MIRA INFORM
REPORT
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Report Date : |
04.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ALCAN
INTERNATIONAL NETWORK CHINA
LTD. |
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Formerly Known As : |
Pechiney Far East
Ltd. |
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Registered Office : |
6/F., Alexandra House, 18 Chater Road, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.09.1971 |
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Com. Reg. No.: |
03374232 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
trading in Packaging 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 : |
Usually Correct |
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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
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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
ALCAN INTERNATIONAL NETWORK
CHINA LTD.
Company ADDRESS
Room 615-616, 6/F., Lippo Sun Centre, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2412 2698
FAX: 2412 2995
E-MAIL: ck.chan@amcor.com
MANAGEMENT
Managing Director: Mr. Zheng Da Wei
SUMMARY
Incorporated on: 14th September, 1971.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Regional/Marketing Office; Importer and Exporter.
Group Net Sales: A$9,849.5 million (Year ended 30-06-2010)
Employees: 20. (Office staff)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Company ADDRESS
Registered
Office:-
6/F., Alexandra House, 18 Chater Road, Central, Hong Kong.
Head Office:-
Room 615-616, 6/F., Lippo Sun Centre, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Pechiney World Trade S.A., France.
Ultimate Holding
Company:-
Amcor Ltd., Australia.
Affiliated
Companies:-
Amcor
Group of Companies
Alcan Packaging VPS Propack Beijing Co. Ltd., China.
Amcor Chengdu Co. Ltd., China.
Amcor Fibre Packaging-Asia Pte. Ltd., Singapore.
Amcor Flexibles (Beijing) Co. Ltd., China.
Amcor Flexibles (Jiangyin) Co. Ltd., China.
Amcor Flexibles (Zhongshan) Co. Ltd., China.
Amcor Flexibles China Co. Ltd., Hong Kong.
Amcor Flexibles Denmark A/S, Denmark.
Amcor Flexibles Europa Sur S.A., Spain.
Amcor Flexibles Foshan DQ Co. Ltd., China.
Amcor Flexibles France SA, France.
Amcor Flexibles Helio Folien GmbH, Germany.
Amcor Flexibles Inc., USA.
Amcor Flexibles Italia S.r.l., Italy.
Amcor Flexibles Schupbach AG, Switzerland.
Amcor Flexibles Singen GmbH, Germany.
Amcor Flexibles Transpac S.A., British Virgin Islands.
Amcor Flexibles UK Ltd., UK.
Amcor Packaging (Australia) Pty. Ltd., Australia.
Amcor Packaging (New Zealand) Ltd., New Zealand.
Amcor Packaging Distribution Inc, USA.
Amcor PET Packaging de Venezuela SA, Venezuela.
Amcor Pharmaceutical Packaging USA Inc., USA
Amcor Rentsch Novgorod, Russia.
Amcor Rentsch Polska Spolka z.o.o., Poland.
Amcor Rigid Plastics de Mexico S.A. de C.V., Mexico.
Amcor Rigid Plastics do Brasil Ltda., Brazil.
Amcor Rigid Plastics USA Inc., USA.
Amcor Tobacco Packaging Americas Inc., USA.
Everweal International Ltd., Hong Kong.
Grupo Amcor Flexibles Hispania SL, Spain.
Vinisa Fuegina S.A., Argentina.
etc.
BUSINESS REGISTRATION NUMBER
03374232
COMPANY FILE NUMBER
0025155
MANAGEMENT
Managing Director: Mr. Zheng Da Wei
CAPITAL
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS
(As per registry
dated 14-09-2010)
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Name |
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No. of shares |
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Jean-Pierre, Roland, Daniel, Emmanuel PAILLOT |
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1 |
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Pechiney World Trade S.A. 7 place du Chanceller, Adenauer, 75016 Paris, France. |
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999 |
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––––– |
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Total: |
1,000 ==== |
DIRECTORS
(As per registry
dated 14-09-2010)
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Name (Nationality) |
Address |
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ZHENG Da Wei |
Flat C, 21/F., Block 2, Sceneway Garden, Lam Tin, Kowloon, Hong Kong. |
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CHEUNG Suk Man |
17B, Block 8, Island Resort, 28 Siu Wai Wan Road, Siu Sai Wan, Hong Kong. |
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Jean-Pierre, Roland, Daniel, Emmanuel PAILLOT |
11 Allée de la Bellardière, 95220 Herblay, France. |
SECRETARY
(As per registry
dated 14-09-2010)
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Name |
Address |
Co.
