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Report No. : |
352447 |
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Report Date : |
08.12.2015 |
IDENTIFICATION DETAILS
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Name : |
COVESTRO (HONG KONG) LTD. |
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Formerly Known As : |
BAYER MATERIALSCIENCE LTD. |
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Registered Office : |
43/F., Hopewell Center, 183 Queen’s Road East, Wanchai |
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Country : |
Hong Kong
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Date of Incorporation : |
11.02.1998 |
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Com. Reg. No.: |
21927744 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Plastic Raw Materials. |
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No. of Employees : |
180 (Hong Kong) - Including associates |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
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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 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 |
COVESTRO (HONG KONG) LTD.
ADDRESS: 43/F., Hopewell
Center, 183 Queen’s Road East, Wanchai, Hong Kong.
PHONE: 852-2895
5888, 2158 2467
FAX: 852-3526
4505, 3526 4730, 2576 8862
E-MAIL: dirk.lang@bayermaterialscience.com
MANAGEMENT:
Managing Director: Ms. Cheng Jie
Incorporated on: 11th February, 1998.
Organization: Private Limited Company.
Issued Share Capital: HK$3,917,786.00
Business Category: Plastic
Material Trader.
Group Turnover: (Year ended 31-12-2014)
€42,239 million (Whole Group)
€11,651 million (Bayer MaterialScience Subgroup)
Company Employees: 180.
(Hong Kong) - Including associates
Group Employees:- (As at 31-12-2014)
118,888.
(Whole Group)
14,122.
(Covestro Subgroup)
Main Dealing Banker: Deutsche
Bank AG, Hong Kong Branch.
Banking Relation: Good.
COVESTRO (HONG KONG) LTD.
Registered Head
Office:-
43/F., Hopewell Center, 183 Queen’s Road East, Wanchai, Hong Kong.
Holding Company:-
Bayer Far East Service Co. Ltd., Hong Kong.
[Now known as Covestro Far East Service Co. Ltd.]
Intermediate
Holding Company:-
Covestro AG, Germany.
Ultimate Holding
Company:-
Bayer AG, Germany.
Associated/Affiliated
Companies:-
Bayer Group of Companies
Adverio Pharma GmbH, Germany.
AgrEvo Verwaltungsgesellschaft mbH, Germany.
Alcafleu Management GmbH & Co. KG, Germany.
Bayer 04 Immobilien GmbH, Germany.
Bayer 04 Leverkusen Fußball GmbH, Germany.
Bayer Altersversorgung GmbH, Germany.
Bayer Animal Health GmbH, Germany.
Bayer Beteiligungsverwaltung Goslar GmbH, Germany.
Bayer Business Services GmbH, Germany.
Bayer Chemicals AG, Germany.
Bayer Consumer Care Deutschland GmbH, Germany.
Bayer CropScience AG, Germany.
Bayer Direct Services GmbH, Germany.
Bayer Gastronomie GmbH, Germany.
Bayer Gesellschaft für Beteiligungen mbH, Germany.
Bayer HealthCare AG, Germany.
Bayer Innovation GmbH, Germany.
Bayer Intellectual Property GmbH, Germany.
Bayer MaterialScience AG, Germany.
Bayer MaterialScience Customer Services GmbH, Germany.
Bayer MaterialScience GmbH, Germany.
Bayer MaterialScience Oldenburg GmbH & Co. KG, Germany.
Bayer Real Estate GmbH, Germany.
Bayer Schering Pharma AG, Germany.
Bayer Technology Services GmbH, Germany.
Bayer Vital GmbH, Germany.
Bayer Weimar GmbH und Co. AG, Germany.
Bayer-Handelsgesellschaft mit beschränkter Haftung, Germany.
BGI Deutschland GmbJ, Germany.
Chemion Logistik GmbH, Germany.
Dritte Bayer Real Estate VV GmbH & Co. KG, Germany.
Dritte K-W-A Beteiligungsgesellschaft mbH, Germany.
Epurex Films GmbH & Co. KG, Germany.
Erste Bayer Real Estate VV GmbH & Co. KG, Germany.
Erste K-W-A Beteiligungsgesellschaft mbH, Germany.
