|
Report Date : |
22.08.2012 |
IDENTIFICATION DETAILS
|
Name : |
WATANMAL
BOOLCHAND & CO.
LTD. |
|
|
|
|
Formerly Known As : |
Watanmal Boolchand
Co. Ltd. |
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|
|
|
Registered Office : |
10/F., Man Cheung Building, 15-17 Wyndham Street, Central |
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|
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Country : |
Hong Kong |
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Year of Establishment : |
1908 |
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Com. Reg. No.: |
00494708-000 |
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|
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Legal Form : |
Private Limited Company |
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|
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Line of Business : |
trading in
fast moving consumer goods [FMCG] |
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No. of Employees : |
28 employees |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
WATANMAL BOOLCHAND & CO. LTD.
10/F., Man Cheung Building, 15-17 Wyndham Street, Central, Hong Kong.
PHONE: 2524 9276 (4 lines)
FAX: 2845 0540
E-MAIL: info@watanmal.com
Managing Director: Mr. Nari Lalchand Sakraney
Contact Person: Mr. Mr. David Tejnani
Establishment: 1908.
Incorporated on: 24th June, 1948.
Organization: Private Limited Company.
Capital: Nominal: HK$50,000,000.00
Issued: HK$50,000,000.00
Business Category: Importer and Exporter, Buying Agent, Financier and Investment.
Group Annual Turnover: US$600-650 million.
Employees: 28.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Banking Relation: Good.
Registered Head
Office:-
· 10/F., Man Cheung Building, 15-17 Wyndham Street, Central, Hong Kong.
· G.P.O. Box 644, Hong Kong.
Trading as:-
· Fareast Industrial Supplies Corporation, Hong Kong. [BR. No: 00494708-003]
· Saksons Enterprises Corporation, Hong Kong. [BR. No: 00494708-001]
Headquarters:-
Watanmal (India) Pvt. Ltd.
218, 1st Floor, T.T.K. Road, Alwarpet, Chennai 600 018, Tamil Nadu, India.
[Tel/Fax: 91-44-24679800-04
E-mail: info@watanmal.com
]
Holding Company:-
Prime Target Development Inc., British Virgin Islands.
Associated
Companies:-
Watanmal Group of Companies
· Watanmal (America) Inc., USA.
· Watanmal (Singapore) Pte. Ltd., Singapore.
· Watanmal (U.K.) Ltd., U.K.
· WB Finlease & Industries Pvt. Ltd., India.
etc.
00494708-000
0002617
Managing Director: Mr. Nari Lalchand Sakraney
Contact Person: Mr. David Tejnani
Nominal Share Capital: HK$50,000,000.00 (Divided into 500,000 shares of HK$100.00 each)
Issued Share Capital: HK$50,000,000.00
(As per registry
dated 24-06-2012)
|
Name |
|
No. of shares |
|
Prime Target Development Inc. Arias Fabrega & Fabrega Trust Co. BVI Ltd., 325 Waterfront Drive, Omar Hodge Building, 2/F., Wickhams Cay, Road Town, Tortola, British Virgin Islands. |
|
500,000 ====== |
(As per registry
dated 24-06-2012)
|
Name (Nationality) |
Address |
|
Prakash Haney SAKRANEY |
22 Point Loma Drive, Newport Beach, California 92625, USA. |
|
Nari Lalchand SAKRANEY |
12A, 6/F., Bellevue Court, 41 Stubbs Road, Hong Kong. |
|
Gulab Madhavdas ASSOMAL [Alternate to Nari Lalchand SAKRANEY] |
10A Elegant Apartments, Sobani Road, Cuffe Parada, Mumbai, India. |
|
Keso Lalchand SAKRANEY |
9 Mistry Court, 2/F., Dincha Vacha Road Opp. CCI, Mumbai 400020, India. |
|
Ishan Anoop SAKRANEY [Alternate to Keso Lalchand SAKRANEY] |
7 Surrey Road, #09-00 Casa Melwani, Singapore 307746. |
(As per registry
dated 24-06-2012)
|
Name |
Address |
Co.
No. |
|
Marfan & Associates Ltd. |
11/F., Fortis Bank Tower, 77-79 Gloucester Road, Hong Kong. |
0094488 |
The subject was incorporated on 24th June, 1948 as a private limited liability company under the Hong Kong Companies Ordinance to take over the business of Watanmal Boolchand, a sole proprietorship concern of Setah Lalchand Watanmal Sakraney established in 1908.
