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Report Date : |
26.09.2012 |
IDENTIFICATION DETAILS
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Name : |
RAJKO TRADERS ( |
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Registered Office : |
17/F., Tern Centre, Tower 1, 237 Queen’s Road Central |
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Country : |
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Date of Incorporation : |
01.08.1954 |
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Com. Reg. No.: |
04121082 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of General merchandise and Electric appliances and goods (audio products/video products, small radios, radio cassette recorder, music centre/Hi-Fi, fax machines, battery operated lights, tape rewinders, calculators, hair dryers, etc. |
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No. of Employees : |
8 |
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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 30th, 2012
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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Hong Kong |
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 |
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'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, it again faces a possible slowdown as
exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong
Kong by the end of 2011, an increase of over 59% since the beginning of the
year. 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 exports 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 28 million in 2011, 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 2011 mainland
Chinese companies constituted about 43% of the firms listed on the Hong Kong
Stock Exchange and accounted for about 56% 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. Growth slowed to
5% in 2011. Credit expansion and tight housing supply conditions caused Hong
Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in
2011. 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.
Source
: CIA
RAJKO TRADERS
(HONG KONG) LTD.
ADDRESS: 17/F., Tern Centre, Tower 1,
237 Queen’s Road Central, Hong Kong.
PHONE: 2521 2121 (5 lines)
FAX: 2845 2102
E-MAIL: rajko@netvigator.com
Managing Director: Mr. Bhagwan Ramchand
Khubchandani
Establishment: 1st
August, 1954. (Partnership)
Incorporated on: 16th
March, 1973.
Organization: Private
Limited Company.
Capital: Nominal: HK$20,000,000.00
Issued: HK$20,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$155~200
million.
Employees:
8.
Main Dealing Bankers: BNP Paribas, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
17/F., Tern Centre, Tower 1, 237 Queen’s Road Central, Hong Kong.
G.P.O. Box 696, Hong Kong.
Holding Company:-
Manor Investments Ltd., Channel Islands.
Associated/Affiliated Companies:-
Dejtex Industries Ltd., Ghana.
Glamour Farms Ltd., Ghana.
Glamour Ghana Ltd., Ghana.
[Department store operator]
Glamour Knitters Ltd., Ghana.
Indo-Ghana Enterprises, Bombay, India.
International Traders (S.L.) Ltd., Sri Lanka.
Melcom Ltd., Ghana.
Pioneer Commercial Department Stores, Lagos.
Rajko Traders, Osaka, Japan.
Shopwise Ltd., Accra, Ghana.
04121082
0032491
Managing Director: Mr. Bhagwan
Ramchand Khubchandani
Nominal Share Capital:
HK$20,000,000.00 (Divided into 200,000 shares of HK$100.00 each)
Issued Share Capital:
HK$20,000,000.00
(As per registry dated 06-06-2012)
|
Name |
|
No. of shares |
|
Manor Investments Ltd. BNP House, P.O. Box 158, Anley Street, St. Helier, Jersey, Channel Islands. |
|
200,000 ====== |
(As per registry dated 06-06-2012)
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Name (Nationality) |
Address |
|
Bhagwan Ramchand KHUBCHANDANI |
Flat H, 31/F., Tower 9. 2 Mei Tung Street, Tung Chung Crescent, Phase
2, Tung Chung, Lantau Island, Hong Kong. |
|
Suresh Gobindram MAKHIJANI |
Flat H, 31/F., Tower 9, 2 Mei Tung Street, Tung Chung Crescent, Phase
2, Tung Chung, Lantau Island, Hong Kong. |
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Priya Haresh Lal BABANI [Alternate to Bhagwan Ramchand
KHUBCHANDANI] |
Flat F, 9/F., Block 3, Tung Chung Crescent, Phase 1, 1 Hing Tung
Street, Tung Chung, Lantau Island, Hong Kong. |
Priya Haresh Lal BABANI (As per
registry dated 06-06-2012)
The subject, originally named Rajko Traders, was established on 1st
August, 1954 as a partnership concern jointly owned by Mr. K.T. Khubchandani,
Mr. J.T. Khubchandani and Mr. R.T. Khubchandani. Re-organized and incorporated on 16th March,
1973 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly the subject was located at Flat F, 4/F., Ho Lee Commercial
Building, 38-44 D’Aguilar Street, Hong Kong, moved to the present address
in February 2007.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines:-
Imports — General merchandise.
Exports — Electric
appliances and goods (audio products/video products, small radios, radio
cassette recorder, music centre/Hi-Fi, fax machines, battery operated lights,
tape rewinders, calculators, hair dryers, lamps, juice extractors, video head
cleaners, alarm clocks, toasters, batteries, extension reels sockets),
telephones, garments, toys/games/dolls, stoneware dinner sets, dish cloth,
caps, stainless steel spoons, kitchen knives, furniture and household items.
Employees: 8.
Commodities Handled: Bought from China, other Asian countries, etc.
Markets: Asia,
West Africa, Europe and US.
Annual Turnover: HK$155~200 million.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: As
per contracted.
The Indian Chamber of Commerce Hong Kong,
Hong Kong.
Nominal Share Capital: HK$20,000,000.00 (Divided into 200,000 shares
of HK$100.00 each)
Issued Share Capital: HK$20,000,000.00
Alternation of Capital:-
|
01-04-1974 |
paid up |
HK$ 500,000.00 |
|
12-09-1980 |
paid up |
HK$ 500,000.00 |
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17-03-1989 |
paid up |
HK$ 4,000,000.00 |
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09-05-1992 |
paid up |
HK$ 5,000,000.00 |
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17-03-2000 |
paid up |
HK$ 10,000,000.00 |
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–––––––––––––––– |
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Total: |
paid up |
HK$ 20,000,000.00 ============== |
Increases of Nominal Capital:-
|
From |
HK$
1,000,000.00 |
to |
HK$
5,000,000.00 |
on |
27-02-1989 |
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From |
HK$
5,000,000.00 |
to |
HK$10,000,000.00 |
on |
09-05-1992 |
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From |
HK$10,000,000.00 |
to |
HK$20,000,000.00 |
on |
27-03-1998 |
Mortgage or Charge (since 2011): (See attachment)
Profit & Loss: Operation is profitable.
