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Report Date : |
05.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
RAJ CHEMICALS
LTD. |
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Registered Office : |
c/o Dhun’s Management Services Ltd, 7/F., Man On Commercial Building,
12-13 Jubilee Street, Central |
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Country : |
Hong Kong. |
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Date of Incorporation : |
13.05.2008 |
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Com. Reg. No.: |
39303942 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Chemical Trader. |
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No. of Employees : |
Not
Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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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 – June 30th,
2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
RAJ CHEMICALS
LTD.
ADDRESS: c/o Dhun’s Management Services Ltd.
7/F., Man On Commercial
Building, 12-13 Jubilee Street, Central, Hong Kong.
PHONE: 2850 8826
FAX: 2850 8830
E-MAIL: info@rajchemicalsltd.com
Managing
Director: Mr. Saumit Krishnakant Shah
Incorporated
on: 13th
May, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category:
Chemical Trader.
Employees: Nil.
Main Dealing
Banker: Bank of India, Hong Kong
Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Dhun’s
Management Services Ltd.
7/F., Man On
Commercial Building, 12-13 Jubilee Street, Central, Hong Kong.
Raj Chemicals, CC,
South Africa.
Raj Chemicals,
India.
Raj Chemicals,
LLC, USA.
S.K. Chemicals,
India.
39303942
1236250
Managing
Director: Mr. Saumit Krishnakant Shah
Nominal Share Capital:
HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2,000,000.00
(As per registry dated 13-05-2012)
|
Name |
|
No.
of shares |
|
Rajesh
Nagindas SHAH |
|
1,000,000 |
|
Saumit Krishnakant SHAH |
|
1,000,000 |
|
|
|
–––––––– |
|
|
Total: |
2,000,000 ======= |
(As
per registry dated 13-05-2012)
|
Name (Nationality) |
Address |
|
Saumit
Krishnakant SHAH |
10, Rajnagar Society, Behind GEB Colony, Akota,
Baroda 380 015, India. |
|
Rajesh Nagindas
SHAH |
23, Valkeshvar Society, Ambawadi,
Chadawad, Ahmedabad, Gujarat 380 015, India. |
(As
per registry dated 13-05-2012)
|
Name |
Address |
Co.
No. |
|
Dhun’s
Management Services Ltd. |
7/F., Man On Commercial Building, 12‑13 Jubilee Street,
Central, Hong Kong. |
0027006 |
The
subject was incorporated on 13th May, 2008 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Chemical
Trader.
Lines: All kinds of chemicals, etc.
Employees: Nil.
Commodities
Imported: India, Europe,
etc.
Markets: Asian countries, Europe,
South Africa, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P,
etc.
Nominal Share
Capital: HK$2,000,000.00 (Divided into 2,000,000
shares of HK$1.00 each)
Issued Share
Capital: HK$2,000,000.00
Mortgage or
Charge: (See attachment)
Profit or Loss: Keeping a balance account in
Hong Kong.
Condition: Business is not active in Hong
Kong.
Facilities: Is making use of general
banking facilities.
Payment: Met trade
commitments as required.
Commercial
Morality: Satisfactory.
Bankers:
Bank of India,
Hong Kong Branch.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Raj
Chemicals Ltd. is equally owned by Mr. Rajesh Nagindas Shah and Mr. Saumit
Krishnakant Shah. The subject has issued
2 million ordinary shares of HK$1.00 each while each of the shareholders holds
a million share. The two Shahs are India
passport holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at 7/F.,
Man On Commercial Building, 12‑13 Jubilee Street, Central, Hong Kong
known as Dhun’s Management Services Ltd. [DMSL] which is handling its correspondences
and documents. This firm is also the
corporate secretary of the subject.
Your
given phone and fax number belong to DMSL.
The
subject has no employees in Hong Kong.
It belongs to Raj Chemicals Group in India.
The
subject is trading in intermediates, dyestuffs, pulp, paper and leather
chemicals, food chemicals & animal feedstuffs, ligno sulphonates, colours
and pigments, specialty chemicals, and other chemicals. Associated companies are in India. The following two firms are its main
associates in India:-
·
Raj Chemicals.
·
S.K. Chemicals.
These
two firms were set up by the shareholders of the subject. The products of the Group serve the following
industries:-
1. Pulp
and Paper Industry;
2. Leather
and Textile Industry;
3. Oil
Drilling Industry;
4. Ceramic
Industry;
5. Agricultural
Industry;
6. Food
Industry; &
7. Construction
Industry.
Raj
Chemicals Group has subsidiaries in India which are operating three main plants:-
·
Nandesari Chemicals Zone near
Baroda, India;
·
Ankleshwar, India; &
·
Ahmedabad, India.
These companies have an
independent custom manufacturing facility to provide bench-scale, kilo lab and
pilot scale synthesis for chemicals in the field of dyes, pigments and bulk
chemicals.
The
followings are the Group’s supplying capacity:-
·
Dyes:
1,500 tons per annum;
·
Optical
Brighteners: 30,000 tons per annum;
·
Dye
intermediates: 9,000 tons per annum;
·
Sodium
Sulphite: 48,000 tons per annum;
·
Sodium
Sulphate: 24,000 tons per annum;
·
Magnesium
Sulphate: 30,000 tons per annum;
·
Sodium
Hydrosulphate:
24,000 tons per annum;
·
Corn
Starch: 10,000 tons per annum;
·
Tapioca
Starch: 24,000 tons per annum;
·
Modified
Starches: 18,000 tons per annum;
·
Glucose/Dextrose:
24,000 tons per annum; &
·
Aluminium
Sulphate: 10,000 tons per annum.
Now,
the Group has set up associated firms in the United States and
South Africa.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over four years and eight months.
On
the whole, 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.
|
Date |
Particulars |
Amount |
|
10-02-2009 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 152181 10.02.2009 US$75,000.00 10.02.2010 Mortgagee: Bank
of India, Hong Kong Branch. |
Advanced and other banking facilities |
|
17-11-2009 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 159240 13.11.2009 US$25,000.00 12.05.2010 Mortgagee: Bank
of India, Hong Kong Branch. |
Advanced and other banking facilities |
|
02-06-2011 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 170689 02.06.2011 US$35,000.00 04.06.2012 Mortgagee: Bank
of India, Hong Kong Branch. |
Advanced and other banking facilities |
|
09-05-2012 |
Instrument: Security
over Deposits with the Bank (Fixed Deposits) Limited Company ‑Under Seal Property: One or more time deposit(s) of any nature of
duration of the Company with the chargee in the amount of HK$50,000 deposit
Account Number: 652-101700-838 (0001) Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) all monies in any currency; (ii) interest on such monies; &
(iii) all expenses |
|
25-05-2012 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 170689 02.06.2011 US$35,000.00 04.06.2012 Mortgagee: Bank
of India, Hong Kong Branch. |
Advanced and other banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.52.97 |
|
UK Pound |
1 |
Rs.83.17 |
|
Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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 |
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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 |
|
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.