|
Report Date : |
26.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
JC PETROCHEM LTD. |
|
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Registered Office : |
Unit 1304, 13/F., 248 Queen’s Road East, Wanchai |
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Country : |
Hongkong |
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Date of Incorporation : |
18.06.2008 |
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Com. Reg. No.: |
39466738 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Petrochemical
Products. |
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No. of Employees : |
5 |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
HONGKONG - 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 |
JC PETROCHEM
LTD.
ADDRESS: Unit 1304, 13/F., 248
Queen’s Road East, Wanchai, Hong Kong.
PHONE: 852-2527
1880, 2527 1999
FAX: 852-2527
1780
Managing Director: Mr. Chung Jin
Hee
Incorporated on: 18th June, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$3,500,000.00
Issued: HK$3,500,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 1304, 13/F., 248 Queen’s Road East, Wanchai,
Hong Kong.
Affiliated Companies:-
Continent International Ltd., Hong Kong.
Green Corporation Ltd., Hong Kong.
Hymax Ltd., Hong Kong.
39466738
1248497
Managing Director: Mr. Chung Jin
Hee
Nominal Share Capital: HK$3,500,000.00 (Divided
into 3,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,500,000.00
(As
per registry dated 18-06-2013)
|
Name |
|
No.
of shares |
|
CHUNG Jin Hee |
|
3,500,000 ======= |
(As
per registry dated 18-06-2013)
|
Name (Nationality) |
Address |
|
CHUNG Jin Hee |
Flat B, 9/F.,
Taggart (Tower 2), The Repulse Bay, 109 Repulse Bay Road, Hong Kong. |
(As
per registry dated 18-06-2013)
|
Name |
Address |
Co.
No. |
|
Tims Corporate Services Ltd. |
Room A, 15/F., Fortis Tower, 77‑79 Gloucester
Road, Wanchai, Hong Kong. |
0284320 |
The subject was incorporated on 18th June, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit A, 12/F., China Overseas Building, 139 Hennessy Road, Wanchai, Hong Kong, moved to Unit B, 20/F., Wing Hang Finance Centre, 60 Gloucester Road, Wanchai, Hong Kong in March 2012, and further to the present address in February 2014.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of petrochemical products, etc.
Employees: 5.
Commodities Imported: India, Singapore, etc.
Markets: South Korea, other Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, or as per contracted.
Nominal Share Capital: HK$3,500,000.00 (Divided
into 3,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,500,000.00
Increase of Nominal Capital:-
|
From |
HK$
10,000.00 |
to |
HK$1,500,000.00 |
on |
05-03-2010 |
|
From |
HK$1,500,000.00 |
to |
HK$3,500,000.00 |
on |
10-07-2012 |
Alternation of Issued Capital:-
|
18-06-2008 |
paid up |
HK$ 1.00 |
|
05-03-2010 |
paid up |
HK$1,499,999.00 |
|
10-07-2012 |
paid up |
HK$2,000,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$3,500,000.00 ============== |
Mortgage or Charge (since 2012): (See attachment)
Profit or Loss: Made small profits in past three years.
Condition: Business is improving.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Australia & New Zealand Banking Group Ltd., Hong Kong Branch.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
United Overseas Bank Ltd., Hong Kong Branch.
Standing: Moderate.
Having issued 1.5 million ordinary shares of HK$1.00 each, JC Petrochem
Ltd. is wholly-owned by Chung Jin Hee who is a South Korea passport
holder. Chung Jin Hee is also the only
director of the subject. Now, he is a
Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
In July 2012, the subject increased its issued share capital to HK$3.5
million. Chung Jin Hee is still the sole
shareholder.
Incorporated in June 2008, the subject is a petrochemical and organic
chemical product trader including lubricants, etc. It also imports other chemicals. Most of the products are imported from
Singapore and some of the European countries.
Prime markets are South Korea and the other Asian countries. The subject has got a number of wholesalers
in South Korea. Business keeps on
improving. The subject’s business is
chiefly handled by Chung himself.
The subject had an affiliated company Continent International Ltd.
[CIL], a Hong Kong-registered company located at its old address.
Having issued 1 million ordinary shares of HK$1.00 each, CIL is wholly
owned by Mr. Suh Eun Seok who seems to be also a Korean. Suh is the only director of CIL. He is a Hong Kong ID Card holder but most of
the time he is residing in Shenzhen Special Economic Zone, China.
CIL is also a organic chemical and petrochemical product trader. Its products include paraffin wax, etc.
The history of the subject is over five years.
On the whole, consider it good for normal business engagements in small
credit amounts.
