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Report Date : |
13.09.2014 |
IDENTIFICATION DETAILS
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Name : |
CHEMILLENNIUM INTERNATIONAL (H.K.) LTD. |
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Registered Office : |
Room 1908, 19/F., Solo, |
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Country : |
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Date of Incorporation : |
06.12.1999 |
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Com. Reg. No.: |
30554053 |
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Legal Form : |
private limited liability company |
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Line of Business : |
Importer and Re-exporter of all kinds of chemicals, chemical
raw materials, pharmaceuticals |
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No. of Employees : |
7 |
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 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
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 |
CHEMILLENNIUM
INTERNATIONAL (H.K.) LTD.
Room 1908, 19/F., Solo,
83 Bedford Road, Taikoktsui, Kowloon, Hong Kong.
PHONE: 852-2191 9580
FAX: 852-2191 9518
E-MAIL: chemille@netvigator.com
chemillennium@mail.com
Managing
Director: Mr. Purushotamdas Asumal
Panjabi
Incorporated on: 6th December, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$6,000,000.00
Issued: HK$6,000,000.00
Business Category: Pharmaceutical Trader.
Employees: 7.
Main Dealing Banker: The Bank of East Asia Ltd., Hong Kong.
Banking Relation: Satisfactory.
CHEMILLENNIUM
INTERNATIONAL (H.K.) LTD.
Registered
Head Office:-
Room
1908, 19/F., Solo, 83 Bedford Road, Taikoktsui, Kowloon, Hong Kong.
Associated
Companies:-
Chemill Inc., USA.
Chemillennium International Ltd., China.
Shenzhen Chemillennium Import & Export Co. Ltd., China.
30554053
0696828
Managing
Director: Mr. Purushotamdas Asumal
Panjabi
Contact
Person: Ms.
Kylie Ng
Nominal Share
Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$6,000,000.00
(As
per registry dated 06-12-2013)
|
Name |
|
No.
of shares |
|
Purushotamdas
Asumal PANJABI |
|
1,800,000 |
|
Neetu
Pratap TEJSINGHANI |
|
600,000 |
|
Raj
Pratap TEJSINGHANI |
|
1,800,000 |
|
Deepak Pratap TEJSINGHANI |
|
1,800,000 |
|
|
|
–––––––– |
|
|
Total: |
6,000,000 ======= |
(As
per registry dated 06-12-2013)
|
Name (Nationality) |
Address |
|
Purushotamdas Asumal PANJABI |
Flat D, 31/F., Tower 3, The Waterfront, 1
Austin Road West, Kowloon, Hong Kong. |
|
Deepak Pratap TEJSINGHANI |
Flat D, 31/F., Tower 3, The Waterfront, 1 Austin
Road West, Kowloon, Hong Kong. |
(As
per registry dated 28-04-2014)
|
Name |
Address |
Co.
No. |
|
Co-Convenience
Consultants Ltd. |
Unit 1801, 18/F., Bonham Trade Centre, 50 Bonham Strand, Sheung Wan,
Hong Kong. |
0464271 |
The
subject was incorporated on 6th December, 1999 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject’s registered office was located at Room 17A, 17/F., Man Hing
Commercial Building, 79-83 Queen’s Road Central, Hong Kong where was the
operating office of an accountant firm Co-Convenience Consultants Ltd. As the accountant firm moved to Room 2001,
20/F., Nan Fung Tower, 173 Des Voeux Road Central, Hong Kong in December 2006,
and further to Room 1101-1104, 11/F. of the same building with effect from 1st
August, 2010, so did the subject.
Formerly
the subject’s head office was located at Room B, 8/F., R & T Centre, 81-83
Larch Street, Mongkok, Kowloon, Hong Kong, moved to Suite 1402, 14/F., World
Commerce Centre, 11 Canton Road, Tsimshatsui, Kowloon, Hong Kong in 2010, to
Room B, 8/F., R & T Centre, 81-83 Larch Street, Mongkok, Kowloon,
Hong Kong in February 2012, and further moved to the present address in
mid 2013.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Re-exporter.
Lines: All kinds of chemicals, chemical raw materials, pharmaceuticals.
Employees: 7.
Commodities Imported: Imported from China, Africa, Europe, India, etc.
Markets: Worldwide countries.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/A, D/P, etc.
Nominal Share Capital: HK$6,000,000.00 (Divided into 6,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$6,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 10,000.00 |
|
26-06-2007 |
paid up |
HK$ 5,990,000.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$ 6,000,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$6,000,000.00 |
on |
26-06-2007 |
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Bank of East Asia Ltd., Hong Kong.
Citibank N.A., Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having
issued 6 million ordinary shares of HK$1.00 each, Chemillennium International
(H.K.) Ltd. is a private limited company jointly owned by
Mr. Purushotamdas Asumal Panjabi, holding 30% interests; Mr. Neetu Pratap
Tejsinghani, holding 10%; Raj Pratap Tejsinghani, 30%; and Deepak Pratap
Tejsinghani, also 30%. In June 2007, the
subject increased its issued share capital from HK$10,000.00 to HK$6 million. P A Panjabi and D P Tejsinghani are directors
of the subject. The subject is owned by
an Indian family.
