|
Report No. : |
337560 |
|
Report Date : |
21.08.2015 |
IDENTIFICATION DETAILS
|
Name : |
TRINSEO ( |
|
|
|
|
Registered Office : |
|
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
14.09.1973 |
|
|
|
|
Com. Reg. No.: |
04124462 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer, Exporter and Wholesaler of Polystyrene, Organic and Inorganic Chemicals and Plastic Raw Materials. |
|
|
|
|
No. of Employees : |
105 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
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
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 total trade 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than
4.4% in 2014. 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. In 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
TRINSEO (HONG KONG) LTD.
ADDRESS: 40-50
Tsing Yi Road, Tsing Yi, New Territories, Hong Kong.
PHONE: 852-2431
3222, 2431 3211, 3120 6300
FAX: 852-2610
1595, 2433 2596
E-MAIL: cllee1@styron.com
MANAGEMENT:
Managing Director:
Mr. Lee Chung Lok
Incorporated on: 14th September, 1973.
Organization: Private Limited Company.
Issued Share Capital: HK$7,523,700.00
Business Category: Polystyrene
Trader.
Group Net Sales: US$5,127,961,000 (Year ended 31-12-2014)
Employees: 105.
Main Dealing Bankers: Citibank
N.A., Hong Kong Branch.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
TRINSEO (HONG KONG)
LTD.
Registered
Head Office & Plant:-
40-50 Tsing Yi Road, Tsing Yi, New Territories, Hong Kong.
Mailing
Address:-
P.O. Box 129, Tsuen Wan, New Territories, Hong Kong.
Holding
Company:-
Styron Holdings Asia Pte. Ltd., Singapore.
Ultimate
Holding Company:-
Trinseo S.A., Luxembourg.
Associated/Affiliated
Companies:-
Styron Group of Companies
Americas Styrenics LLC, US.
PT Trinseo Materials Indonesia, Indonesia.
PT. Styron Indonesia, Indonesia.
SAL Petrochemical (Zhangjiagang) Co. Ltd., China.
Styron Australia Pty. Ltd., Australia.
Styron Belgium B.V.B.A., Belgium.
Styron Canada ULC, Canada.
Styron Chile Comercial Limitada, Chile.
Styron de Colombia Ltda., Colombia.
Styron de Mexico S. de R.L. de C.V., Mexico.
Styron Deutschland Anlagengesellschaft mbH, Germany.
Styron Deutschland GmbH, Germany.
Styron do Brasil Comercio de Produtos Quimicos Ltda.,
Brazil.
Styron Europe GmbH, Switzerland.
Styron Export GmbH, Switzerland.
Styron Finance Luxembourg S.a.r.l., Luxembourg.
Styron France S.A.S., France.
Styron Hellas M. EPE, Greece.
Styron Holding B.V., Netherlands.
Styron Holding S.a.r.l., Luxembourg.
Styron India Trading Private Ltd., India.
Styron Investment Holdings Ireland, Ireland.
Styron Italia s.r.l., Italy.
Styron Japan Y.K., Japan.
Styron Kimya Ticaret Ltd Sirketi, Turkey.
Styron Korea Ltd., Korea.
Styron LLC, US.
Styron Luxco S.a.r.l., Luxembourg.
Styron Materials Ireland, Ireland.
Styron Netherlands B.V., The Netherlands.
Styron S/B Latex Zhangjiagang Co. Ltd., China.
Styron Services de Mexico S. de R.L. de C.V., Mexico.
Styron Singapore Pte. Ltd., Singapore.
Styron Spain S.L., Spain.
Styron Suomi Oy, Finland.
Styron Sverige AB, Sweden.
Styron U.S. Holding. Inc., US.
Styron UK Ltd., UK.
Sumika Styron Polycarbonate Ltd., Japan.
Taiwan Styron Ltd., Taiwan.
Taiwan Trinseo Ltd., Taiwan.
Trinseo (Hong Kong) Ltd., Hong Kong.
Trinseo Finance Ireland, Ireland.
Trinseo India Trading Private Ltd., India.
