|
Report Date : |
08.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
MRC HONG KONG CO. LTD. |
|
|
|
|
Registered Office : |
Suite 1610-1611, 16/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
27.10.1972 |
|
|
|
|
Com. Reg. No.: |
03795478 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Micro-acrylic synthetic suede fabrics, other synthetic fibre fabrics, chemicals, plastics |
|
|
|
|
No. of Employees : |
13 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A2 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
MRC HONG KONG CO.
LTD.
ADDRESS: Suite 1610-1611, 16/F., North Tower, World Finance Centre, Harbour City, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2368 0121
FAX: 852-2724 4174
Managing Director: Mr. Hiroaki Okuno
Incorporated on: 27th October, 1972.
Organization: Private Limited Company.
Capital: Nominal:HK$1,482,000.00
Issued: HK$1,482,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 13.
Main Dealing Banker: Mizuho Corporate Bank Ltd., Hong Kong Branch.
Banking Relation: Good.
Registered Head
Office:-
Suite 1610-1611, 16/F., North Tower, World Finance Centre, Harbour City, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Mitsubishi Rayon Co. Ltd., Japan.
Ultimate Holding
Company:-
Mitsubishi Chemical Holdings Corporation, Japan.
Associated
Companies:-
Acry Sunday Co. Ltd., Japan.
Aldila Inc., USA.
Asahi Plastics Co. Ltd., Japan.
Challenge Co. Ltd., Japan.
Daesan MMA Corp., Korea.
Dalian Rayon Environmental Equipment Co. Ltd., China.
Dia Carpet Co. Ltd., Japan.
Dia Mode Co. Ltd., Japan.
Dianal America Inc., USA.
Dia-Nitrix Co. Ltd., Japan.
Diapolyacrylate Co. Ltd., Thailand.
Diatec (Shanghai) Co. Ltd., China.
Diatec Co. Ltd., Japan.
Du Pont-MRC Co. Ltd., Japan.
Fengxin MRC JDL Environment Protection Ltd., China.
Fujiwara Co. Ltd., Japan.
Grafil Inc., USA.
Huizhou MMA Co. Ltd., China.
Lucite International Group Ltd., UK.
MEC Co. Ltd., Japan.
Meiho Co. Ltd., Japan.
Mitsubishi Rayon (Shanghai) Co. Ltd., China.
Mitsubishi Rayon America Inc., USA.
Mitsubishi Rayon Cleansui Co. Ltd., Japan.
Mitsubishi Rayon Lucite Group Ltd., UK.
Mitsubishi Rayon Polymer Nantong Co. Ltd., China.
Mitsubishi Rayon Textile Co. Ltd., Japan.
Mitsubushi Rayon America Inc., USA.
MRC - SGL Precursor Co. Ltd., Japan.
MRC Asia (Thailand) Ltd., Thailand.
MRC Composite Products Co. Ltd., Japan.
MRC Golf Inc., USA.
MRC Kohda Co. Ltd., Japan.
MRC Polysaccharide Co. Ltd., Japan.
MRC Pylen Co. Ltd., Japan.
MRC Resins (Thailand) Co. Ltd., Thailand.
MRC Unitec Co. Ltd., Japan.
Nippon Rensui Co., Japan.
Nitto Gypsum Board Co. Ltd., Japan.
P.T. Diachem Resins Indonesia, Indonesia.
Ryoko Co. Ltd., Japan.
Ryoko Sizing Co. Ltd., Japan.
San Esters Corp., USA.
Sanyu Chemical Co. Ltd., Japan.
Suzhou MRC Opto-Device Co. Ltd., China.
Suzhou Sanyouli Chemicals Co. Ltd., China.
Thai MMA Co. Ltd., Thailand.
TK Industries GmbH, Germany.
Toei Kasei Co. Ltd., Japan.
Tosen Co. Ltd., Japan.
Toyama Filter Tow Co. Ltd., Japan.
UMG ABS. Ltd., Japan.
Wellthy Corporation, Japan.
Wuxi MRC Origin Water Membrane Tech. Co. Ltd., China.
etc.
