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Report Date : |
30.04.2013 |
IDENTIFICATION DETAILS
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Name : |
JCB
HONG KONG LTD. |
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Formerly Known as: |
Horseheads Ltd |
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Registered Office : |
c/o Trusec (H.K.) Ltd Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.06.2001 |
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Com. Reg. No.: |
31892864 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Construction Machinery Trader of all kinds of equipment for construction, etc. |
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No. of Employees : |
Not
Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 |
A1 |
A1 |
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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 |
JCB HONG KONG LTD.
c/o Regus HK Management Ltd.
Unit 1215, 12/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.
PHONE: 3669 8333
FAX: 3669 8300
Managing Director: Mr. Gary Marks
Incorporated on: 11th June, 2001.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000.00
Issued: HK$100.00
Business Category: Construction Machinery Trader.
Employees: Nil.
Main Dealing Banker: Standard Chartered Bank Ltd., Hong Kong.
Banking Relation: Good.
Registered
Office:-
c/o Trusec (H.K.) Ltd
Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central, Hong Kong.
Head Office:-
c/o Regus HK Management Ltd.
Unit 1215, 12/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong.
Holding Company:-
JC Bamford Mauritius Ltd., Mauritius.
Associated
Companies:-
· J C Bamford Excavators Ltd., UK.
· JCB Cab Systems Ltd., UK.
· JCB Compact Products Ltd., UK.
· JCB Construction Equipment (Shanghai) Co. Ltd., China.
· JCB Deutschland GmbH, Germany.
· JCB do Brasil Ltda., Brazil.
· JCB Earthmovers Ltd., UK.
· JCB Finance Ltd., UK.
· JCB Heavy Products Ltd., UK.
· JCB Inc., US.
· JCB India Ltd., India.
· JCB Insurance Services Ltd., UK.
· JCB Landpower Ltd., UK.
· JCB Power Systems Ltd., UK.
· JCB Service, UK.
· JCB Transmissions Ltd., UK.
· JCB Utility Products Ltd., UK.
· JCB Vibromax GmbH, Germany.
· JCBVertrieb und Service GmbH, Germany.
etc.
31892864
0759945
Managing Director: Mr. Gary Marks
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry
dated 11-06-2012)
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Name |
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No. of shares |
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Trux Nominees Ltd., Hong Kong. |
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1 |
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JC Bamford Mauritius Ltd. 6/F., Tower A, 1 Cyber City, Ebeme, Republic of Mauritius. |
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99 |
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––– |
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Total: |
100 === |
(As per registry
dated 11-06-2012)
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Name (Nationality) |
Address |
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Onkar Singh SUNAR |
10 Newick Avenue, Little Aston, Sutton Coldfield, West Midlands B74 3DA, UK. |
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Michael HARGREAVES |
16 Northesk Street, Stone Staffordshire UK ST15 8EP, UK. |
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Gary MARKS |
51/F., Suite 26, The Harbour View Place, 1 Austin Road West, Kowloon, Hong Kong. |
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Sir Anthony BAMFORD |
Daylesford House, Moreton in Marsh, Gloucestershire, GL56 0YH, Britain. |
(As per registry
dated 11-06-2012)
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Name |
Address |
Co.
No. |
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Trusec (H.K.) Ltd. |
Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central, Hong Kong. |
0068132 |
The subject was incorporated on 11th June, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Horseheads Ltd., name changed to the present style on 12th March, 2004.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Construction Machinery Trader.
Lines: All kinds of equipment for construction, etc.
Employees: Nil.
Commodities Imported: Asian countries, Europe, North America, South America, etc.
Markets: Worldwide countries.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank Ltd., Hong Kong.
Standing: Small.
JCB Hong Kong Ltd. is a subsidiary company of JC Bamford Mauritius Ltd. which is a Mauritius-registered firm. The ultimate holding company J C Bamford Excavators Ltd. [JCB] which is a UK-based firm.
The subject does not have its own operating office. Its office is in a commercial service firm located at “Unit 1215, 12/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong” known as “Regus HK Management Ltd.” which is handling its correspondences and documents.
The subject’s registered office is in a commercial service firm located at “Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central, Hong Kong” known as “Trusec (H.K.) Ltd.”. This firm is also the corporate secretary of the subject. Trusec (H.K.) Ltd. is an associated company of a law firm Slaughter And May which is located at the same address.
The subject has no employees in Hong Kong. It is trading in the same products as JCB.
JCB is trading in the
following products:-
· Excavators;
· Military Vehicles;
· Tractors; &
· Wheeled Loaders.
JCB (formally J C Bamford Excavators Limited) is a British Multinational corporation, with headquarters in Rocester, United Kingdom. engaged in the manufacture of equipment for construction, demolition and agriculture. It is the world's third-largest construction equipment manufacturer. It produces over 300 types of machines, including diggers (Backhoes), excavators, tractors and diesel engines. It has 18 factories in the UK, Germany, North and South America, India, and China; its products are sold in over 150 countries.
The firm was founded in 1945 by Joseph Cyril Bamford, after whom it is named, and continues to be owned by the Bamford company.
According to JCB, its 2012 sale amounted to GBP 2.75 billion. The whole Group has approximately 10,000 employees worldwide.
The key officer is Sir Anthony Bamford.
JCB’s products are sold through 2,000 dealer depot locations. It has a range of more than 300 products.
JCB is headquartered in Rocester, the United Kingdom, which is also the production site for backhoe loaders and telescopic “Loadall” handlers. It has a further three factories in nearby Cheadle, Staffordshire (JCB Earthmovers, JCB Landpower and JCB Compact Products), one in Rugeley (JCB Cab Systems), three in Uttoxeter (JCB Attachments, JCB Heavy Products and JCB World Parts Centre), one in Foston in Derbyshire (JCB Power Systems) and one in Wrexham in North Wales (JCB Transmissions).
Its Indian factories are based in Ballabgarh (Haryana) and Pune, its US factory is in Pooler, Georgia, its Brazilian factory in Sorocaba, and its Chinese factory was completed in 2005 in Pudong near Shanghai. JCB also owns Vibromax, a German compaction equipment company based in Gatersleben.
JCB has also licensed its name and image to a line of consumer power tools, manufactured by Alba PLC. The products are sold through franchised dealerships, many of which are often exclusive and cover whole countries.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eleven years.
On the whole, consider the subject good for normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.27 |
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UK Pound |
1 |
Rs.84.23 |
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Euro |
1 |
Rs.70.90 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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.