|
Report Date : |
10.10.2013 |
IDENTIFICATION DETAILS
|
Name : |
MICROCHEM SPECIALITIES TRADE LTD. |
|
|
|
|
Registered Office : |
Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road Central, |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
15.04.2011 |
|
|
|
|
Com. Reg. No.: |
58234403 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading of agro chemicals and
intermediates, advanced pharma intermediates and specialty chemicals. |
|
|
|
|
No. of Employees : |
No employees in Hong Kong NOTE: It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there. |
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 |
|
Status : |
No operating office in Hong Kong |
|
Payment Behaviour : |
Unknown |
|
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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
MICROCHEM SPECIALITIES TRADE LTD.
Registered Office:-
c/o Universal Link Corporate Secretary Ltd.
Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road Central, Hong Kong.
[Tel: 852-3106 2622; Fax: 852-3106 2629]
Headquarters:-
Kunshan Microchem Specialties Co. Ltd.
Room 1519, Building B, Modern Plaza, 8 Weiye Road, Kunshan, Jiangsu Province, China.
[Tel: (86-512) 8616 7005, 8616 7006
Fax: (86-512) 8616 7008
E-mail: info@micro-chem.cn]
Associated
Companies:-
G.C Int’l
Head Office
Kilfire Premises Co-Operative Society, Unit No. 4, G/F., C-17 Dalia Industrial Area, Off Link Road, Andheri (W), Mumbai-400053, India.
[Tel: 0091-22-2673 6487, 4085 0400; Fax: 0091-22-2673 6486]
China Office
Room 1509, Baihua Plaza, 33 Zumiao Road, Foshan City, Guangdong Province, China.
[Tel: 86-757-8320 1955; Fax: 86-757-8320 1965]
Microchem Specialities Corpn Ltd., Hong Kong. (Same address)
58234403
1588652
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry dated 15-04-2013)
|
Name |
|
No. of shares |
|
Vishal Ramesh SAHETA |
|
100 === |
(As per registry dated 14-05-2013)
|
Name (Nationality) |
Address |
|
Vishal Ramesh SAHETA |
Room 1509, Baihua Plaza, 33 Zumiao Road, Foshan, Guangdong, China. |
(As per registry dated 15-04-2013)
|
Name |
Address |
Co. No. |
|
Universal Link Corporate Secretary Ltd. |
Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road, Central, Hong Kong. |
1124701 |
The subject was incorporated on 15th April, 2011 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.
Having issued 100 ordinary share of HK$1.00, Microchem Specialities Trade Ltd. is wholly owned by Mr. Vishal Ramesh Saheta who is an Indian. He is an India passport holder. Saheta is also the only director of the subject and currently residing in Foshan City, Guangdong Province, China.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road Central, Hong Kong known as Universal Link Corporate Secretary Ltd. [Universal Link] which is handling its correspondences and documents. Universal Link is also the corporate secretary of the subject. The subject has no employees in Hong Kong.
To our knowledge, the subject is an associated company of G.C Int’l which is an India-based firm. G.C Int’l has set up a branch office in Foshan, Guangdong Province, China. The business of the Foshan office is handled by V. R. Saheta.
The subject is trading in the same commodities as G.C Int’l.
Headquartered in India, G.C Int’l is a global company trading in more than 1,200 chemicals and a wide range of aromatic and perfumery compounds and solvents, pharmaceutical and agro intermediates. G.C Int’l is one of the largest indenters in India and a reliable supplier for chemical raw materials, specialty chemicals, basic and advance intermediates to the chemical and pharmaceutical industry.
Today, China is one of the biggest suppliers of chemical raw materials and intermediates to the global market; hence G.C Int’l established its own office in the Foshan, Guangdong in 2001.
G.C Int’l ships more than 75 containers of chemicals every month from different parts of the world to India. The China Office is responsible for sourcing series of chemical compounds and molecules in the field of chemistry from basic chemicals and intermediates related to gas, paints, aromatic, food additives to various advanced intermediates for pharmaceutical and agro-industries.
G.C Int’l has close co-operation with a number of trading companies, research institutes and fine chemical manufacturing plants in China as well as India.
G.C Int’l also has had its trading company since the last 40 years, handling fine chemicals and food additives with their own warehousing facilities in the outskirts of Mumbai.
The subject’s headquarters is in Kunshan known as Kunshan Microchem Specialties Co. Ltd. [Kunshan Microchem]. Kunshan Microchem has got the ISO 9001:2000 and UKAS certifications. The subject’s main markets are India, South America and South Asian countries. Kunshan Microchem is also managed by Saheta who is residing in Foshan City, Guangdong Province, China.
The subject is carrying the following products: basic agro-chemicals, intermediates, pharmaceuticals, specialty and health products, water treatment chemicals, etc.
In China, the subject has developed business ties with a number of chemical companies. The business of Kunshan Microchem is rather active, but not the subject’s business in Hong Kong.
The subject has had an associated company in Hong Kong known as Microchem Specialities Corpn Ltd. [MSCL] The registered address of this firm is also located at the operating address of the secretarial firm Universal Link.
MSCL is trading in Agro Chemicals and Intermediates, Advanced Pharma Intermediates and Specialty Chemicals. The head office of MSCL is also in Kunshan City, Jiangsu Province, China.
The subject exports its commodities to India, South America, Southeast Asia, etc. Business is rather active. It has had a US customer known as Nordstrom Inc. which is buying Iminodiacetic Acid in considerably large quantities form Kunshan Microchem.
The business of the subject is not active in Hong Kong. History is over two years and five months.
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.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.92 |
|
|
1 |
Rs.99.45 |
|
Euro |
1 |
Rs.83.92 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.