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Report Date : |
20.05.2014 |
IDENTIFICATION DETAILS
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Name : |
RAINBOW AGROSCIENCES (CENTRAL AMERICA) CO.
LTD. |
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Registered Office : |
c/o SBC
Corporate Services Ltd. Unit 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 : |
15.08.2011 |
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Com. Reg. No.: |
58928107 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading in Agrochemicals |
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No. of Employees |
Not Available 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
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
RAINBOW
AGROSCIENCES (CENTRAL AMERICA)
CO. LTD.
ADDRESS:
Registered
Office:-
c/o SBC Corporate
Services Ltd.
Unit 2209, 22/F.,
Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong.
Holding
Company:-
Shandong Rainbow
Agrosciences Co. Ltd., Hong Kong
Associated
Companies:-
PT. Rainbow Agrosciences, Indonesia.
Rainbow Agrosciences (Central America) Co. Ltd., Guatemala.
Rainbow Agrosciences (Pty) Ltd., South Africa.
Rainbow Agrosciences Co. Ltd., Ghana.
Rainbow Agrosciences Co. Ltd., Thailand.
Rainbow Agrosciences Philippines Inc., Philippines.
Rainbow Agrosciences S.A., Argentina.
Rainbow Agrosciences S.A., Paraguay.
Rainbow Agrosciences S.A.C., Peery.
Rainbow Agrosciences Sdn. Bhd., Malaysia.
Rainbowchem Agrosciences S.A.S., Colombia.
Shandong Rainbow International Trading Co. Ltd., China.
Shandong Weifang Rainbow Chemical Co. Ltd., China.
Shandong Weifang Rainbow Chemical Engineering Co. Ltd., China.
Similia Defensivos Agricolas S.A. De C.V., Mexico.
Sinochemical S.A., Ecuador.
Sino-Rainbow Agrosciences S.A., Uruguay.
58928107
1657746
15th August, 2011.
Nominal Share
Capital: US$1,300,000.00 (Divided into 1,300,000 shares of US$1.00 each)
Issued Share Capital:
US$1,300,000.00
(As
per registry dated 15-08-2013)
|
Name |
|
No.
of shares |
|
Shandong Rainbow Agrosciences
Co. Ltd., Hong Kong. |
|
663,000 |
|
Pharmagro International, Inc. Edificio Salduba, 3Er Piso, 53 Calle Este, Panama City, Panama. |
|
637,000 |
|
|
|
–––––––– |
|
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Total: |
1,300,000 ======= |
(As
per registry dated 15-08-2013)
|
Name (Nationality) |
Address |
|
Groos Michael |
2C 9-54 Sec. A-1 Z.8 De Mixco, Cond. Villa
Colonial Int. 5 Ciudad San Cristobal, Mixco, Guatemala, C.A. |
|
WANG Wencai |
No. 1101, Unit 1, No. 2 Building, Zhong
Run Century City, Lixia District, Jinan City, China. |
(As
per registry dated 15-08-2013)
|
Name |
Address |
Co.
No. |
|
SBC
Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
Rainbow
Agrosciences (Central America) Co. Ltd. was incorporated on 15th August, 2011
as a private limited liability company under the Hong Kong Companies Ordinance.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at “Unit
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.
According
to the Companies Registry of Hong Kong, the subject has issued 1.3 million
ordinary shares of US$1.00 each which are jointly-owned by Shandong Rainbow
Agrosciences Co. Ltd., a Hong Kong-registered company holding 51% interests,
and Pharmagro International, Inc., a Panama-registered company holding 49%.
The
directors of the subject are Mr. Groos Michael and Mr. Wang Wencai. The former is a Germany passport holder while
the latter is a China passport holder.
Both do not have the right to reside in Hong Kong permanently. Currently, Groos Michael is in Mixco,
Guatemala while Mr. Wang Wencai is in Jinan City, Shandong Province, China.
The
subject belongs to the Rainbow Group of companies (Rainbow Chemical) which are
trading in chemicals, especially agrochemical products.
The
subject is also trading in agrochemicals which are chiefly exported to Central
and South America, etc.
Rainbow
Chemical is one of the largest agrochemical producers and suppliers in China,
with its strategic management and operation headquarters in Jinan City,
Shandong province, and its R&D centre and manufacturing base in Binhai
Economic Development Area, Weifang City, Shandong Province.
As
an ICAMA and EPA approved basic Chinese agrochemical producer, Rainbow Chemical
provides agrochemical products and related services to customers all over the
world. Rainbow Chemical has been
certified with the following certificates:
ISO9001:2008, ISO14001:2004 and OHSAS 18001:2001.
There
are three business segments for Rainbow Chemical:
·
Basic agrochemical producer for many active
ingredients;
·
Trader for all kinds of agrochemical products and
services; &
·
World class formulator and re-packer for all kinds
of agrochemical formulations.
Wang
Wencai is also the legal representative of Shandong Weifang Rainbow Chemical
Co. Ltd., a China-based company.
The
main products are glyphosate, 2-4-D salt and atrazine, etc.
In
2013, the turnover of the Rainbow Group in the Central America and The
Caribbean Region was US$25 million, and will up to US$30 million in 2014.
The
subject has had an associated company known as Rainbow Agrosciences (Central
America) Co. Ltd. which is in Guatemala [Guatemala Rainbow Agrosciences].
It
is also likely that Guatemala Rainbow Agrosciences deals with foreign parties
under the name of the subject and let foreign firms correspond with the
subject’s registered address in Hong Kong.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over two 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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.42 |
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|
1 |
Rs.98.28 |
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Euro |
1 |
Rs.80.11 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
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.