|
Report Date : |
18.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
W. R. GRACE
( |
|
|
|
|
Registered Office : |
Unit 1001-1003, 10/F., AXA Centre, |
|
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Country : |
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|
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Date of Incorporation : |
28.08.1965 |
|
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Com. Reg. No.: |
01989112 |
|
|
|
|
Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter, Distributor and Manufacturers Representative of Waterproofing/fireproofing concrete products, can closure and sealing compound can coating/can forming fluid, specialty silica products, shrink films/barrier bags/laminates, printing products, hampshire organic, chemical/specialty chemical, water treatment and paper processing products. |
|
|
|
|
No. of Employees : |
Approx. 6,300. (As at 31-12-2011) |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
W. R.
GRACE (
ADDRESS: Unit 1001-1003, 10/F., AXA
Centre,
PHONE: 2590 2828, 2590 2848
FAX: 2856 0703, 2856 0712
E-MAIL: wrgrace_hk@yahoo.com.hk
Managing Director: Mr. Brian
Edward Kenny
Incorporated on: 28th
August, 1965.
Organization: Private
Limited Company.
Capital: Nominal: HK$50,000.00
Issued: HK$50,000.00
Business Category: Chemical Merchant.
Group Net Sales: US$3,211.9
million (Year ended 31-12-2011)
Group Employees: Approx.
6,300. (As at 31-12-2011)
Main Dealing Banker: The Hongkong and Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 1001-1003, 10/F., AXA Centre,
Branch Office:-
[Tel: 2675 7898; Fax: 2675 9193]
G.P.O.
Holding Company:-
W. R. Grace and Co.-
Ultimate Holding Company:-
W. R. Grace and Co.,
Affiliated Companies:-
Grace Group of Companies
A.A. Consultancy and Cleaning Co. Ltd.,
Alltech Applied Science B.V.,
Alltech Applied Science Labs (HK) Ltd., Hong Kong.
Alltech Associates (
Alltech Associates Applied Science Ltd.,
Alltech Associates Inc.,
Alltech
Alltech Grom
Alltech Italia S.R.L.,
Alltech Scientific (
Amicon B.V.,
Amicon Ireland Ltd.,
AP Chem Inc.,
Borndear 1 Ltd.,
Borndear 2 Ltd.,
Borndear 3 Ltd.,
Construction Products Dubai Inc.,
Cormix Ltd.,
Darex CIS LLC,
Darex Puerto Rico Inc.,
Darex UK Ltd.,
De Neef (CH) AG,
De Neef
De Neef Construction Chemicals (
De Neef Construction Chemicals (US) Inc.,
De Neef Construction Chemicals N.V.,
De Neef Deutschland
De Neef
De Neef
De Neef
De Neef Technologies S.L.,
De Neef UK Ltd.,
Denac Nederland B.V.,
Dewey and Almy
Ecarg Inc.,
Emerson and Cuming (Trading) Ltd.,
Emerson and Cuming (
Envases Industriales y Comerciales
Exemere Ltd.,
GEC Divestment Corporation Ltd.,
Grace (
Grace AB,
Grace Asia Pacific Inc.,
Grace Australia Pty. Ltd.,
Grace
Grace
Grace Canada Inc.,
Grace
Grace Chemical Co. of
Grace Chemicals Inc.,
Grace Chemicals K.K.,
Grace China Ltd.,
Grace Collections Inc.,
Grace Colombia S.A.,
Grace Construction Products (
Grace Construction Products Ltd.,
Grace Construction Products N.V.,
Grace Construction Products S.A.,
[Formerly known as Pieri
Grace Container S.A. de C.V.,
Grace Davison (Proprietary) Ltd.,
Grace Davison Chemicals India Pvt. Ltd.,
[Formerly known as Flexit Laboratories Private Ltd.]
Grace
Grace Energy Corporation,
Grace Energy
[Formerly known as Grace Holding GmbH]
Grace
Grace Europe Holding
Grace Europe Inc.,
Grace Germany Holdings Inc.,
Grace GP
Grace Hellas E.P.E.,
Grace International Holdings Inc.,
Grace Japan K.K.,
Grace Korea Inc.,
Grace Latin America Inc.,
Grace Luxembourg SARL,
Grace Management GP
Grace Management Services Inc.,
Grace PAR Corporation,
Grace Produits de Construction SAS, France.
