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Report Date : |
27.08.2014 |
IDENTIFICATION DETAILS
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Name : |
IMC (HK) LTD. |
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Registered Office : |
Unit 6, 6/F., Pacific Trade Centre, |
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Country : |
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Date of Incorporation : |
15.01.2003 |
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Com. Reg. No.: |
33354793 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Exporter of Chemicals, petrochemical products, hides & skins, leather, raw materials |
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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 – June 01, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
IMC (HK)
LTD.
ADDRESS: Unit 6, 6/F., Pacific Trade
Centre, 2 Kai Hing Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2796 6488
FAX: 852-2796 7416
Managing Director: Mr. Atluri
Mallesh Rao
Incorporated on: 15th January, 2003.
Organization: Private Limited
Company.
Capital: Nominal: US$475,000.00
Issued: US$229,024.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: Bank
of India, Hong Kong Branch.
Banking Relation: Satisfactory.
IMC (HK)
LTD.
Registered Head
Office:-
Unit 6, 6/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon Bay,
Kowloon, Hong Kong.
Immediate Holding
Company:-
Imcola (Exports) Ltd.
232/A, Acharjya Jagadish Chandra Bose Road, Kolkata - 700 020, India.
[Tel: 91-22-2202 6677, Fax:
91-22-2202 0638]
Ultimate Holding
Company:-
IMC Ltd.
39, Kasturi Ranga Road, Alwarpet, Chennai 600 018, India.
[Tel: 91-44-2499 4880, 2499
4896, 2466 1892
Fax: 91-44-2466 1738 ]
Associated
Company:-
Ritmus Ltd., Hong Kong. (Same
address)
[Tel: 852-2796 6488, Fax: 852-2796
7416
E-mail: raja@pacific.net.hk ]
33354793
0829568
Managing Director: Mr. Atluri
Mallesh Rao
Nominal Share Capital: US$475,000.00
(Divided into 475,000 shares of US$1.00 each)
Issued Share Capital: US$229,024.00
(As per registry
dated 15-01-2014)
|
Name |
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No. of shares |
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Imcola (Exports) Ltd. 232/A, Acharjya Jagadish Chandra Bose Road, Kolkata - 700 020, India. |
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474,999 |
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Atluri Mallesh RAO |
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1 |
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––––––– |
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Total: |
475,000 ====== |
(As per registry
dated 08-03-2014)
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Name (Nationality) |
Address |
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Jade Nominees Ltd. |
25/F., OTB Building, 160 Gloucester Road, Wanchai, Hong Kong. |
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Praveen Kumar CHOPRA |
C-314 Defence Colony, New Delhi 110024, India. |
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Atluri Mallesh RAO |
New No. 25, Old No. 12, Kasturi Ranga Road, Alwarpet, Chennai, Tamil
Nadu 600 018, India. |
(As per registry
dated 15-01-2014)
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Name |
Address |
Co. No. |
|
First Island Secretaries Ltd. |
905 Silvercord, Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong
Kong. |
0049295 |
The subject was incorporated on 15th January, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Wholesaler and Exporter.
Lines: Chemicals,
petrochemical products, hides & skins, leather, raw materials, etc.
Employees: 6.
Commodities Imported: Mainly
imported from India, etc.
Markets: Hong
Kong, China and other Asian countries.
Terms/Sales: On various terms.
Terms/Buying: As per contracted.
Nominal Share Capital: US$475,000.00
(Divided into 475,000 shares of US$1.00 each)
Issued Share Capital: US$229,024.00
Profit & Loss: Making
a small profit every year.
Condition: Business
is normal.
Facilities: Making
rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankesr:-
Bank of India, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Incorporated in January 2003, IMC (HK) Ltd. is a private limited company
wholly-owned by Imcola (Exports) Ltd. [Imcola] which in turn is a subsidiary of
IMC Ltd. [IMC], both are India-based firms.
The managing director of the subject Atluri Mallesh Rao is an India
merchant.
Imcola is a sister concern of IMC Group of companies which initiated
business with cane molasses trade in 1935.
Now its trading division is a full‑fledged commodity trader of
agricultural products, minerals, chemicals and hydrocarbons. It also imports caustic lye, ethyl alcohol,
fuel oil, etc. and exports sugar, cane molasses, maize, iron ore, etc. The subject is engaged in the same lines of
business as IMC, more or less.
IMC, formerly known as The Indian Molasses Company, was set up in
1935 in India as a subsidiary of London-based UMC, primarily to import and
export Molasses. Since IMC’s operations
are involved in storage and handling of molasses, it diversified into third
party storage of bulk liquid cargo, in tune with the increasing demand for such
services in India. While IMC continues
to be the leading exporter of molasses and is now a recognised trading house,
the storage division has expanded its network of terminals to almost all the major
ports in India, becoming the largest bulk liquid storage terminal service
provider in India.
IMC also trades in the following products and chemicals: Acetic Acid,
Acetone, Acrylonitrile, Base Oil, Benzene, Bitumen, Butadiene, Butanol, Butyl
Acrylate, Carbon Black Feed Stock, Caustic Lye, Cumene, Cyclo‑Hexanone,
Di-Iso Nonyl Phthalate [DINP], Edible Oils and Fats, Ethanol, Ethylene
Di-Chloride, Furnace Oil, Hydrated Phenol and Pure Phenol, Iso Propyl Alcohol,
Kerosene, Light Diesel Oil, Linear Alkyl Benzene, Lube Additives, Methanol,
Methyl Iso Butyl Ketone [MIBK], Molasses, Mono Ethylene Glycol, N Paraffin,
Naphtha, Petroleum Solvents, Solvent C-9, Styrene Monomer, Sulphuric Acid,
Toluene, Xylenes, etc.
Today, IMC Group has a combined storage capacity of over 710,000 kl (m³)
at 12 major ports. There are more than
220 tanks currently in operation storing a variety of petrochemicals,
chemicals, edible oils and fats, etc.
The terminals at Kandla, JNPT, Goa, Karwar, Mangalore, Chennai,
Kakinada, Vizag, Kolkata and Haldia are licensed by the Chief Controller of
Explosives of India for the storage of Petroleum Class products and hazardous
chemicals.
The subject also trades in chemicals, petrochemicals, edible oils and
fats. Commodities are supplied by
IMC. Prime markets are Hong Kong, China
and the other Asian countries. Business
is active and steady.
The subject has had an associated company Ritmus Ltd. [Ritmus] located
at the same address. Ritmus was
incorporated on 8th February, 1980 in Hong Kong. It is trading in hides and skins, leather,
leather chemicals, raw materials, etc.
The contact person of Ritmus is also Atluri Mallesh Rao.
The subject is fully supported by IMC.
As the history of the subject is over 11 years in Hong Kong, on the
whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.50 |
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UK Pound |
1 |
Rs.100.33 |
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Euro |
1 |
Rs.79.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
SMN |
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 |
-- |
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.