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Report Date : |
06.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CHEMPHAR |
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Registered Office : |
Room 1101, 1102 & 1104, 11/F., |
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Country : |
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Date of Incorporation : |
05.09.1987 |
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Com. Reg. No.: |
12296918-001-11 |
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Legal Form : |
Sole Ownership |
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Line of Business : |
Importer and Exporter; Agent of all kinds of Pharmaceutical Raw Materials, Pharmaceutical Intermediates, Veterinary Raw Materials, Chemicals and Food Additives |
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No. of Employees : |
20 |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
A1 |
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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 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
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Source
: CIA |
CHEMPHAR
ADDRESS: Room 1101, 1102 & 1104, 11/F., Paramount Building, 12 Kai Yip Street, Chai Wan, Hong Kong.
PHONE: 852-2557 1909, 2557 5383, 2467 1188
FAX: 852-2896 3421, 2467 1100
E-MAIL: chemphar@chemphar-hk.com
sales@chemphar-hk.com
amoli@amoli.com
Manager: Mr. Vikash Chandrakant Shah
Establishment: 5th September, 1987.
Re-organized on: 21st July, 1990.
Organization: Sole Ownership.
Capital: Not disclosed.
Business Category: Chemical and Pharmaceutical Trader.
Group Turnover: US$550~600 million.
Group Employees: 20. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room 1101, 1102 & 1104, 11/F., Paramount Building, 12 Kai Yip Street, Chai Wan, Hong Kong.
Overseas Offices:-
UAE (Jebel Ali), Vietnam (Honoi and Ho Chi Minh City), India (Mumbai) and Russia (Moscow).
Overseas Warehouses:-
Australia (Sydney), Germany (Hamburg), UK, Finland (Heslinki), Netherlands (Amsterdam), Ukraine (Kiev), Chile and USA (Miami of Florida).
Parent Company:-
Amoli Enterprises Ltd., Hong Kong. (Same address)
Sister Company:-
Toner Distribution, Hong Kong. [BR No. 12296918-002-11]
Associated Companies:-
Amoli Exim West Africa Ltd., Nigeria.
Amoli Holdings Ltd. (not registered in Hong Kong).
Amoli Middle East FZE, UAE.
Amoli Organics Ltd., India.
Indotech Ltd., Hong Kong.
KMI Business Technologies Pvt. Ltd., India.
Umedica Laboratories Ltd., India.
12296918-001-11
Manager: Mr. Vikash Chandrakant Shah
Contact Persons: Ms. Sweta Vikash Shah
Amoli Enterprises Ltd., Hong Kong. (See attachment)
The subject was originally established on 5th September, 1987 as a partnership concern jointly owned by Mr. Umed Bachubhai Doshi and Ms. Regina Ho Ling Yee under the Hong Kong Business Registration Regulations. The partner Ms. Regina Ho Ling Yee changed to Ms. Sweta Vikash Shah on 16th June, 1988. The subject was converted into a sole ownership firm with Amoli Enterprises Ltd. as the proprietor on 21st July, 1990 under the Hong Kong Business Registration Regulations.
The subject was initially located at Block C, 8/F., 269 Gloucester Road, Hong Kong, moved to Room 1610, Hanglung Centre, 2-20 Paterson Street, Causeway Bay, Hong Kong in May 1989, and further to Room 1101, 11/F., Paramount Building, 12 Kai Yip Street, Chai Wan, Hong Kong in July 1991. In November 2012, the subject rented two more rooms, 1102 & 1104, at the same floor of the building.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Importer and Exporter; Agent.
Lines: All kinds of Pharmaceutical Raw Materials, Pharmaceutical Intermediates, Veterinary Raw Materials, Chemicals and Food Additives.
Office Floor Space: 1,440 sq.m. (Together with parent company)
Group Employees: 20. (Hong Kong)
Commodities Imported: Imported from India, China, Europe, etc.
Markets: Hong Kong, Japan, South Korea, Pakistan, Bangladesh, Kenya, Nigeria, Tanzania, Europe, etc.
Group Turnover: US$550~600 million
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
[Through Amoli Enterprises Ltd.]
Capital: Not disclosed.
Profit & Loss: Business is profitable.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Regularly met on time.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
Calyon Corporate & Investment Bank, Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
Standing: G ood.
Chemphar is one of the business names of Amoli Enterprises Ltd. [Amoli] which is also located at the same operating address.
The subject was originally founded by Mr. Umed Bachubhai Doshi in 1987 as a partnership company. It has become a business name (or a division) of Amoli since July 1990. Amoli is an Indian firm. Umed Bachubhai Doshi passed away in 2008.
The subject is engaged in the same lines of business as Amoli.
