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Report Date : |
06.09.2014 |
IDENTIFICATION DETAILS
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Name : |
RAJKO TRADERS ( |
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Registered Office : |
17/F., Tern Centre, Tower 1, 237 Queen’s Road Central |
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Country : |
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Date of Incorporation : |
01.08.1954 |
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Com. Reg. No.: |
04121082 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of General merchandise and
Electric appliances and goods (audio products/video products, small radios,
radio cassette recorder, music centre/Hi-Fi, fax machines, battery operated
lights, tape rewinders, calculators, hair dryers, lamps, juice extractors,
video head cleaners, alarm clocks, toasters, batteries, extension reels
sockets), telephones, garments, toys/games/dolls, stoneware dinner sets, dish
cloth, caps, stainless steel spoons, kitchen knives, furniture and household
items |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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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 |
RAJKO
TRADERS (HONG KONG)
LTD.
17/F., Tern
Centre, Tower 1, 237 Queen’s Road Central, Hong Kong.
PHONE: 852-2521 2121 (5 lines)
FAX: 852-2845 2102
E-MAIL: rajko@netvigator.com
Managing
Director: Mr. Bhagwan Ramchand
Khubchandani
Establishment: 1st August, 1954. (Partnership)
Incorporated on: 16th March, 1973.
Organization: Private Limited Company.
Capital: Nominal: HK$20,000,000.00
Issued: HK$20,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$155~200 million.
Employees: 8.
Main Dealing Bankers: BNP Paribas, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
RAJKO
TRADERS (HONG KONG)
LTD.
Registered
Head Office:-
17/F., Tern
Centre, Tower 1, 237 Queen’s Road Central, Hong Kong.
Mailing
Address:-
G.P.O. Box 696,
Hong Kong.
Holding
Company:-
Manor Investments
Ltd., Channel Islands.
Associated/Affiliated Companies:-
Briskman Hong Kong Ltd., Hong Kong. (Same address)
Dejtex Industries Ltd., Ghana.
Glamour Farms Ltd., Ghana.
Glamour Ghana Ltd., Ghana. [Department store operator]
Glamour Knitters Ltd., Ghana.
Indo-Ghana Enterprises, Bombay, India.
International Traders (S.L.) Ltd., Sri Lanka.
Melcom Ltd., Ghana.
Pioneer Commercial Department Stores, Lagos.
Rajko Traders, Osaka, Japan.
Shopwise Ltd., Accra, Ghana.
04121082
0032491
Managing
Director: Mr. Bhagwan Ramchand
Khubchandani
Contact
Person: Mr. Sunny Suresh Gobindram
Makhijani
Nominal Share
Capital: HK$20,000,000.00 (Divided into
200,000 shares of HK$100.00 each)
Issued Share
Capital: HK$20,000,000.00
(As
per registry dated 16-03-2014)
|
Name |
|
No.
of shares |
|
Manor Investments Ltd. BNP House, P.O. Box 158, Anley Street, St. Helier, Jersey, Channel
Islands. |
|
200,000 ====== |
(As
per registry dated 16-03-2014)
|
Name (Nationality) |
Address |
|
Bhagwan
Ramchand KHUBCHANDANI |
Flat H, 31/F., Tower 9. Tung Chung Crescent, Phase 2, 2 Mei Tung
Street, Tung Chung, Lantau Island, Hong Kong. |
|
Suresh Gobindram MAKHIJANI |
Flat H, 31/F., Tower 9, Tung Chung
Crescent, Phase 2, 2 Mei Tung Street, Tung Chung, Lantau Island, Hong
Kong. |
|
Priya
Haresh Lal BABANI [Alternate to Bhagwan Ramchand KHUBCHANDANI] |
Flat F, 9/F., Block 3, Tung Chung Crescent, Phase 1, 1 Hing Tung
Street, Tung Chung, Lantau Island, Hong Kong. |
Priya Haresh Lal
BABANI (As per registry dated 16-03-2014)
The
subject, originally named Rajko Traders, was established on 1st August, 1954 as
a partnership concern jointly owned by Mr. K.T. Khubchandani, Mr. J.T.
