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Report Date : |
12.12.2013 |
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 : |
Hong Kong |
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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 : |
6 |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
HONG KONG - ECONOMIC
OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source
: CIA |
PULCRA CHEMICALS
CO. LTD.
ADDRESS: Room 1802, 18/F., New
Victory House, 93-103 Wing Lok Street, Sheung Wan, Hong Kong.
PHONE: 852-3590 9902
Managing Director: Dr. Christoph
Kowitz
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.
PULCRA CHEMICALS
CO. LTD.
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.
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 18-11-2013)
|
Name |
|
No. of shares |
|
Fashion Chemicals GmbH & Co. KG Rheinpromenade 1, D-40789 Monheim, Germany. |
|
1,000 ==== |
(As per registry dated 18-11-2011)
|
Name (Nationality) |
Address |
|
Dr. Christoph KOWITZ |
Isardamm 79-83, 82538 Geretsried, Germany. |
(As per registry dated 18-11-2013)
|
Name |
Address |
Co. No. |
|
Sky Advisory Services Ltd. |
Room 2308, 23/F., CC Wu Building, 302‑308 Hennessy Road,
Wanchai, Hong Kong. |
1270626 |
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 contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing: Good.
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 director of the subject Dr. Christoph Kowitz is a Germany merchant
who is currently residing in Geretsried, Germany. He was newly appointed.
The subject has had an associated company Pulcra Specialty Chemicals
Shanghai Co. Ltd. which is in Shanghai, China.
The subject is a member of the Pulcra Chemicals group.
The subject is a specialty chemical trader. Its products are serving the following
industrial sectors:-
Textile Technology;
Fibre Technology;
Leather Technology; &
Performance Chemicals.
Pulcra Chemicals group has acquired the Skintex® business from
BASF. The Skintex® range was originally
developed by scientists from the Henkel & Cognis textile department over
ten years ago. During the creation of
the Fashion / Pulcra Chemicals group the Skintex® range remained with Cognis,
which was then acquired by BASF SE in 2010.
The acquisition brings the Skintex® business back into the group where
it was created.
Performance finishes for textiles has been a target growth area for the
Group’s business and the Skintex® portfolio of products increases the offerings
available to its customers.
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.
Dr. Yusuf Aktalay is the CEO of Pulcra Chemicals and CEO-designate of
Fashion Chemicals.
The Group set up a new division known as ‘Performance Chemicals’ in
2012.
The President of Pulcra Chemicals LLC, a US-based company, is Mr. Brian
Francois.
The contact person of the subject is Mr. Noel Leong in Hong Kong.
The subject is fully supported by Fashion Chemicals and the Group. History in Hong Kong is over five years.
On the whole, in view of the background and parentage of the subject,
consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
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 |
|
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.38 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
---- |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.