MIRA
INFORM REPORT
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Report Date : |
23.11.2011 |
IDENTIFICATION DETAILS
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Name : |
ORIND SPECIAL REFRACTORIES LTD. |
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Registered Office : |
C/o Servcorp HK Central Ltd. Level 19, Two International Finance Centre, 8 Finance Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.03.2005 |
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Com. Reg. No.: |
35429447 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Refactories and related products, etc. |
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 : |
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 – September 30, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong
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A2 |
A2 |
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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 |
Company name and address
ORIND SPECIAL
REFRACTORIES LTD.
ADDRESS:
c/o Servcorp HK Central Ltd.
Level 19, Two International Finance Centre, 8 Finance Street, Central,
Hong Kong.
PHONE: 2251 1888, 2251 8965
FAX: 2251 8966
MANAGEMENT
Managing Director: Mr. Surendra
Jhunjhunwala
SUMMARY
Incorporated on: 16th
March, 2005.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$6,000.00
Business Category: Importer and Exporter.
Employees:
Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
c/o Servcorp HK Central Ltd.
Level 19, Two International Finance Centre, 8 Finance Street, Central,
Hong Kong.
Associated/Affiliated Companies:-
Orind Group of Companies
Causmag Ore Co. Pty. Ltd., Australia. [Trading as Causmag International]
Excel Colours & Frits Ltd., India.
Orind Australia Pty. Ltd., Australia.
Orind Mauritius Private Ltd., Mauritius.
Orind Special Refractories Pvt. Ltd., India.
Young Mining Co. Pty. Ltd., Australia.
etc.
BUSINESS REGISTRATION NUMBER
35429447
COMPANY FILE NUMBER
0956145
MANAGEMENT
Managing Director: Mr. Surendra
Jhunjhunwala
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$6,000.00
SHAREHOLDERS
(As per registry dated 16-03-2011)
|
Name |
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No. of shares |
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Surendra JHUNJHUNWALA |
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3,000 |
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Siddharth JHUNJHUNWALA |
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3,000 |
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|
––––– |
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Total: |
6,000 ==== |
DIRECTORS
(As per registry dated 16-03-2011)
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Name (Nationality) |
Address |
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Siddharth JHUNJHUNWALA |
916, Maker Chamber V, Nariman Point, Mumbai 400021, India. |
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Surendra JHUNJHUNWALA |
2, RN Singh Deo Marg, Bhubaneswar 751012, Orissa, India. |
SECRETARY
(As per registry dated 16-03-2011)
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Name |
Address |
Co. No. |
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Corporation Accounting & Secretarial Services Ltd. |
Room 1506-1508, 15/F., Asia Orient Tower, 33 Lockhart Road, Wanchai,
Hong Kong. |
0713352 |
HISTORY
The subject was incorporated on 16th March, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered office was located at Room 2301,
23/F., Worldwide House, 19 Des Voeux Road Central, Hong Kong, moved to Level
30, Bank of China Tower, 1 Garden Road, Central, Hong Kong with effect from 3rd
July, 2009, and further moved to the present address in February 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer
and Exporter.
Lines: Refactories
and related products, etc.
Employees: Nil.
Commodities Imported: India, China, etc.
Markets: Asian
countries, Australia, etc.
Terms/Sales:
L/C, T/T or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$6,000.00
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
GENERAL
Having issued 6,000 ordinary shares of HK$1.00 each, Orind Special
Refractories Ltd. is equally owned by Mr. Siddharth Jhunjhunwala and
Mr. Surendra Jhunjhunwala. Being
India passport holders, the two shareholders are also directors of the
subject. Currently, they are residing in
India.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Level 19, Two International Finance Centre, 8 Finance
Street, Central Hong Kong known as Servcorp HK Central Ltd. which is handling
its correspondences and documents. HK
Central Ltd. is operating a business centre located at the above-mentioned
address.
The subject has no employees in Hong Kong.
To our knowledge, the subject is one of the members of Orind Group of
Companies. The Group provides the steel
industry worldwide with Total Refractory Solutions.