Khubchandani and Mr. R.T. Khubchandani.
Re-organized and incorporated on 16th March, 1973 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at Flat F, 4/F., Ho Lee Commercial Building, 38-44
D’Aguilar Street, Hong Kong, moved to the present address in February
2007.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines:-
Imports — General merchandise.
Exports — Electric appliances and goods (audio products/video products, small radios, radio cassette recorder, music centre/Hi-Fi, fax machines, battery operated lights, tape rewinders, calculators, hair dryers, lamps, juice extractors, video head cleaners, alarm clocks, toasters, batteries, extension reels sockets), telephones, garments, toys/games/dolls, stoneware dinner sets, dish cloth, caps, stainless steel spoons, kitchen knives, furniture and household items.
Employees: 8.
Commodities Imported From: Bought from China, other Asian countries, etc.
Markets: Asia, West Africa, Europe and US.
Annual Turnover: HK$155~200 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As per contracted.
The Indian Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$20,000,000.00 (Divided into 200,000 shares of HK$100.00 each)
Issued Share Capital: HK$20,000,000.00
Alternation of Capital:-
|
01-04-1974 |
paid up |
HK$ 500,000.00 |
|
12-09-1980 |
paid up |
HK$ 500,000.00 |
|
17-03-1989 |
paid up |
HK$ 4,000,000.00 |
|
09-05-1992 |
paid up |
HK$ 5,000,000.00 |
|
17-03-2000 |
paid up |
HK$ 10,000,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$ 20,000,000.00 ============== |
Increases of Nominal Capital:-
|
From |
HK$ 1,000,000.00 |
to |
HK$ 5,000,000.00 |
on |
27-02-1989 |
|
From |
HK$ 5,000,000.00 |
to |
HK$10,000,000.00 |
on |
09-05-1992 |
|
From |
HK$10,000,000.00 |
to |
HK$20,000,000.00 |
on |
27-03-1998 |
Mortgage or Charge (Since 2011): (See attachment)
Profit or Loss: Operation is profitable.
Condition: Keeping in an active and good manner.
Facilities: Making quite active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Good.
Bankers:-
BNP Paribas, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
Calyon, Hong Kong Branch.
Indo Hong Kong International Finance Ltd., Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
Union Bank of India, Hong Kong Branch.
Canara Bank, Hong Kong Branch.
Standing: Very Good.
Rajko
Traders (Hong Kong) Ltd. is a wholly-owned subsidiary of Manor Investments Ltd.
which is a Channel Islands-registered firm.
The
subject, an Indian trading company, was first established in 1954 as Rajko
Traders and became a private limited company in 1973. It is chiefly owned by the Khubchandani
family.
Mr.
Bhagwan Ramchand Khubchandani is the Chairman of the subject.
The
subject is an importer, exporter and re-exporter of the following commodities:
Clock – Wall‚ Cutlery and Flatware‚ Stove – Kerosene‚ Kitchen Utensils – Metal
(Stainless steel)‚ Kitchen Utensils – Plastic‚ Kitchen Utensils – Miscellaneous‚
Tableware – Porcelain/Ceramic/Stone‚ Household Products – Glass‚ Household
Products – Metal (Stainless steel)‚ Household Products – Plastic‚ Household
Products – Miscellaneous.‚ Furniture – Chinese Style‚ Furniture – Western
Style‚ Furniture – Office‚ Flowers and Plants, Artificial‚ Sewing Machines and
Parts – Household‚ Cassette Recorder With Radio‚ Television (include LCD/Plasma
Display/HDTV)‚ VCD/DVD/LD – Pre-recorded‚ Electric Appliances‚ Kitchen
Appliances – Electric‚ Iron – AC‚ Lanterns and Flashlights – B/O‚ Batteries‚
Antenna – Radio‚ Pillow Case/Bed Sheet – Embroidered‚ Pillow Case/Bed Sheet –
Non‑Embroidered‚ Table Linen‚ Christmas Decorations‚ Christmas Tree –
Artificial, etc.