The
subject’s business is chiefly handled by Panjabi. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
The
subject is an international pharmaceutical company specialised in supplying its
global customers with chemical and natural raw materials and
pharmaceuticals. It in fact is a member
of the Chemillennium Group which is a family-owned company. The family has been involved in the
healthcare industry for over three decades.
Now, the Group offers its worldwide customers with a broad range of
products that include neutraceuticals, both natural and synthetic, sweeteners,
natural extracts and botanicals. Its
customers are in over 80 countries of the world. Currently, the Group has set up a number of
affiliated or associated companies in Asia and the United States.
As
a member of the Group and an associated company of the subject, Chemillennium
International Ltd. [CIL] is in Shenzhen Special Economic Zone, China.
CIL
is trading in the following pharmaceuticals: 10-deacetylbaccatin III,
colchicine, digoxin, hyoscine hydrobromide, nicergoline, reserpine, vincamine,
vinpocetine, yohimbine HCL, cinchona ledgeriana bark, griffonia simplicifolia
seeds, pausinstalia yohimbe barks, prunus africana, etc.
Another
significant firm in China is known as Shenzhen Chemillennium Import &
Export Co. Ltd. [Shenzhen Chemillennium].
This firm is also a pharmaceutical trader. Trading in chemical raw materials and
pharmaceutical intermediates, Shenzhen Chemillennium is the agent in China of a
number of significant pharmaceutical manufacturers from Germany, Spain,
Austria, the Netherlands, France, Mexico, South Korea, India, Taiwan, South
Africa, etc. Business is rather active.
According
to the subject, Shenzhen Chemillennium is trading in the following
pharmaceuticals:-
·
5-htp5-99%;
·
Colchicine;
·
Digoxin;
·
Domperidone;
·
Hyoscine Hydrobromide;
·
Hyoscine N Butyl Bromide;
·
Omeprazole Pellet 8.5%;
·
Reserpine;
·
vinpocetine; &
·
Yohimbine Hcl 99%.
Shenzhen
Chemillennium is located at Room 607, North Block, International Business
Building, Jiabin Road, Luohu District, Shenzhen SEZ, China.
The
subject’s pharmaceuticals and raw materials are sourced from China, imported
from South Africa, Europe, India, etc.
Products are re-exported to worldwide countries. Prime markets are India, the other Asian
countries. Business has been rather
active.
The
subject is carrying the following significant products: Andrographolide,
Ajmaline, Boldine, Camptohecin 98%, Colchicine USP, Curcumin, Colchicoside,
10-Deacetylbaccatin III, 18ß Glycyrrhetinic Acid, Emetine HCL BP/USP,
Esculoside, Escin, Forskolin, Glibenclamide, Glipizide, Hyoscine N Butyl,
Bromide BP, Hyoscine Hydrobromide BP/USP, Lycopene, Methoxsalen USP,
Monoammounium, Glycyrrhizinate, Nicergoline, Oleanolic Acid, Paclitaxel,
Podophyllum BP, Podophyllotoxin, Reserpine BP/USP, Thiocolchicoside, etc.
Business
chiefly administered by Panjabi, the subject has developed long term business
ties with a number of foreign suppliers and overseas customers. Annual sales turnover is rather
significant. Business has been expanding
as more staff have been recruited since December 2013. The contact person of the subject Ms. Kylie
Ng is a Hongkongnese.
The
history of the subject in Hong Kong is over fourteen years and nine
months. Business is active.
The
subject owns premises in Hong Kong.
On the whole, consider it good for normal business engagements.
Property
information of the company:-
Property Location:
Flat D on 31/F. of
Tower III, The Waterfront, 1 Austin Road West, Kowloon, Hong Kong.
Owner: Chemillennium International (H.K.) Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
21-12-2004 |
- |
The Bank of East Asia Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
21-12-2004 |
Instrument: Legal
Charge Property: 1,105/25,901,816th
parts or shares of and in Kowloon Inland Lot No. 11080 (Flat D on 31/F. of
Tower III of The Waterfront, 1 Austin Road West, Kowloon, Hong Kong.) Mortgagee: The
Bank of East Asia Ltd., Hong Kong. |
To secure general banking facilities |
|
16-07-2007 |
Instrument: Charge
Over Receivables and Insurance Property: 1) First fixed charge of (i)
all the Chargor’s right, benefit, and interest in the Agreement and the
Insurance Contract; (ii) all the Chargor’s right, benefit, title and interest
in and to all receivable and accounts receivables, notes, bills, invoices,
acceptances, or other form of obligations or debts; and (iii) all right,
benefit, title and interest of the Chargee to the insurance proceeds under
the Insurance Contract and all the credit balance 2) By way of first floating
charge, the property, assets, and rights Mortgagee: Citibank
N.A., Hong Kong Branch. |
All moneys, obligations and liabilities |
|
22-07-2010 |
Instrument: Deposit
Deed Property: By way of a
first fixed charge and as a continuing security for the Obligations, the
Company charges and assigns absolutely all its rights, title to and interest
in the Accounts and all Deposits Mortgagee: Citibank
N.A., Hong Kong Branch. |
All moneys |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.84 |
|
|
1 |
Rs.98.72 |
|
Euro |
1 |
Rs.78.64 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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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 |
|
|
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 |
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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.