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Report Date : |
13.07.2012 |
IDENTIFICATION DETAILS
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Name : |
DYSTAR
CHINA LTD. |
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Formerly Known As : |
Chemdyes Ltd |
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Registered Office : |
Room 1802B-1808, 18/F., Yen Sheng Centre, |
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Country : |
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Date of Incorporation : |
25.10.1994 |
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Com. Reg. No.: |
18710922 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Distributor and Wholesaler, Investment Holding
of all kinds of dyestuffs and pigments for textile industry |
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No. of Employees : |
30. (Hong Kong) |
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 : |
Good |
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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 |
DYSTAR CHINA LTD.
Room 1802B-1808, 18/F., Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 2955 3388; 2955 1118
FAX: 2955 1188; 2955 1133
E-MAIL: dystar.china@dystar.com
Managing Director: Mr. Chang Sheng
Incorporated on: 25th October, 1994.
Organization: Private Limited Company.
Capital: Nominal: HK$71,100,000.00
Issued: HK$71,005,503.00
Business Category: Dyestuff Merchant.
Revenue of Parent Company: US$776,857,000 (Year ended 31-12-2011)
Employees: 30. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Room 1802B-1808, 18/F., Yen Sheng Centre, 64 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
China Liaison
Offices:
Beijing, Guangzhou, Shantou, Wuhan and Xi’an.
China Factories:-
DyStar Nanjing Colours Co. Ltd., China.
DyStar Wuxi Colours Co. Ltd., China.
Holding Company:-
Kiri Holding Singapore Private Ltd., Singapore.
Ultimate Holding
Companies:-
Kiri Industries Ltd., India.
Zhejiang Longsheng Group Co. Ltd., China.
Associated/Affiliated
Companies:-
DyStar Group of Companies
Boehme Filatex Inc., USA.
Boehme Pan America Industrial Ltda., Brazil.
Boehme Thai Co. Ltd., Thailand.
DyStar (Shanghai) Trading Co. Ltd., China.
DyStar Anilinas Têxteis Unipessoal Lda., Portugal.
DyStar Benelux N.V., Belgium.
DyStar Boehme Africa (Pty) Ltd., South Africa.
DyStar Colours Distribution GmbH, Germany.
DyStar de México S. de R.L. de C.V., Mexico.
DyStar France S.a.r.l., France.
DyStar Hispania S.L., Spain.
DyStar India Private Ltd., India.
DyStar Italia S.r.l., Italy.
DyStar Japan Ltd., Japan.
DyStar Korea Ltd., Korea.
DyStar L.P., USA.
DyStar Ltda., Brazil.
DyStar Pakistan (Private) Ltd., Pakistan.
DyStar Singapore Pte. Ltd., Singapore.
DyStar Taiwan Ltd., Taiwan.
DyStar Tekstil Boya ve Teknolojisi Sanayi Ticaret Ltd., Turkey.
DyStar Thai Ltd., Thailand.
DyStar UK Ltd., UK.
DyStar Vertrieb D-A-CH/Nordica, Germany.
P.T. DyStar Colours Indonesia, Indonesia.
etc.
18710922
0494986
Managing Director: Mr. Chang Sheng
Nominal Share Capital: HK$71,100,000.00 (Divided into 71,100,000 shares of HK$1.00 each)
Issued Share Capital: HK$71,005,503.00
(As per registry
dated 25-10-2011)
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Name |
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No. of shares |
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Kiri Holding Singapore Private Ltd. 8 Cross Street, #11-00, PWC Building, Singapore 048424 |
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71,005,503 ======== |
(As per registry
dated 28-05-2012)
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Name (Nationality) |
Address |
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Yalin XU |
929 Bukit Timah Road, #03-21, Singapore 589642 |
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CHANG Sheng |
Room 601,Flat 1, Building 6, YuanMengYuan, Jianggan District, Hangzhou, Zhejiang, China. |
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LUO Bin |
1996 Zhangyang Road, (Changning), Pudong District, Shanghai, China. |
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Shankerbhai Rughnathbhai PATEL |
41, Srunath Park Soc. Nr. Manekbag Octroi Naka, Manekbag, Ambawadi, Ahmedabad, India. |
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Sureshkumar Savajibhai GONDALIA |
B/7, Ruchi Apartment, Lad Soc. Road, Nehru Park, Vastrapur, India. |
(As per registry
dated 25-10-2011)
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Name (Nationality) |
Address |
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NG Wai Yee |
Room 1906, 19/F., Tai Hang Terrace, 5 Chun Fai Road, Hong Kong. |
The subject was incorporated on 25th October, 1994 as a private limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Maine International Ltd., name changed to Chemdyes Ltd. on 3rd January, 1995, and further to the present style on 20th June, 1995.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Distributor and Wholesaler, Investment Holding.
Lines: All kinds of dyestuffs and pigments for textile industry.
