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Report Date : |
21.02.2013 |
IDENTIFICATION DETAILS
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Name : |
PARNON (HONG KONG) LTD. |
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Registered Office : |
C/o RL Nominees Ltd. Room 1002, 10/F., Malaysia Building, 50 Gloucester Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.04.2002 |
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Com. Reg. No.: |
32555742 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Soaps, detergents, toiletries, beauty products, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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
PARNON (HONG
KONG) LTD.
ADDRESS: c/o RL Nominees Ltd.
Room 1002, 10/F., Malaysia
Building, 50 Gloucester Road, Wanchai, Hong Kong.
PHONE: 2578 8010
FAX: 2566 3369
E-MAIL: evelyn.teo@parnon.com.cn
Managing Director: Mr. Mui Cheng
Teo
Incorporated on: 12th
April, 2002.
Organization: Private
Limited Company.
Capital: Nominal: HK$11,000,000.00
Issued: HK$10,855,388.00
Business Category: Importer, Exporter and Wholesaler.
Group Revenue: GBP
858.9 million (Year ended 31-05-2012)
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o RL Nominees Ltd.
Room 1002, 10/F., Malaysia Building, 50 Gloucester Road, Wanchai,
Hong Kong.
Holding Companies:-
PZ Cussons (Holdings) Ltd., UK.
PZ Cussons (International) Ltd., UK.
Associated Companies:-
Harefield Industrial Nigeria Ltd., Nigeria.
HPZ Ltd., Nigeria.
Milk Ventures (UK) Ltd., Nigeria.
Minerva SA, Greece.
Norpalm Ghana Ltd., Ghana.
Nutricima Ltd., Nigeria.
Parnon (HongKong) Ltd., China.
PT PZ Cussons Indonesia, Indonesia.
PZ Cusson (UK) Ltd., UK.
PZ Cusson Australia Pty. Ltd., Australia.
PZ Cusson Ghana Ltd., Ghana.
PZ Cussons (Hong Kong) Ltd., Hong Kong.
PZ Cussons (Thailand) Ltd., Thailand.
PZ Cussons East Africa Ltd., Kenya.
PZ Cussons Nigeria Plc., Nigeria.
PZ Cussons PLC, UK.
PZ Cussons Polska SA., Poland.
PZ Power Co. Ltd., Nigeria.
PZ Tower Ltd., Nigeria.
PZ Wilmar Food Ltd., Nigeria.
PZ Wilmar Ltd., Nigeria.
Seven Scent Ltd., UK.
etc.
32555742
0792682
Managing Director: Mr. Mui Cheng
Teo
Nominal Share Capital: HK$11,000,000.00 (Divided into 11,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$10,855,388.00
(As per registry dated 12-04-2012)
|
Name |
|
No. of shares |
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PZ Cussons (Holdings) Ltd. Cussons House, Bird Hall Lane, Stockport, Sk3 OXN, England. |
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5,427,694 |
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PZ Cussons (International) Ltd. Cussons House, Bird Hall Lane, Stockport, Sk3 OXN, England. |
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5,427,694 |
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––––––––– |
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Total: |
10,855,388 ======== |
(As per registry dated 12-04-2012)
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Name (Nationality) |
Address |
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Neil John WEAVER |
14 Lenton Avenue, Tollerton, Nottingham, NG12 4EG, UK. |
|
Mui Cheng TEO |
Block 193, Rivervale Drive, #16-791, 540193 Singapore. |
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Brandon Howard LEIGH |
10 Marquis Drive, Heald Green, Cheshire, SK8 3HS, UK. |
(As per registry dated 12-04-2012)
|
Name |
Address |
Co. No. |
|
RL Nominees Ltd. |
Room 1002, 10/F., Malaysia Building, 50 Gloucester Road, Wanchai,
Hong Kong. |
0821316 |
The subject was incorporated on 12th April, 2002 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of PZ Cussons
(Hong Kong) Ltd., name changed to Cussons Toiletries (China) Ltd. on
31st May, 2002, and further changed to the present style on 3rd August,
2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Soaps,
detergents, toiletries, beauty products, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: Other
Asian countries, UK, other European countries, etc.
Group Revenue: GBP 820.7 million (Year ended
31-05-2011)
GBP 858.9
million (Year ended 31-05-2012)
GBP 414.0
million (half year ended 30-11-2011)
GBP 414.8
million (half year ended 30-11-2012)
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: As
per contracted.