It was originally registered under the name of Watanmal Boolchand Co. Ltd., name changed to Watanmal Boolchand & Co. Ltd. on 20th May, 1972.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter, Buying Agent, Confirming House, Financier and Investment.
Lines:-
Importer: Batteries; Candles; Tea; Tooth paste; Padlocks; Mosquito coil; Screws; Bleached woven fabrics of cotton; Damask; Unbleached, plain weave woven fabrics of cotton; Dyed woven fabrics of synthetic filament yarn; T-shirts; Baby’s overalls; Men’s and boys’ jogging suits of other textile materials; Socks; Parkas; Bags of polyethylene; Blankets; Women’s and girls’ briefs and man-made fibres; Brassieres.
Exporter: Batteries; Candles; Tea; Tooth paste; Padlocks; Mosquito coil; Screws; Damask; Woven fabrics of cotton – bleached; Woven fabrics of cotton – unbleached plain weave; Dyed woven fabrics; T-shirts; Baby’s overalls; Men’s and boys’ jogging suits of other textile materials; Socks; Parkas; Table cloth; Bats of polyethylene; Men’s and boys’ woven jackets of synthetic fibres; Men’s and boys’ shorts of other textile materials; Blankets; Women’s and girls’ panties of cotton; Women’s and girls’ briefs of man-made fibres; Brassieres; Men’s and boys’ briefs of cotton; Caps.
Trade Marks: “WHITE ROSE”, “CADET”, “HIGHNOON”, “SAFARI”, “CENTRAL PARK” and “ADREEN” brands.
Employees: 28.
Commodities
Imported:-
Textiles – China (main) and Japan.
Chinese goods – China.
Markets: Africa, US, Europe, Austria, New Zealand, etc.
Group Annual Turnover: US$600-650 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
· The Hong Kong General Chamber of Commerce, Hong Kong. [Membership No. HKW0031]
· The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$50,000,000.00 (Divided into 500,000 shares of HK$100.00 each)
Issued Share Capital: HK$50,000,000.00
Alternation of
Capital:-
|
17-12-1948 |
paid up |
HK$ 178,000.00 |
|
07-05-1949 |
paid up |
HK$ 72,000.00 |
|
06-04-1954 |
paid up |
HK$ 250,000.00 |
|
01-11-1972 |
paid up |
HK$ 4,500,000.00 |
|
06-02-1978 |
paid up |
HK$ 5,000,000.00 |
|
30-07-2008 |
paid up |
HK$ 40,000,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$ 50,000,000.00 ============== |
Increases of
Nominal Capital:-
|
From |
HK$ 500,000.00 |
to |
HK$ 6,000,000.00 |
on |
30-11-1965 |
|
From |
HK$ 6,000,000.00 |
to |
HK$15,000,000.00 |
on |
06-02-1978 |
|
From |
HK$15,000,000.00 |
to |
HK$50,000,000.00 |
on |
02-06-2008 |
Profit or Loss: Business is profitable.
Condition: Keeping in an active and good manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· BNP Paribas, Hong Kong Branch.
· Calyon, Hong Kong Branch.
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
· Bank of India, Hong Kong Branch.
· Société Générale, Hong Kong Branch.
Banking:-
One source reports subject has maintained an active current account on their books since 14th July, 1959. Credit facilities granted in US$ low seven figures have been utilized with satisfactory results.
Another source informs they maintain an active and well conducted current account opened in their books on 13th July, 1948 and on which they grant facilities without security. They handle their import bills both under and not under documentary credits. They negotiate their export bills both under and not under documentary credits.
Standing: Very Good.
Watanmal Boolchand & Co. Ltd. was founded in 1908 by Mr. Lalchand Watanmal Boolchand who is an Indian. The subject is an old established business of good reputation in Hong Kong. It has been owned and operated by an Indian family in Hong Kong for about a hundred years.
The subject is also trading under the names of Fareast Industrial Supplies Corporation and Saksons Enterprises Corporation.