Grace Quimica
Grace Receivables Purchasing Inc.,
Grace S.A.,
Grace S.A.,
Grace Silica
Grace Silica N.V.,
Grace Sp. z o.o.,
Grace Sweden AB,
Grace Trading (
Grace Venezuela S.A.,
Guanica-Caribe Land Development Corporation,
Hanover Square Corporation,
Ichiban Chemical Co. Inc.,
Inverco Benelux N.V.,
Inversiones GSC S.A.,
Kootenai Development Company,
LC Service B.V.,
P.T. Grace Specialty Chemicals
Papelera Camagueyana S.A.,
Pieri Especialidades S.L.,
Pieri U.K. Ltd.,
Remedium Group Inc.,
Servicised Ltd.,
Trans-Meridian Insurance (
Union Societe
Verifi
W. R. Grace (
W. R. Grace (
W. R. Grace (Philippines) Inc., Philippines.
W. R. Grace (Singapore) Pte. Ltd., Singapore.
W. R. Grace (Thailand) Ltd., Thailand.
W. R. Grace Africa (Proprietary) Ltd., South Africa.
W. R. Grace and Co. (India) Private Ltd., India.
W. R. Grace B.V., Netherlands.
W. R. Grace Capital Corporation, USA.
W. R. Grace Finance (NRO) Ltd., Canada.
W. R. Grace Holdings S.A. de C.V., Mexico.
W. R. Grace Italiana S.p.A., Italy.
W. R. Grace Land Corporation, USA.
W. R. Grace Ltd., UK.
W. R. Grace N.V., Netherlands Antilles.
W. R. Grace Operations Center, Inc., Philippines.
W. R. Grace S.A., France.
W. R. Grace Specialty Chemicals (Malaysia) Sdn. Bhd., Malaysia.
W. R. Grace Taiwan Inc., Taiwan.
W. R. Grace Vietnam Co. Ltd., Vietnam.
Water Street Corporation, USA.
etc.
01989112
0011908
Managing Director: Mr. Brian
Edward Kenny
Nominal Share Capital: HK$50,000.00 (Divided into 500 shares of HK$100.00
each)
Issued Share Capital: HK$50,000.00
(As per registry dated 28-08-2011)
|
Name |
|
No. of shares |
|
W. R. Grace and Co.-Conn. 7500 Grace Drive, Columbia, Maryland, USA. |
|
500 === |
(As per registry dated 28-08-2011)
|
Name (Nationality) |
Address |
|
Brian Edward KENNY |
13 Hudson Road East, Irvington, NY 10533, USA. |
|
Jeremy Peter Marchant GRAY |
Fraser Place, Apartment 615, 115 Unity Street, Singapore 237995. |
|
LI Yong |
Room 901, No. 35 Long 308, Yu Shan Road, Shanghai, China. |
(As per registry dated 28-08-2011)
|
Name |
Address |
Co. No. |
|
Sekots Secretarial Services Ltd. |
16/F.-19/F., Princes Building, 10 Chater Road, Central, Hong Kong. |
0028739 |
The subject was incorporated on 28th August, 1965 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject moved to the present address in February 2004.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter, Distributor and Manufacturers Representative.
Lines: Waterproofing/fireproofing
concrete products, can closure and sealing compound can coating/can forming
fluid, specialty silica products, shrink films/barrier bags/laminates, printing
products, hampshire organic, chemical/specialty chemical, water treatment and
paper processing products.
Agents for:-
AMICON organic solvents USA.
EMERSON and CUMING organic solvents USA.
Group Employees: Approx. 6,300. (As at
31-12-2011)
Commodities Imported: Bought from Japan, Australia, France, Germany, Italy, etc.
Markets: Hong
Kong, China, Taiwan and Southeast Asia.
Group Net Sales: US$3,115.2 million
(Year ended 31-12-2007)
US$3,317.0
million (Year ended 31-12-2008)
US$2,825.0
million (Year ended 31-12-2009)
US$2,675.0
million (Year ended 31-12-2010)
US$3,211.9
million (Year ended 31-12-2011)
Terms/Sales:
Various terms.
Terms/Buying: L/C, T/T, O/A,
etc.
Nominal Share Capital: HK$50,000.00 (Divided into 500 shares of
HK$100.00 each)
Issued Share Capital: HK$50,000.00
Alternation of Capital:-
|
28-08-1965 |
paid up |
HK$ 200.00 |
|
28-09-1965 |
paid up |
HK$ 49,800.00 |
|
|
|
|
|
Total: |
paid up |
HK$ 50,000.00 ============ |
Group Net Income/(Loss) attributable to shareholders:-
US$ 88.8 million (Year ended 31-12-2007)
US$121.5 million (Year
ended 31-12-2008)
US$ 71.2 million (Year ended 31-12-2009)
US$207.1 million (Year
ended 31-12-2010)
US$269.4 million (Year
ended 31-12-2011)
Mortgage or Charge: (See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping
in an active and satisfactory manner.
Facilities: Making
active use of general banking facilities.
Payment: So
far so good.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong and Shanghai Banking Corp. Ltd., Hong Kong.
Bank of America N.A., Hong Kong Branch.
Hang Seng Bank Ltd., Hong Kong.
Bank of America, USA/Singapore.
Banking:-
Bank source informs a very satisfactory depository relationship has been
maintained with them since 1965 and credit facilities extended have been
properly utilized.
Standing: Good.
W. R. Grace (Hong Kong) Ltd. is a wholly-owned subsidiary of W. R. Grace
and Co. [Grace/Group] which is a US-based firm.
