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Report Date : |
19.02.2014 |
IDENTIFICATION DETAILS
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Name : |
CHIEF RAINBOW LTD. |
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Registered Office : |
c/o SBC Corporate Services Ltd. Room 2208-2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.07.2007 |
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Com. Reg. No.: |
38549561 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is trading in the following Active Pharmaceutical Ingredient
[API]: Rifaximin, Rifapentine, Rifabutin, Rifamycin Sodium, Sodium Rifa S, 3F
Rifamycin SV, Rifamycin S, Rifampicin BD 0.5, Rifampicin BD 0.7 |
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No. of Employees : |
No employees in Hong Kong 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
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A1 |
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 |
CHIEF RAINBOW LTD.
Address: c/o SBC
Corporate Services Ltd.
Room
2208-2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong.
(Formerly located at:
c/o SBC Corporate Services Ltd.
21/F., New World Tower 1, 18 Queen’s Road Central, Hong Kong.)
CHIEF RAINBOW
LTD.
Registered
Office:-
c/o SBC Corporate Services Ltd.
Room 2208-2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai,
Hong Kong.
Affiliated/Associated
Companies:-
Henan Nanjiecun Pharmaceutical Group, China.
Luohe Nanjiecun Pharmaceutical Group Co. Ltd., China.
Luohe Nanjiecun Qianwei Pharmaceutical Group Pharmacy Co. Ltd., China.
Luohe Nanjiecun Qianwei Pharmacy Co. Ltd., China.
United Wish Trading Ltd., Hong Kong.
[Dissolved]
38549561
1147307
Managing Director: Ms. Kong Ai
Qing
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 10-07-2013)
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Name |
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No. of shares |
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KONG Ai Qing |
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10,000 ===== |
(As per registry dated 10-07-2013)
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Name (Nationality) |
Address |
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KONG Ai Qing |
No. 601, 6/F., Jian She Road, Yuan Hui District, Luohe City, Henan,
China. |
(As per registry dated 10-07-2013)
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Name |
Address |
Co. No. |
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SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon
Bay, Kowloon, Hong Kong. |
0618863 |
The subject was incorporated on 6th July, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Last time, the subject’s registered address was located at 21/F., New
World Tower 1, 18 Queen’s Road Central, Hong Kong where was one of the
operating address of a commercial service provider SBC Corporate Services Ltd.
[SBC]. In September 2010, the subject’s
registered address moved to the present address where is also an operating
address of SBC. Now, SBC has moved out
from the former address.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Chief Rainbow Ltd.
is wholly owned by Ms. Kong Ai Qing who is a China businesswoman. She is also the only director of the
subject. Being a China ID holder, she
does not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Room 2208-2209, 22/F., Wu Chung House, 213 Queen’s Road
East, Wanchai, Hong Kong known as SBC Corporate Services Ltd. [SBC] which is
handling its correspondences and documents.
SBC is also the corporate secretary of the subject.
The subject has no employees in Hong Kong. It has had an associated company in China
known as Henan Nanjiecun Pharmaceutical Group.
The subject is also a pharmaceutical trader.
The subject is trading in the following Active Pharmaceutical Ingredient
[API]:
Rifaximin, Rifapentine, Rifabutin, Rifamycin Sodium, Sodium Rifa S, 3F
Rifamycin SV, Rifamycin S, Rifampicin BD 0.5, Rifampicin BD 0.7
The Group consists of two medium pharmaceutical companies: Henan
Nanjiecun Pharmaceutical Group Pharmacy Co. Ltd. [NPGP] and Henan Nanjiecun
Qianwei Pharmacy Factory. The former is
engaged in producing raw materials and preparation for pharmaceuticals while
the latter is producing large volumes of injection, cepha-powder and
cepha-injection, lyophilic powder and lyophilic injections and capsules. The above-mentioned firms are associated
firms of Luohe Nanjiecun Qianwei Pharmaceutical Group Pharmacy Co. Ltd.
[Qianwei] which is also a China-based firm.
Ms. Kong Ai Qing is also the General Manager of Qianwei.
Occupying a plot area of 169,803 sq.m., Qianwei is a joint venture
between NPGP and United Wish Trading Ltd. [United Wish] which was a
Hong Kong-based firm. Incorporated
on 4th July, 1999, United Wish was dissolved by deregistration on 9th November,
2012.
The total investment of Qianwei was RMB165 million Yuan. Now, Qianwei has 350 employees and has got
the GMP certification of China.
According to Qianwei, it has been co-operating with a number of colleges
and universities to develop new products in China.
NPGP was established in 1988. It
covers an area of about 48,000 sq.m. Its
construction area is 22,000 sq.m.
Currently, this firm has over 500 employees while 80 of them are
technicians. NPGP is famous for its
pyrazinamide [Rifampicin or RFP]. The
annual production capacity of RFP is about 160 tonnes. 80% of the product is exported to foreign
countries. NPGP is the largest factory
engaged in producing RFP in China.
The contact person of NPGP is also Kong Ai Qing.
Qianwei’s products are marketed in China, exported to Hong Kong, Japan,
Southeast Asia, Europe, North America
It is likely that Qianwei and NPGP deal with foreign parties under the
name of the subject and let foreign firms correspond with the subject’s
registered address in Hong Kong. Qianwei
and NPGP also export commodities to foreign markets under the name of the
subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not very active. History is over six 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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.12 |
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|
1 |
Rs.103.93 |
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Euro |
1 |
Rs.85.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.