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Report Date : |
03.09.2014 |
IDENTIFICATION DETAILS
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Name : |
WATANMAL BOOLCHAND & CO. LTD. |
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Registered Office : |
10/F., |
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Country : |
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Date of Incorporation : |
24.06.1948 |
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Com. Reg. No.: |
00494708-000 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and exporter, buying agent, confirming house, financier and investment. |
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No. of Employees |
27 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
Your given phone number and fax number are not Hong Kong lines.
WATANMAL BOOLCHAND
& CO. LTD.
ADDRESS: 10/F., Man Cheung Building, 15-17 Wyndham Street, Central, Hong Kong.
PHONE: 852-2524 9276 (4 lines)
FAX: 852-2845 0540
E-MAIL: info@watanmal.com
ranjit@watanmal.com
Managing Director: Mr. Nari Lalchand Sakraney
Establishment: 1908.
Incorporated on: 24th June, 1948.
Organization: Private Limited Company.
Capital: Nominal:HK$50,000,000.00
Issued: HK$50,000,000.00
Business Category: Importer and Exporter, Buying Agent, Financier and Investor.
Group Annual Turnover: US$600-650 million.
Employees: 27.
Main Dealing Bankers: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Banking Relation: Very Good.
Registered Head
Office:-
10/F., Man Cheung Building, 15-17 Wyndham Street, Central, Hong Kong.
Mailing Address:
G.P.O. Box 644, Hong Kong.
Business Names:-
Fareast Industrial Supplies Corporation, Hong Kong.
[BR. No: 00494708-003]
Saksons Enterprises Corporation, Hong Kong.
[BR. No: 00494708-001]
Headquarters:-
Watanmal (India) Pvt. Ltd.
Unit 4, 7/F., Crest Building, Ascendas IT Park, CSIR Road, Taramani, Chennai 600113, Tarmil Nadu, India.
[Tel: 91-44-2254 8300
Fax: 91-44-2254 8330
E-mail: info@watanmal.com]
Holding Company:-
Prime Target Development Inc., British Virgin Islands.
Associated
Companies:-
Watanmal Group of Companies
Watanmal (America) Inc., USA.
Watanmal (Singapore) Pte. Ltd., Singapore.
Watanmal (U.K.) Ltd., U.K.
WB Finlease & Industries Pvt. Ltd., India.
Watanmal Italia S.r.l., Italy.
etc.
00494708-000
0002617
Managing Director: Mr. Nari Lalchand Sakraney
Contact Person: Mr. Mr. David Tejnani
Nominal Share Capital: HK$50,000,000.00 (Divided into 500,000 shares of HK$100.00 each)
Issued Share Capital: HK$50,000,000.00
SHAREHOLDER: (As per registry dated 24-06-2014
|
Name |
|
No. of shares |
|
Prime Target Development Inc. Arias Fabrega & Fabrega Trust Co. BVI Ltd. 325 Waterfront Drive, Omar Hodge Building, 2/F., Wickhams Cay, Road Town, Tortola, British Virgin Islands. |
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500,000 ====== |
DIRECTORS: (As per registry dated 24-06-2014
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Name (Nationality) |
Address |
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Prakash Haney SAKRANEY |
22 Point Loma Drive, Newport Beach, California 92625, USA. |
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Nari Lalchand SAKRANEY |
12A, 6/F., Bellevue Court, 41 Stubbs Road, Hong Kong. |
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Keso Lalchand SAKRANEY |
9 Mistry Court, 2/F., Dincha Vacha Road Opp. CCI, Mumbai 400020, India. |
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Gulab Madhavdas ASSOMAL [Alternate to Nari Lalchand SAKRANEY] |
10A Elegant Apartments, Sobani Road, Cuffe Parada, Mumbai, India. |
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Ishan Anoop SAKRANEY [Alternate to Keso Lalchand SAKRANEY] |
7 Surrey Road, #09-00 Casa Melwani, Singapore 307746. |
SECRETARY: (As per registry dated 24-06-2014
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Name |
Address |
Co. No. |
|
Marfan & Associates Ltd. |
11/F., Fortis Bank Tower, 77-79 Gloucester Road, Hong Kong. |
0094488 |
The subject was incorporated on 24th June, 1948 as a private limited liability company under the Hong Kong Companies Ordinance to take over the business of Watanmal Boolchand which was a sole proprietorship concern owned by Setah Lalchand Watanmal Sakraney. Watanmal Boolchand was established in 1908.
