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Report Date : |
14.03.2014 |
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 Refectories and related products |
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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 : |
-- |
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 |
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 has no tariffs on imported goods, and it levies excise duties on
only four commodities, whether imported or produced locally: 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, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
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: 852-2251 1888, 2251 8965
FAX: 852-2251 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.
ORIND SPECIAL
REFRACTORIES LTD.
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 Europe Ltd., Germany.
Orind Far East Ltd., Hong Kong.
Orind International Ltd., Hong Kong.
Orind Mauritius Private Ltd., Mauritius.
Orind Refractories Ltd., Hong Kong.
Orind Special Refractories Pvt. Ltd., India.
Orind USA Inc., US.
Orissa Industries Ltd., India.
Shashwat International Ltd., India.
Yingkou Orind Refractories Ltd., China.
Young Mining Co. Pty. Ltd., Australia.
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 16-03-2013)
|
Name |
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No. of shares |
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Surendra Kumar JHUNJHUNWALA |
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3,000 |
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Siddharth JHUNJHUNWALA |
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3,000 |
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––––– |
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Total: |
6,000 ==== |
(As per registry dated 21-03-2013)
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Name (Nationality) |
Address |
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Siddharth JHUNJHUNWALA |
916, Maker Chamber V, Nariman Point, Mumbai 400021, India. |
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Surendra Kumar JHUNJHUNWALA |
2, RN Singh Deo Marg, Bhubaneswar 751012, Orissa, India. |
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Rabindra Kumar SAHU |
501, Unit 2, Building No. 32, Yihai Huayuan, Yingkou, Liaoning
Province, 115007 China. |
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SV Enterprises (HK) Ltd. |
1005-6, South China Building, 1 Wyndham Street, Central, Hong Kong. |
(As per registry dated 16-03-2013)
|
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: Refectories
and related products
Employees: Nil.
Commodities Imported: India,
China
Markets: Asian
countries, Australia
Terms/Sales: L/C, T/T or as per contracted.
Terms/Buying: L/C, T/T, D/P
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 do not have the right
to reside in Hong Kong permanently. They
were also directors of the subject but resigned on 21st March, 2013.
Now, the only director of the subject Mr. Rabindra Kumar Sahu is also an
India merchant who is in Yingkou City, Liaoning Province, China.
Currently, the two shareholders are residing in India and 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. Its main product is MgO-C
[MCB] bricks.
At present, the Group is carrying the following products:-
Blast Furnace Refractories such as Low Iron Fireclay Bricks for Stack,
Alumina Bricks for Stoves (Mullite), High Alumina Hearth Blocks, Silica Bricks
for Checkers, Graphite & Carbon Blocks for Hearth, Cold and Hot Carbon
Mass;
Coke Oven Refractories such as, Silica Bricks, Fire Clay Bricks, Checker
Bricks and High Alumina Bricks;
Safety Lining for Metallurgical Furnaces such as Insulation Brick,
Board, Paper, Blanket, Fire Clay, High Alumina Burnt Brick, Magnesite Brick,
Mag-Cr Brick, Castable and Mortars;
High Alumina Ladle Lining such as Alumina Bricks, High Alumina Phosphate
Bonded Bricks and DBMC for Slag Line;
Flow Control Refractories such as Slide Gate Plates, Inner Nozzles,
Lower Nozzles, Well Blocks and Mortars;
Tundish Refractories such as Safety Lining (Bricks & Castables),
Working Lining (Spray Mass, Ramming Mass and Boards), Precast Shapes, Tundish
Slide Gate Plates, Nozzles and Mortars;
Purging Refractories such as Directional Porous Plugs, Seating Blocks,
Composite Porous Plugs with Seating Blocks;
Black (Continuous Casting) Refractories such as Ladle Shrouds, Mono
Block Stoppers and Sub-Entry Nozzle (with and without gas purging);
RH-OB Refractories such as Rebonded Mag-Cr Bricks, Direct Bonded Mag-Cr
Bricks, Assembled Snorkels, Special Type of Gunning for Maintenance, Assembled
Lower and Upper Vessels, Castables for Snorkel and Grouts;
Precast Shapes such as Well Blocks, Seating Blocks, EAF Delta, Ladle
Cover, Dams, Weirs and Impact Pads;
Unshaped monolithic refractory materials such as low cement castable, no
cement castable, dense castable, insulation castable, gunning mixes, plastics
and mortars; &
Dolomite based, Magnesia & Alumina based refractory products such as
Dolomite bricks, Dolomite carbon bricks, Dolomite magnesia-carbon bricks,
Magnesia bricks, Magnesia-carbon bricks, Alumina magnesia-carbon bricks and
Alumina-carbon bricks.
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 has 5 manufacturing units and marketing offices and Resident Engineers
across the globe. Through this global
network, it has developed strong relationships with its customers, working
together as partners and achieving the best quality solutions.
The Group has had an associated refractory manufacturing company in China
known as Yingkou Orind Refractories Ltd.
The plant is in Yingkou City, Shandong Province, China.
The China plant has been 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 China plant is
administered by Mr. Rabindra Kumar Sahu who is a new director of the subject.
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.
The Group’s overall business is active.
Annual sales turnover 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 about nine 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 personal profile 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 refractory, magnesite,
ceramic pigments and other ceramic products.
He has widely travelled and visited various refractory, 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.
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.61.02 |
|
|
1 |
Rs.101.65 |
|
Euro |
1 |
Rs.85.02 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.