|
Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
|
Name : |
RAJ CHEMICALS
LTD |
|
|
|
|
Registered Office : |
c/o Dhun’s
Management Services Ltd. 7/F., Man On |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
13.05.2008 |
|
|
|
|
Com. Reg. No.: |
39303942 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trader of all kinds of 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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
RAJ
CHEMICALS LTD.
c/o Dhun’s
Management Services Ltd.
7/F., Man On
Commercial Building, 12-13 Jubilee Street, Central, Hong Kong.
PHONE: 852-2850 8826
FAX: 852-2850 8830
E-MAIL: info@rajchemicalsltd.com
Managing
Director: Mr. Saumit Krishnakant Shah
Incorporated on: 13th May, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Chemical Trader.
Employees: Nil.
Main Dealing Banker: Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
RAJ
CHEMICALS LTD.
Registered
Head Office:-
c/o Dhun’s
Management Services Ltd.
7/F., Man On
Commercial Building, 12-13 Jubilee Street, Central, Hong Kong.
Associated
Companies:-
Raj Chemicals Pvt.
Ltd., India.
Raj Chemicals CC,
South Africa.
Raj Chemicals,
India.
Raj Chemicals LLC,
USA.
S.K. Chemicals,
India.
39303942
1236250
Managing
Director: Mr. Saumit Krishnakant Shah
Nominal Share Capital:
HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2,000,000.00
(As
per registry dated 13-05-2014)
|
Name |
|
No.
of shares |
|
Rajesh
Nagindas SHAH |
|
1,000,000 |
|
Saumit Krishnakant SHAH |
|
1,000,000 |
|
|
|
–––––––– |
|
|
Total: |
2,000,000 ======= |
(As
per registry dated 13-05-2014)
|
Name (Nationality) |
Address |
|
Saumit
Krishnakant SHAH |
10, Rajnagar Society, Behind GEB Colony,
Akota, Baroda 390 015, India. |
|
Rajesh Nagindas
SHAH |
23, Valkeshvar Society, Ambawadi,
Chadawad, Ahmedabad, Gujarat 380 015, India. |
(As
per registry dated 13-05-2014)
|
Name |
Address |
Co.
No. |
|
Dhun’s
Management Services Ltd. |
7/F., Man On Commercial Building, 12‑13 Jubilee Street,
Central, Hong Kong. |
0027006 |
The
subject was incorporated on 13th May, 2008 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.
Activities: Chemical Trader.
Lines: All kinds of chemicals.
Employees: Nil.
Commodities Imported: India, Europe, etc.
Markets: Asian countries, Europe, South Africa, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge: (See attachment)
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 required.
Commercial Morality: Satisfactory.
Bankers:
Bank of India, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Raj
Chemicals Ltd. is equally owned by Mr. Rajesh Nagindas Shah and Mr. Saumit
Krishnakant Shah. The subject has issued
2 million ordinary shares of HK$1.00 each while each of the shareholders holds
a million share. The two Shahs are India
passport holders and do not have the right to reside in Hong Kong
permanently. They are also directors of
the subject.
The
subject does not have its own operating office.
Its registered office is in a commercial service firm located at 7/F.,
Man On Commercial Building, 12‑13 Jubilee Street, Central, Hong Kong
known as Dhun’s Management Services Ltd. [DMSL] which is handling its
correspondences and documents. This firm
is also the corporate secretary of the subject.
Your
given phone and fax number belong to DMSL.
The
subject has no employees in Hong Kong.
It belongs to Raj Chemicals Group in India.
The
subject has been an emerging company in the field of bulk and specialty
chemicals. It is trading in
intermediates, dyestuffs, pulp, paper and leather chemicals, food chemicals
& animal feedstuffs, ligno sulphonates, colours and pigments, specialty
chemicals, and other chemicals.
Associated companies are in India.
The following two firms are its main associates in India:-
·
Raj Chemicals.
·
S.K. Chemicals.
These
two firms were set up by the shareholders of the subject. Starting as a modest small scale unit for the
manufacture of dyes intermediates in 1986, Raj chemicals and S.K. chemicals
have grown to a remarkable small scale industry having added many dyes and
intermediates in their range of products.
Both companies have established their Q.C., R & D and pollution
control divisions.
The
products of the Group serve the following industries:-
1. Pulp
and Paper Industry;
2. Leather
and Textile Industry;
3. Oil
Drilling Industry;
4. Ceramic
Industry;
5. Agricultural
Industry;
6. Food
Industry; &
7. Construction
Industry.
Raj Chemicals
Group has
subsidiaries in India which are operating three main plants:-
·
Nandesari Chemicals Zone near
Baroda, India;
·
Ankleshwar, India; &
·
Ahmedabad, India.
These companies have an independent custom
manufacturing facility to provide bench-scale, kilo lab and pilot scale
synthesis for chemicals in the field of dyes, pigments and bulk chemicals.
The
followings are the Group’s supplying capacity:-
·
Dyes:
1,500 tons per annum;
·
Optical Brighteners:
30,000 tons per annum;
·
Dye intermediates:
9,000 tons per annum;
·
Sodium Sulphite:
48,000 tons per annum;
·
Sodium Sulphate:
24,000 tons per annum;
·
Magnesium Sulphate:
30,000 tons per annum;
·
Sodium Hydrosulphate:
24,000 tons per annum;
·
Corn Starch:
10,000 tons per annum;
·
Tapioca Starch:
24,000 tons per annum;
·
Modified Starches:
18,000 tons per annum;
·
Glucose/Dextrose:
24,000 tons per annum; &
·
Aluminium Sulphate:
10,000 tons per annum.
Now,
the Group has set up associated firms in the United States and
South Africa.
According
to the Group, its products are marketed in the following countries: China,
India, Taiwan, Singapore, Indonesia, Australia, New Zealand, South Africa,
Turkey, Greece, Belgium, Germany, the United Kingdom, Switzerland, Canada, the
United Kingdom, Mexico, Colombia, Brazil, etc.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over six years and three months.
On
the whole, 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
or in very small credit amounts.
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.
|
Date |
Particulars |
Amount |
|
10-02-2009 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 152181 10.02.2009 US$75,000.00 10.02.2010 Mortgagee: Bank
of India, Hong Kong Branch. |
Advanced and other banking facilities |
|
17-11-2009 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 159240 13.11.2009 US$25,000.00 12.05.2010 Mortgagee: Bank
of India, Hong Kong Branch. |
Advanced and other banking facilities |
|
02-06-2011 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 170689 02.06.2011 US$35,000.00 04.06.2012 Mortgagee: Bank
of India, Hong Kong Branch. |
Advanced and other banking facilities |
|
09-05-2012 |
Instrument: Security
over Deposits with the Bank (Fixed Deposits) Limited Company ‑Under Seal Property: One or more time deposit(s) of any nature
of duration of the Company with the chargee in the amount of HK$50,000
deposit Account Number: 652-101700-838 (0001) Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) all monies in any currency; (ii) interest on such monies; &
(iii) all expenses |
|
25-05-2012 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 170689 02.06.2011 US$35,000.00 04.06.2012 Mortgagee: Bank
of India, Hong Kong Branch. |
Advanced and other banking facilities |
|
28-06-2013 |
Instrument: Letter
of Set-Off & Appropriation Property: Deal No. Date Amount Due
Date 185009 28.06.2013 US$100,000.00 30.06.2014 Mortgagee: Bank
of India, Hong Kong Branch. |
Advanced and other banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.61 |
|
|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.