Trinseo Japan Y.K., Japan.
Trinseo Korea Ltd., Korea.
Trinseo LLC, U.S.
Trinseo Materials Finance. Inc., US.
Trinseo Materials Materials Operating S.C.A., Luxembourg.
Trinseo Materials S.a.r.l., Luxembourg.
Trinseo Polymers (Zhangjiagang) Co. Ltd., China.
Trinseo U.S. Receivables Company SPV LLC, US.
04124462
0035391
Managing Director:
Mr. Lee Chung Lok
HK$7,523,700.00
(As per registry dated 14-09-2014)
|
Name |
|
No. of shares |
|
Styron Holdings Asia Pte. Ltd. 260 Orchard Road, #18-01 The Heeren, Singapore 238855. |
|
75,237 ===== |
(As per registry dated 19-01-2015)
|
Name (Nationality) |
Address |
|
LEONG Chin Bown |
Unit 1621, 16/F., Tower 1, Harbour View Horizon, 12 Hung
Lok Road, Hunghom Bay, Kowloon, Hong Kong. |
|
LEE Chung Lok |
Room 3408, 34/F., Block B, Hiu Sing House, Hiu Lai Court,
Hiu Kwong Street, Kwun Tong, Kowloon, Hong Kong. |
LEE Chung Lok (As per registry dated 14-09-2014)
The subject was incorporated on 14th September, 1973 as a
private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Dow
Chemical (H.K.) Ltd., name changed to Dow Chemical (Hong Kong) Ltd. on 22nd
February, 1974; changed to Styron (Hong Kong) Ltd. on 1st March, 2010 and
further to the present style on 30th January, 2015.
Formerly the subject was located at 47/F., Sun Hung Kai
Centre, 30 Harbour Road, Wanchai, Hong Kong, moved to the present address where
is also the address of the subject’s plant with effect from 15th June, 2010.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Manufacturer,
Exporter and Wholesaler.
Lines: Polystyrene,
organic and inorganic chemicals and plastic raw materials.
Brand Name: “STYRON”
brand.
Floor Space: 29,385 sq.m.
Employees: 105.
Raw Materials: Mainly
bought from Europe and North America.
Markets: Asia,
Europe, North America, etc.
Group Net Sales: US$6,192,858,000 (Year ended 31-12-2011)
US$5,451,909,000 (Year ended 31-12-2012)
US$5,307,414,000 (Year ended 31-12-2013)
US$5,127,961,000 (Year ended 31-12-2014)
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
MEMBERSHIP: Federation
of Hong Kong Industries, Hong Kong.
[Member No. A3160]
Issued Share Capital: HK$7,523,700.00
Mortgage or Charge:-
Date: 05-05-2015
Description of Instrument: Debenture
Mortgagee: Deutsche Bank AG, New York Branch
60 Wall Street, (NYC60-0219), New York 10005, U.S.
Group Net Sales: (US$75,905,000) (Year ended 31-12-2011)
US$30,282,000 (Year
ended 31-12-2012)
(US$22,218,000) (Year
ended 31-12-2013)
(US$67,322,000) (Year
ended 31-12-2014)
Profit or Loss: Group
business made losses in past three years.
Condition: Keeping in
a normal state.
Facilities: Making
active use of general banking facilities.
Payment: Reliable.
Commercial Morality:
Good.
Bankers:-
Citibank N.A., Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Bank of America N.A., Hong Kong Branch.
Citibank N.A., Singapore Branch.
Deutsche Bank AG, Hong Kong Branch.
Deutsche Bank AG, Singapore Branch.
Banking:-
One bank source reports subject maintains with them HKD account. Credit facilities have been granted to
them. They have handled their bills
transactions with satisfactory results.
Standing: Normal.
Formerly known as Styron (Hong Kong) Ltd., Trinseo (Hong
Kong) Ltd. was incorporated in September 1973 as a wholly-owned subsidiary of
The Dow Chemical Company [Dow] which was a US-based firm. Now the subject changed name to the present
style on 30th January, 2015 as its ultimate holding company is known as Trinseo
S.A. [Trinseo/Group] which is a Luxembourg-based company.
