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Report Date : |
23.09.2014 |
IDENTIFICATION DETAILS
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Name : |
JCB HONG KONG LTD. |
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Registered Office : |
c/o Trusec (H.K.) Ltd Room 4603-4609, 46/F., Jardine House, |
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Country : |
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Date of Incorporation : |
11.06.2001 |
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Com. Reg. No.: |
31892864 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is engaged in the manufacture of equipment for construction, demolition and agriculture It produces over 300 types of machines, including diggers
(Backhoes), excavators, tractors and diesel engines |
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No. of Employees : |
06 |
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 1, 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 |
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 |
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 |
[Formerly located at
c/o Regus HK Management Ltd.
Unit 1215, 12/F., International Commerce Centre,
1 Austin Road West, Kowloon, Hong Kong.]
JCB HONG
KONG LTD.
ADDRESS: Room 407-408, 4/F., New East Ocean Centre, 9 Science Museum Road, Kowloon, Hong Kong.
PHONE: 852-2722 9500
FAX: Not Available
Managing Director: Mr. Anthony Lord Bamford
Incorporated on: 11th June, 2001.
Organization: Private Limited Company.
Capital: Nominal:HK$1,000.00
Issued: HK$100.00
Business Category: Construction Machinery Trader.
Employees: 6.
Main Dealing Banker: Standard Chartered Bank Ltd., Hong Kong.
Banking Relation: Good.
Registered Office:-
c/o Trusec (H.K.) Ltd
Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central, Hong Kong.
Head Office:-
Room 407-408, 4/F., New East Ocean Centre, 9 Science Museum Road, Kowloon, Hong Kong.
Holding Company:-
JC Bamford Mauritius Ltd., Mauritius.
Associated
Companies:-
J C Bamford Excavators Ltd., UK.
JCB Cab Systems Ltd., UK.
JCB Compact Products Ltd., UK.
JCB Construction Equipment (Shanghai) Co. Ltd., China.
JCB Deutschland GmbH, Germany.
JCB do Brasil Ltda., Brazil.
JCB Earthmovers Ltd., UK.
JCB Finance Ltd., UK.
JCB Heavy Products Ltd., UK.
JCB Manufacturing Inc., US.
JCB India Ltd., India.
JCB Insurance Services Ltd., UK.
JCB Landpower Ltd., UK.
JCB Power Systems Ltd., UK.
JCB Service, UK.
JCB Transmissions Ltd., UK.
JCB Utility Products Ltd., UK.
JCB Vibromax GmbH, Germany.
JCBVertrieb und Service GmbH, Germany.
etc.
31892864
0759945
Managing Director: Mr. Anthony Lord Bamford
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100.00
SHAREHOLDERS: (As per registry dated 11-06-2014)
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Name |
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No. of shares |
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Trux Nominees Ltd., Hong Kong. |
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1 |
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JC Bamford Mauritius Ltd. 6/F., Tower A, 1 Cyber City, Ebeme, Republic of Mauritius. |
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99 |
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––– |
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Total: |
100 === |
DIRECTORS: (As per registry dated 11-06-2014)
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Name (Nationality) |
Address |
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Onkar Singh SUNAR |
10 Newick Avenue, Little Aston, Sutton Coldfield, West Midlands B74 3DA, UK. |
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Michael HARGREAVES |
16 Northesk Street, Stone Staffordshire UK ST15 8EP, UK. |
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Anthony LORD BAMFORD |
Daylesford House, Moreton in Marsh, Gloucestershire, GL56 0YH, Britain. |
SECRETARY: (As per registry dated 11-06-2014)
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Name |
Address |
Co. No. |
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Trusec (H.K.) Ltd. |
Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central, Hong Kong. |
0068132 |
The subject was incorporated on 11th June, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Horseheads Ltd., name changed to the present style on 12th March, 2004.
Formerly the subject was located at Unit 1215, 12/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong where was the operating address of a commercial service provider Regus HK Management Ltd. The subject moved to the present address in mid-2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Construction Machinery Trader.
Lines: All kinds of equipment for construction,
Employees: 6.
Commodities Imported: Asian countries, Europe, North America, South America,
Markets: Worldwide countries.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$1,000.00 (Divided into 1,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100.00
Profit or Loss: Made very small profits in past years.
Condition: Business is fairly active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank Ltd., Hong Kong.
Standing: Small.
JCB Hong Kong Ltd. is a subsidiary company of JC Bamford Mauritius Ltd. which is a Mauritius-registered firm. The ultimate holding company J C Bamford Excavators Ltd. [JCB] which is a UK-based firm.
The subject’s old office was is in a commercial service firm located at Unit 1215, 12/F., International Commerce Centre, 1 Austin Road West, Kowloon, Hong Kong known as Regus HK Management Ltd. which had handled its correspondences and documents.
The subject’s registered office is in a commercial service firm located at Room 4603-4609, 46/F., Jardine House, One Connaught Place, Central, Hong Kong known as Trusec (H.K.) Ltd. This firm is also the corporate secretary of the subject. Trusec (H.K.) Ltd. is an associated company of a law firm Slaughter And May which is located at the same address.
The subject is trading in the same products as JCB.
JCB is trading in the following products:-
Excavators;
Military Vehicles;
Tractors; &
Wheeled Loaders.
JCB (formally J C Bamford Excavators Limited) is a British Multinational corporation, with headquarters in Rocester, the United Kingdom. It is engaged in the manufacture of equipment for construction, demolition and agriculture. It is the world’s third-largest construction equipment manufacturer. It produces over 300 types of machines, including diggers (Backhoes), excavators, tractors and diesel engines. It has 18 factories in the United Kingdom, Germany, North and South America, India, and China. Its products are sold in over 150 countries of the world. There are about 2,000 dealers.
JCB was founded in 1945 by Joseph Cyril Bamford, after whom it is named, and continues to be owned by the Bamford family.
According to JCB, its annual revenue ranges from GBP 2.75 to 3.00 billion. Business is active and good. The whole Group has approximately 10,000 employees worldwide.
The key officer of the Group is Anthony Lord Bamford.
JCB’s products has a range of more than 300 products.
JCB is headquartered in Rocester, the United Kingdom, which is also the production site for backhoe loaders and telescopic “Loadall” handlers. It has a further three factories in nearby Cheadle, Staffordshire (JCB Earthmovers, JCB Landpower and JCB Compact Products), one in Rugeley (JCB Cab Systems), three in Uttoxeter (JCB Attachments, JCB Heavy Products and JCB World Parts Centre), one in Foston in Derbyshire (JCB Power Systems) and one in Wrexham in North Wales (JCB Transmissions).
Its Indian factories are based in Ballabgarh (Haryana) and Pune, its US factory is in Pooler, Georgia, its Brazilian factory in Sorocaba, and its Chinese factory was completed in 2005 in Pudong near Shanghai. JCB also owns Vibromax, a German compaction equipment company based in Gatersleben.
JCB has also licensed its name and image to a line of consumer power tools, manufactured by Alba PLC. The products are sold through franchised dealerships, many of which are often exclusive and cover whole countries.
According to the subject, it has 71 JCB dealer depots in Asia. The JCB Asia Headquarters are in Singapore.
The subject’s history in Hong Kong is over thirteen years and three months.
On the whole, consider the subject 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.60.78 |
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1 |
Rs.99.27 |
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Euro |
1 |
Rs.78.16 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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 |
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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.