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Report Date : |
11.07.2013 |
IDENTIFICATION DETAILS
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Name : |
IMC
CORPORATION LTD. |
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Registered Office : |
c/o SBC Corporate Services Ltd. Unit 503, 5/F., Silvercord Tower 2, 30 Canton Road,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.12.2005 |
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Com. Reg. No.: |
36252166 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
manufacturer
of ladies handbags, backpacks, waist pouches, wallets, coin purses, name card
holders, bags and cases, and other small leather goods. |
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No. of Employees : |
no employees in Hong Kong (It is to be noted that the company does not have its own operating
office in Hong Kong. The company uses the address of its secretariat as its
correspondence address only. Subject operates from some other country and
does not have a base in Hong Kong. Such companies are registered in Hong Kong
just to tax benefit purpose and due to the strict privacy laws prevailing in
the country. In such cases, the companies are not required to have any
employees in Hong Kong nor do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong
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Payment Behaviour : |
Unknown |
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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
|
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 |
IMC CORPORATION LTD.
c/o SBC Corporate Services Ltd.
Unit 503, 5/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3519 6088
FAX: 852-2633 8058
Managing Director: Ms. Wu Ying Qing
Incorporated on: 1st December, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o SBC Corporate Services Ltd.
Unit 503, 5/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Shanghai IMC Corporation Ltd.
Room 1107, No. 999, West Zhong Shan Road, Hua Wen Plaza, Shanghai, China.
[Tel.: 86-21-3251 5318, Fax: 86-21-3251 5317]
36252166
1011094
Managing Director: Ms. Wu Ying Qing
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 01-12-2012)
|
Name |
|
No.
of shares |
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WANG Xiao
Wen |
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3,000 |
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WU Ying Qing |
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7,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated
01-12-2012)
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Name (Nationality) |
Address |
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WANG Xiao Wen |
Room 1107, No. 999, West Zhong
Shan Road, Hua Wen Plaza, Shanghai, China. |
|
WU Ying Qing |
Room 1107, No. 999, West Zhong
Shan Road, Hua Wen Plaza, Shanghai, China. |
(As per registry
dated 01-12-2012)
|
Name |
Address |
Co.
No. |
|
SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kowng
Road, Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
The subject was incorporated on 1st December, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Unit 511, 5/F., Peninsula Centre, 67 Mody Road,
Tsimshatsui East, Kowloon, Hong Kong, moved to the present address in September 2011 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of handbags, backpacks, wallets.
Employees: Nil.
Commodities Imported: China, etc.
Markets: Asian countries, Europe, North America, Australia, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
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: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, IMC Corporation Ltd. is jointly owned by Ms. Wu Ying Qing, holding 70% interests, and Ms. Wang Xiao Wen, holding 30%. Both are China businesswomen. They are China ID holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Unit 503, 5/F., Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong” known as “SBC Corporate Services Ltd.” [SBC] which is handling its correspondences and documents. This company is also the corporate secretary of the subject. SBC has several offices in Hong Kong.
The subject has no employees in Hong Kong.
Your given mobile phone number 852-9167 7368 belonged to Ms. Bella Chen who was an employee of the secretarial firm located at Unit 511, 5/F., Peninsula Centre, 67 Mody Road, Tsimshatsui East, Kowloon, Hong Kong. However, Bella Chen has quitted office from the secretarial firm. Your given e-mail address bella.chen@imcindustry.com is no longer valid. The above‑mentioned address was the old registered address of the subject.
The subject has had an associated company Shanghai IMC Corporation Ltd. [Shanghai IMC] which is also operated by the two shareholders of the subject.
The subject and Shanghai IMC are engaged in the same lines of business. It is trading in luggage, handbags.
Shanghai IMC is a manufacturer engaged in manufacturing various types of ladies handbags, backpacks, waist pouches, wallets, coin purses, name card holders, bags and cases, and other small leather goods. Products are mainly sold to overseas market. According to Shanghai IMC, it has a strong designing team who can design more than 100 new samples monthly. It is also able to tailor made customers own designs in their chosen materials and styles.
The products of Shanghai IMC are exported to Asian countries, North and South America, Europe, etc. Business is fairly active. The contact person of Shanghai IMC is Mr. Wu Ci Qing.
Shanghai IMC deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Shanghai IMC also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over seven years.
Since the subject does not have its own operating office and has no employees in Hong Kong, on the whole, consider it good for business engagements on L/C basis.
Note
It is to be
noted that the company does not have its own operating office in Hong Kong. The
company uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong Kong.
Such companies are registered in Hong Kong just to tax benefit purpose and due
to the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.13 |
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UK Pound |
1 |
Rs.89.52 |
|
Euro |
1 |
Rs.76.89 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
|
---- |
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.