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MIRA
INFORM REPORT
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Report No. : |
493325 |
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Report Date : |
27.02.2018 |
IDENTIFICATION DETAILS
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Name : |
DU PONT CHINA LIMITED |
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Registered Office : |
Suite 1508-12, 15/F., Tower 2, The Gateway,
25 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.02.1985 |
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Com. Reg. No.: |
16211293 |
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Legal Form : |
Private
Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Engineering plastics, textile and industrial fibers, agricultural and industrial chemicals, electronic materials and products, biomedical products and pharmaceuticals, and specialty chemicals. |
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No. of Employees : |
40 |
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 : |
Excellent |
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Payment Behaviour : |
Regular |
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Litigation : |
Exist |
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
DU PONT
CHINA LIMITED
ADDRESS: Suite 1508-12, 15/F., Tower 2, The
Gateway, 25 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2734 5345, 2734 5465
FAX: 852-2734 5486, 2724 4458,
2368 3516
E-MAIL: info.hk@hkg.dupont.com
MANAGEMENT:
Group Chief Executive Officer: Mr. Edward D. Breen
SUMMARY
Registered in Hong Kong on: 15th
February, 1985. (Oversea Company)
Incorporated on: 20th
October, 1992.
Organization:
Private
Limited Company.
Issued Share Capital: HK$5,000,000.00
Business Category: Importer and exporter of chemicals, polymer,
fiber, electronics, etc.
Group Net Sales: US$62,484
million (Year ended 31-12-2017)
Employees: 40.
(Hong Kong)
Main Dealing Banker: Citibank N.A., Hong Kong Branch.
Banking Relation: Good.
ADDRESS:
Registered Head Office:-
Suite 1508-12, 15/F., Tower 2, The Gateway,
25 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
P.O. Box 98851, Tsimshatsui, Kowloon, Hong
Kong.
Holding Company:-
SP International Holding 4 B.V., the
Netherlands.
Ultimate Holding Company:-
DowDuPont Inc., U.S.
Affiliated Companies:-
DowDuPont Group of Companies.
BUSINESS REGISTRATION NUMBER
16211293
COMPANY FILE NUMBER
0385752
MANAGEMENT
Group Chief Executive Officer: Mr. Edward D. Breen
Managing Director: Mr. Ng Kai Ming, Jason
ISSUED SHARE CAPITAL
HK$5,000,000.00
SHAREHOLDER
(As per registry dated 20-10-2017)
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Name |
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No. of shares |
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SP International Holding 4 B.V. Archimedesweg 30, 2333 CN Leiden, the
Netherlands. |
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5,000,000 ======= |
DIRECTORS
(As per registry dated 20-10-2017)
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Name (Nationality) |
Address |
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SIU Koon Kwan |
Flat E, 6/F., Tower 1, Pacific Palisades, 1
Braemar Hill Road, North Point, Hong Kong. |
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SU Hsiao Shih |
Villa C3, Dong Jiao State Guest Hotel
Garden. Villa, No. 1800 Jin Ke Road, Pudong New Area, Shanghai, China. |
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NG Kai Ming, Jason |
Flat B, 8/F., University Court, 169
Boundary Street, Kowloon Tong, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 20-10-2017)
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Name |
Address |
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ZHAO Fang |
Suite 1508-12, 15/F., Tower 2, The Gateway,
25 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
HISTORY
The subject was originally incorporated in
Delaware, the United States, and registered in Hong Kong on 15th February, 1985
as an oversea company. Incorporated in
Hong Kong as a private limited liability company on 20th October, 1992
under the Hong Kong Companies Ordinance.
The private limited company was originally
registered under the name of Netwin Investments Ltd., name changed to the
present style on 26th January, 1993.
Formerly the subject was located at Room
1122, 11/F., New World Office Building (East Wing), 24 Salisbury Road,
Tsimshatsui, Kowloon, Hong Kong, moved to 26/F., Tower 6, The Gateway, 9
Canton Road, Tsimshatsui, Kowloon, Hong Kong in June 2002.
The subject moved to the present address in
May 2017.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Engineering plastics, textile and industrial
fibers, agricultural and industrial chemicals, electronic materials and
products, biomedical products and pharmaceuticals, and specialty chemicals.
Branded Products:-
“CRASTIN” PBT thermoplastic polyester
resins
“DELRIN” acetal resins
“HYTREL” thermoplastic polyester
elastomers
“MINLON” mineral reinforced nylon
resins
“RYNITE” PET thermoplastic polyester
resins
“VESPEL” parts and shapes
“ZENITE” LCP liquid crystal polymer
and PCT high performance polyester resins
“ZYTEL” HTN high performance polyamide
resins and nylon resin
Employees: 40.
(Hong Kong)
Commodities Imported: Europe, China, etc.
Markets: Hong
Kong, China, Europe, North America, etc.
