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Report Date : |
31.05.2013 |
IDENTIFICATION DETAILS
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Name : |
INTERCON HOLDINGS LTD. |
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Registered Office : |
Room 1207, 12/F., Hongkong International Trade & Exhibition Centre
[HITEC], 1 Trademart Drive, Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.03.2003 |
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Com. Reg. No.: |
33445675 |
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Legal Form : |
Private Limited Company |
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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. |
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No. of Employees : |
12 |
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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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.
|
Source
: CIA |
INTERCON HOLDINGS
LTD.
Room 1207, 12/F., Hongkong International Trade & Exhibition Centre
[HITEC], 1 Trademart Drive, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2893 8533
FAX: 852-2575 5865
Managing Director: Mr. Kang In Heung
Incorporated on: 14th March, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$390,000.00
Issued: HK$390,000.00
Business Category: Steel
Product Trader.
Annual Turnover: HK$300-350 million.
Employees: 12.
Main Dealing Banker: The
Industrial Bank of Korea, Hong Kong Branch.
Banking Relation: Satisfactory.
INTERCON HOLDINGS
LTD.
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]
33445675
0838459
Managing Director: Mr. Kang In
Heung
General Manager & Contact Person:
Mr. Chow Shu Kee
Nominal Share Capital: HK$390,000.00 (Divided into 390,000 shares of
HK$1.00 each)
Issued Share Capital: HK$390,000.00
(As per registry dated 14-03-2013)
|
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 |
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|
––––––– |
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Total: |
390,000 ====== |
(As per registry dated 14-03-2013)
|
Name (Nationality) |
Address |
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DING Ying |
Flat 1203, 12/F., Block C, Ming Nga Court, Tai Po,
New Territories, Hong Kong. |
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LEE Joon Won |
Suite 1901, 19/F., 102 Building, Channel Reserve, 144‑14 Samseong‑Dong,
Kangnam-Ku, Seoul 135-877, Korea. |
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KANG In Heung |
Room 501, 5/F., Harim Building, 943-11 Daechi-Dong, Kangnam‑Ku,
Seoul, Korea. |
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NOH Kyung Ae |
Room 501, 5/F., Harim Building, 943-11 Daechi-Dong, Kangnam‑Ku,
Seoul, Korea. |
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ZHAO Mei |
No. 20 Lu Zhuang Zu, San Lian Village, Piao Xi Town, Jin Zheng City,
Jiangsu Province, China. |
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DING Xiang |
No. 3 Yuelianghu North Road, Duodao District, Jingmen City, Hubei
Province, China. |
(As per registry dated 14-03-2013)
|
Name |
Address |
Co. No. |
|
Fit Time Professional Consultancy Ltd. |
Unit 2205, 22/F., Wayson Commercial Building, 28 Connaught Road
West, Hong Kong. |
0782462 |
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.
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, South
Korea.
Employees: 12.
Commodities Imported:-
Hot rolled plate – India.
Hot rolled/cold rolled coils – South Korea.
Hot rolled/galvanized coils – India.
Rolls – South Korea.
Steel slabs – China.
Markets: Spain, South Korea, US, Greece and
India.
Annual Turnover: HK$300-350
million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Doosan Heavy Industries & Construction, South Korea.
Handan Iron & Steel, South Korea.
Hyundai Steel Co., South Korea.
Ini Steel, South Korea.
Ispat Industries Ltd., India.
Jiangsu Shagang Group, China.
Posco Steel, South Korea.
Steel Authority of India, India.
Corinth Pipe Works, Greece.
Gonvarri Industrial S.A., Spain.
Hanil Steel, Korea.
Jindal Group, India.
Manni Sipre SpA, Italy.
Saw Pipe Ltd., US.
Sung Dong Steel, South Korea.
Uttam Galva Steel Ltd., India.
Welspun Gujarat Stahl, India.
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.
Intercon Holdings Ltd. was incorporated in Hong Kong in March, 2003 as a
private limited liability company.
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%.
In January 2013, two China businesswomen were appointed as directors of
the subject while the old director Mr. Ng Shui Wai retired.
On 16th July, 2007, the subject’s shareholders were reshuffled. Now, Mr. Kang In Heung is holding 30%
interests of the subject, and a BVI‑registered company Intercon
Development Consultants Ltd. also holding 30%; Mr. Lee Joon Won, 20%; and Mr.
Chow Shu Kee, also 20%.
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,
South Korea, China and exported to Spain, South 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. Business is rather active and keeps on
improving. No derogatory information
about the subject has been heard.
According to the subject, its market shares in China have been
increasing.
The contact person of the subject Mr. Chow Shu Kee is a Hong Kong merchant.
As the history of the subject in Hong Kong is over ten years and two
months, on the whole, considered it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.56.10 |
|
|
1 |
Rs.85.13 |
|
Euro |
1 |
Rs.72.80 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.