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Report Date : |
16.04.2014 |
IDENTIFICATION DETAILS
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Name : |
OCI (HONG KONG) LTD. |
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Registered Office : |
7/F., Shum Tower, 268 Des Voeux Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.05.1989 |
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Com. Reg. No.: |
12786038 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Importers and Exporters; Transhipment Agent |
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No. of Employees |
6 |
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
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 has no tariffs on imported goods, and it levies
excise duties on only four commodities, whether imported or produced locally:
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, its continued
reliance on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies
|
Source
: CIA |
OCI
(HONG KONG) LTD.
ADDRESS: 7/F., Shum Tower, 268 Des Voeux
Road Central, Hong Kong.
PHONE: 852-2543 6383, 2854 2416
FAX: 852-2541 2780
E-MAIL: skjung@ocicorp.co.kr
MANAGEMENT:
Managing Director:
Mr. Huh Byeong Seok
Incorporated on: 16th May, 1989.
Organization: Private Limited Company.
Capital: Nominal: HK$7,120,000.00
Issued: HK$7,120,000.00
Business Category: Importers and Exporters; Transhipment Agent.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very Good.
OCI
(HONG KONG) LTD.
ADDRESS:
Registered
Head Office:-
7/F., Shum Tower,
268 Des Voeux Road Central, Hong Kong.
Parent
Company:-
OCI Corporation
16/F., Ferrum
Tower, #19 Eulji-Ro 5-Gil, (Suha-Dong), Jung-Gu, Seoul, Korea.
Subsidiaries:-
OCI (Shanghai)
International Trading Ltd., China.
OCI International
Inc., US.
Associated Companies:-
Dong Yang Silicone Co. Ltd., South Korea.
Eyang Chemical Co. Ltd., South Korea.
OCI Co. Ltd., South Korea.
OCI Information & Communication Co. Ltd., South Korea.
Ordeg Co. Ltd., South Korea.
Samkwang Glass Ind. Co. Ltd., South Korea.
TEC E & C Ltd., China.
Unid Co.000Ltd., South Korea.
12786038
0252510
Managing
Director: Mr. Huh Byeong Seok
Contact Person: Ms. Chi
Nominal Share
Capital: HK$7,120,000.00 (Divided into 7,120,000 shares of HK$1.00 each)
Issued Share
Capital: HK$7,120,000.00
(As
per registry dated 16-05-2013)
|
Name |
|
No.
of shares |
|
OCI Corporation |
|
7,119,999 |
|
Byeone Seok HUH |
|
1 |
|
|
|
–––––––– |
|
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Total: |
7,120,000 ======= |
(As
per registry dated 01-08-2013)
|
Name (Nationality) |
Address |
|
Seungki LEE |
619, Ttukseom Ro, Gwangjin-Gu, Seoul,
Korea. |
|
Byeone Seok HUH |
Room 101, No. 1 Lane 1299, Ding Xiang
Road, Pudong, Shanghai, China. |
(As
per registry dated 16-05-2013)
|
Name |
Address |
Co.
No. |
|
Fankent
Secretaries Ltd. |
Room 1912, 19/F., C C Wu Building, 302 Hennessy Road, Wanchai,
Hong Kong. |
|
The
company was incorporated on 16th May, 1989 as a private limited liability
company under the Hong Kong Companies Ordinance.
The
subject moved to the present address in August 2005.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importers and Exporters; Transhipment Agent.
Lines:-
Import: Yellow phosphorus, sodium sulphate, phosphoric acid, zinc sulphate, other industrial chemicals.
Export: Toluene diisocyanate 80/20 hydrogen peroxide 50% soda ash light and dense, other industrial chemicals.
Employees: 6.
Commodities Imported: Mainly imported from South Korea.
Markets: Hong Kong, China and Southeast Asia.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$7,120,000.00 (Divided into 7,120,000 shares of HK$1.00 each)
Issued Share Capital: HK$7,120,000.00
Profit & Loss: Business is profitable angle.
Condition: Keeping in an active and good manner.
Facilities: Making active use of general banking facilities.
Payment: So far regular.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Cho Hung Finance Ltd., Hong Kong.
Standing: Good.
OCI
(Hong Kong) Ltd. is an overseas marketing subsidiary of OCI Corporation [OCIC]
which is a South Korea-based company. It
was incorporated in May 1989 to take over the activities of Oriental Chemical
Industry Co. Ltd., Hong Kong Liaison Office.
The
subject’s business is active in transhipment of chemicals and chemical materials
for its parent. It is engaged in the
same lines of business as OCIC.
OCIC
is a well-established trading company based in Seoul, South Korea. Its business includes export, import, and
local distribution of chemicals and chemical-related products.
OCIC
is one of the chemical trading firms in Hong Kong bearing South Korean
background. It is trying to develop
solid business relationship with the leading suppliers and customers both in
domestic and overseas markets.
The
export division of OCIC handles more than 100 items of chemical products.
OCIC
is actively engaged in developing and maintaining long-term relationships with
customers in China, the other Asian countries, Europe, North and Latin America
through its own overseas branches and partners.
OCIC
also imports a variety of chemical materials to meet the demand of the textile,
paint, ceramic, fertilizer and adhesive industries in South Korea. For the supply of specific items, the import
division has long-term supply arrangements with the world’s leading chemical
manufacturers and distributors including Celanese Chemical (the United States),
Arkema (France), US Borax (the United States), Elementis (the United Kingdom),
J.H.C. (Japan), Oxiteno (Brazil), Shell (EU), etc.
Now,
OCIC has set up offices in the following cities:
Jakarta
(Indonesia), Manila (the Philippines), Frankfurt (Germany), Mumbai (India),
Hochiminh (Vietnam), Sao Paulo (Brazil), Chengdu (China), Shenyang (China),
Guangzhou (China)
The
offices in China and the offices in Manila, the Philippines and Hochiminh,
Vietnam are the representative offices of the subject.
In
order to enhance sales activities and expand its business, the subject has
established a trading company, called OCI (Shanghai) International Trading
Ltd., in Waigaoqiao Free Trade Zone of Shanghai, China to conduct trading
activities in China.
In
addition, the subject has acquired OCI International Inc. from DC Chemical for
the trading activities in the America.
The
annual sales turnover of OCIC ranges from KRW 700 to 800 billion while its net
income ranges from KRW 18 to 25 billion.
Business is normal although annual profit margin is low.
The
subject is fully supported by OCIC.
History in Hong Kong is over 24 years.
On
the whole, in view of the parentage of the subject, consider it good for normal
business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.26 |
|
|
1 |
Rs.100.70 |
|
Euro |
1 |
Rs.83.27 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
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Report Prepared
by : |
PDT |
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.