(Since
2012)
|
Date |
Particulars |
Amount |
|
12-03-2012 |
Instrument: Charge Over Deposit Property: The Depositor charges the Deposit with full title guarantee & by way
of a first fixed charge, in favour ANZ as continuing security for the due and
punctual payment of all moneys & performance of all other obligations
that the Depositor and Borrower, in any capacity & whether alone or with
any other person, is or at any time becomes actually or contingently liable
to pay or perform to, for or on account of ANZ in any manner or on any
account whatsoever pursuant to or in connection with the Secured Facilities Mortgagee: Australia & New Zealand Banking
Group Ltd., Hong Kong Branch. |
All obligations owing to Australia and the
Bank acting trough its head office or at any other branch by the Depositor on
any account, whether present or future, actual or contingent |
|
13-04-2012 |
Instrument: Security Over Deposits with the Bank Property: A deposit with chargee in the amount of all monies under Deposit A/C
No. 848-250098-274 whatever currency it may subsequently by denominated in,
any renewal of such deposit & the interest thereon together with any
further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount Secured, all monies in any currency
owing by the company |
|
13-04-2012 |
Instrument: Assignment of Receivables & Charge
over Proceeds - General Property: In consideration of the Chargee entering or agreeing to enter into the
Invoice Discounting/Factoring Agreement & providing or continuing to
provide services, banking facilities or other financial accommodation to such
extent & for so long as the Chargee may think fit to the Client, the
Client, as beneficial owner & by way of security for payment of the
Secured Monies, hereby:- A) Assigns, and agrees to assign, to the
Chargee all Non‑purchased debts; B) Charges by way of first fixed charge to
the Chargee all the Client’s, right, title, interest & benefit present
& future, of and in: i)
All Specified Debts; ii)
The Factoring Proceeds, iii) The Receipt Account together with all
sums standing to the credit of the Receipt Account until all the Secured
Monies have been fully & irrevocably paid or discharged Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All monies & liabilities in any
currency owing by the Client |
|
02-05-2012 |
Instrument: Assignment of Life Insurance Property: (1) All the Assignor’s claims
under the Insurance: Insurance Policy No: 28005320 Name of
Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Mr. Chung Jin Hee Assignor / Policy Owner: JC Petrochem Ltd. (2) All
the Assignor’s claims against the issuer of the Policy Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All and any monies & liabilities in
any currency whenever and however incurred |
|
06-09-2013 |
Instrument: Charge Over Deposit Property: The Depositor charges the Deposit in all Accounts and all right, title
and interest, both present and future, in and to such Deposits and Accounts in
favour of ANZ as continuing security for the due and punctual payment of all
moneys & performance of all other obligations that the Depositor and
Customer, in any capacity & whether alone or with any other person, is or
at any time becomes actually or contingently liable to pay or perform to, for
or on account of ANZ in any manner or on any account whatsoever pursuant to
or in connection with the Secured Facilities Mortgagee: Australia & New Zealand Banking
Group Ltd., Hong Kong Branch. |
All obligations owing to Australia and New
Zealand Banking Group Ltd. acting through its head office or at any other
branch by Depositor and the Customer on any account, whether present or
future, actual or contingent |
|
05-11-2013 |
Instrument: Trade Finance Security Agreement Property: The Borrows as beneficial owner:- (A) assigns
and agrees to assign absolutely to the Bank all the present and future
rights, title, interests and benefits of the Borrower in and to the following
assets: 1) The
Export Credit; 2) The
Export Collection Bills; 3) The
Sales Contracts; 4) The
Invoice Receivables; 5) The
Purchase Contracts; 6) The
Insurances; 7) The
Trade Documents; 8) The
Bills of Exchange; 9) The
Related Collaterals; and 10) All
claims, remedies and proceeds in connection with any of the foregoing. (B) Charges
and agrees to charge to the Bank by way of first fixed charge all the present
and future right, title, interests and benefits of the Borrower in and to the
following assets:- 1) The
Goods together with their proceeds; 2) The
Deposit; and 3) To
the extent any Security Assets is not effectively assigned under sub-clause
(a), such Security Asset. (C) Pledges
and agrees to pledge to the Bank, the Bills of Exchange, the Pledged Goods
and the Trade Documents which are now or may in the future be in actual or
constructive possession of the Bank; and (D) Charges and agrees to charge
to the Bank by way of first floating charge all the present and future
rights, title, interests and benefits of the Borrower in and to any Security
Asset which is not effectively charged by way of fixed charge or assigned or
pledged under the above sub-clauses (a), (b) and (c). Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All monies, obligations and liabilities |
|
30-10-2013 |
Instrument: Security Agreement over Bank Account Property: By way of a
first charge all of the Chargor’s rights in respect of any amount standing to
the credit of the Account Mortgagee: Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
To secure the payment and satisfaction of
all present and future obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.81 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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|
Report Prepared
by : |
NIT |
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.