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MIRA
INFORM REPORT
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Report No. : |
504719 |
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Report Date : |
23.04.2018 |
IDENTIFICATION DETAILS
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Name : |
BP ASIA LIMITED |
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Registered Office : |
Unit 807, 8/F., Tower B, Manulife Financial Centre, 223
Wai Yip Street, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.08.1971 |
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Com. Reg. No.: |
03360439 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter, Wholesaler and Distributor of Marine
bunker, fuel, lubricant, chemicals, cutting fluid, grease, dielectric oil,
gear oil, hydraulic oil, aviation oil and other petroleum products. |
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No. of Employees : |
100 |
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+ |
Low Risk |
Business dealings permissible with low
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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Hong Kong |
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 |
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 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
BP ASIA
LIMITED
ADDRESS: Unit 807, 8/F., Tower B, Manulife
Financial Centre, 223 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2586
8899, 2586 8951
FAX: 852-2586 8981, 2586 8875,
2827 1609
E-MAIL: lop@bp.com
ratajsh@bp.com
jon.platt@bp.com
MANAGEMENT:
Managing Director:
Mr. Lau Chun Yue
SUMMARY
Incorporated on: 13th August, 1971.
Organization: Private Limited Company.
Issued Share Capital: HK$780,000,000.00
Business Category: Petroleum
Merchant.
Group Sales: US$240,208 million. (Year ended 31-12-2017)
Company Employees:
100. (Including 85 local staff)
Group Employees: Approx. 74,000. (As at 31-12-2017)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
Unit 807, 8/F., Tower B, Manulife Financial Centre, 223 Wai
Yip Street, Kwun Tong, Kowloon, Hong Kong.
China Offices:
Beijing, Shanghai and Guangzhou.
Immediate Holding Company:-
BP Global Investments Ltd., UK.
Ultimate Holding Company:-
BP p.l.c., UK.
Associated Companies:-
BP
Group of Companies
Atlantic Richfield Co., US.
BP America Ltd., US.
BP America Production Co., US.
BP Amoco Exploration (Faroes) Ltd., UK.
BP Amoco Exploration (In Amenas) Ltd., UK.
BP Asia Pacific (Malaysia) Sdn. Bhd., Malaysia.
BP Asia Pacific Pte. Ltd., Singapore.
BP Australia Capital Markets Ltd., Australia.
BP Capital Markerts America Inc., US.
BP Capital Markets plc., UK.
BP Company North America Inc., US.
BP Corporate Holdings Ltd., UK.
BP Corporation North America Inc., US.
BP Energy do Brazil Ltda., Brazil.
BP Europa SE, Germany.
BP Exploration & Production Inc., US.
BP Exploration (Alaska) Inc., US.
BP Exploration (Alpha) Ltd., India.
BP Exploration (Angola), UK.
BP Exploration (Azerbaijan) Ltd., UK.
BP Exploration (Caspian Sea) Ltd., UK.
BP Exploration (Delta) Ltd., UK.
BP Exploration Operating Co. Ltd., UK.
BP Finance Australia Pty. Ltd., Australia.
BP Global Investments Ltd., UK.
BP Guangdong Co. Ltd., China.
BP Holdings Canada Ltd., UK.
BP Holdings North America Ltd., UK.
BP International Ltd., UK.
BP Nederland Holdings BV., Netherlands.
BP Oil International Ltd., UK.
BP Oil New Zealand Ltd., New Zealand.
BP Products North America Inc., US.
BP Trinidad and Tobago LLC, US.
BP Zhuhai Chemical Co. Ltd., China.
Burmah Castol South Africa (Pty) Ltd., South Africa.
Burmah Castrol plc., UK.
Castol Austria GmbH, Austria.
Castrol (China) Ltd., China.
Castrol (Ireland) Ltd., Ireland.
Delta Housing Inc., US.
Enstar LLC, US.
FreeBees B.V., Netherlands.
Guangdong Investments Ltd., China.
Highlands Ethanol LLC, US.
International Bunker Supplies Pty. Ltd., Australia.
Jupiter Insurance Ltd., Guernsey.