No. |
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Consec Services Ltd. |
6/F., Alexandra House, 18 Chater Road, Central, Hong Kong. |
0024925 |
HISTORY
The subject was incorporated on 14th September, 1971 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Ugine Kuhlmann Co. Hong Kong Ltd., name changed for several times as follows:-
to Pechiney Ugine Kuhlmann (H.K.) Ltd. on 27-03-1979
to Pechiney Hongkong Ltd. on 27-01-1984
to Pechiney World Trade (Far East) Ltd. on 02-01-1987
to Pechiney Far East Ltd. on 15-01-1991
to Alcan International Network China Ltd. on 01-03-2006
The subject’s operating address moved to the present address in early 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Regional/Marketing Office; Importer and Exporter.
Lines: Iron and steel bars, rods, angles, shapes and sections (including sheet piling); civil engineering
and contractors’ plant and equipment and parts thereof, n.e.s., including roller, bulldozers, leveller; aluminium (including bars, rods, angles, sheets, tubes); tubes, pipes and fittings, of iron or steel; universals, plates and sheets, of iron or steel; copper; glassware; other machinery and equipment specialized for particular industries, and parts thereof, n.e.s.
Agencies:-
“NOVAMETAL” arc welding electrodes – Switzerland.
“UGINOX” stainless steel – France.
“TOMAGO” aluminium alloys – Australia.
“PECHINEY” aluminium sheets – France.
“RHENALU” aluminium sheets – France.
“QAL” aluminium plates – Australia.
“FORTAL” mould spare parts – France.
“BRANDEIS” copper.
“SANTA MARINA” glassware.
Employees: 20. (Office staff)
Commodities Imported: Imported from France, Australia and Switzerland.
Markets: Hong Kong, China, US, Canada and Europe.
Group Net Sales: A$9,535.4 million (Year ended 30-06-2009)
A$9,849.5 million (Year ended 30-06-2010)
Terms/Sales: Various terms.
Terms/Buying: L/C, T/T and D/P.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000 shares of HK$1,000.00 each)
Issued Share Capital: HK$1,000,000.00
Alternation of
Capital:-
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16-09-1971 |
paid up |
HK$ 550,000.00 |
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24-09-1979 |
paid up |
HK$ 450,000.00 |
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––––––––––––––– |
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Total: |
paid up |
HK$ 1,000,000.00 ============== |
Increase of
Nominal Capital:-
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From |
HK$550,000.00 |
to |
HK$1,000,000.00 |
on |
24-09-1979 |
Mortgage or Charge:-
Date of Trade Finance Security Assignment: 02-07-2008
Amount: All obligations and liabilities
Property: The Customer as beneficial owner and as security for the payment of all Secured Liabilities
Mortgagee: Australia & New Zealand Banking Group Ltd., Hong Kong Branch.
Group Net Profit: A$217.8 million (Year ended 30-06-2009)
A$201.6 million (Year ended 30-06-2010)
Profit or Loss: Traded at a profitable angle.
Condition: Business is active and good.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· BNP Paribas, Hong Kong Branch.
· Credit Agricole Corporate & Investment Bank, Hong Kong Branch.
· Australia & New Zealand Banking Group Ltd., Hong Kong Branch.
Standing: Good.
GENERAL
Formerly known as Pechiney Far East Ltd., Alcan International Network China Ltd. is a wholly owned subsidiary of Pechiney World Trade S.A., a France-based firm.