Euroservices Bayer GmbH, Germany.
Fünfte Bayer Real Estate VV GmbH & Co. KG, Germany.
Generics Holding GmbH, Germany.
GP Grenzach Produktions GmbH, Germany.
Hild Samen GmbH, Germany.
Intendis GmbH, Germany.
Intraserv GmbH & Go. KG, Germany.
Jenapharm GmbH & Co. AG, Germany.
KOSINUS Grundstücks-Verwaltungsgesellschaft mbH & Co. Gamma OHG,
Germany.
KVP Pharma+Veterinär Produkte GmbH, Germany.
Marotrast GmbH, Germany.
MENADIER Heilmittel GmbH, Germany.
Schering-Kahlbaum Gesellschaft mit beschränkter Haftung, Germany.
Sechste Bayer Real Estate VV GmbH & Co. KG, Germany.
Siebte Bayer VV GmbH, Germany.
Steigerwald Arzneimittelwerk GmbH, Germany.
TECTRION GmbH, Germany.
TravelBoard GmbH, Germany.
Vierte Bayer Real Estate VV GmbH & Co. KG, Germany.
Zweite Bayer Real Estate VV GmbH & Co. KG, Germany.
Zweite K-W-A Beteiligungsgesellschaft mbH, Germany.
21927744
0636023
Managing Director: Ms. Cheng Jie
HK$3,917,786.00 (100,000 fully paid ordinary shares)
(As per registry dated 11-02-2015)
|
Name |
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No. of shares |
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Bayer Far East Service Co. Ltd., Hong Kong. |
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100,000 ====== |
(As per registry dated 02-11-2015)
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Name (Nationality) |
Address |
|
CHENG Jie |
Room 901, #3, Lane 199, Bai Yang Road, Shanghai, China. |
|
Steffan HUBER |
Unit 47, Lane 358, Baole Road, Minhang District, Risen Garden Villas,
Shanghai 201702, China. |
(As per registry dated 02-11-2015)
|
Name |
Address |
|
LEE Yuk Kwan |
43/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong. |
The subject was incorporated on 11th February, 1998 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of King Lion
Corporation Ltd., name changed to Sybron Chemicals (Hong Kong) Ltd. on 31st
July, 1998; changed to Bayer Polymers Co. Ltd. on 26th September, 2001; to
Bayer MaterialScience Ltd. on 1st September, 2004, and further changed to the
present style on 24th August, 2015.
Formerly the subject was located at 77/F., The Center, 99 Queen’s Road
Central, Hong Kong, moved to the present address with effect from 18th June,
2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of plastic raw materials.
Company Employees: 180. (Hong Kong) - Including associates
Group Employees:- (As at 31-12-2014)
118,888.
(Whole Group)
14,122.
(Covestro Subgroup)
Commodities Imported: Germany,
other European countries, India, etc.
Markets: Worldwide.
Group Sales:-
|
FY/Period |
Whole Group |
Bayer
MaterialScience Subgroup |
|
Year ended 31-12-2010 |
€35,088 million |
€10,154 million |
|
Year ended 31-12-2011 |
€36,528 million |
€10,832 million |
|
Year ended 31-12-2012 |
€39,741 million |
€11,491 million |
|
Year ended 31-12-2013 |
€40,157 million |
€11,238 million |
|
Year ended 31-12-2014 |
€42,239 million |
€11,651 million |
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P.
MEMBERSHIP: The Hong Kong General Chamber of
Commerce, Hong Kong. [Membership No. HKC1098]
Issued Share Capital: HK$3,917,786.00
(100,000 fully paid ordinary shares)
Group Net Income: €1,301
million (Year ended 31-12-2010)
€2,470
million (Year ended 31-12-2011)
€2,403 million (Year ended 31-12-2012)
€3,189 million (Year ended 31-12-2013)
€3,426 million (Year ended 31-12-2014)
MaterialScience EBIT: €633
million (Year ended 31-12-2011)
€581 million
(Year ended 31-12-2012)
€435 million
(Year ended 31-12-2013)
€555 million
(Year ended 31-12-2014)
Profit or Loss: Business
is profitable.
Condition: Keeping in an active
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Very good.