The subject formerly was just a branch company of India Watanmal Boolchand [Watanmal] which is considered to be the headquarters. The Hong Kong branch and India Watanmal Boolchand started business simultaneously. Overseas business outside India was set up and managed by Mr. Boolchand’s only son Rao Bahadur (an honour conferred by the British rulers Lalchand Watanmal) Lalchand Watanmal. He set up branches in Hong Kong, Singapore, Guangzhou and Yokohama. After World War II, Mr. Rao Bahadur Lalchand Watanmal’s three sons joined the thriving company and in 1948, the subject was incorporated in Hong Kong. Since then, the subject’s business has been kept on expanding.
Today, the subject has been developed from a small company into an administrative office and training centre for its group companies which are in different countries of the world. The subject currently has about 28 staff members in Hong Kong.
The subject has set up a “China Product Division” in Hong Kong which is engaged in exporting commodities from China, Pakistan, Thailand, etc. to African and South American countries.
Watanmal is chiefly trading in fast moving consumer goods [FMCG]. With a vision of being the market leader in the FMCG segment, Watanmal concentrates on Sales and Distribution Management, Brand Building, etc. In the late 90’s, Watanmal forayed into the Branded Food Market segment, a business that the Group has got large benefits. A very large share of the Watanmal’s revenue today, comes from this segment.
Now, Watanmal is trading in the following commodities: piecegoods -
vegetable fibre (damask for table cloth), piecegoods - blended (damask for
table cloth), suits and jackets - men’s, children’s wear, blouses, jeans,
shirts, tailor made garments, trousers, slacks, tee and sweat shirts, underwear
- men’s, underwear - women’s, underwear - children’s, footwear - pvc and
plastic, footwear - rubber and textile, sandals - eva, matches, tea and teabag
(china tea), biscuit, milk, dairy products - misc. (condensed milk, evaporate
milk), sauce and seasoning (mayonnaise), oil - cooking (cooking oil, margarine,
vegetable oil), sugar, sauce - tomato, cereal preparations (pasta), locks
(locks), batteries, bed linen (bed sheet), pillow case / bed sheet -
non-embroidered (bed sheet), rice, etc.
Watanmal is also a pioneer in FMCG marketing and distributing in West and Central Africa. With a robust presence across 24 countries, the group ensures that every product carried is affordable to consumers.
Watanmal has launched a number of brands in various categories like
Culinary Division, Breakfast division, Animal Proteins, Beverages &
Confectionary, Spices and Seasoning and Branded Commodities like Rice and
Oil. Today the Group has reputed brands
like “Gino”, “Pomo”, “Jago”, “Palmo”, “Forte”, etc.
The subject is a founder of The Indian Chamber of Commerce Hong Kong and the oldest Indian member of The Hong Kong General Chamber of Commerce. Principal shareholders and directors of the subject are the three sons of Mr. Lalchand Watanmal Sakraney while all of whom are permanent directors of the subject as well.
Now, Watanmal has opened offices in Japan, Singapore, Malaysia, West Africa, the United States, Mexico, the United Kingdom, India, etc.
Watanmal has developed business ties with many manufacturers and buyers throughout the world. However, the prime markets of the Group are African and South American countries. Overall business is active and steady.
The annual turnover of Watanmal Group ranges from US$600 to 650 million.
The subject is fully supported by the Watanmal Group and the Indian family. Contact person Mr. David Tejnani is an Indian.
On the whole, in view of the background and history of the subject, consider it good for normal business engagements.
REMARKS:
Property
information of the company:-
|
Property Location |
Owner |
Date of Purchase |
Purchased |
|
Flat D on 9/F., Garfield Mansion, 23‑25 Seymour Road, Hong Kong. |
Watanmal Boolchand & Co. Ltd. |
30-01-1981 |
HK$650,000 |
|
Flats A & B on 10/F., Man Cheung Building, 15-17 Wyndham Street, Hong Kong. |
Watanmal Boolchand & Co. Ltd. |
19-08-1984 |
HK$800,000 |
|
Flat 12 on 6/F. of Block A, Bellevue Court, 41 Stubbs Road, Hong Kong. |
Watanmal Boolchand & Co. Ltd. |
01-04-1964 |
HK$198,000 |
|
Block D on 6/F., 64 MacDonnell Road, Hong Kong. |
Watanmal Boolchand & Co. Ltd. |
09-08-1972 |
HK$172,000 |
(No mortgage registered against all the properties)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.54 |
|
UK Pound |
1 |
Rs.87.39 |
|
Euro |
1 |
Rs.68.72 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.