It was originally registered under the name of Watanmal Boolchand Co. Ltd., name changed to Watanmal Boolchand & Co. Ltd. on 20th May, 1972.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter, Buying Agent, Confirming House, Financier and Investment.
Lines:-
Importer: Batteries; Candles; Tea; Tooth paste; Padlocks; Mosquito coil; Screws; Bleached woven fabrics of cotton; Damask; Unbleached, plain weave woven fabrics of cotton; Dyed woven fabrics of synthetic filament yarn; T-shirts; Baby’s overalls; Men’s and boys’ jogging suits of other textile materials; Socks; Parkas; Bags of polyethylene; Blankets; Women’s and girls’ briefs and man-made fibres; Brassieres.
Exporter: Batteries; Candles; Tea; Tooth paste; Padlocks; Mosquito coil; Screws; Damask; Woven fabrics of cotton – bleached; Woven fabrics of cotton – unbleached plain weave; Dyed woven fabrics; T-shirts; Baby’s overalls; Men’s and boys’ jogging suits of other textile materials; Socks; Parkas; Table cloth; Bats of polyethylene; Men’s and boys’ woven jackets of synthetic fibres; Men’s and boys’ shorts of other textile materials; Blankets; Women’s and girls’ panties of cotton; Women’s and girls’ briefs of man-made fibres; Brassieres; Men’s and boys’ briefs of cotton; Caps.
Trade Marks: “WHITE ROSE”, “CADET”, “HIGHNOON”, “SAFARI”, “CENTRAL PARK” and “ADREEN” brands.
Employees: 27.
Commodities
Imported:-
Textiles – China (main) and Japan.
Chinese goods – China.
Markets: Africa, US, Europe, Austria, New Zealand, etc.
Group Annual Turnover: US$600-650 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
The Hong Kong General
Chamber of Commerce, Hong Kong.
[Membership No. HKW0031]
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$50,000,000.00 (Divided into 500,000 shares of HK$100.00 each)
Issued Share Capital: HK$50,000,000.00
Alternation of Capital:-
|
17-12-1948 |
paid up |
HK$ 178,000.00 |
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07-05-1949 |
paid up |
HK$ 72,000.00 |
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06-04-1954 |
paid up |
HK$ 250,000.00 |
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01-11-1972 |
paid up |
HK$ 4,500,000.00 |
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06-02-1978 |
paid up |
HK$ 5,000,000.00 |
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30-07-2008 |
paid up |
HK$ 40,000,000.00 |
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–––––––––––––––– |
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Total: |
paid up |
HK$ 50,000,000.00 ============== |
Increases of Nominal Capital:-
|
From |
HK$ 500,000.00 |
to |
HK$ 6,000,000.00 |
on |
30-11-1965 |
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From |
HK$ 6,000,000.00 |
to |
HK$15,000,000.00 |
on |
06-02-1978 |
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From |
HK$15,000,000.00 |
to |
HK$50,000,000.00 |
on |
02-06-2008 |
Profit or Loss: Business is profitable.
Condition: Keeping in an active and good manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
BNP Paribas, Hong Kong Branch.
Calyon, Hong Kong Branch.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
Société Générale, Hong Kong Branch.
Banking:-
One source reports subject has maintained an active current account on their books since 14th July, 1959. Credit facilities granted in US$ low seven figures have been utilized with satisfactory results.
Another source informs they maintain an active and well conducted current account opened in their books on 13th July, 1948 and on which they grant facilities without security. They handle their import bills both under and not under documentary credits. They negotiate their export bills both under and not under documentary credits.
Standing: Very Good.
The predecessor of Watanmal Boolchand & Co. Ltd. was founded in 1908 by Mr. Lalchand Watanmal Boolchand who was an Indian. The subject is an old established business of good reputation in Hong Kong. It has been owned and operated by an Indian family in Hong Kong for over a hundred years.
The subject is also trading under the names of ‘Fareast Industrial Supplies Corporation’ and ‘Saksons Enterprises Corporation’.
The subject formerly was just a branch company of India Watanmal Boolchand [Watanmal] which is considered to be the headquarters. The Hong Kong branch and India Watanmal Boolchand started business simultaneously. Your given phone and fax number belong to India Watanmal Boolchand.
