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Report Date : |
11.01.2013 |
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. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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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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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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
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
Managing Director: Mr. Surendra
Jhunjhunwala
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.
Registered 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.
35429447
0956145
Managing Director: Mr. Surendra
Jhunjhunwala
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$6,000.00
(As per registry dated 16-03-2012)
|
Name |
|
No. of shares |
|
Surendra Kumar JHUNJHUNWALA |
|
3,000 |
|
Siddharth JHUNJHUNWALA |
|
3,000 |
|
|
|
––––– |
|
|
Total: |
6,000 ==== |
(As per registry dated 31-08-2012)
|
Name (Nationality) |
Address |
|
Siddharth JHUNJHUNWALA |
916, Maker Chamber V, Nariman Point, Mumbai 400021, India. |
|
Surendra Kumar JHUNJHUNWALA |
2, RN Singh Deo Marg, Bhubaneswar 751012, Orissa, India. |
(As per registry dated 16-03-2012)
|
Name |
Address |
Co. No. |
|
Corporation Accounting & Secretarial Services Ltd. |
Room 1506-1508, 15/F., Asia Orient Tower, 33 Lockhart Road, Wanchai,
Hong Kong. |
0713352 |
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.
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.
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.
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 Kumar Jhunjhunwala.
Being India passport holders, the two shareholders are also directors of
the subject. Currently, they are
residing in India. They belong to the
Jhunjhunwala family.
The former name of Surendra Kumar Jhunjhunwala was Surendra
Jhunjhunwala. Name changed to the
present style on 31st August, 2012.
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. [Servcorp] which is
handling its correspondences and documents.
Servcorp is operating a business centre located at the above-mentioned
address.
Your given phone and fax number 852-2251 8965 and 852-2251 8966
respectively belong to Servcorp.
The subject has no employees in Hong Kong.
To our knowledge, the subject is one of the members of Orind Group of
Companies. The key member of the Group
Orind Special Refractories Pvt. Ltd. [Orind Special Refractories] is in India.
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;
·
Gunning Mass;
·
Tap Hole Repair Mass;
·
Magnesia Carbon Bricks for Hot Spots, Slag Zone, Metal
Zone and Bottom;
·
Magnesite Safety Bricks;
·
Ebt Tap Hole Sleeves;
·
Alumina Silicon-Carbide Carbon End Bricks;
·
Gunning, Fettling and Dry Ramming Mass;
·
Ebt Repair Mass;
·
Roof Delta Bricks and Castables;
·
Pre-Cast Roof Delta;
·
Ebt Filling Mass (Magnesite Based and Olivine
Based);
·
Directional Plugs for Bottom Purging;
·
Magnesia Carbon Refractories for Working Lining;
·
Alumina Magnesia Carbon Bricks for Metal Zone,
Impact Pad and Bottom;
·
High Alumina and Chrome Mag Safety Bricks;
·
High Alumina Low Cement Castables;
·
Precast Shapes of Ladle Bottom and Well Blocks;
·
Porous Plugs and Seating Blocks;
·
Nozzle Filling Compound;
·
Ladle Covering Compound;
·
Non Basic Bricks;
·
Basic Bricks; &
·
Monolithics.
Orind Special Refractories has been associated with the refractory
industry for a number of years.
The Orind Group is the first Group in India to make magnesia carbon
bricks. It is operating the world’s
purest natural deposit of magnesia.
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. [Orind Australia] which is in Australia.
Causmag International [Causmag], a subsidiary of Orind Australia, 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 Group also has had an office in Mauritius. Overall business is active. Annual sales turnover of the Group is
significant.
The subject’s business in Hong Kong is not very active although it is
fully supported by the Orind Group.
History in Hong Kong is over seven years.
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.
Brief information of
director:-
Mr. Surendra Kumar 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.54.63 |
|
|
1 |
Rs.87.50 |
|
Euro |
1 |
Rs.71.32 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
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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 |
|
<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.