Employees: 30. (Hong Kong)
Commodities Imported: Imported from Germany and China.
Markets: Worldwide.
Revenue of Parent Company: US$611,970,000 (Year ended 31-12-2010)
US$776,857,000 (Year ended 31-12-2011)
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$71,100,000.00 (Divided into 71,100,000 shares of HK$1.00 each)
Issued Share Capital: HK$71,005,503.00
Indebtedness: HK$80,000.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 25-10-2011)
Mortgage or
Charge:-
Date of Security Over Deposits with the Bank (Limited Company – Under Seal): 11-07-2007
Amount: To secure all monies in respect of banking facilities
Property: Initially HK$40,000 and all monies whether now or hereafter standing to the credit of the Company’s deposit with the Bank under deposit No. 511-357717 and whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further moneys in any deposit account with the Bank at any of its offices
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit/(Loss) of Parent: US$106,661,000 (Year ended 31-12-2010)
(US$ 1,510,000) (Year ended 31-12-2011)
Profit & Loss: Parent made a loss in 2011.
Condition: Keeping in a very active manner.
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.
State
Bank of India, Frankfurt Branch, Germany.
Standing: Good.
DyStar China Ltd. is a wholly-owned subsidiary of Kiri Holding Singapore Private Ltd. [Kiri Singapore], a Singapore-based firm.
Kiri Singapore is jointly owned by Kiri Industries Ltd. [Kiri Industries], an India-based firm, and Zhejiang Longsheng Group Co. Ltd. [Longsheng], a China-based firm.
Since Longsheng has become a holding company of the subject, several China directors have been appointed. On the other hand, the India directors also have been changed.
In early 2001, the subject’s nominal capital was increased from HK$60,000,000.00 to HK$71,100,000.00, while the issued share capital was increased from HK$40,230,000.00 to HK$71,005,503.00 in order to cope with business expansion.
However, DyStar was acquired by Kiri Dyes & Chemicals Ltd. [KDC] which was an India-based firm in late 2009. KDC has taken over the management of DyStar Group since February 2010. Now, KDC has been renamed as Kiri Industries. Kiri Industries is not the sole owner of DyStar.
Kiri Industries is one of the foremost manufacturers and suppliers of high quality dyes and intermediates in the dyestuff industry. Through innovation, dedication to total quality and consumer satisfaction, as well as commitment to research and development, Kiri Industries has succeeded in meeting the needs of a broad range of customers worldwide.
Kiri Industries production facilities are strategically located in the heart of chemical industrial zone, which provides comparative ease and convenience to effectively utilize the Common Effluent Treatment Plant to further treat outlets. Centralized administration is established in highly commercial area of the city, Ahmedabad, India.
DyStar Group claims about 21% market share in dyes and pigments space globally. It supplies products to companies across sectors including apparel, hosiery and automotive. It has presence across 50 countries globally with employee strength of 3,500 people.
The subject commenced operation on 1st July, 1995 as a marketing office for the Group. It mainly imports textile colorants from Germany, India for distribution in Hong Kong and China.
In addition, DyStar has set up a joint venture known as DyStar Wuxi Colours Co. Ltd. in Wuxi, Jiangsu Province, China in partnership with Wuxi Dyestuff Factory to produce textile dyestuffs which bear the brand name “DyStar”. Besides, another factory known as DyStar Nanjing Colours Co. Ltd. [DyStar Nanjing] has been set up in Nanjing City, Jiangsu Province, China.
DyStar has invested around US$55 million in DyStar Nanjing which is in Nanjing to extend its production base in China.
Now, the Group has got a number of offices in China located at large cities such as Shanghai, Beijing, Guangzhou, Shantou, Wuhan, Xi’an, etc. The one in Shanghai is known as DyStar (Shanghai) Trading Co. Ltd. This firm was established in September 2003.
For the year ended 31stDecember, 2011, the revenue of Kiri Singapore amounted to US$776.9 million (2010: US$612.0 million); loss for the year was US$1.5 million (2010: a profit of US$106.7 million).
Longsheng is a listed firm in China. It shares have been traded in Shanghai Stock Exchange bearing code No. 600352.
The subject’s history in Hong Kong is over seventeen years.
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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20-02-2012 |
Instrument: Debenture constituting a fixed and/or floating charge over all the assets of the Company Property: (a) By way of first fixed legal charge to the Security Agent (b) By way of first floating charge all the Chargor’s undertaking and all its property, assets and rights, & etc. Mortgagee: State Bank of India, Frankfurt Branch |
The Outstanding Indebtedness, all monies which are from time to time due or owing, present and future, actual or contingent obligations of Dystar Global Holding (Singapore) Pte. Ltd. and Dystar China Ltd. under the Finance Documents and the Credit Agreements |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.70 |
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UK Pound |
1 |
Rs.86.28 |
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Euro |
1 |
Rs.68.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.