MIRA INFORM REPORT

 

 

Report Date :           

20.06.2011

 

IDENTIFICATION DETAILS

 

Name :

METHONG  PLASTICS  (H.K.)  LTD.

 

 

Registered Office :

Room A, 17/F., Wyndham Place, 44 Wyndham Street, Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

03.11.1995

 

 

Com. Reg. No.:

19375088

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer, Wholesaler and Re-exporter of all kinds of rubber and plastic raw materials such as LDPE, ABS-PS, HDPE, PET, POM, PA6, melamine, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

Usually Correct

 

 

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

 

 Bottom of Form

Company name

 

METHONG  PLASTICS  (H.K.)  LTD.

 

 

Company ADDRESS

 

Room A, 17/F., Wyndham Place, 44 Wyndham Street, Central, Hong Kong.

PHONE:            2866 2991

FAX:                 2866 2601

E-MAIL:            info@methong.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Michel Oscar Jospe

 

 

SUMMARY

 

Incorporated on:             3rd November, 1995.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$10,000.00

 

Business Category:        Trading in rubber and plastic raw materials.

 

Annual Turnover:            HK$78~82 million.

 

Employees:                   8.

 

Main Dealing Banker:     HSBC Investment Bank Asia Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Room A, 17/F., Wyndham Place, 44 Wyndham Street, Central, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

19375088

 

 

COMPANY FILE NUMBER

 

0529772

 

 

MANAGEMENT

 

Managing Director:  Mr. Michel Oscar Jospe

 

 

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 03-11-2010)

 

Name

 

No. of shares

Martine Andree JOSPE

 

990

Michel Oscar JOSPE

 

9,010

 

 

––––––

 

Total:

10,000

=====

 

DIRECTORS  

(As per registry dated 03-11-2010)

 

Name

(Nationality)

 

Address

Michel Oscar JOSPE

Flat B, 4/F., 47A Stubbs Road, Wanchai, Hong Kong.

 

Martine Andree JOSPE

Flat B, 4/F., 47A Stubbs Road, Wanchai, Hong Kong.

 

 

SECRETARY

(As per registry dated 03-11-2010)

 

Name

Address

Co. No.

Boardroom Corporate Secretaries (HK) Ltd.

12/F., The Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong.

1189239

 

 

HISTORY

 

The subject was incorporated on 3rd November, 1995 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Room 1401, 14/F., Hung Tak Building, 106-108 Des Voeux Road Central, Hong Kong, moved to Room 509-510, 5/F., Stag Building, 148-150 Queen’s Road Central, Hong Kong in December 1999, and further moved to the present address in September 2007.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Wholesaler and Re-exporter.

 

Lines:                           All kinds of rubber and plastic raw materials such as LDPE, ABS-PS, HDPE, PET, POM,

PA6, melamine, etc.

 

Employees:                   8.

 

Materials/Commodities:  Imported from Europe, Asian countries, USA, etc.

 

Markets:                       Hong Kong, China, Europe, Eastern Africa, etc.

 

Annual Turnover:            HK$78~82 million.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               L/C, D/P and T/T.

 

 

MEMBERSHIP

 

The French Chamber of Commerce & Industry in Hong Kong.

 

 

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:                Traded at a small profitable angle.

 

Condition:                      Keeping in an active and good condition.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met as contracted.

 

Commercial Morality:     Satisfactory.

 

Banker:                         HSBC Investment Bank Asia Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Methong Plastics (H.K.) Ltd. is a private limited company incorporated in November 1995.  It was jointly owned by three French, namely, Mr. Martine Andree Jospe, holding 9.9%; Mr. Michel Oscar Jospe, 90.05%; and Mr. Guido Raccah, 0.05%.  On 24th October, 2008, Guido Raccah transferred all his shares to Michel Oscar Jospe.  Since then, Michel Oscar Jospe has been holding 90.1% while Martine Andree Jospe still holding 9.9%.  The two Jospes are also directors of the subject.  They are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

The subject is dealing in all kinds of rubber and plastic raw materials such as GPPS, HIPS, PC, SAN, LDPE, LLDPE, PVC, SILICONE, PA, ABS-PS, HDPE, PET, POM, PBT, APET, PETG, melamine, etc.  Raw materials are imported from Europe, other Asian countries, the United States, etc.  The subject chiefly imports plastic waste scrap from European countries and re‑exports to China or Southeast Asia for recycling.  It also exports raw plastic materials, which have been processed in China, to Europe.  It has developed business ties with a number of foreign suppliers and European buyers.

The subject has got affiliated companies in France.  These firms may be the subject’s suppliers or customers.  The subject’s annual sales turnover ranges from HK$78 to 82 million.  Overall business has been steady and satisfactory.

The subject is a member of The French Chamber of Commerce & Industry in Hong Kong.

The subject’s history in Hong Kong is over fifteen years and seven months.

On the whole, consider the subject good for normal business engagements.

 

COURT CASES:            None per our.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.93

UK Pound

1

Rs.72.43

Euro

1

Rs.63.62

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

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