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Report Date : |
10.10.2014 |
IDENTIFICATION DETAILS
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Name : |
RUBBEREX ( |
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Registered Office : |
C/o Intercorp Services Ltd., 11/F., Dah Sing Life Building, 99 Des
Voeux Road Central |
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Country : |
Hongkong |
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Date of Incorporation : |
29.03.2005 |
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Com. Reg. No.: |
35655797 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available |
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No. of Employees : |
No employees in NOTE : It is to be noted that
the company does not have its own operating office in |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hongkong |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hongkong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 |
RUBBEREX (HONG
KONG) LTD.
Registered
Office:-
c/o Intercorp Services Ltd.
11/F., Dah Sing Life Building, 99 Des Voeux Road Central, Hong Kong.
Note: Your given company
“c/o Intergrated Financial Services Ltd.” is an associated company of Intercorp
Services Ltd.
Rubberex Corporation (M) Berhad, Malaysia.
Diamond Grip (M) Sdn. Bhd., Malaysia.
Filrex (Malaysia) Sdn. Bhd., Malaysia.
Lifestyle Investment (Hong Kong) Ltd., Hong Kong.
LPL (Huizhou) Glove) Co. Ltd., China.
Pioneer Vantage Ltd., Hong Kong.
Rubberex (M) Sdn. Berhad, Malaysia.
Rubberex Alliance Sdn. Bhd., Malaysia.
Rubberex Marketing (M) Sdn. Bhd., Malaysia.
Rubberex Spain S.L., Spain.
etc.
35655797
0958980
29th March, 2005.
HK$1,000.00
(As per registry dated
29-03-2014)
|
Name |
|
No. of shares |
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Rubberex Corporation (M) Berhad Lot 138201, Off ¾ Mile Jalan Bercham, Kawasan Perindustrian Bercham,
31400 Ipoh, Perak, Malaysia. |
|
1,000 ===== |
(As per registry
dated 29-03-2014)
|
Name (Nationality) |
Address |
|
Sabri ABD HAMID |
No. 120 Lal Tasek Timur 16, TMN Seri Dermawan Ipoh Perak, Malaysia. |
|
LEE Fen Nee |
228 Jalan Perajurit Timur 9, Taman Syabas, 31400 Ipoh, Perak,
Malaysia. |
(As per registry
dated 29-03-2014)
|
Name |
Address |
Co. No. |
|
Intercorp Services Ltd. |
11/F., Dah Sing Life Building, 99 Des Voeux Road Central, Hong Kong. |
0137089 |
The subject was incorporated on 29th March, 2005 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of South Billion
Investment Ltd., name changed to the present style on 17th August, 2007.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Date of Trade Finance Security Assignment: 30-11-2012
Amount: All obligations
and liabilities of the Borrower owed to the Bank
Property: The Borrower as
beneficial owner and as security for the payment of all Secured Liabilities:
(a) Assigns to the Bank to
the following assets:
(i) The
Export Credits;
(ii) The
Export Collection Bills;
(iii) The
Sales Contracts;
(iv) The
Export Invoice Receivables;
(v) The
Insurances;
(vi) The
Trade Documents; &
(vii) All
claims.
(b) Charges to the Bank to
the following assets:
(i) The
Goods together with their proceeds;
(ii) The
Pledged Goods;
(iii) The
Deposit; &
(iv) To
the extent any Security Assets.
(c) Pledges
to the Bank the Pledged Goods and the Trade Documents
Mortgagee: United Overseas Bank Ltd.
80 Raffles Place, UOB Plaza, Singapore 048624.
Rubberex (Hong Kong) Ltd. was incorporated on 29th March, 2005 as a private
limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at 11/F., Dah Sing Life Building, 99 Des Voeux Road
Central, Hong Kong known as Intercorp Services 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.
According to the Companies Registry of Hong Kong, the subject has issued
1,000 ordinary shares of HK$1.00 each of which are wholly-owned by Rubberex
Corporation (M) Berhad [Company/RCM] which is a Malaysia-based company. It is a listed company in Malaysia.
RCM was established back in 1987 through RMSB, which is involved in the
manufacturing of gloves. The Company was
incorporated in Malaysia on 4th January, 1996 as a private limited company and
was subsequently converted to a public company on 19th March, 1996. RCM became a public listed company on 16th
April, 1997 following its listing on the Second Board of Bursa Securities. In an effort to enhance RCM’s standing and
attractiveness in the market, the listing of RCM shares was transferred from
the Second Board to the Main Board of Bursa Securities on 11th April, 2005.
RCM’s registered office is located at 41, Jalan Medan Ipoh 6, Bandar
Baru Medan Ipoh, 31400 Ipoh, Perak.
RCM’s business operations are carried out at Lot 138201, Off ¾ Mile,
Jalan Bercham, Kawasan Perindustrian Bercham, 31400 Ipoh, Perak.
RCM is principally an investment holding company with three wholly-owned
subsidiary companies, namely RMSB, FMSB and DGMSB. The principal activities of these subsidiary
companies are manufacturing, trading and sale of general purpose household and
industrial rubber gloves.
For the year ended 31st December, 2012, the revenue of RCM amounted to
RM376.5 million (2011: RM373.7 million), profit for the year was RM22.0 million
(2011: RM8.5 million). RM is also known
as MYR.
The subject is fully supported by RCM.
As of 31st December, 2013, we employed approximately 66,000 persons, of
whom approximately 29,000 were employed in the United States and approximately
37,000 were employed outside of the United States. Of its United States
employees, approximately 1,700 were hourly-rated, unionized employees.
The subject’s business in Hong Kong is not active. History in Hong Kong is over nine years and
six months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for 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
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.46 |
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|
1 |
Rs.98.77 |
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Euro |
1 |
Rs.77.65 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared by
: |
NIT |
RATING EXPLANATIONS
|
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.