MIRA INFORM REPORT

Report Date :

17.05.2012

IDENTIFICATION DETAILS

Name :	INTERCON HOLDINGS LTD.

Registered Office :	Room 1207, 12/F., Hongkong International Trade & Exhibition Centre [HITEC], 1 Trademart Drive, Kowloon Bay, Kowloon

Country :	Hong Kong

Date of Incorporation :	14.03.2003

Com. Reg. No.:	33445675

Legal Form :	Private Limited Company.

Line of Business :	Importer and Exporter of all kinds of steel and stainless steel materials such as hot rolled and cold rolled coils, hot rolled plate, steel slabs, hot rolled/galvanized coils, rolls, etc.

No. of Employees :	13

RATING & COMMENTS

MIRA’s Rating :

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 – March 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Hong Kong

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

INTERCON HOLDINGS LTD.

Company ADDRESS

Room 1207, 12/F., Hongkong International Trade & Exhibition Centre [HITEC], 1 Trademart Drive, Kowloon Bay, Kowloon, Hong Kong.

PHONE: 2893 8533

FAX: 2575 5865

MANAGEMENT

Managing Director: Mr. Kang In Heung

SUMMARY

Incorporated on: 14th March, 2003.

Organization: Private Limited Company.

Capital: Nominal: HK$390,000.00

Issued: HK$390,000.00

Business Category: Steel Products Trader.

Annual Turnover: HK$300-350 million.

Employees: 13.

Main Dealing Banker: The Industrial Bank of Korea, Hong Kong Branch.

Banking Relation: Satisfactory.

Company ADDRESS

Registered Head Office:-

Room 1207, 12/F., Hongkong International Trade & Exhibition Centre [HITEC], 1 Trademart Drive, Kowloon Bay, Kowloon, Hong Kong.

Associated/Affiliated Companies:-

Intercon Corporation (Hong Kong) Ltd., Hong Kong.

Intercon Corporation, Korea.

Intercon Development Ltd., Hong Kong.

Inter-East Industries Ltd., Hong Kong. [Dissolved]

BUSINESS REGISTRATION NUMBER

33445675

COMPANY FILE NUMBER

0838459

MANAGEMENT

Managing Director: Mr. Kang In Heung

CAPITAL

Nominal Share Capital: HK$390,000.00 (Divided into 390,000 shares of HK$1.00 each)

Issued Share Capital: HK$390,000.00

SHAREHOLDERS

(As per registry dated 14-03-2012)

Name		No. of shares
KANG In Heung		117,000
Intercon Development Consultants Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands.		117,000
LEE Joon Won		78,000
CHOW Shu Kee		78,000
		–––––––
	Total:	390,000 ======

DIRECTORS

(As per registry dated 14-03-2012)

Name (Nationality)	Address
DING Ying	Flat 1203, 12/F., Block C, Ming Nga Court, Tai Po, New Territories, Hong Kong.
NG Shui Wai	Flat 1203, 12/F., Block C, Ming Nga Court, Tai Po, New Territories, Hong Kong.
LEE Joon Won	Suite 1901, 19/F., 102 Building, Channel Reserve, 144-14 Samseong‑Dong, Kangnam-Ku, Seoul 135-877, Korea.
KANG In Heung	Room 501, 5/F., Harim Building, 943-11 Daechi-Dong, Kangnam‑Ku, Seoul, Korea.
NOH Kyung Ae	Room 501, 5/F., Harim Building, 943-11 Daechi-Dong, Kangnam‑Ku, Seoul, Korea.

SECRETARY

(As per registry dated 14-03-2012)

Name	Address	Co. No.
Fit Time Professional Consultancy Ltd.	Unit 05, 22/F., Wayson Commercial Building, 28 Connaught Road West, Hong Kong.	0782462

HISTORY

The subject was incorporated on 14th March, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Room 2703, 27/F., Prosperity Millennia Plaza, 663 King’s Road, North Point, Hong Kong, moved to the present address in August 2008.

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

OPERATIONS

Activities: Importer and Exporter.

Lines: All kinds of steel and stainless steel materials such as hot rolled and cold rolled coils, hot rolled plate, steel slabs, hot rolled/galvanized coils, rolls, etc.

Office Space: 600 sq.ft. – Rented.

Sales Agent: Intercon Corporation, Korea.

Employees: 13.

Commodities Imported:-

Hot rolled plate – India.

Hot rolled/cold rolled coils – Korea.

Hot rolled/galvanized coils – India.

Rolls – Korea.

Steel slabs – China.

Markets: Spain, Korea, USA, Greece and India.

Annual Turnover: HK$300-350 million.

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

Terms/Buying: L/C, T/T, etc.

MAIN SUPPLIERS:

· Doosan Heavy Industries & Construction, Korea.

· Handan Iron & Steel, Korea.

· Hyundai Steel Co., Korea.

· Ini Steel, Korea.

· Ispat Industries Ltd., India.

· Jiangsu Shagang Group, China.

· Posco Steel, Korea.

· Steel Authority of India, India.

MAIN BUYERS:

· Corinth Pipe Works, Greece.

· Gonvarri Industrial S.A., Spain.

· Hanil Steel, Korea.

· Jindal Group, India.

· Manni Sipre SpA, Italy.

· Saw Pipe Ltd., USA.

· Sung Dong Steel, Korea.

· Uttam Galva Steel Ltd., India.

· Welspun Gujarat Stahl, India.

FINANCIAL INFORMATION

Nominal Share Capital: HK$390,000.00 (Divided into 390,000 shares of HK$1.00 each)

Issued Share Capital: HK$390,000.00

Profit or Loss: Making a small profit in the past years.

Condition: Business is normal.

Facilities: Making rather active use of general banking facilities.

Payment: Met as contracted.

Commercial Morality: Satisfactory.

Bankers:-

· The Industrial Bank of Korea, Hong Kong Branch.

· State Bank of India, Hong Kong Branch.

Standing: Normal.

GENERAL

Intercon Holdings Ltd. was incorporated in Hong Kong on 14th March, 2003 as a private limited liability company under the Hong Kong Companies Ordinance. Formerly, it was jointly owned by Intercon Corporation, a South Korea-based firm holding 10% interests, Mr. Chow Shu Kee, holding 50%, and Maxico Ltd., 40%.

On 16th July, 2007, the subject’s shareholders were reshuffled. All the shareholders transferred their shares to Mr. Kang In Heung, who is currently holding 90% interests, and a BVI-registered company Compass Times Development Ltd. holding 10%. Mr. Kang is also the principal shareholder of Intercon Corporation [IC], a South Korea-based firm. IC is a significant iron and steel product trader. The subject is trading in IC’s products. IC is the subject’s sales agent in South Korea.

The subject is engaged in importing and exporting steel and stainless steel materials. The commodities handled include hot rolled and cold rolled coils, hot rolled plate, steel slabs, hot rolled/galvanized coils, rolls, etc. which are originally sourced from India, Korea, China and exported to Spain, Korea, the United States, Greece and India. The subject’s main India supplier is Ispat Industries Ltd.

Now, the annual sales turnover of the subject ranges from HK$300 to 350 million. Making a small profit every year. The business of the subject is maintained in a normal manner. No derogatory information about the subject has been heard.

As the history of the subject in Hong Kong is over nine years, on the whole, considered it good for normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.54.29
UK Pound	1	Rs.86.61
Euro	1	Rs.68.87

INFORMATION DETAILS

Report Prepared by :

MNL

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%)

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