Kabulonga Properties Ltd., Zambia.
Latin Energy Argentia S.A., Argentina.
Mes Tecnologia en Servicios y Energia S.A. de C.V., Mexico.
Nordic Lubricants A/S, Denmark.
OOO BP STL, Russian Federation.
Prospect International C.A., Venezuela.
Romax Insight Korea Ltd., Korea.
Shine Top International Investment Ltd., Hong Kong. (Same address)
Standard Oil Co. Inc., US.
Terre de Grace Partnership, Canada.
UT Petroleum Services LLC, US.
Vastar Energy LLC, US.
West Kimberley Fuels Pty. Ltd., Australia.
etc.
BUSINESS REGISTRATION NUMBER
03360439
COMPANY FILE NUMBER
0024836
MANAGEMENT
Managing Director:
Mr. Lau Chun Yue
ISSUED SHARE CAPITAL
HK$780,000,000.00
SHAREHOLDERS
(As per registry dated 13-08-2017)
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Name |
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No. of shares |
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BP Global Investments Ltd. Chertsey Road, Sunbury on Thames, Middlesex TW16 7BP, UK. |
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779,999,998 |
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Kenilworth Oil Co. Ltd. Chertsey Road, Sunbury on Thames, Middlesex TW16 7BP, UK. |
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2 |
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–––––––––– |
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Total: |
780,000,000 ========= |
DIRECTORS
(As per registry dated 13-08-2017)
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Name (Nationality) |
Address |
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LAU Chun Yue |
Flat H, 30/F., Block 6, Bellagio, Sham Tseng,
New Territories, Hong Kong. |
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LI Haiying |
#1201, 12, 458 Weining Road, Changning District, Shanghai,
China. |
SECRETARY
(As per registry dated 13-08-2017)
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Name |
Address |
Co. No. |
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CFAS Ltd. |
21/F., Edinburgh Tower, The Landmark, 15 Queen’s Road
Central, Hong Kong. |
1208831 |
HISTORY
The subject was incorporated on 13th August, 1971 as a
private limited liability company under the Hong Kong Companies Ordinance.
The subject was originally registered under the name of
Amoco Chemicals Hong Kong Ltd., name changed to Amoco Chemicals Far East Ltd.
on 9th December, 1983; to Amoco Chemical Asia Pacific Ltd. on 22nd March,
1994; and further to the present style on 1st March, 2002.
Formerly the subject was located at 16/F., Great Eagle Centre,
23 Harbour Road, Wanchai, Hong Kong, moved to ‘Suite 2201-2202, 22/F., Devon
House, Taikoo Place, 979 King’s Road, Quarry Bay, Hong Kong’ in December
2000, and further moved to the present address in July 2015.
Apart from these, neither material change nor amendment has
been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter,
Wholesaler and Distributor.
Lines: Marine
bunker, fuel, lubricant, chemicals, cutting fluid, grease, dielectric oil, gear
oil,
hydraulic
oil, aviation oil and other petroleum products.
Trade Marks: “BP” and “CASTROL”.
Company Employees: 100.
(Including 85 local staff)
Group Employees: Approx.
74,000. (As at 31-12-2017)
Commodities Imported:-
“BP” lubricant, cutting oil, grease, dielectric oil
and hydraulic oil – Europe and Singapore.
Gear oil – Europe and Singapore.
Other petroleum products – Worldwide.
Markets: Hong
Kong, China, other Asian countries, etc.
Group Sales:US$379,136 million (Year ended 31-12-2013)
US$353,568 million (Year ended 31-12-2014)
US$222,894 million (Year ended 31-12-2015)
US$183,008 million (Year ended 31-12-2016)
US$240,208 million (Year ended 31-12-2017)
Terms/Sales: As per
contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Issued Share Capital: HK$780,000,000.00
Group Net Profit/(Loss) attributable to shareholders:-
US$23,451 million (Year
ended 31-12-2013)
US$ 3,780 million (Year ended 31-12-2014)
(US$ 6,482 million) (Year ended 31-12-2015)
US$ 115 million (Year ended 31-12-2016)
US$ 3,389 million (Year ended 31-12-2017)
Group Net Worth:-
US$129,302 million (Year
ended 31-12-2013)
US$111,441 million (Year
ended 31-12-2014)
US$ 97,216 million (Year ended 31-12-2015)
US$ 95,286 million (Year ended 31-12-2016)
US$ 98,491 million (Year ended 31-12-2017)
Profit or Loss: Group
made profits in past two years.