Banker: Deutsche Bank AG, Hong Kong Branch.
Standing: Very Good.
Covestro (Hong Kong) Ltd. is a wholly-owned subsidiary of Covestro Far East
Service Co. Ltd. [Covestro FE], a Hong Kong-registered firm located at the
subject’s operating address. In turn,
Covestro FE is a subsidiary of Covestro AG [Covestro], Germany. The ultimate holding company of the subject
is Bayer AG [Bayer], a world famous Germany-based firm which is the holding
company of the Bayer Group.
Bay had spun off its Bayer MaterialScience and offered the public a new
IPO. The new holding company is Covestro
which was listed on Frankfurt Stock Exchange on 6th October, 2015.
The subject is trading in the products of the Covestro Group.
The Group is principally engaged in supplying plastics, basic and fine
chemicals flavours, fragrances and aromatic chemicals, polyurethanes, synthetic
rubbers and rubber chemicals, coating and colorants, specialty products,
fibres, pharmaceuticals, diagnostics, consumer care, crop protection and
animal-health products to the Chinese market and importing finished and
semi-finished raw materials and other intermediates and native products from the
People’s Republic of China.
Bayer is one of the largest diversified international health care and
chemicals groups. Founded in 1863 and
headquartered at Leverkusen, Germany, Bayer today has subsidiaries or agencies
in almost every country in the world.
Bayer (China) Ltd., a wholly-owned holding company, was registered in
Beijing in September 1994 and is responsible for Bayer’s investments in China.
Currently, the
subject is trading in the following products and offering clients with the
following services:-
|
Product/Service |
Product/Service
Remarks |
|
Pharmaceutical and Medicine |
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Veterinary Medicine |
From Germany (Importer) From Germany (Exporter) |
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Pharmaceutical Preparation |
Include veterinary from Germany (Importer) Include veterinary from Germany (Exporter) |
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Chemicals (including Plastic Materials) |
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Plastic Materials (including Resins and Sheet) |
Include fluorescent plastic from Western Europe (Importer) Include fluorescent plastic from Western Europe (Exporter) |
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Textile Chemicals |
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Dyeing, Tanning and Colouring Materials |
Dyestuff from Germany (Importer) Dyestuff from Germany (Exporter) |
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Industrial Chemicals |
From Germany (Importer) From Germany (Exporter) |
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Household Chemicals |
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Insecticide |
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Agro-Chemicals |
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Pesticide For Agricultural Use |
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The subject
carries the following brands:-
|
Brand Name |
Brand
Product/Service |
Brand Remarks |
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Bayer (Brand Owner) |
Pharmaceutical Preparation |
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Veterinary Medicine |
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Agro-Chemicals |
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Pesticide For Agricultural Use |
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Insecticide |
Insecticides |
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Industrial Chemicals |
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Dyeing, Tanning and Colouring Materials |
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Plastic Materials (including Resins and Sheet) |
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Haarmann And Reimer (Official Agent) |
Industrial Chemicals |
SPICE |
Covestro is an independent, globally operating company within the Bayer
Group. The former name Bayer
MaterialScience stood for the materials that the company develops and
produces. It also stood for the know-how
and expertise of its employees all over the world.
Covestro is a renowned supplier of high-tech polymers and develops
innovative product solutions for a wide variety of everyday uses.
Covestro’s famous products are coating raw materials bearing the brandnames
of “Bayhydrol®” and “Bayhydur®”.
High-grade “Makrolon®”, “Makrofol®” and “Apec®” polycarbonates,
together with the “Bayblend®” and “Makroblend®” polycarbonate
blends, rank among Covestro’s best-sellers.
In FY 2014, the net sales of Bayer was €42,239 million (FY 2013: €40,157
million), net income for the year was €3,426 million (FY 2013: €3,189 million).
On 31st December, 2014 Bayer had 118,888 employees worldwide, and there
were 14,122 employees in Covestro.
The subject is fully supported by Covestro and ultimately by Bayer. History in Hong Kong is over seventeen years
and nine months.
On the whole, in view of the parentage and background of the subject, consider
it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.63 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.72.40 |
|
HKD |
1 |
Rs.8.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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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 |
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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 |
-- |
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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.