MIRA INFORM REPORT

 

 

Report Date :

25.10.2011

 

IDENTIFICATION DETAILS

 

Name :

HONGKONG  POLYCHEM  COMPANY

 

 

Registered Office :

Room 1002, 10/F., Wah Yuen Building, 149 Queen’s Road Central

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

09.03.1989.

 

 

Com. Reg. No.:

12549373-000-03

 

 

Legal Form :

Sole Proprietorship.

 

 

Line of Business :

Importer, Wholesaler and Re-exporter of Chemicals, household electric appliances, toys, etc.

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

Payment Behaviour :

No Complaints

 

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

HONGKONG  POLYCHEM  COMPANY

 

 

ADDRESS:       Room 1002, 10/F., Wah Yuen Building, 149 Queen’s Road Central, Hong Kong.

 

PHONE:                        2541 2111

 

FAX:                 2854 1094

 

 

MANAGEMENT

 

Manager:  Mr. Lomesh Devdas Appan

 

 

SUMMARY

 

Establishment:                          9th March, 1989.

 

Organization:                 Sole Proprietorship.

 

Capital:                          Not disclosed.

 

Business Category:        Importer, Wholesaler and Re-exporter.

 

Employees:                   7.  (Including associated companies)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

ADDRESS

 

Head Office:-

Room 1002, 10/F., Wah Yuen Building, 149 Queen’s Road Central, Hong Kong.

 

Associated Companies:-

Fulbrook Company, Hong Kong.  (same address)

Appan & Appan Ltd., Hong Kong.  (same address)

Hong Kong Polychem Co. Ltd., Hong Kong.  (same address)
[Trading as Hong Kong Polychem Co.]

 

 

BUSINESS REGISTRATION NUMBER

 

12549373-000-03

 

 

MANAGEMENT

 

Manager:  Mr. Lomesh Devdas Appan

 

 

SOLE PROPRIETOR

 

Name:  Mr. Lomesh Devdas APPAN

Residential Address:      Flat D, 6/F., 5 Glenealy, Hong Kong.

 

 

HISTORY

 

The subject was established on 9th March, 1989 as a sole proprietorship concern owned by Mr. Lomesh Devdas Appan under the Hong Kong Business Registration Regulations.

Originally the subject was located at Flat D, 6/F., 5 Glenealy, Hong Kong where is the residence of the subject’s proprietor.  Moved to Block E, 20/F., Merry Court, 10 Castle Road, Mid-Level, Hong Kong in January 2002, and further moved to the present address in June 2002.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Wholesaler and Re-exporter.

 

Lines:                           Chemicals, household electric appliances, toys, etc.

 

Employees:                   7.  (Including affiliated companies)

 

Commodities Imported:   Imported from Europe, India, China, etc.

 

Markets:                       Hong Kong, China and other Asian countries.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, D/A, etc.

 

 

FINANCIAL INFORMATION

 

Capital:                         Not disclosed.

 

Profit & Loss:                Traded at a small profitable angle.

 

Condition:                      Business is rather active.

 

Facilities:                      Making 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:                      Small.

 

 

GENERAL

 

Set up and owned by Mr. Lomesh Devdas Appan who is an Indian, Hongkong Polychem Company commenced business in March 1989.

The subject is a commission agent dealing in chemicals which are chiefly imported from Europe, India, etc.  Prime markets are Hong Kong, China and other Asian countries.  Business is active.

Besides the subject, L. D. Appan is operating another firms Hong Kong Polychem Co. Ltd. [HKPCL] and Hong Kong Polychem Co. both of which are also located at the subject’s operating address.  These two firms are also engaged in the same lines of business as the subject.  HKPCL was incorporated on 30th March, 2009.  It is equally owned by L. D. Appan and Vasudev Devdas Appan.

L. D. Appan also operates another firm Fulbrook Co. [Fulbrook] which is also a Hong Kong-registered firm located at the same operating address.

Fulbrook is trading in toys, electric appliances, leather, and other light industrial products.  Commodities are imported from China, India, and Canada.  Products are marketed in Hong Kong or re-exported to other countries.

The parent of Fulbrook is Appan & Appan Ltd. [A&A] which is also located at the same address.  Having issued 200,000 ordinary shares of HK$1.00 each, A&A is jointly owned by Mr. Deodas Gokaldas Appan, holding 30%, Mr. Lomesh Devdas Appan, 30%, Mr. Vasudev Devdas Appan, also 30%, and Mr. Monhini Devdas Appan, 10%.  All the Appans, belong to the same family, have been in Hong Kong for a very long time.

The annual sales turnover of Appans ranges from HK$35 to HK$40 million.  Business has been active and steady.

A&A has set up an office in India to facilitate the importation and exportation.  The Appan family has developed business ties with a number of firms, of which some are suppliers while some are buyers, in India.

The history of the subject in Hong Kong is over twenty-two years and seven months.

The annual sales turnover of the Group ranges from HK$55 to HK$60 million.  Business has been active and steady.

On the whole, in view of the subject’s history, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.49.87

UK Pound

1

Rs.79.73

Euro

1

Rs.69.53

 

 

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

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.