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Report No. : |
341895 |
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Report Date : |
24.09.2015 |
IDENTIFICATION DETAILS
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Name : |
HONG KONG POLYCHEM COMPANY |
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Registered Office : |
Room 1002, 10/F., Wah Yuen Building, 149 Queen’s Road Central |
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Country : |
Hong Kong
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Date of Incorporation : |
18.08.2010 |
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Com. Reg. No.: |
50526298-001-03 |
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Legal Form : |
Sole Ownership |
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Line of Business : |
Importer, Wholesaler and Re-exporter of Chemicals, Household Electric Appliances, Toys. |
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No. of Employees : |
5. (Including Associated
Companies) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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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 : |
Small Company |
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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, 2015
|
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.
|
Source
: CIA |
HONG KONG POLYCHEM COMPANY
ADDRESS: Room
1002, 10/F., Wah Yuen Building, 149 Queen’s Road Central, Hong Kong.
PHONE: 852-2541
2111
FAX: 852-2854
1094
E-MAIL: appans@netvigator.com
MANAGEMENT:
Manager: Mr. Lomesh Devdas Appan
Establishment: 18th August, 2010.
Organization: Sole Ownership.
Capital: Not disclosed.
Business Category: Importer,
Wholesaler and Re-exporter.
Employees: 5. (Including associated companies)
Main Dealing Banker: Indian
Overseas Bank, Hong Kong Branch.
Banking Relation: Satisfactory.
HONG KONG POLYCHEM
COMPANY
Head Office:-
Room 1002, 10/F., Wah Yuen Building, 149 Queen’s Road Central,
Hong Kong.
Parent Company:-
Hong Kong Polychem Co. Ltd., Hong Kong.
(Same address)
Associated Companies:-(Same
address)
Appan & Appan Ltd., Hong Kong.
(Dissolved)
Fulbrook Company, Hong Kong.
Hongkong Polychem Company, Hong Kong.
50526298-001-03
Manager: Mr. Lomesh Devdas Appan
SOLE OWNER: Hong Kong Polychem Co.
Ltd. (See attachment)
The subject was established on 18th August, 2010 as a sole ownership
firm with Hong Kong Polychem Co. Ltd. as the proprietor under the Hong Kong
Business Registration Regulations. Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Wholesaler and Re-exporter.
Lines: Chemicals,
household electric appliances, toys.
Employees: 5. (Including associated companies)
Commodities Imported: Imported from
Europe, India, China.
Markets: Hong
Kong, China, other Asian countries, Europe.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, D/A, O/A.
Capital: Not
disclosed.
Profit or Loss: Made small profits in the past four
years.
Condition: Business is normal.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Indian Overseas Bank, Hong Kong Branch.
Standing: Small.
Hong Kong Polychem Company is a wholly-owned subsidiary of Hong Kong
Polychem Co. Ltd. [HKPCL], a Hong Kong-registered firm located at the same
address. The subject was established in
August 2010 and the Manager is Mr. Lomesh Devdas Appan who is an Indian.
The subject has had an associated company known as Hongkong Polychem Co.
[HPC] located at the same address.
Established on 9th March, 1989, HPC was set up and owned by Mr. Lomesh
Devdas Appan. The subject and HPC are
engaged in the same lines of business.
The subject is a commission agent dealing in chemicals which are chiefly
imported from Europe, India. Prime
markets are Hong Kong, China and the other Asian countries. Business is normal.
The subject’s industrial chemicals include plastic resin, solvent for
printing, textile and other industrial purpose.
Besides the subject, L. D. Appan is also operating HKPCL. HKPCL is also engaged in the same lines of
business as the subject. HKPCL was
incorporated on 30th March, 2009. It is
equally owned by L. D. Appan and Vasudev Devdas Appan.
L. D. Appan also operates another firm Fulbrook Co. [Fulbrook] which is
also a Hong Kong-registered firm located at the same operating address.
Fulbrook is trading in toys, electric appliances, leather, and the other
light industrial products. Commodities
are imported from China, India, and Canada.
Products are marketed in Hong Kong or re-exported to the other
countries.
The parent of Fulbrook Appan & Appan Ltd. [A&A] was also located
at the same address. However, A&A
has been dissolved by deregistration since 20th July, 2012.
The Appan family have been in Hong Kong for a very long time.
HKPCL has set up an office in India to facilitate the importation and
exportation. The Appan family has
developed business ties with a number of firms, of which some are suppliers
while some are buyers, in India.
The history of the subject in Hong Kong is just over five years and a
month.
The annual sales turnover of the Group ranges from HK$55 to HK$60
million. Business has been active and
steady.
On the whole, in view of the subject’s background and parentage,
consider it good for normal business engagements in moderate credit amounts.
HONG KONG POLYCHEM CO. LTD.
ADDRESS: Room
1002, 10/F., Wah Yuen Building, 149 Queen’s Road Central, Hong Kong.
50526298
1330056
30th March, 2009
HK$500,000.00
(As per registry dated 30-03-2015)
|
Name |
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No. of shares |
|
Lomesh Devdas APPAN |
|
250,000 |
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Vasudev Devdas APPAN |
|
250,000 |
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|
––––––– |
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Total: |
500,000 ====== |
(As per registry dated 30-03-2015)
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Name (Nationality) |
Address |
|
Vasudev Devdas APPAN |
Room 1002, 10/F., Wah Yuen Building, 149 Queen’s Road Central, Hong
Kong. |
|
Lomesh Devdas APPAN |
Room 1002, 10/F., Wah Yuen Building, 149 Queen’s Road Central, Hong
Kong. |
(As per registry dated 30-03-2015)
|
Name |
Address |
Co. No. |
|
Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Hong Kong. |
1273165 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.97 |
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|
1 |
Rs.101.19 |
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Euro |
1 |
Rs.73.37 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
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.