Amoli was incorporated on 11th November, 1988. Having issued 30,000 ordinary shares of HK$1.00 each, Amoli is equally owned by Sweta Vikash Shah and Vikash Chandrakant Shah. The two Shahs are India merchants and residing in Hong Kong.
The subject is trading in pharmaceutical raw materials, veterinary raw materials, intermediates, chemicals and food additives. It carries over 500 types of products. Most of the commodities are imported from China, India, Indonesia, Malaysia, Taiwan, South Korea and Europe. The subject also re‑exports the products to worldwide countries.
The subject is managed by a team of 20 staff engaged in sourcing, marketing, shipping and financing. It has set up offices in China, India, Kenya, Nigeria, Russia, Nigeria, the UAE, Vietnam and warehousing facilities in Hong Kong, Nigeria and Dubai in order to provide customers with suitable services.
The subject is the agent of its associated companies, Amoli Organics Ltd. [Amoli Organics] and Umedica Laboratories Ltd. [Umedica], both of which are pharmaceutical manufacturers and traders.
Since establishment, the subject has had vast experience in sourcing commodities from China and India. Products are exported to over 45 countries of the world. Africa is one of its prime markets.
Amoli Organics is in Mumbai, India. It has had two plants, located at Vapi and Baroda (Gujarat), both of which are 400 km North of Mumbai. These plants have been accredited “Good Manufacturing Practice Certificate” as per WHO norms and have a total “Reactor Volume of 350 KL”. Products include bulk actives; chemical intermediates; intermediates for diclofenac sodium, clotrimazole, certirizine HCL, carbamazepine; Amoli reaction capabilities, etc.
Umedica is engaged in manufacturing pharmaceutical formulations at its plant located at Vapi (Gujarat). The plant is operating under GMP as per WHO norms. Umedica manufactures Injectables, Tablets, Capsules and Dry Syrup. The Product range includes Antibiotics, Antifungal, Antiviral, Non‑Steroidal Anti-Inflammatory [NSAI] Antihistaminic, Cardio-Vascular, Psychotropic and Food Supplements. Umedica is marketing its formulations to more than 35 countries and has received “The Chemexcil Top Award” for excellence in exports.
The subject’s sole owner, Amoli, is trading in computer peripherals, office automation equipment and consumables. Brands carried include “Canon”, “Ricoh”, “Epson”, “HP”, “Compaq”, “Minota”, etc. Business is quite active. The Group’s textile arm Indotech Ltd. is dealing in 100% cotton yarns, fabrics, garments and accessories. The Group’s activities have spread over 65 countries.
For the FY 2000, the revenues of the Amoli Group exceeded US$125 million. In 2002, the revenues exceeded US$200 million. Now, its annual sales turnover ranges from US$550 to 600 million.
Amoli has set up an R&D Centre, covering an area of 25,000 sq.ft., which is in New Mumbai, India. The R&D Centre is manned by twenty chemists who work together to develop innovative process technologies and environment-friendly processes for old as well as new molecules in the field of fine chemicals, intermediates and bulk actives. The subject is also the agent of this Centre.
Amoli group is engaged in various fields of businesses, comprising of pharmaceutical trading and manufacturing, distribution of I.T. products & office equipments, real estate and financial investments. Over the years, entrepreneurship and customer focus has enabled Amoli group to grow its businesses by responding to the changing needs of the customers worldwide.
Today Amoli group activities are spread in 65 countries with over 200 employees worldwide.
Its history in Hong Kong is over 25 years.
On the whole, in view of the subject’s parentage, background and history, consider it good for normal business engagements.
AMOLI ENTERPRISES
LTD.
Room 1101, 11/F., Paramount Building, 12 Ka Yip Street, Chai Wan, Hong Kong.
12296918
0232884
11th November, 1988.
Nominal Share Capital: HK$3,000,000.00 (Divided into 30,000 shares of HK$100.00 each)
Issued Share Capital: HK$3,000,000.00
SHAREHOLDERS: (As per registry dated 11-11-2013)
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Name |
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No. of shares |
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Sweta Vikash SHAH |
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15,000 |
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Vikash Chandrakant SHAH |
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15,000 |
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–––––– |
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Total: |
30,000 ===== |
DIRECTORS: (As per registry dated 11-11-2013)
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Name (Nationality) |
Address |
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Sweta Vikash SHAH |
Flat 1, 5/F., Block E, Villa Monte Rosa, 41A Stubbs Road, Hong Kong. |
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Vikash Chandrakant SHAH |
Flat 1, 5/F., Block E, Villa Monte Rosa, 41A Stubbs Road, Hong Kong. |
SECRETARY: (As per registry dated 11-11-2013)
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Name |
Address |
Co. No. |
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Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 302 Des Voeux Road Central, Hong Kong. |
0113023 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.45 |
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|
1 |
Rs.102.01 |
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Euro |
1 |
Rs.84.35 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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 |
-- |
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.