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Report Date : |
08.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
PIONIC BASE CO.
LTD. |
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|
|
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Registered Office : |
c/o Chan & Fung Secretarial Services Ltd., 13/F., Harbour Commercial
Building, 122-124 Connaught Road Central, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.07.1985 |
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Com. Reg. No.: |
09972644 |
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Importer, Wholesaler and Re-exporter of Latex Gloves & Other
Chemicals |
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No. of Employees : |
15. (Including associates) |
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 |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong
Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
PIONIC BASE
CO. LTD.
ADDRESS: Room 4701, 47/F., Office Tower Convention
Plaza, 1 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2829 9644,
2824 0100
FAX: 852-2155 9612, 2587 9480
Managing
Director: Mr. Wang Jianqiang
Incorporated
on: 2nd July, 1985.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category:
Wax and other chemical Trader.
Employees: 15.
(Including associates)
Main Dealing
Banker: Bank of China
(Hong Kong) Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Office:-
c/o Chan & Fung Secretarial Services Ltd.
13/F., Harbour Commercial
Building, 122-124 Connaught Road Central, Sheung Wan, Hong Kong.
Room 4701, 47/F.,
Office Tower Convention Plaza, 1 Harbour Road, Wanchai, Hong Kong.
Sinochem Guangdong Co. Ltd.,
[Formerly Known as Sinochem Guangdong Corporation]
13/F., Yingxin
Building, 28 Huaxia Road, Tianhe District, Guangzhou, China.
[Tel: 86-20-8102
3114 Fax: 86-20-8102 3917
E-mail: marketing-gd@sinochem.com]
Sinochem Corporation,
China.
Dohigh Trading Ltd., Hong Kong.
* Double South International Trading Co.
Ltd., Hong Kong.
Far East Horizon
Ltd., Hong Kong.
Fasnshion
Properties (China) Ltd., Hong Kong.
Guangdong Sinochem
Chemicals Trading Corp., China.
Rillfung Co. Ltd.,
Hong Kong. [Dissolved]
Sinofert Holdings
Ltd., Bermuda/Hong Kong.
Sinochem Agro
HongKong Ltd., Hong Kong.
Sinochem Guangdong
Warehousing & Transportation Co. Ltd., China.
* Sinochem Hong Kong (Group) Co. Ltd., Hong
Kong.
Sinochem
International Chemicals (Hong Kong) Ltd., Hong Kong.
Sinochem
International Corporation, China.
* Sinochem International Oil (H K) Co. Ltd.,
Hong Kong.
Wah
Shing Shipping Co. Ltd., Hong Kong.
(* same address)
09972644
0153662
Managing
Director: Mr. Wang Jianqiang
Nominal Share
Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share
Capital: HK$500,000.00
(As
per registry dated 02-07-2013)
|
Name |
|
No.
of shares |
|
Sinochem Guangdong Co. Ltd. 13/F., Yingxin Building, 28 Huaxia Road, Tianhe District, Guangzhou,
China. |
|
500,000 ====== |
(As
per registry dated 02-07-2013)
|
Name (Nationality) |
Address |
|
XU Hui |
Room 702, No. 77 Jiaochang East Road,
Yuexiu District, Guangzhou, Guangdong, China. |
|
YE Wei Hua |
Room 3003, No. 17, Fujindong, Yuexiu
District, Guangzhou, China. |
|
WANG Jianqiang |
Gate 91, 33 Yu Jiang Road, Hexi District,
Tianjin, China. |
(As
per registry dated 02-07-2013)
|
Name |
Address |
Co.
No. |
|
Chan
& Fung Secretarial Services Ltd. |
13/F., Harbour Commercial Building, 122‑124 Connaught Road Central,
Sheung Wan, Hong Kong. |
0258336 |
The
company was incorporated on 2nd July, 1985 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, Wholesaler and
Re-exporter.
Lines: Latex gloves &
other chemicals
Employees: 15. (Including associates)
Commodities
Imported: Mainly imported from China,
etc.