Overseas business outside India was set up and managed by Mr. Boolchand’s only son Rao Bahadur (an honour conferred by the British rulers Lalchand Watanmal) Lalchand Watanmal. He set up branches in Hong Kong, Singapore, Guangzhou and Yokohama. After World War II, Mr. Rao Bahadur Lalchand Watanmal’s three sons joined the thriving company and in 1948, the subject was incorporated in Hong Kong. Since then, the subject’s business has been kept on expanding.
Today, the subject has been developed from a small company into an administrative office and training centre for its group companies which are in different countries of the world. The subject currently has about 27 staff members in Hong Kong.
The subject has set up a “China Product Division” in Hong Kong which is engaged in exporting commodities from China, Pakistan, Thailand, etc. to African and South American countries.
Watanmal is chiefly trading in fast moving consumer goods [FMCG]. With a vision of being the market leader in the FMCG segment, Watanmal concentrates on Sales and Distribution Management, Brand Building, etc. In the late 90’s, Watanmal forayed into the Branded Food Market segment, a business that the Group has got large benefits. A very large share of the Watanmal’s revenue today, comes from this segment.
Now, Watanmal is trading in the following commodities: Piecegoods - vegetable fibre (damask for table cloth), piecegoods - blended (damask for table cloth), suits and jackets - men’s, children’s wear, blouses, jeans, shirts, tailor made garments, trousers, slacks, tee and sweat shirts, underwear - men’s, underwear - women’s, underwear - children’s, footwear - PVC and plastic, footwear - rubber and textile, sandals - eva, matches, tea and teabag (China tea), biscuit, milk, dairy products - misc. (condensed milk, evaporate milk), sauce and seasoning (mayonnaise), oil - cooking (cooking oil, margarine, vegetable oil), sugar, sauce - tomato, cereal preparations (pasta), locks, batteries, bed linen (bed sheet), pillow case / bed sheet - non-embroidered (bed sheet), rice, hardware, etc.
Watanmal is also a pioneer in FMCG marketing and distributing in West and Central Africa. With a robust presence across 24 countries, the group ensures that every product carried is affordable to consumers.
Watanmal has launched a number of brands in various
categories like Culinary Division, Breakfast division, Animal Proteins,
Beverages & Confectionary, Spices and Seasoning and Branded Commodities
like Rice and Oil. Today the Group has
reputed brands like “Gino”, “Pomo”, “Jago”, “Palmo”, “Forte”, etc.
The subject is a founder of The Indian Chamber of Commerce Hong Kong and the oldest Indian member of The Hong Kong General Chamber of Commerce. Principal shareholders and directors of the subject are the three sons of Mr. Lalchand Watanmal Sakraney while all of whom are permanent directors of the subject as well.
Now, Watanmal has opened offices in Japan, Singapore, Malaysia, West Africa, the United States, Mexico, the United Kingdom, India, etc.
Watanmal has developed business ties with many manufacturers and buyers throughout the world. However, the prime markets of the Group are African and South American countries. Overall business is active and steady. Regular suppliers and customers have been maintained.
In recent years, the Group has set up a company Watanmal Italia S.r.l. which is an Italy-based company. This company is chiefly trading in all kinds of foodstuffs, oils, beans, etc.
The annual turnover of Watanmal Group ranges from US$600 to 650 million.
The subject is fully supported by the Watanmal Group and the Indian family. The contact person Mr. David Tejnani is an Indian.
The subject operates from its own office in Hong Kong. Besides, the subject also owns other premises in Hong Kong.
On the whole, in view of the background and history of the subject, consider it good for normal business engagements.
Property information of the company:-
|
Property Location |
Owner |
Date of Purchase |
Purchased |
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Flat D on 9/F., Garfield Mansion, 23‑25 Seymour Road, Hong Kong. |
Watanmal Boolchand & Co. Ltd. |
30-01-1981 |
HK$650,000 |
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Flats A & B on 10/F., Man Cheung Building, 15-17 Wyndham Street, Hong Kong. |
Watanmal Boolchand & Co. Ltd. |
19-08-1984 |
HK$800,000 |
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Flat 12 on 6/F. of Block A, Bellevue Court, 41 Stubbs Road, Hong Kong. |
Watanmal Boolchand & Co. Ltd. |
01-04-1964 |
HK$198,000 |
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Block D on 6/F., 64 MacDonnell Road, Hong Kong. |
Watanmal Boolchand & Co. Ltd. |
09-08-1972 |
HK$172,000 |
(No mortgage registered against all the properties)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.61 |
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|
1 |
Rs.100.48 |
|
Euro |
1 |
Rs.79.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
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.