The subject’s ultimate holding company is Amcor Ltd. [Amcor], an Australia-based firm. Amcor is a significant firm in Australia.
Formerly, the subject was the regional subsidiary of Rio Tinto Alcan Group, one of the world’s leading industrial groups for manufacturing aluminium packaging products.
The subject currently is still trading in packaging products.
The Alcan Packaging businesses has been acquired by Amcor.
Acquisition of the former Alcan Packaging businesses was completed on 2nd February, 2010. The acquisition price of US$1,948 million represented a multiple of 5.1 times based on profit before interest, tax, depreciation and amortisation [PBITDA] for the year ended 31st December, 2009 of US$383 million. A total of 80 plants were acquired with sales for calendar year 2009 of €2.6 billion.
This increased Amcor’s operating footprint to more than 300 plants across 43 countries. Post acquisition, proforma sales for the year ended 30th June, 2010 were A$12.2 billion, a 28% increase in sales for the 2009 financial year. The integration of the businesses acquired is progressing well and is in line with expectations.
The operating and financial performance as well as the pace of synergy capture within the first five months have been consistent with expectations.
Post acquisition, Amcor re-organised itself into the following business segments:-
· Flexibles
· Rigid Plastics
· Australasia and Packaging Distribution
On 1st July, 2010, the consolidated entity of Amcor completed the acquisition of the Alcan Medical Flexibles operations for consideration of US$66.0 million as part of the Alcan Packaging acquisition that was completed on 2nd February, 2010. The Medical Flexibles businesses consists of four plants in North America and as announced on 11th June, 2010, final US Department of Justice approval is conditional on divesting one of the plants which is located in Marshall, North Carolina. The divestment process for the Marshall operations has commenced, and until completed, the consolidated entity is required to hold and operate Marshall separately from other businesses.
The combined Medical Flexibles business has annual sales of approximately US$115.0 million, of which the Marshall operations account for approximately US$30.0 million, and will reside in the Flexibles reporting segment.
On 2nd February, 2010, the consolidated entity announced the successful completion of the acquisition of certain parts of the Alcan Packaging operations. As a result of the acquisition, the consolidated entity is among the world’s largest packaging companies with a global presence and leading position in flexible packaging, folding cartons for tobacco and custom Polyethylene Terephthalate [PET] containers.
The businesses that the consolidated entity acquired include:-
· Alcan Packaging Food Europe;
· Alcan Packaging Global Pharmaceuticals;
· Alcan Packaging Food Asia; and
· Alcan Packaging Global Tobacco.
The consolidated entity acquired 100% of the above businesses, which included a 40% non-controlling interest in Alcan Chengdu Co. Ltd. which is an equity accounted investment.
On 1st July, 2010, the consolidated entity successfully completed the acquisition of the Alcan Medical Flexibles operations to complete the Alcan Packaging acquisition. The acquisition was subject to obtaining final US Department of Justice approval which was announced on 11th June, 2010. This part of the acquisition has been assessed. Up until 1st July, 2010, the Alcan Medical Flexibles operations remained under the control of Rio Tinto plc.
Accounting for the Alcan Packaging acquisition has been provisionally determined as at 30th June, 2010. The accounting cannot be completed at this time as the post close adjustment processes remain in progress. Management continues the process of assessing the fair value of the opening balance sheet which may result in further adjustments to the value attributable to net assets acquired.
After the acquisition, the management of the subject remains unchanged.
The subject is fully supported by Amcor.
Besides the subject, Amcor also has set up branch companies in Shanghai (engaged in foodstuff packaging and pharmaceutical packaging), offices in Guangzhou (engaged in foodstuff packaging and pharmaceutical packaging), Beijing (engaged in foodstuff packaging and pharmaceutical packaging) and Qingdao.
On the whole, in view of the subject’s parentage and background, consider it good for normal business engagements.
COURT CASES: None per our.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.85 |
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UK Pound |
1 |
Rs.73.29 |
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Euro |
1 |
Rs.64.89 |
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.