Condition: Business
is active.
Facilities: Making
active use of general banking facilities.
Payment: Regular.
Commercial Morality:
Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Citibank N.A., Hong Kong Branch.
Banking:-
Bank source reported the subject maintains with the bank an
active and properly conducted HKD account opened in August 1973 with balances
averaging in low six figures for the past six months. It also maintains with the bank a USD account
with an average balance of low three figures.
Their relationship has been satisfactory.
Standing: Very Good.
GENERAL
BP Asia Limited [BP Asia] was incorporated in August 1971 as
a wholly-owned subsidiary of BP Global Investments Ltd. which is a UK-based
firm. BP Global Investments Ltd. is in
turn a subsidiary of BP p.l.c. [BP], a listed company in the United Kingdom.
Being one of the United Kingdom’s largest companies, BP is
the holding company of one of the world’s largest energy companies, providing
customers with fuel for transportation, energy for heat and light, retail
services and petrochemicals products for everyday items. BP Asia’s associated company BP Hong Kong
Ltd. [BPHK] which is the marketing office of the BP products in Hong Kong while
BP Asia is administering the BP business in Hong Kong, China, Taiwan and the
Asia Pacific region.
Since 1983, BPHK is the Asia Pacific Regional Centre for BP
with representatives from Exploration and Production and Gas and Power.
BP’s ordinary shares is the London Stock Exchange
[LSE]. BP’s ordinary shares are a
constituent element of the Financial Times Stock Exchange 100 index. BP’s ordinary share are also traded on the
Frankfurt Stock Exchange in Germany. In
the United States, BP’s securities are traded in the form of ADSs. ADSs are listed on the New York Stock
Exchange.
Hong Kong is at the hub of BP’s expanding Asia operations,
serving as a regional centre for the Group and providing a base for its Asia
Pacific President. Several of the
exploration, refining and marketing, chemicals, lubricants and marine
businesses operating in the region are now represented in Hong Kong, as are the
financial, legal, communications and human resource teams which support these
activities.
BP in Hong Kong
operates under both the “BP” and “Castrol” brands in the Hong Kong
SAR.
BP’s activities in China include production and import of
natural gas; supplying aviation fuel; importing and marketing liquefied
petroleum gas [LPG]; retail service stations; production and sale of
lubricants; solar power installations; joint venture chemical plants and the
sales of chemicals technology.
At 31st December, 2017, BP had three reportable segments:
Upstream, Downstream and Rosneft.
Upstream’s activities include oil and natural gas
exploration, field development and production; midstream transportation,
storage and processing; and the marketing and trading of natural gas, including
liquefied natural gas (LNG), together with power and natural gas liquids
(NGLs).
Downstream’s activities include the refining, manufacturing,
marketing, transportation, and supply and trading of crude oil, petroleum,
petrochemicals products and related services to wholesale and retail customers.
BP’s interest in Rosneft is accounted for using the equity
method and is reported as a separate operating segment, reflecting the way in
which the investment is managed.
For the year ended 31st December, 2017 the avenues of BP
amounted to US$240.2 billion (2016: US$183.0 billion); profit attributable to
shareholders amounted to US$3.4 billion (2016: US$ 0.1 billion), grew
substantially.
BP Asia is fully supported by BP Group. History in Hong Kong is over 46 years and
eight months.
For the year ended 31st December, 2017, the total employee
of the Group was 74,000 employees (2016: 74,500).
On the whole, in view of the background and the parentage of
BP Asia, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.02 |
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1 |
INR 92.73 |
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Euro |
1 |
INR 81.46 |
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HKD |
1 |
INR 8.47 |
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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DIV |
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Report Prepared
by : |
KET |
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
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.