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Report No. : |
328551 |
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Report Date : |
24.06.2015 |
IDENTIFICATION DETAILS
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Name : |
PULCRA CHEMICALS CO. LTD. |
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Registered Office : |
Room 702, 7/F., Hong Kong Plaza, 188 Connaught Road West |
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Country : |
Hongkong |
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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 : |
5 |
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
HONGKONG - 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 |
(Formerly located at:
Room 1802, 18/F., New Victory House, 93-103 Wing Lok
Street, Sheung Wan, Hong Kong.)
PULCRA
CHEMICALS CO. LTD.
ADDRESS: Room
702, 7/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.
PHONE: 852-3590
9902
Managing Director:
Dr. Christoph Kowitz
Incorporated on: 18th November, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000.00
Business Category: Chemical
Trader.
Employees: 5.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 702, 7/F., Hong Kong Plaza, 188 Connaught Road West,
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:
Dr. Christoph Kowitz
Contact Person: Mr. Noel Leong
HK$1,000.00
(As per registry dated 18-11-2014)
|
Name |
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No. of shares |
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Fashion Chemicals GmbH & Co. KG Rheinpromenade 1, D-40789 Monheim, Germany. |
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1,000 ==== |
(As per registry dated 18-11-2014)
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Name (Nationality) |
Address |
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Dr. Christoph KOWITZ |
Isardamm 79-83, 82538 Geretsried, Germany. |
(As per registry dated 18-11-2014)
|
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.
Formerly the subject
was located at Room 1802, 18/F., New Victory House, 93-103 Wing Lok Street,
Sheung Wan, Hong Kong, moved to the present address in January 2014.
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: 5.
Commodities Imported: Europe,
China, other Asian countries, etc.
Markets: Worldwide
countries.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Issued Share Capital: HK$1,000.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Business
was profitable in past four years.
Condition: Business
is rather active.
Facilities: Making
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 in November 2011.
The subject moved to
the present new address in January 2014.
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. It
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
135 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 has developed and marketed specific
finishing treatments for functional textiles.
Currently it has a team of 300 engineers from its 14 locations
throughout the world.
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.
Pulcra Chemicals is
headquartered in Geretsried (Munich), Germany.
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 who is in Hong Kong.
The subject is fully
supported by Fashion Chemicals and the Group.
History in Hong Kong is over six years and seven months.
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.63.64 |
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|
1 |
Rs.100.41 |
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Euro |
1 |
Rs.71.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
-- |
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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.