03795478
0030161
Managing Director: Mr. Hiroaki Okuno
Nominal Share Capital: HK$1,482,000.00 (Divided into 148,200 shares of HK$10.00 each)
Issued Share Capital: HK$1,482,000.00
SHAREHOLDER: (As per registry dated 27-10-2013)
|
Name |
|
No. of shares |
|
Mitsubishi Rayon Co. Ltd. 1-1 Marunouchi 1-Chome, Chiyoda-ku, Tokyo 100-8253, Japan. |
|
148,200 ====== |
DIRECTORS: (As per registry dated 27-10-2013)
|
Name (Nationality) |
Address |
|
Hiroaki OKUNO |
Room A, 46/F., Block 6, Sorrento, 1 Austin Road, Kowloon, Hong Kong. |
|
Koichi KOBAYASHI |
#507, 6-2 Yamamotodori 2-Chome, Chuo-ku, Kobe, Hyogo, Japan. |
|
Yoshitaka KATAYAMA |
997-20, Daigiri, Fujisawa-shi, Kanagawa 251-0002, Japan. |
|
Ryozo KIKUCHI |
29-11-501, Sengoku 1-Chome, Bunkyo-ku, Tokyo 112‑0011, Japan. |
SECRETARY: (As per registry dated 27-10-2013)
|
Name |
Address |
Co. No. |
|
Commonwealth Secretarial Services Ltd. |
Office B, 22/F., Guangdong Investment Tower, 148 Connaught Road Central, Hong Kong. |
0030664 |
The subject was incorporated on 27th October, 1972 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Shinko Trading Co. Ltd., name changed to the present style on 12th March, 1997.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Micro-acrylic synthetic suede fabrics, other synthetic fibre fabrics, chemicals, plastics
Employees: 13.
Commodities Imported: China, Japan, other Asian countries, etc.
Markets: Asian countries, Europe, etc.
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$1,482,000.00 (Divided into 148,200 shares of HK$10.00 each)
Issued Share Capital: HK$1,482,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Mizuho Corporate Bank Ltd., Hong Kong Branch.
Standing: Good.
MRC Hong Kong Co. Ltd. is a wholly-owned subsidiary of Mitsubishi Rayon Co. Ltd. [Mitsubishi Rayon] which is a Japan-based firm. It is in Tokyo, Japan.
The ultimate holding company Mitsubishi Chemical Holdings Corporation [MCHC] is also a Japan-based firm. MCHC is a listed firm in Japan. Its shares have been traded in Tokyo Stock Exchange and Osaka Stock Exchange.
The subject is trading in the products of Mitsubishi Rayon. It is selling Mitsubishi Rayon Group’s products especially in the Pearl River Delta of Guangdong Province, China.
The subject in fact is the sales division of Mitsubishi Rayon Group.
Mitsubishi Rayon Group, established in 1933, is a leading manufacturing enterprise group of polymer products. The Group is chiefly engaged in MMA businesses. MMA means ‘methyl methacrylate’.
The subject, as a member of Mitsubishi Rayon Group, is not only distributes products but also provides technical services and solutions on customer basis.
The subject also has a mission to grow Mitsubishi Rayon Group’s business globally by connecting Hong Kong with Asian, European and American countries.
The subject and Mitsubishi Rayon Group are trading in the following products:-
MMA Monomer (Methyl Methacrylate Monomer);
Methacrylic Acid;
Methacrylic Esters;
Chelating Agents;
Organic solvents;
Acrylonitrile; &
Acrylamide.
Currently, Mitsubishi Rayon Group has had the following associated companies:-
Mitsubishi Rayon (Shanghai) Co. Ltd., China.
Mitsubishi Rayon America Inc., Usa.
Mitsubishi Rayon (Shanghai) is in Zunyi Road, Shanghai, China while Mitsubishi Rayon America is in New York, the United States.
Established on 1st June, 1950, Mitsubishi Rayon now has over 8,000 employees.
In September 2013, Mitsubishi Rayon and PTT Public Company Limited (Head Office: Bangkok, Thailand; President: Pailin Chuchottaworn, hereinafter “PTT”) announced of a joint study of carbon fiber bushiness in ASEAN Economic Community.
MCHC was jointly established by Mitsubishi Chemical Corporation and Mitsubishi Pharma Corporation (Current Mitsubishi Tanabe Pharma Corporation) with a stock-for-stock exchange effective in October 2005. Then, Mitsubishi Tanabe Pharma Corporation, formed by the merger between Mitsubishi Pharma Corporation and Tanabe Seiyaku Co., Ltd. began operation on 1st October, 2007. Subsequently, the functional products businesses of the MCHC Group were restructured and consolidated as a new company, Mitsubishi Plastics, Inc., on 1st April, 2008. Further, Mitsubishi Rayon joined in the MCHC Group on 1st April, 2010.
Thus the MCHC Group currently consists of four core business companies: Mitsubishi Chemical Corporation, Mitsubishi Tanabe Pharma Corporation, Mitsubishi Plastics, Inc., and Mitsubishi Rayon, and their group companies. As the holding company, MCHC will further develop and enhance its Group portfolio so as to increase overall Group value.
The subject is fully supported by Mitsubishi Rayon Group. History in Hong Kong is over 41 years.
On the whole, in view of the background of the subject, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.38 |
|
|
1 |
Rs.102.25 |
|
Euro |
1 |
Rs.84.97 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.