hong Kong. Mr. Sue was an executive director and the
chief executive officer of China Yunnan Tin Minerals Group Co. Ltd. until 17th
January, 2010.
Ms. LEE Chun Yeung, Catherine,
Managing Director of the subject, holds a Bachelor of Arts degree from
Guangdong University of Foreign Studies (formerly known as Guangzhou Institute
of Foreign Languages) and a Master in Business Administration degree from the
University of South Australia. Ms. Lee
has extensive experience in international trading of metal minerals and
commodities. Ms. Lee worked as an
economist in a major commercial bank and a senior executive in a state-owned
trading group in the PRC.
Court Cases None per our.
MORTGAGE
OR CHARGE
(Since
2010)
|
Date |
Particulars |
Amount |
|
17-03-2010 |
Instrument: Trade
Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment
of all Secured Liabilities Mortgagee: Cooperatieve
Centrale Raiffeisen - Boerenleenbank B.A. [trading as Rabobank
International], Hong Kong Branch. |
All obligations and liabilities |
|
16-07-2010 |
Instrument: Transfer
of Security Property: The Transferor as chargee assigns and transfers to the
Transferee all the right, title, benefit, power and interest of the
Transferor of and in the Assets and the Security and all appurtenances
thereto Mortgagee: BNP
Paribas S.A., Hong Kong Branch. |
(i) the Secured Debt and (ii) the payment by BNP Paribas
S.A. [Transferee] to Fortis Bank [Transferor] of any amount pursuant to the
indemnity with respect to Obligations |
|
26-10-2010 |
Instrument: Charge
Over Stocks and Receivables Property: By way of a first fixed charge all the Receivables and the
Goods and by way of a first floating charge all the Receivables and Goods and
assigns and agrees to assign absolutely and unconditionally to BNP Paribas,
Hong Kong Branch Mortgagee: BNP
Paribas, Hong Kong Branch. |
To secure all present and future indebtedness, obligations
and liabilities |
|
30-12-2010 |
Instrument: Security
Memorandum (First Party) Property: The Company hereby assigns and agrees to assign absolutely
and unconditionally to the Bank all its right, title and interest in and to
each Receivable as continuing security for the payment or discharge of the
Secured Liabilities Mortgagee: ABN
AMRO Bank N.V., Hong Kong Branch.
[Now known as The Royal Bank of Scotland N.V.] |
All indebtedness, obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.45 |
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|
1 |
Rs.72.90 |
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Euro |
1 |
Rs.61.43 |
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.