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Report Date : |
27.04.2013 |
IDENTIFICATION DETAILS
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Name : |
JC PETROCHEM LTD. |
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Registered Office : |
Unit B, 20/F., Wing Hang Finance Centre, 60 Gloucester Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.06. 2008 |
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Com. Reg. No.: |
39466738 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of petrochemical products, etc. |
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No. of Employees : |
5. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
No Complaints |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 re-exports, is about four times GDP. Hong Kong levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
JC PETROCHEM LTD.
ADDRESS: Unit B, 20/F., Wing Hang
Finance Centre, 60 Gloucester Road, Wanchai, Hong Kong.
PHONE: 2527 1880
FAX: 2527 1999
Managing Director: Mr. Chung Jin
Hee
Incorporated on: 18th
June, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$3,500,000.00
Issued: HK$3,500,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
5. (Including affiliates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit B, 20/F., Wing Hang Finance Centre, 60 Gloucester Road, Wanchai,
Hong Kong.
Affiliated
Companies:-
Green Corporation Ltd., Hong Kong.
Hymax International Ltd., Hong Kong. (Same address)
Continent International Ltd., Hong Kong. (Same address)
39466738
1248497
Managing Director: Mr. Chung Jin
Hee
Nominal Share Capital: HK$3,500,000.00 (Divided into 3,500,000 shares of
HK$1.00 each)
Issued Share Capital: HK$3,500,000.00
(As per registry dated 10-07-2012)
|
Name |
|
No. of shares |
|
CHUNG Jin Hee |
|
1,500,000 ======= |
(As per registry dated 12-07-2012)
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Name (Nationality) |
Address |
|
CHUNG Jin Hee |
Flat A, 17/F., Tower 7, Residence Bel-Air Island South, 38 Bel Air
Avenue, Hong Kong. |
(As per registry dated 18-06-2012)
|
Name |
Address |
Co. No. |
|
Tims Corporate Services Ltd. |
Room A, 15/F., Fortis Tower, 77‑79 Gloucester Road,
Wanchai, Hong Kong. |
0284320 |
The subject was incorporated on 18th June, 2008 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit A, 12/F., China Overseas
Building, 139 Hennessy Road, Wanchai, Hong Kong, moved to the present address
in March 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of petrochemical products, etc.
Employees: 5.
Commodities Imported: India, Singapore, etc.
Markets: South
Korea, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C,
or as per contracted.
Nominal Share Capital: HK$3,500,000.00 (Divided into 3,500,000 shares
of HK$1.00 each)
Issued Share Capital: HK$3,500,000.00
Alternation of Capital:-
|
18-06-2008 |
paid up |
HK$ 1.00 |
|
05-03-2010 |
paid up |
HK$ 1,499,999.00 |
|
10-07-2012 |
paid up |
HK$ 2,000,000.00 |
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|
|
––––––––––––––– |
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Total: |
paid up |
HK$3,500,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$1,500,000.00 |
on |
05-03-2010 |
|
From |
HK$1,500,000.00 |
to |
HK$3,500,000.00 |
on |
10-07-2012 |
Mortgage or Charge (since 2012): (See attachment)
Profit or Loss: Made a small profit in 2011.
Condition: Business
is improving.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
United Overseas Bank Ltd., Hong Kong
Branch.
Standing:
Moderate.
Having issued 1.5 million ordinary shares of HK$1.00 each, JC Petrochem
Ltd. is wholly-owned by Chung Jin Hee who is a South Korea passport
holder. Chung Jin Hee is also the only
director of the subject. In July 2012,
the subject increased its issued share capital to HK$3.5 million. Chung Jin Hee is still the sole shareholder.
Incorporated in June 2008, the subject is a petrochemical and organic
chemical product trader including lubricants, etc. It also imports other chemicals. Most of the products are imported from
Singapore and some of the European countries.
Prime markets are South Korea and the other Asian countries. The subject has got a number of wholesalers
in South Korea. Business is improving.
The subject’s business is chiefly handled by Chung himself.
The subject has had the following two affiliated companies in its
operating office:-
Continent International Ltd. [CIL], Hong Kong
Hymax International Ltd., Hong Kong
Both are Hong Kong-registered firms.
Having issued 1 million ordinary shares of HK$1.00 each, CIL is wholly
owned by Mr. Suh Eun Seok who seems to be also a Korean. Suh is the only director of the subject. He is a Hong Kong ID Card holder but most of
the time he is residing in Shenzhen Special Economic Zone, China.
CIL is also a organic chemical and petrochemical product trader. Its products include paraffin wax, etc.
On the whole, since the history of the subject is just over four and
half years, consider it good for normal business engagements in small credit
amounts.
(Since 2012)
|
Date |
Particulars |
Amount |
|
12-03-2012 |
Instrument: Charge Over Deposit Property: The Depositor charges the Deposit with full title guarantee & by way
of a first fixed charge, in favour ANZ as continuing security for the due and
punctual payment of all moneys & performance of all other obligations
that the Depositor and Borrower, in any capacity & whether alone or with
any other person, is or at any time becomes actually or contingently liable
to pay or perform to, for or on account of ANZ in any manner or on any
account whatsoever pursuant to or in connection with the Secured Facilities Mortgagee: Australia & New Zealand Banking
Group Ltd., Hong Kong Branch. |
All obligations owing to Australia and the Bank acting trough its head
office or at any other branch by the Depositor on any account, whether
present or future, actual or contingent |
|
13-04-2012 |
Instrument: Security Over Deposits with the Bank Property: A deposit with chargee in the amount of all monies under Deposit A/C
No. 848-250098-274 whatever currency it may subsequently by denominated in,
any renewal of such deposit & the interest thereon together with any
further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount Secured, all monies in any currency owing by the company |
|
13-04-2012 |
Instrument: Assignment of Receivables & Charge
over Proceeds - General Property: In consideration of the Chargee entering or agreeing to enter into the
Invoice Discounting/Factoring Agreement & providing or continuing to
provide services, banking facilities or other financial accommodation to such
extent & for so long as the Chargee may think fit to the Client, the
Client, as beneficial owner & by way of security for payment of the
Secured Monies, hereby:- A) Assigns, and agrees to assign, to the Chargee all Non-purchased
debts; B) Charges by way of first fixed charge to the Chargee all the
Client’s, right, title, interest & benefit present & future, of and
in: i) All Specified Debts; ii) The Factoring Proceeds, iii) The Receipt Account together with all sums standing to the credit
of the Receipt Account until all the Secured Monies have been fully &
irrevocably paid or discharged Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All monies & liabilities in any currency owing by the Client |
|
02-05-2012 |
Instrument: Assignment of Life Insurance Property: (1) All the Assignor’s
claims under the Insurance: Insurance Policy No: 28005320 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Mr. Chung Jin Hee Assignor / Policy Owner: JC Petrochem Ltd. (2) All the Assignor’s
claims against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All and any monies & liabilities in any currency whenever and
however incurred |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.29 |
|
UK Pound |
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.68 |
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 |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.