At present, the Group is carrying the following products:-
·
Magnesia Carbon Bricks
·
Cassatted Tap Hole Sleeves
·
Magnesia Carbon Ramming Mass for Knuckle
·
Hot Patch Material
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Gunning Mass
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Tap Hole Repair Mass
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Magnesia Carbon Bricks for Hot Spots, Slag Zone,
Metal Zone and Bottom
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Magnesite Safety Bricks
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Ebt Tap Hole Sleeves
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Alumina Silicon-Carbide Carbon End Bricks
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Gunning, Fettling and Dry Ramming Mass
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Ebt Repair Mass
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Roof Delta Bricks and Castables
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Pre-Cast Roof Delta
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Ebt Filling Mass (Magnesite Based and Olivine
Based)
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Directional Plugs for Bottom Purging
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Magnesia Carbon Refractories for Working Lining
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Alumina Magnesia Carbon Bricks for Metal Zone, Impact
Pad and Bottom
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High Alumina and Chrome Mag Safety Bricks
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High Alumina Low Cement Castables
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Precast Shapes of Ladle Bottom and Well Blocks
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Porous Plugs and Seating Blocks
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Nozzle Filling Compound
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Ladle Covering Compound
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Non Basic Bricks
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Basic Bricks
·
Monolithics
Orind Special Refractories has been associated with the refractory
industry for a number of years.
The Group is associated with a refractory manufacturer in China. The China plant is equipped with modern
facilities. It has a monthly production
capacity of more than 4,500 MT of different kinds of bricks and
monolithics. Products are exported to
worldwide countries.
The Group has set up its own laboratory and in-house R&D
department. One of the key members of
the Group is Orind Australia Pty. Ltd.
Causmag International [Causmag], a subsidiary of Orind Australia Pty.
Ltd., has been mining and manufacturing high grade magnesium oxide products for
use in agriculture, animal health, industrial and pharmaceutical processes for
over 50 years. Causmag has claimed to be
a world leader in calcined magnesia.
Causmag magnesium oxides are derived from high purity natural magnesite
from its mining operations at Thuddungra near Young, NSW, Australia. The magnesites are cryptocrystalline with
small crystallite size – high density and very high purity.
Causmag magenesias are available in a wide range of particle size from
granular to superfine powders. All
products are packaged to the highest standards, providing maximum protection
and positive grade identification.
Causmag currently exports its products to the United States, Europe,
Asia, New Zealand and South Africa at competitive prices.
The diversity of particle size enables Causmag products to be employed
in an ever widening variety of applications.
Several grades of Causmag MgO and MgCO3 have been developed
and tailor made for specific agricultural and industrial purposes.
Another associate of the Group Excel Colours & Frits Ltd. [Excel
Colours] is trading in ceramic colours.
Ceramis colours are extensively used in ceramic tiles (both floor and
wall), sanitary wares, crockeries, etc.
They are also used for decoration and screen printing on ceramic
products.
Excel Colours are used by leading manufactures of tiles, sanitary wares,
potteries, etc. A wide range of ceramic
colours with deep and pastel shades are manufactured to specific requirement of
each industry. Excel Colours has had a
modern plant employing experienced technical personnel with more than 3 decades
of experience in the field.
The subject’s business in Hong Kong is not very active although it is
fully supported by the Orind Group.
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.
REMARKS
Brief information of
director:-
Mr. Surendra JHUNJHUNWALA, born in 1952, is Managing Director of the
subject. Jhunjhunwala is a leading
industrialist of India. He is a
metallurgical and ceramic engineer. Had been
trained in Harbinson Walker Refractories International, the United States, Mr.
Jhunjhunwala has been associated for over 30 years with various companies of
Orind Group (assets over US$40 million) in senior director level positions. He has made major contributions in the growth
of the group in the field of refractories, magnesite, ceramic pigments and
other ceramic products. He has widely
traveled and visited various refractories, ceramics and steel plants in different
parts of the world. He has actively
participated in many international conferences, expositions in countries like
the United States, Japan, Germany, the United Kingdom, Spain, Italy and
Brazil. He is also chairman of Orind
Australia Pty. Ltd., Australia and Orind Special Refractories Pvt. Ltd.,
India. Besides, he is also involved in
many charitable and philanthropic organizations.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.70 |
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|
1 |
Rs.82.44 |
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Euro |
1 |
Rs.71.08 |
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.