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MIRA INFORM REPORT
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Report No. : |
502215 |
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Report Date : |
12.04.2018 |
IDENTIFICATION DETAILS
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Name : |
PENFIELD GROUP LIMITED |
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Registered Office : |
9/F., Central Building, 1-3 Pedder Street, Central |
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Country : |
Hongkong |
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Date of Incorporation : |
29.04.2011 |
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Com. Reg. No.: |
58287309 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Oil & Gas, Coal, renewable energy, sugar, timber, iron & steel, wood & timber. |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
PENFIELD
GROUP LIMITED
ADDRESS: 9/F., Central Building, 1-3 Pedder
Street, Central, Hong Kong.
PHONE: 852-3958 2849
FAX: 852-3975 2800
E-MAIL: info@penfield-group.com
MANAGEMENT
Managing Director:
Mr. Anurudha Ruwan Wijetunga
Delgoda
SUMMARY
Incorporated on: 29th April, 2011.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 20.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Office:-
C/o Amalgamated Secretarial Service Ltd.
Rooms 604-607, 6/F., Dominion Centre, 43-59 Queen’s Road
East, Hong Kong.
Operating Office:-
9/F., Central Building, 1-3 Pedder Street, Central, Hong
Kong.
Associated Companies:-
Beijing United Carbon Environmental Investment Co. Ltd.,
China.
Hanovia Steel Ltd., U.K.
Montgomery Partners Ltd., Hong Kong.
Penfield Green Energy (Pvt) Ltd., Sri Lanka.
Penfield Group (BVI) Ltd., British Virgin Islands.
Penfield Heavy Industries (Pvt) Ltd., Sri Lanka.
Penfield Plantations (Pvt) Ltd., Sri Lanka.
Penfield Trading (Pvt) Ltd., Sri Lanka.
BUSINESS REGISTRATION NUMBER
58287309
COMPANY FILE NUMBER
1593928
MANAGEMENT
Managing Director:
Mr. Anurudha Ruwan Wijetunga Delgoda
ISSUED SHARE CAPITAL
HK$1,000.00
SHAREHOLDER
(As per registry dated 29-04-2017)
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Name |
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No. of shares |
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Anurudha Ruwan Wijetunga DELGODA |
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1,000 ==== |
DIRECTOR
(As per registry dated 29-04-2017)
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Name (Nationality) |
Address |
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Anurudha Ruwan Wijetunga DELGODA |
Apartment 10E, Savoy Court, 101 Robinson Road, Mid‑Levels,
Hong Kong. |
SECRETARY
(As per registry dated 29-04-2017)
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Name |
Address |
Co. No. |
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Amalgamated Secretarial Service Ltd. |
Rooms 604-607, 6/F., Dominion Centre, 43‑59
Queen’s Road East, Hong Kong. |
0016791 |
HISTORY
The subject was
incorporated on 29th April, 2011 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.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Oil & Gas, Coal,
renewable energy, sugar, timber, iron & steel, wood & timber.
Employees: 20.
Commodities Imported: China,
other Asian countries, etc.
Markets: Sri Lanka, other Asian countries,
UK, other European countries, etc.
Terms/Sales: As
per contracted.
Terms/Buying: As per contracted.
FINANCIAL INFORMATION
Issued Share Capital: HK$1,000.00
Profit or Loss: Made small profits in past years.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather 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: Good.
GENERAL
Penfield Group
Limited is wholly-owned by Mr. Anurudha Ruwan Wijetunga Delgoda.
He is a Hong Kong ID
card holder and has got the right to reside in Hong Kong. He is also the only director of the subject.
The subject belongs
to the Penfield Group. The holding company
of the Group is Penfield Group (BVI) Ltd. which is a BVI-registered company.
The subject manages
the Group’s people, technologies and other activities involved in the Renewable
Energy, natural resources, power, infrastructure and Environmentally Sustainable
Development sectors.
Its aim is to bring
its resources and expertise to support its clients’ initiatives in these areas.
Penfield Group’s
executive personnel are Anurudha Delgoda (CEO) and James Busche, whilst the
other CEOs within the Group provide support at the Board level.
The professionals and
resources within the Group have been involved in the evaluation and development
of environmental technology, renewable energy, water and waste water, oil and
gas, natural resources (beneficiation), power, infrastructure, the registration
of projects under the Kyoto Protocol, commodities and raw materials, as well as
financing and implementation. The Group
is geared to develop, finance and implement projects globally.
The Group has a
number of companies while most of them are in Sri Lanka.
The Group is engaged
in the following business scope:
Energy and Power,
Landfill Gas, Ethanol
Oil & Gas, Coal
and renewable energy
Biomass, Biogas,
Biodiesel, etc.
Water & Waste
Water Treatment
Sugar Trading &
Processing
Iron & Steel
Trading
Wood & Timber
Sustainable
Agricultural Projects Consulting, etc.
The business of the
subject is chiefly handled by Mr. Anurudha Ruwan Wijetunga Delgoda
himself. History in Hong Kong is about
seven years.
On the whole,
consider it good for normal credit requirements.
REMARKS:
Brief personal
profile of Anurudha Ruwan Wijetunga Delgoda: Anurudha has been involved in the
trading of resource commodities in China and the former Soviet Union for almost
20 years. These have been primarily related
to the commodities of steel, coal and associated raw materials although he has
also traded other bulk industrial commodities.
He has several entities that are still involved in this field. Since 2006 he joined Sindicatum Carbon
Capital Ltd (SCC) as a founder member to develop their commercial operations in
China in the Renewable Energy Sector. He
is now developing projects in the energy and resource industries funded through
his own capital raisings under the auspices of the Penfield Group Ltd. Whilst at SCC amongst other landfill gas
projects (LFG) he has successfully negotiated and contracted to implementation
three of China’s most successful high profile emission reduction Coal Mine
Methane Projects (CMM) projects. Duerpin
Mine, Tunlan Mine and Malan Mine all owned by the Shanxi Coking Coal Group and
are designed to capture methane gas, generate power in excess of 40MW, whilst
reducing over a million tonnes of carbon emissions and generating close to one
million CERs (Certified Emission Reductions) per annum.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 65.13 |
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1 |
INR 92.52 |
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Euro |
1 |
INR 80.59 |
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HKD |
1 |
INR 8.33 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.