Group Net Sales:-
US$48,778 million (Year ended 31-12-2015)
US$48,158 million (Year ended 31-12-2016)
US$62,484 million (Year ended 31-12-2017)
Terms/Sales:
L/C or as per contracted.
Terms/Buying:
Various terms.
MEMBERSHIP: The American Chamber of Commerce in
Hong Kong.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKD0083]
FINANCIAL INFORMATION
Issued Share Capital: HK$5,000,000.00
Group Net Income Attributable to DowDuPont
Shareholders:-
US$7,685 million (Year ended 31-12-2015)
US$4,318 million (Year ended 31-12-2016)
US$1,460 million (Year ended 31-12-2017)
Profit or Loss: Group made
profits in the past years.
Condition:
Keeping in an
active and good manner.
Facilities: Making
active use of general banking facilities.
Payment:
Regular.
Commercial Morality: Good.
Bankers:-
Citibank N.A., Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Sound.
GENERAL
Du Pont China Limited was incorporated in
Hong Kong in October 1992 as a private limited company to take over the
business of Du Pont China Ltd., Hong Kong Branch which was originally
established in February 1985.
The subject is a wholly-owned subsidiary of
SP International Holding 4 B.V. which is a Holland-based company.
The ultimate holding company of the subject
is DowDuPont Inc. of the United States.
The subject is trading in the following
commodities:
Non-Woven Fabric (Non-woven tear resistant
material, Non-woven tear resistant material), Haberdashery (Fireproof thread),
Paper & Paper Products (Paper for power transformer making, Paper for power
transformer making), Shrink Packaging Materials (Shrinkable film from USA,
Shrinkable film from USA), Plastic Materials (including Resins & Sheet)
(Plastic materials w/RoHS compliance include minlon, zenite, hytrel, delrin,
rynite, crastin, zytel, bexloy, vespel & thermx, Plastic materials w/RoHS
compliance include minlon, zenite, hytrel, delrin, rynite, crastin, zytel,
bexloy, vespel & thermx), etc.
DuPont was founded in 1802 and was
incorporated in Delaware in 1915. It is
a world leader in science and innovation across a range of disciplines,
including agriculture and industrial biotechnology, chemistry, biology,
materials science and manufacturing.
DuPont operates globally and offers a wide range of innovative products
and services for markets including agriculture and food, building and
construction, electronics and communications, general industrial, and
transportation.
DuPont was founded by Mr. Eleuthère Irénée du
Pont de Nemours in Delaware, the United States, as an explosives company. Mr. E.I. de Pont de Nemours gained expertise
in the manufacturing of gunpowder when he had worked as an apprentice in
chemist Antoine Lavoisier’s laboratory at Essone, France since 1788.
Now, DuPont is carrying the following brands
and products: “DuPont Oval and DuPont™” (The “DuPont Brand Trademarks”);
“Pioneer®” brand seeds; “Teflon®” fluoropolymers, films, fabric
protectors, fibers, and dispersions; “Corian®” solid surfaces; “Kevlar®”
high strength material; and “Tyvek®” protective material.
On 11th December, 2015, The Dow Chemical
Company [Dow] and E. I. du Pont de Nemours and Company [DuPont] entered into an
Agreement and Plan of Merger, as amended on 31st March, 2017, [the “Merger
Agreement”] under which the companies would combine in an all-stock merger of
equals transaction [the Merger].
Effective 31st August, 2017, the Merger was completed and each of Dow
and DuPont became subsidiaries of DowDuPont (Dow and DuPont, and their
respective subsidiaries, collectively referred to as the ‘Subsidiaries’).
For the year ended 31st December, 2017, the
net sales of the Group amounted to US$62.5 billion, grew by 29.7% as compared
with US$48.2 billion in FY 2016; Group net income attributable to DowDuPont
shareholders was US$1.5 billion, decreased substantially as compared with
US$4.3 billion in 2016.
In 2017, 37 percent of the Group’s net sales
were to customers in the U.S. & Canada; 29 percent were in Europe, Middle
East and Africa ("EMEA"); 22 percent were in Asia Pacific; and
12 percent were in Latin America.
At 31st December, 2017, the Group permanently
employed approximately 98,000 people on a full-time basis.
The subject is fully supported by DowDuPont.
On the whole, in view of the subject’s
parentage and background, consider it good for normal business engagements.
REMARKS
Court case record:-
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Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
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June 2003 |
H2198 |
Chan Ka Ming, Garine and Wood Kon Wing,
Aaron |
Du Pont China Ltd. |
Landlords and Tenants (Possession) |
Not stated |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.66 |
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1 |
INR 90.65 |
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Euro |
1 |
INR 79.70 |
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HKD |
1 |
INR 8.30 |
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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NIS |
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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
·
Promoters
/ Management background
·
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.