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Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
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Name : |
ICI (HK)
LTD. |
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Formerly Known As : |
HB COMMUNICATIONS (HK)
LTD. |
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Registered Office : |
c/o Hong Kong Corporation Secretaries Ltd. Unit 1001, 10/F., Infinitus Plaza, 199 Des Voeux Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.02.2013 |
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Com. Reg. No.: |
60971362 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
· Engaged in developing audio and video systems and tools for broadcasters, cable networks, MSOs, and mobile and IPTV providers worldwide. ·
Subject also provides solutions for television,
radio, sports and live events, digital out-of-home, news, and
government. · Subject products include advertising software, automation solutions, business intelligence and analytics, digital asset management systems, distribution amplifiers, editing systems, fibre optic solutions, graphics, integrated channel playout, master control and branding, multiviewers, network monitoring and control, networking and encoding products, programming and rights software, radio studio systems, radio transmission systems, routing and control systems, servers, signal processing solutions, television transmission equipment, test and measurement systems, and voice/data networking for public safety, as well as sales, traffic, and billing software. |
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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 : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 |
ICI (HK)
LTD.
[Formerly known as: HB COMMUNICATIONS (HK) LTD.]
Registered
Office:-
c/o Hong Kong Corporation Secretaries Ltd.
Unit 1001, 10/F., Infinitus Plaza, 199 Des Voeux Road Central, Hong Kong.
Holding Company:-
HBC Solutions, Inc., USA.
Associated
Companies:-
Digital Rapids Corporation, USA.
GatesAir Inc., USA.
Harris Communications Ltd., Hong Kong.
Imagine Communications Corp., USA.
Imagine Communications EMEA (UK) Ltd., UK.
Kelday Enterprises Ltd., Hong Kong.
Leitch Asia Ltd., Hong Kong. (Dissolved)
60971362
1861078
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry
dated 05-02-2014)
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Name |
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No. of share |
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HBC Solutions, Inc. 2711 Centerville Road, Suite 400, Wlimington, County of New Castle
19808, Delaware, USA. |
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1 = |
(As per registry
dated 11-04-2014)
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Name (Nationality) |
Address |
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Charles Scott
GILBERT |
7235 Lakewood Blvd, Dallas, TX
75214, USA. |
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Gregory
Charles DIAMOND |
4011 Brushwood Way, castle Rock,
CO 80109-7950119, USA. |
(As per registry
dated 01-04-2014)
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Name |
Address |
Co.
No. |
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Hong Kong Corporation Secretaries Ltd. |
Unit 1001, 10/F., Infinitus Plaza, 199 Des Voeux Road
Central, Hong Kong. |
1192442 |
The subject was incorporated on 5th February, 2013 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of HB Communications (HK) Ltd., name changed to the present style on 5th May, 2014.
Formerly the subject’s registered address was located at Room 1015-1020, 10/F., Tower 1, Grand Century Place, 193 Prince Edward Road West, Kowloon, Hong Kong, moved to the present address in April 2014 where is the operating address of a secretarial firm.
Apart from these, neither material change nor amendment has been ever traced and noted.
HB Communications (HK) Ltd. [HBCHK] is the old name of ICI (HK) Ltd.
Now, having issued just one ordinary share of HK$1.00, it is a wholly-owned subsidiary of HBC Solutions Inc. [HBC Solutions] which is a US-based company.
In May 2014, HBCHK underwent great changes and its name changed to ICI (HK) Ltd. which is the present one. Its holding company and managing personnel also changed.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit 1001, 10/F., Infinitus Plaza, 199 Des Voeux Road Central, Hong Kong known as Hong Kong Corporation Secretaries Ltd. which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The directors of the subject are Mr. Charles Scott Gilbert and Mr. Gregory Charles Diamond, both are American and each holding a US passport. Both were appointed on 11th April, 2014.
The subject is ultimately held by the Gores Group (held by The Gores Group LLC of the United States). Now the Group has two separate entities: Imagine Communications and GatesAir.
The subject is engaged in the same lines of business as its holding company HBC Solutions.
HBC Solutions develops audio and video systems and tools for broadcasters, cable networks, MSOs, and mobile and IPTV providers worldwide. Its products include advertising software, automation solutions, business intelligence and analytics, digital asset management systems, distribution amplifiers, editing systems, fibre optic solutions, graphics, integrated channel playout, master control and branding, multiviewers, network monitoring and control, networking and encoding products, programming and rights software, radio studio systems, radio transmission systems, routing and control systems, servers, signal processing solutions, television transmission equipment, test and measurement systems, and voice/data networking for public safety, as well as sales, traffic, and billing software.
HBC Solutions also provides solutions for television, radio, sports and live events, digital out-of-home, news, and government. It markets and sells its products through resellers in North America, Europe, and Africa.
HBC Solutions was formerly known as Gores Broadcast Solutions, Inc. The company was founded in 1922 and is based in Englewood, Colorado with additional office locations around the world.
The Gores Group, founded by CEO and Chairman Alec Gores, is a control oriented private equity firm specializing in acquiring and partnering with businesses that can benefit from its operational expertise and flexible capital base. It combines the operational and due diligence capabilities of a strategic buyer with the seasoned M&A team of a traditional financial buyer.
Since 1987, Gores Group has successfully acquired and operated more than 80 companies while employing a number of professionals.
Its current portfolio includes companies across diverse industries in which its partners have considerable experience, including technology, telecommunications, business services, industrial, healthcare, media & entertainment, and consumer products. Gores offices in North America and Europe serve its active investment programs in those regions.
Headquartered in Los Angeles, the United States, Gores Group currently has approximately US$3.7 billion in assets under management (as of 31st December, 2013) and is presently investing from Gores Capital Partners III, L.P. and Gores Small Capitalization Partners, L.P., which have approximately US$2.1 billion and US$300 million in capital commitments, respectively.
The subject is fully supported by the Gores Group. It has been banking with Citibank N A, Hong Kong.
On the whole, since the history of the subject is short in Hong Kong and has no employees, consider it good for normal 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.12 |
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1 |
Rs.102.00 |
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Euro |
1 |
Rs.81.43 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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.