The subject’s registered address is also its Tsing Yi plant
which is one of the world’s largest polystyrene facilities. Polystyrene is used widely in a range of
products including toys, household electric appliances, electronics, cassette
tape housings and packaging, etc.
Trinseo is a world leader in the production of plastics,
latex and rubber. It is a new company
built on seven decades of technology leadership.
Trinseo’s products bear trade mark such as TRINSEO™, LOMAX™,
TYRIL™, PULSE™, EMERGE™, MAGNUM™, STYRON™, STYRON A-TECH™ and CALIBRE™, which
are protected under applicable intellectual property laws and are owned by
Trinseo through its subsidiaries.
Trinseo has had strong global positions in four business
areas -- polystyrene and styrenic polymers, emulsion polymers, polycarbonate
and engineered compounds, and PBR and SBR synthetic rubbers.
Trinseo is a leading global materials company dedicated to
innovate and deliver for its customers.
Its unique product portfolio brings together plastics, latex and rubber
businesses that share feedstocks, operations, customers and end users. Trinseo has a leadership position in its two
flagship products, polystyrene and latex.
It benefits from global scale, a long-standing tradition of customer relationships
and a robust innovation pipeline.
Trinseo’s products are widely used in industries such as
home appliances, automotive, building and construction, carpet, commercial
transportation, consumer electronics/information technology equipment [ITE],
consumer goods, electrical and lighting, medical, packaging, paper and
paperboard, rubber goods and tires.
The Group operates its business in four reporting segments:
Latex, Synthetic Rubber, Styrenics and Engineered Polymers. Its major products include: styrene-butadiene
latex, or SB latex, and styrene-acrylate latex, or SA latex, in our Latex
segment; solution styrene butadiene rubber, or SSBR, lithium polybutadiene
rubber, or Li-PBR, emulsion styrene butadiene rubber, or ESBR, and nickel
polybutadiene rubber, or Ni-PBR, in its Synthetic Rubber segment; polystyrene,
acrylonitrile butadiene styrene, or ABS, and styrene acrylonitrile, or SAN, in
its Styrenics segment; and polycarbonate, or PC, compounds and blends, and
polypropylene compounds in our Engineered Polymers segment. On 1st January, 2015, it changed its four
reporting segments to Latex, Synthetic Rubber, Performance Plastics (including
compounds and blends and polypropylene compounds), and Basic Plastics and
Feedstocks (including polystyrene, ABS, SAN, and PC).
The group has significant manufacturing and production
operations around the world, which allows it to serve its global customer
base. As of 31st December, 2014,
its production facilities included 34 manufacturing plants (which included a
total of 81 production units) at 26 sites across 14 countries, including joint
ventures and contract manufacturers. Its
manufacturing locations include sites in high-growth emerging markets such as
China, Indonesia and Brazil.
Additionally, as of 31st December, 2014 it operated 11 research and
development (“R&D”) facilities globally, including mini plants, development
centres and pilot coaters.
Now, Trinseo has got associated or affiliated companies in
Europe, Asia Pacific region, North and Latin America, etc.
On 17th June, 2014, Trinseo completed an IPO and has
successfully been listed on New York Stock Exchange, or NYSE, under the ticker
symbol “TSE”.
For the year ended 31st December, 2014, the net sales of the
Group amounted to US$5,128.0 million (2013:
US$5,307.4 million), made a loss of US$67.3 million in the year. The Group also made a loss of US$22.2 million
in 2013. The Group made losses in past
two years.
Trinseo Group had 2,179 full time employees worldwide as of
31st December, 2014.
Christopher D. Pappas is President and Chief Executive
Officer of Trinseo. Pappas started his
career at The Dow Chemical Company, where he had gathered industry experience
in a number of sales and managerial positions between 1978 and 1996.
The subject is fully supported by Trinseo. History in Hong Kong is over forty-one years.
On the whole, in view of the parentage of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.23 |
|
|
1 |
Rs.102.20 |
|
Euro |
1 |
Rs.72.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
TPT |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.