The Group is a multi-national corporation specialized in natural
resources, concrete admixtures and cement additives, chemicals. It is also engaged in retailing consumer
products, etc.
Grace is a listed firm with shares trading in New York Exchange Inc.
The subject is the Southeast Asia regional office responsible for
distributing industrial chemicals and also providing clients with technical
services.
Grace is a premier specialty chemicals and materials company, applying
innovative technologies to provide value-added products and services to global
markets. Grace is a leader in catalysts
and silica products, construction products and container products. Its products enhance the performance of their
petroleum products, ensure the integrity of some of the worlds major buildings
and bridges, increase the quality of images on ink jet paper, improve the
appearance of their fine wood furniture and preserve the safety of their
foods. Grace is taking steps to change
into a more effective, fully integrated operating company. It is more focused, value driven and
internationally active. It is well
positioned for growth and prosperity, supplying competitive and unique products
in dynamic industries.
The subject is carrying the following brand names:-
|
Brand Name |
Brand Product/Service |
|
Grace (Official Agent) |
Industrial Chemicals |
|
Darex (Official Agent) |
Industrial Chemicals |
|
Davison (Official Agent) |
Industrial Chemicals |
The subject has supplied concrete admixtures and cement additives to
construction projects in Hong Kong since 1965, including Central Plaza, Citibank
Plaza and The Bank of China Tower, as well as to Hopewell for the construction
of the Shenzhen to Guangzhou Superhighway, and two power stations in
China. Grace opened its first Asian
office in Hong Kong in 1965 and now has offices in 11 Asian countries and
plants in eight.
The subject got ISO 9002:1987 in 1993.
It was the first such company to receive this certification from the
Hong Kong Quality Assurance Agency [HKQAA].
In 2007, Grace Davison opened a new facility in Surat, India, focused on
manufacturing columns and cartridges for chromatography applications. Grace acquired certain assets of Grupo
Sistiaga S.L., a supplier of coatings for aluminium containers located in
Hernani, Spain. Grace also expanded its
R&D capabilities in Europe with the official grand opening of an innovation
centre in Poznan, Poland. The facility
develops new technology platforms and products for customers in the
construction and packaging industries.
Grace opened a new facility manufacturing cement processing additives
and concrete admixtures in the Hoc Mon District of Ho Chi Minh City, Vietnam.
For the year ended 31st December, 2011, the net sales of the Group
amounted to US$3,211.9 million, grew by 20.1% as compared with US$2,675.0
million in FY 2010; net income for the year was US$269.4 million, grew by 30.1%
as compared with US$207.1 million in FY 2010.
Grace Davison accounted for 69.1% of our 2011 sales.
Grace Construction Products accounted for 30.9% of our 2011 sales.
The Group operates its business on a global scale with approximately 71%
of its 2011 sales outside the United States.
It conducts business in over 40 countries and in more than 30
currencies.
On 8th February, 2012, the Group announced that effective for the 2012
first quarter, it is realigning its business into three operating segments:
Grace Catalysts Technologies; Grace Materials Technologies; and Grace
Construction Products.
Grace Catalysts Technologies: will include catalysts and related
technologies used in refining, petrochemical and other chemical manufacturing
applications. Revenues for 2011 for this
segment were approximately US$1.4 billion. Graces ART joint venture will be
managed in this segment.
Grace Materials Technologies: will include engineered materials,
coatings and sealants used in industrial, consumer, pharmaceutical and
packaging applications. Revenues for
2011 for this segment were approximately US$800 million.
Grace Construction Products: will include specialty construction
chemicals and specialty building materials used in commercial, infrastructure
and residential construction. Revenues
for 2011 for this segment were approximately US1.0 billion.
Fred Festa has become Chairman of the Board of Directors since January
2008.
As of 31st December, 2011, the Group had approximately 6,300 persons.
Having about 50 employees in Hong Kong, the subject is fully supported
by the Group.
On the whole, consider the subject good for normal business engagements.
Court case record:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Apr. 1998 |
KamLloyds Co. Ltd. |
W. R. Grace (Hong Kong) Ltd. |
Amount due |
HK$113,700 |
|
Date |
Particulars |
Amount |
|
09-09-2011 |
Instrument: Charge Over Deposit, Guarantee and
Letter of Set-Off (Third Party) Property: All moneys in any currency or currencies as at the date of the Charge
or at any time thereafter standing to the credit of the Deposit Accounts. Mortgagee: Bank of America, USA/Singapore. |
The payment and discharge of all Obligations of Debtors |
|
09-09-2011 |
Instrument: Charge Over Deposit and Letter of
Set-Off (Own Account) Property: Charge all moneys in any currency or currencies as at the date of the
Charge or at any time thereafter standing to the credit of the Deposit
Accounts with the payment and discharge of all Obligations. Mortgagee: Bank of America, USA/Singapore. |
To secure all monies in respect of banking facilities owing at any
time plus interest and all expenses. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.62 |
|
|
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.67.65 |
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 SCs 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.