MIRA INFORM REPORT

 

 

Report Date :

19.06.2012

 

IDENTIFICATION DETAILS

 

Name :

PEN  TSAO  CHEMICAL  INDUSTRY  LTD.

 

 

Registered Office :

Unit B, 27/F., CKK Commercial Centre, 289-295 Hennessy Road, Wanchai

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

28.11.1995

 

 

Com. Reg. No.:

19498589

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Chemical Trader. Intermediates, raw materials for pharmaceuticals, etc.

 

 

No. of Employees :

6

 

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 :

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)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

Company name and address

 

PEN  TSAO  CHEMICAL  INDUSTRY  LTD.

 

 

ADDRESS:       Unit B, 27/F., CKK Commercial Centre, 289-295 Hennessy Road, Wanchai, Hong Kong.

 

PHONE:            2511 3131

 

FAX:                 2511 3030

 

E-MAIL:                        ptcihk@netvigator.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Rolf Erwin Weber

 

 

SUMMARY

 

Incorporated on:             28th November, 1995.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$100,000,000.00

Issued:              HK$21,200,737.00

 

Business Category:        Chemical Trader.

 

Employees:                   6.

 

Main Dealing Banker:     CITIBANK, N.A., Hong Kong.

 

Banking Relation:           Good.

ADDRESS

 

Registered Head Office:-

Unit B, 27/F., CKK Commercial Centre, 289-295 Hennessy Road, Wanchai, Hong Kong.

 

Associated Companies:

Pen Tsao Chemical And Pharmaceutical Industry Co. Ltd., China.

Shanghai Xinlian Chemical Co. Ltd., China.

 

 

BUSINESS REGISTRATION NUMBER

 

19498589

 

 

COMPANY FILE NUMBER 

 

0532104

 

 

MANAGEMENT

 

Managing Director:  Mr. Rolf Erwin Weber

 

 

CAPITAl

 

Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$21,200,737.00

 

 

SHAREHOLDERS

(As per registry dated 28-11-2011)

 

Name

 

No. of shares

CHENG Pui Sang

 

8,859,269

Rolf Erwin WEBER

 

6,257,393

LI Ching

 

373,833

Oehri Louis

 

4,510,200

SONG Hong Fang

 

1,200,042

 

 

–––––––––

 

Total:

21,200,737

========

 

DIRECTORS

(As per registry dated 28-11-2011)

 

Name

(Nationality)

 

Address

Rolf Erwin WEBER

Flat E, 8/F., Block 26, Eaton Court, South Horizon, Ap Lei Chau, Hong Kong.

 

LI Ching

Flat E, 8/F., Block 26, Eaton Court, South Horizon, Ap Lei Chau, Hong Kong.

 

Louis OEHRI

Poststrasse 403, FL- 9491, Ruggell, Liechtenstein.

 

CHENG Pui Sang

Flat D, 3/F., Block 27, Baquio Villa, Hong Kong.

 

 

SECRETARY

(As per registry dated 28-11-2011)

 

Name

Address

Co. No.

Alfred Yeung Nominee Co. Ltd.

Rooms 1801-1805, Hua Qin International Building, 340 Queen’s Road Central, Hong Kong.

0231924

 

 

HISTORY

 

The subject was incorporated on 28th November, 1995 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.

 

 

OPERATIONS

 

Activities:                      Chemical Trader.

 

Lines:                           Intermediates, raw materials for pharmaceuticals, etc.

 

Employees:                   6.

 

Commodities Imported:   China, etc.

 

Markets:                       Japan, India, South Korea, Europe, etc.

 

Annual Turnover:            Not reported.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:              Prepayment, L/C, etc.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$21,200,737.00

 

Mortgage or Charge:        (See attachment)

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a satisfactory manner.

 

Facilities:                       Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Bankers:

CITIBANK, N.A., Hong Kong.

Bank of Communications, Hong Kong.

 

Standing:  Normal.

 

 

GENERAL

 

Having issued 21,200,737 ordinary shares of HK$1.00 each, Pen Tsao Chemical Industry Ltd. is jointly owned by five merchants while the largest two are Mr. Cheng Pui Sang, holding 41.8% interests, and Mr. Rolf Erwin Weber, holding 29.5%.

Being a Germany merchant, Rolf Erwin Weber is also the managing director of the subject.  He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.

The subject is an intermediates and raw materials for pharmaceuticals trader.  Over 90% of the products are exported to Japan, India, South Korea, Europe, etc.

The subject has had two associated companies in Shanghai known as Pen Tsao Chemical And Pharmaceutical Industry Co. Ltd. [PTCPI] and Shanghai Xinlian Chemical Co. Ltd. [Xinlian], China.

Established in 1996 and located at 2 Teili Road, Yangheng Town, Baoshan District, Shanghai, China, Xinlian is engaged in manufacturing intermediates, APIs, etc.  Xinlian at present has 75 employees and its annual sales turnover ranges from RMB180 to 190 million Yuan.

PTCPI is located at 54 Liu Jia Zhai, Taihe Road, Shanghai, China.  This firm is a pharmaceuticals and chemicals trader.

The two Shanghai firms are also administered by Rolf Erwin Weber.  The business of the subject is rather active.

As the history of the subject is over sixteen years in Hong Kong, on the whole, consider it good for normal business engagements.

 

MORTGAGE OR CHARGE

 

Date

Particulars

Amount

12-10-1998

Instrument:        Deed of Indemnity, Charge Over Deposits and Set-Off

Property:

All moneys from time to time standing to the credit of the Multi-Currency Account & Current Account No. 02753292184249 & 02753200170784 held by Pen Tsao Chemical Industry Limited opened with Bank of Communications, H.K.

Mortgagee:        Bank of Communications Co. Ltd., Hong Kong Branch.

To secure banking facilities from time to time on such manner and for so long absolute discration think fit.

03-05-2010

Instrument:        Deposit Deed

Property:

By way of a first fixed charge and as a continuing security for the Obligations, the Company charges and assigns absolutely all its rights, title to and interest in the Accounts and all Deposits from time to time in the Accounts and/or comprising the Accounts maintained with Citibank, N.A., Hong Kong Branch and/or Citibank (Hong Kong) Limited.

Mortgagee:        Citibank N.A., Hong Kong Branch.

All moneys now or at any time in the future owing by the Company (the “Principals”)(whether alone or jointly with any other person(s)) to Citibank, N.A. or any Affiliate)

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.59

UK Pound

1

Rs.87.34

Euro

1

Rs.70.66

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.