Condition:
Keeping in an
active and good state.
Facilities:
Making active
use of general banking facilities.
Payment:
Met as
required.
Commercial Morality: Good.
Bankers:-
BNP Paribas, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
Calyon, Hong Kong Branch.
Indo Hong Kong International Finance Ltd.,
Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
Union Bank of India, Hong Kong Branch.
Standing: Good.
Rajko Traders (Hong Kong) Ltd. is a wholly-owned subsidiary of Manor
Investments Ltd. which is a Channel Islands-registered firm.
The subject, an Indian trading company, was first established in 1954 as
Rajko Traders and became a private limited company in 1973. It is chiefly owned by the Khubchandani
family.
Mr. Bhagwan Ramchand Khubchandani is the Chairman of the subject.
The subject is an importer, exporter and re-exporter of the following
commodities:-
Clock – Wall‚ Cutlery and Flatware‚ Stove –
Kerosene‚ Kitchen Utensils – Metal (Stainless steel)‚ Kitchen Utensils –
Plastic‚ Kitchen Utensils – Miscellaneous‚ Tableware – Porcelain/Ceramic/Stone‚
Household Products – Glass‚ Household Products – Metal (Stainless steel)‚
Household Products – Plastic‚ Household Products – Miscellaneous.‚ Furniture –
Chinese Style‚ Furniture – Western Style‚ Furniture – Office‚ Flowers and
Plants, Artificial‚ Sewing Machines and Parts – Household‚ Cassette Recorder
With Radio‚ Television (include LCD/Plasma Display/HDTV)‚ VCD/DVD/LD –
Pre-recorded‚ Electric Appliances‚ Kitchen Appliances – Electric‚ Iron – AC‚
Lanterns and Flashlights – B/O‚ Batteries‚ Antenna – Radio‚ Pillow Case/Bed
Sheet – Embroidered‚ Pillow Case/Bed Sheet – Non‑Embroidered‚ Table
Linen‚ Christmas Decorations‚ Christmas Tree – Artificial, etc.
The prime markets of the subject are Asian countries, West Africa,
etc. Regular suppliers and customers
have been maintained.
In addition, the subject also acts as a confirming house for traders in
West Africa and the United States. Its
relationship with main banks have been satisfactory. Business is under the management of Mr. B.R.
Khubchandani. He had stayed in Hong Kong
during 1954 to 1957. He had spent the
years between 1957 to 1960 working in Rajko Traders, Osaka, Japan and went to
Ghana in 1960. In 1978, he returned to
Hong Kong to administer the business of the subject.
The annual sales turnover of the subject ranges from HK$155 to 200
million. Making a small profit every
year.
As the history of the subject in Hong Kong is over thirty-nine years, on
the whole, consider it good for normal business engagements.
Property information of
director:-
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Property Location |
Owner |
Date of Purchase |
Purchased |
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Office F on 4/F., Ho Lee Commercial Building, 17-22 Lan Kwai Fong
& |
Bhagwan Ramchand Khubchandani |
16-02-1978 |
HK$400,000 |
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Apartment C5 on 5/F. of Block 2 and Car Parking Space No. 23, Woodland
Heights, 2C Wong Nai Chung Gap Road, Hong Kong. |
Bhagwan Ramchand Khubchandani & Sheila Bhagwan Khubchandani |
30-04-1979 |
HK$2,100,000 |
(No mortgage record registered against the property)
(Since 2011)
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Date |
Particulars |
Amount |
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02-06-2009 |
Instrument: Undertaking Relating to Deposits Property: Distinctive No. of Receipt: 2008/FD/456/1 Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any liabilities |
|
12-08-2009 |
Instrument: Charge on Deposit Property: “Deposit” means (i) all sums of money from time to time standing to
the credit of the account (No. 000013010000326) of the Depositor and/or (ii)
the sum (US$300,000.00 of deposit dated 14-07-2009 bearing No.
000013010000326 issued by the Bank or standing to the credit of account
number 000013010000326) deposited by the Depositor with the Bank Mortgagee: Union Bank of India, Hong Kong
Branch. |
All moneys |
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26-04-2011 |
Instrument: Memorandum Property: Distinctive 91210300004519 04-11-2010 US$
1,000.00 31-10-2011 91210300004507 29-10-2010 US$
35,000.00 31-10-2011 91210300004662 23-12-2010 US$205,025.76 23-06-2011 91210300004514 04-11-2010 US$278,286.56 04-11-2011 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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13-05-2011 |
Instrument: Charge Over Securities and Receivables Property: All the right, title and interest of the Customer in and to the
Securities and Receivables. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) All money in any currency; (ii) interest on such moneys; (iii) any
expense of the Bank in making payment in respect of the Securities and (iv)
all expenses of the Bank in perfecting or enforcing this Charge |
|
10-10-2011 |
Instrument: Undertaking Relating To Deposits Property: Distinctive Date of Amount Rate
of Maturity
Mortgagee: Indian Overseas Bank, Hong Kong
Branch. |
All and any Liabilities, Sole or Joint, Actual or Contingent,
Quantified or not, now or hereafter owing or Incurred to the bank by the
Company or any third party designated by the Company |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.53 |
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1 |
Rs.86.82 |
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Euro |
1 |
Rs.69.03 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.