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Report No. : |
346408 |
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Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL GRAINS CORPORATION LTD. |
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Registered Office : |
c/o Santino Business Commercial Secretaries Ltd. Room 601-602, Chuk On Building, 23 Mercer Street, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.12.2011 |
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Com. Reg. No.: |
59303574 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is trading in the following commodities:- Ports, Wines, Brandy, Whisky, Apple Wine, Volker, Grains, Beans,
Maize, Other Agricultural Products |
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No. of Employee : |
No employees in Hong Kong 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. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
No operating office in Hong Kong |
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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, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
INTERNATIONAL GRAINS CORPORATION LTD.
[Formerly located
at:-
c/o Maul Business Centre
15/F., Radio City, 505 Hennessy Road, Causeway Bay, Hong Kong.]
Registered Head Office:-
c/o Santino Business Commercial Secretaries Ltd.
Room 601-602, Chuk On Building, 23 Mercer Street, Sheung Wan, Hong Kong.
59303574
1695020
30th December, 2011.
HK$10,000.00
(As per registry dated 30-12-2014)
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Name |
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No. of shares |
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Maximiliano Adrian Tieri |
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10,000 ===== |
(As per registry dated 30-12-2014)
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Name (Nationality) |
Address |
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SHEN Hong |
Room 204, Unit 1, Block 39, Xiachen District, Hangzhou City, China. |
(As per registry dated 30-12-2014)
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Name |
Address |
Co. No. |
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Santino Business Commercial Secretaries Ltd. |
Room 601-602, Chuk On Building, 23 Mercer Street, Sheung Wan, Hong
Kong. |
1749950 |
The subject was incorporated on 30th December, 2011. as a private
limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was
located at 15/F., Radio City, 505 Hennessy Road, Causeway Bay, Hong Kong. where was the operating office of a business centre known as Maul Business
Centre. It moved
to the present address in January, 2014 as it has changed its commercial
service provider since then.
Apart from these, neither material change nor amendment has been ever
traced and noted.
International Grains Corporation Ltd. was incorporated on 30th December,
2011 as a private limited liability company.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Room 601-602, Chuk
On Building, 23 Mercer Street, Sheung Wan, Hong Kong” known as “Santino Business Commercial Secretaries Ltd.” which is handling its correspondences and documents. This secretarial 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
10,000 ordinary shares of HK$1.00 each which are wholly-owned by
Mr. Maximiliano Adrian Tieri. He is
a foreigner and his registered address is in Beijing, China.
The director of the subject Ms. SHEN Hong is a China merchant. She is a China ID holder and does not have
the right to reside in Hong Kong permanently.
She is also the only director of the subject.
The subject is trading in the following commodities:-
Ports, Wines, Brandy, Whisky, Apple Wine, Volker, Grains, Beans, Maize,
Other Agricultural Products, etc.
Some of the products bear the trade mark Malbec. Products are
marketed in China while some of the commodities are exported or re-export to
Israel, Turkey, Brazil, Uruguay, India
The subject’s business in Hong Kong is not active. History in Hong Kong is over three years and
nine 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 |
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US Dollar |
1 |
Rs.64.96 |
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|
1 |
Rs.99.73 |
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Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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.