Main Market: China, other Asian countries, Europe,
North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share
Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share
Capital: HK$500,000.00
Increase
of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$500,000.00 |
on |
27-12-1985 |
Alternation
of Issued Capital:-
|
02-07-1985 |
paid up |
HK$ 2.00 |
|
27-12-1985 |
paid up |
HK$499,998.00 |
|
|
|
––––––––––––– |
|
Total: |
paid up |
HK$500,000.00 ============ |
Mortgage or
Charge: (See attachment)
Profit & Loss:
Traded at a small profitable angle.
Condition: Keeping in an active and good
manner.
Facilities: Actively using general
banking facilities.
Payment: So far so good.
Commercial
Morality: Good.
Banker: Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing: Good.
Pionic
Base Co. Ltd. is a private limited company wholly-owned by Sinochem Guangdong
Co. Ltd. [Sinochem Guangdong], a China-based firm.
All
the directors of the subject are China merchants residing in China.
The
ultimate holding company of the subject Sinochem Corporation is also a
China-based firm.
Sinochem
Guangdong was formerly known as Sinochem Guangdong Corporation and changed its
name in September, 2009. The company was
founded in 1950 and is based in Guangzhou, Guangdong Province, China. It operates as a subsidiary of Sinochem
Corporation [Sinochem].
The
subject shares the same address with a number of its associated companies
belong to the Sinochem Group of Companies.
The
subject trades in the same commodities as Sinochem Guangdong.
As
a member of Sinochem Group which is listed in Global 500, Sinochem Guangdong is
one of the earliest import & export companies in South China. Now it has changed from traditional trade
into a chain integrates manufacturing, sales, transportation, after sales
service. It is offering professional
services to customers in more than 100 countries and districts of the world.
The
subject and Sinochem Guangdong are famous for its latex gloves. One of its famous brands is Panda® which was registered
in 1978 by Sinochem. Sinochem Guangdong has been engaged in latex gloves
industry for over 35 years and the Panda brand has become a famous trade mark.
Currently,
Sinochem Guangdong has three 98 meters long automatic production lines for
latex gloves and the annual production capacity of all kinds of industrial and
household gloves are up to 38,000,000 pairs.
Besides, it owns two production lines specially for industrial latex
gloves with an annual production capacity of 7,800,000 pairs. The Panda brand® latex gloves series include
the following products:-
·
Single Colour Latex Household
Gloves;
·
Longer Household Gloves;
·
Double Colour Household Gloves;
·
Single Colour Latex Industrial
Gloves;
·
Double Colour Heavy Duty
Industrial Gloves; &
·
Acid & Alkali Resistant
Industrial Gloves, etc.
Sinochem
Group was founded in 1950. Its
predecessor was China National Chemicals Import and Export Corporation which
was China’s largest trading firm.
Sinochem Group is the key state-owned enterprise under the supervision
of State Owned Assets Supervision and Administration Commission of the State
Council [SASAC]. Sinochem’s headquarter
is located in Beijing, China.
Sinochem’s
core businesses span over energy, agriculture, chemicals, real estate and
financial service. It is one of China’s
four state oil companies, China’s biggest agricultural input company
(fertilizer, seed and pesticide), China’s leading chemical service company.
The
subject is fully backed by Sinochem Guangdong and ultimately by Sinochem. History in Hong Kong is over 28 years.
On
the whole, in view of the background, history and parentage of the subject,
consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
09-05-2003 |
Instrument: Deed
of Indemnity, Charge Over Deposit and Set-Off Property: By way of Fixed
Charge to the Bank all the Company’s estate, right, title, claim, benefit and
interest to and in the Deposit (Account No. 012-881-5-119856-9 for amount of US$530,000
and all interest from time to time payable thereon and together with all
title deeds and documents relating thereto Mortgagee: Bank
of China Ltd., Hong Kong Branch. |
All moneys in respect of general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.99 |
|
|
1 |
Rs.102.07 |
|
Euro |
1 |
Rs.84.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
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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 |
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.