MIRA INFORM
REPORT
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Report Date : |
11.04.2012 |
IDENTIFICATION DETAILS
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Name : |
PULCRA
CHEMICALS CO. LTD. |
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Registered Office : |
Room 1802, 18/F., New Victory House, 93-103 Wing Lok Street, Sheung Wan |
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Country : |
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Date of Incorporation : |
18.11.2008 |
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Com. Reg. No.: |
50021264 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of specialty chemicals |
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No. of Employees
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06 |
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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
PULCRA CHEMICALS CO. LTD.
Room 1802, 18/F., New Victory House, 93-103 Wing Lok Street, Sheung Wan, Hong Kong.
PHONE: 3590 9902
Managing Director: Mr. Ren Yibo
Incorporated on: 18th November, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,000.00
Business Category: Chemical Trader.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1802, 18/F., New Victory House, 93-103 Wing Lok Street, Sheung Wan, Hong Kong.
Holding Company:-
Fashion Chemicals GmbH & Co. KG, Germany.
Ultimate Holding
Company:-
DSD Deri Sanayicileri Sektorel Dis Ticaret AS, Turkey.
Associated
Companies:-
P.T. Pulcra Chemicals Indonesia, Indonesia.
Pulcra Chemicals Bangladesh (Pvt.) Ltd., Bangladesh.
Pulcra Chemicals de Colombia Ltda., Colombia.
Pulcra Chemicals GmbH, Germany.
Pulcra Chemicals India Private Ltd., India.
Pulcra Chemicals Italy S.r.l., Italy.
Pulcra Chemicals LLC, USA.
Pulcra Chemicals Pakistan (Pvt) Ltd., Pakistan.
Pulcra Chemicals S.A. de C.V., Mexico.
Pulcra Chemicals SL, Spain.
Pulcra Especialidades Quimicas Ltda., Brazil.
Pulcra Kimya AS, Turkey.
Pulcra Specialty Chemicals Shanghai Co. Ltd., China.
Pulcra-Lachiter S.r.l., Italy.
50021264
1288023
Managing Director: Mr. Ren Yibo
Contact Person: Mr. Noel Leong
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
(As per registry
dated 18-11-2011)
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Name |
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No. of shares |
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Fashion Chemicals GmbH & Co. KG Rheinpromenade 1, D-40789 Monheim, Germany. |
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1,000 ==== |
(As per registry
dated 18-11-2011)
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Name (Nationality) |
Address |
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REN Yibo |
Room 202, No. 23 Hu Ma Er Cun, Bao Shan District, Shanghai, China. |
(As per registry
dated 18-11-2011)
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Name |
Address |
Co.
No. |
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CSY Corporate Services Ltd. |
Room 1004, 10/F., Wing On Plaza, 62 Mody Road, Tsimshatsui, Kowloon, Hong Kong. |
1061899 |
The subject was incorporated on 18th November, 2008 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.
Activities: Importer and Exporter.
Lines: All kinds of specialty chemicals.
Employees: 6.
Commodities Imported: Europe, China, other Asian countries, etc.
Markets: Worldwide countries.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
Mortgage or Charge: (See attachment)
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.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Pulcra Chemicals Co. Ltd. is a wholly-owned subsidiary of Fashion Chemicals GmbH & Co. KG which is a Germany-based firm located in Geretsried, Germany. The subject’s ultimate holding company DSD Deri Sanayicileri Sektorel Dis Ticaret AS [DSD] is a Turkey-based firm.
The director of the subject Mr. Ren Yibo is a China merchant who is currently residing in Shanghai, China. He is also the CEO of Pulcra Specialty Chemicals Shanghai Co. Ltd., China.
The subject is a specialty chemical trader. Its products are serving the following industrial sectors:-
· Textile Technology
· Fibre Technology
· Leather Technology
· Performance Chemicals
Formerly, Pulcra Chemicals was a subsidiary of Cognis which is a specialty chemical supplier. In July 2008, Cognis signed an agreement to sell its Pulcra Chemicals subsidiary to Germany based Fashion Chemicals GmbH & Co. KG [Fashion Chemicals] for a consideration of €26.3 million. The sale is in line with Cognis’ strategy of focusing on its core businesses driven by the wellness and sustainability trends. Agreements respecting the transfer of the business and related transactions were signed on 14th July, 2008 in Düsseldorf, Germany.
Cognis sold its Pulcra Chemicals subsidiary to Fashion Chemicals, an investor backed mainly by DSD which is based in Istanbul, Turkey. DSD is an organization with connections with the leather goods industry. The shareholders of DSD include leading tanneries and leather manufacturers in Turkey.
The cash proceeds from the transaction amounted to about €23.1 million. Approximately 9% of the cash proceeds was financed by members of Pulcra Chemical’s senior management team. Fashion Chemicals additionally took over €15 million of financial liabilities (including debts and pensions). The transaction was completed in the end of October 2008.
Pulcra Chemicals, which supplies process chemicals to the textile and leather industries, was previously the Process Chemicals strategic business unit [SBU] of Cognis. The SBU was carved out into separate legal entities on 1st July, 2007, and renamed Pulcra Chemicals. Pulcra operates production sites and service centres in Brazil, China, Germany, India, Indonesia, Italy, Mexico, Spain, Turkey and the United States.
Now, Pulcra Chemicals is a worldwide operating company and supplier of innovative specialty chemicals with profound process and engineering know‑how. Based on more than 125 years being a partner to the fibre, textile, and leather industries, Pulcra Chemicals provides high-performance products and system solutions for increasing the productivity and environmental compatibility of complex manufacturing processes in the fibre, textile and leather industries. It also develops and markets specific finishing treatments for functional textiles.
Concerning the fibre and textile segments, Pulcra Chemicals offers products and technical support covering all stages of the textile production chain. Its portfolio ranges from process auxiliaries for the manufacturing of man-made fibres, across secondary spinning, weaving, pre-treatment, dyeing and printing, to finishes defining the final quality of fabrics and garments.
Now, Besides the subject, Pulcra Chemicals has had subsidiaries and associated companies in Germany, Italy, Spain, Turkey, the United States, Mexico, Brazil, Colombia, Indonesia, China, India, Pakistan and Bangladesh. Pulcra Chemicals has about 540 employees worldwide. Sales turnover in 2009 was €178.7 million and in 2010, was €197.0 million.
Dr. Yusuf Aktalay is the CEO of Pulcra Chemicals and CEO-designate of Fashion Chemicals. The contact person of the subject is Mr. Noel Leong.
The subject is fully supported by Fashion Chemicals and DSD. History in Hong Kong is over three years and four months.
On the whole, in view of the background and parentage of the subject, consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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06-02-2012 |
Instrument: Assignment of Receivables – General with Notice of Assignment Property: In consideration of the Banking Facilities, the Customer, as beneficial owner and by way of security for the payment of the Secured Monies, hereby assigns, and agrees to assign, to the Bank the Receivables until all the Secured Monies have been paid or discharged Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
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10-02-2012 |
Instrument: Assignment of Life Insurance Property: Property Charged: (i) all the Assignor’s claims, options, privileges, right, title, interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims and rights against the issuer of the Policy (No. 28004892) in respect of the Policy upon the terms Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Secured Monies |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.51.20 |
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UK Pound |
1 |
Rs.81.50 |
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Euro |
1 |
Rs.67.15 |
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.