Nominal Share Capital: HK$11,000,000.00 (Divided into 11,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$10,855,388.00
Group Net Profit: GBP 79.9 million
(Year ended 31-05-2011)
GBP 38.0
million (Year ended 31-05-2012)
GBP 39.2
million (half year ended 30-11-2011)
GBP 41.8
million (half year ended 30-11-2012)
Profit or Loss: Group business is profitable.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Parnon (Hong Kong) Ltd. is equally owned by two UK-based firm: PZ
Cussons (Holdings) Ltd. and PZ Cussons (International) Ltd. The subject has had a main associated company
PZ Cussons PLC [PZ Cussons/Group] which is a listed firm in the United Kingdom.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 1002, 10/F., Malaysia Building,
50 Gloucester Road, Wanchai, Hong Kong” known as “RL Nominees Ltd.” which
is handling its correspondences and documents.
This firm is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. Its main office is in Shanghai, China. Detailed address is Unit 8C, Liangfeng
Mansion, 8 Dongfang Road, Pudong New District, Shanghai, China.
The subject is carrying the same commodities as PZ Cussons.
PZ Cussons is a holding company.
It is engaged in the manufacture and distribution of soaps, detergents,
toiletries, beauty products, pharmaceuticals, electrical goods, edible oils,
fats and spreads and nutritional products.
Its product portfolio includes home care, personal care, electrical
goods, food and nutrition, beauty and baby care. Its geographical segments include Africa,
Asia and Europe.
The Group’s subsidiaries include PZ Cussons Australia Pty Ltd., PZ
Cussons Middle East and South Asia FZE, Seven Scent Ltd., PZ Cussons (Holdings)
Ltd., PZ Cussons (International) Ltd., PZ Cussons (UK) Ltd. and PZ Cussons
Ghana Ltd.
In 2010, PZ Cussons Plc acquired St Tropez and in 2010, it entered into
a joint venture (PZ Wilmar Ltd.) with Wilmar International to build a palm oil
refinery in Nigeria and build up an associate food ingredients business.
On 24th January, 2012, PZ Cussons acquired the Fudge brand, intellectual
property, inventory and certain other business assets.
For the year ended 31st May, 2012, Group revenue up by 4.7% to £858.9
million (2011: £820.7 million). In the
FY, raw material costs, worsening trading environment in the Australian Home
Care category and the social and economic tensions in Nigeria decreased profit
before tax and exceptional items by 15.2% to GBP 92.3 million (2011: GBP 108.9
million).
The Group delivered revenue growth of 4.7% for the year despite
challenging trading conditions in a number of markets. Profits before tax and exceptional items were
15.2% lower than the previous year reflecting a robust performance in the UK,
strong trading in the Beauty division and positive momentum in Indonesia, more
than offset by the impact of three factors: approximately £25 million of
increased costs from the significant year‑on‑year raw material cost
inflation; a worsening environment in the Australian Home Care category; and
the social and economic tensions in Nigeria.
In Asia, continued positive momentum delivered another year of revenue
and profit growth in Indonesia although this was more than offset by lower
results in Australia as well as tough trading conditions in Thailand and the
Middle East.
PZ Cussons reported that profit before tax and exceptional items for the
six month period to 30th November 2012 was GBP 44.1 million (30th November
2011: GBP 40.2 million) on revenue of GBP 414.8 million (30th November 2011:
GBP 414.0 million). There were
exceptional charges in the period of GBP 3.5 million (30th November 2011:
GBP 0.9 million). After exceptional
items, profit before tax increased by 3.3% to GBP 40.6 million (30th November
2011: GBP 39.3 million).
The subject is fully supported by PZ Cussons.
The subject’s business in Hong Kong is not active. History in Hong Kong is over ten years.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis
or in small credit amounts.
Brief Personal History of Principal Director:-
Brandon Howard Leigh Group
Finance Director
Mr Leigh qualified as a chartered accountant with Deloitte & Touche
in 1996. He joined PZ Cussons in 1997 and
was appointed to the Board as Group Finance Director in 2006. Mr Leigh is a member of the Group Risk and
CSR Committees.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.05 |
|
|
1 |
Rs.83.45 |
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Euro |
1 |
Rs.72.53 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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 |
-- |
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.