The
subject in fact is trading in all kinds of items except foodstuffs and
medicines. Most of the commodities are
sourced from China and local suppliers.
The
markets of the subject are Asian countries, West Africa, etc. According to the subject, its prime market is
Africa. Regular suppliers and customers
have been maintained.
In
addition, the subject also acts as a confirming house for traders in West
Africa and the United States. Its
relationship with main banks have been satisfactory. Business is under the management of Mr. B.R.
Khubchandani. He had stayed in Hong Kong
during the years between 1954 and 1957.
He had spent the years between 1957 and 1960 working in Rajko Traders,
Osaka, Japan and went to Ghana in 1960.
In 1978, he returned to Hong Kong to administer the business of the
subject.
In
order to source more commodities from China, the subject takes part in China
Import & Export Fair which is held in Guangzhou, Guangdong Province, China
biannually.
The
annual sales turnover of the subject ranges from HK$155 to 200 million. Making a small profit every year. Overall business is active.
Bhagwan
Ramchand Khubchandani owns certain premises in Hong Kong.
As
the history of the subject in Hong Kong is over forty-one years and five
months, on the whole, consider it good for normal business engagements.
Property information of director:-
|
Property
Location |
Owner |
Date of Purchase |
Purchased |
|
Office F on 4/F., Ho Lee Commercial Building, 17-22 Lan Kwai Fong
& |
Bhagwan Ramchand Khubchandani |
16-02-1978 |
HK$400,000 |
|
Apartment C5 on 5/F. of Block 2 and Car Parking Space No. 23, Woodland
Heights, 2C Wong Nai Chung Gap Road, Hong Kong. |
Bhagwan Ramchand Khubchandani & Sheila Bhagwan Khubchandani |
30-04-1979 |
HK$2,100,000 |
(No mortgage record
registered against the property)
(Since 2011)
|
Date |
Particulars |
Amount |
|
02-06-2009 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive No.
of Receipt: 2008/FD/456/1 Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All and any liabilities |
|
12-08-2009 |
Instrument: Charge
on Deposit Property: “Deposit” means (i) all sums of money from
time to time standing to the credit of the account (No. 000013010000326) of
the Depositor and/or (ii) the sum (US$300,000.00 of deposit dated 14-07-2009
bearing No. 000013010000326 issued by the Bank or standing to the credit of
account number 000013010000326) deposited by the Depositor with the Bank Mortgagee: Union
Bank of India, Hong Kong Branch. |
All moneys |
|
26-04-2011 |
Instrument: Memorandum Property: Distinctive 91210300004519 04-11-2010 US$ 1,000.00 31-10-2011 91210300004507 29-10-2010 US$ 35,000.00 31-10-2011 91210300004662 23-12-2010 US$205,025.76
23-06-2011 91210300004514 04-11-2010 US$278,286.56
04-11-2011 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
13-05-2011 |
Instrument: Charge
Over Securities and Receivables Property: All the right,
title and interest of the Customer in and to the Securities and Receivables. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All money in any currency; (ii) interest on such moneys; (iii) any
expense of the Bank in making payment in respect of the Securities and (iv)
all expenses of the Bank in perfecting or enforcing this Charge |
|
10-10-2011 |
Instrument: Undertaking
Relating To Deposits Property: Distinctive Date of Amount Rate
of Maturity
Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All and any Liabilities, Sole or Joint, Actual or Contingent,
Quantified or not, now or hereafter owing or Incurred to the bank by the
Company or any third party designated by the Company |
|
22-08-2012 |
Instrument: Undertaking
Relating To Deposits Property: Date of Amount Rate
of Maturity
Mortgagee: Canara
Bank, Hong Kong Branch. |
All and any Liabilities, Sole or Joint, Actual or Contingent,
Quantified or not, now or hereafter owing or Incurred to the bank by the
Company or any third party |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.43 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.78.19 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
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 |
|
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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 |
|
|
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.