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Report No. : |
314612 |
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Report Date : |
03.04.2015 |
IDENTIFICATION DETAILS
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Name : |
MICROCHEM SPECIALITIES TRADE LTD. |
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Registered Office : |
C/o Universal Link Corporate Secretary Ltd. Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road Central |
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Country : |
Hong Kong
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Date of Incorporation : |
15.04.2011 |
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Com. Reg. No.: |
58234403 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading in more than 1,200 types of chemicals and a wide range of
aromatic and perfumery compounds and solvents, pharmaceuticals and agro
intermediates. |
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No. of Employees : |
No Employee in Hong Kong 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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
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Source
: CIA |
MICROCHEM
SPECIALITIES TRADE LTD.
Registered
Office:-
C/o Universal Link Corporate Secretary Ltd.
Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road Central,
Hong Kong.
[Tel: 852-3106 2622; Fax:
852-3106 2629]
Headquarters:-
Kunshan Microchem Specialties Co. Ltd.
Room 1519, Building B, Modern Plaza, 8 Weiye Road, Kunshan, Jiangsu
Province, China.
[Tel: (86-512) 8616 7005, 8616 7006
Fax: (86-512) 8616 7008
E-mail: info@micro-chem.cn]
Associated
Companies:-
G.C Int’l
Head Office
Kilfire Premises Co-Operative Society, Unit No. 4, G/F., C-17 Dalia
Industrial Area, Off Link Road, Andheri (W), Mumbai-400053, India.
[Tel: 0091-22-2673 6487, 4085
0400;
Fax: 0091-22-2673 6486]
China Office
Room 1509, Baihua Plaza, 33 Zumiao Road, Foshan City, Guangdong
Province, China.
[Tel: 86-757-8320 1955; Fax:
86-757-8320 1965]
Microchem Specialities Corpn Ltd., Hong
Kong.
(Same address) [Under Deregistration]
58234403
1588652
15th April, 2011.
HK$100.00
(As per registry dated 15-04-2014)
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Name |
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No. of shares |
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Vishal Ramesh SAHETA |
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100 === |
(As per registry dated 27-11-2014)
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Name (Nationality) |
Address |
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Vishal Ramesh SAHETA |
Room 3629-3630, 36/F., Baihua Plaza, 33 Zumiao Road, Foshan,
Guangdong, China. |
(As per registry dated 15-04-2014)
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Name |
Address |
Co. No. |
|
Universal Link Corporate Secretary Ltd. |
Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s Road, Central,
Hong Kong. |
1124701 |
The subject was incorporated on 15th April, 2011 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.
Having issued 100 ordinary share of HK$1.00, Microchem Specialities
Trade Ltd. is wholly owned by Mr. Vishal Ramesh Saheta who is an India
merchant. He is an India passport
holder. Saheta is also the only director
of the subject and currently residing in Foshan City, Guangdong Province,
China. He does not have the right to
reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Flat A, 14/F., Unionway Commercial Centre, 283 Queen’s
Road Central, Hong Kong known as Universal Link Corporate Secretary Ltd.
[Universal Link] which is handling its correspondences and documents. Universal Link is also the corporate
secretary of the subject. The subject
has no employees in Hong Kong.
To our knowledge, the subject is an associated company of G.C Int’l
which is an India-based firm. G.C Int’l
has set up a branch office in Foshan, Guangdong Province, China. The business of the Foshan office is handled
by V. R. Saheta.
The subject is trading in the same commodities as G.C Int’l.
Headquartered in India, G.C Int’l is a global company trading in more
than 1,200 types of chemicals and a wide range of aromatic and perfumery
compounds and solvents, pharmaceuticals and agro intermediates. G.C Int’l is one of the largest indenters in
India and a reliable supplier for chemical raw materials, specialty chemicals,
basic and advance intermediates to the chemical and pharmaceutical industry
worldwide.
Today, China is one of the largest suppliers of chemical raw materials
and intermediates to the global market; hence G.C Int’l established its own
office in Foshan City, Guangdong Province, China in 2001.
G.C Int’l ships more than 75 containers of chemicals every month from
different parts of the world to India.
The China Office is responsible for sourcing series of chemical
compounds and molecules in the field of chemistry from basic chemicals and
intermediates related to gas, paints, aromatic, food additives to various
advanced intermediates for pharmaceutical and agro-industries.
G.C Int’l has close co-operation with a number of trading companies,
research institutes and fine chemical manufacturing plants in China as well as
India.
G.C Int’l also has had its trading company since the last 40 years,
handling fine chemicals and food additives with their own warehousing
facilities in the outskirts of Mumbai, India.
The subject’s headquarters is in Kunshan known as Kunshan Microchem
Specialties Co. Ltd. [Kunshan Microchem].
Kunshan Microchem has got the ISO 9001:2000 and UKAS certifications.
Kunshan Microchem is also managed by Saheta who is residing in Foshan City,
Guangdong Province, China.
The subject’s main markets are India, South America and South Asian
countries.
The subject is carrying the following products: basic agro-chemicals,
intermediates, pharmaceuticals, specialty and health products, water treatment
chemicals.
In China, the subject has developed business ties with a number of
chemical companies. The business of
Kunshan Microchem is rather active.
The subject has had an associated company in Hong Kong known as
Microchem Specialities Corpn Ltd. [MSCL].
The registered address of this firm is also located at the operating
address of the secretarial firm Universal Link.
MSCL is trading in Agro Chemicals and Intermediates, Advanced Pharma
Intermediates and Specialty Chemicals.
The head office of MSCL is also in Kunshan City, Jiangsu Province,
China. However, it applied for
deregistration on 16th March, 2015.
The subject has had a US customer known as Nordstrom Inc. which is
buying Iminodiacetic Acid in considerably large quantities form Kunshan Microchem. The business of Kunshan Microchem is normal.
The business of the subject is not active in Hong Kong. History is just about four 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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.59 |
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1 |
Rs.92.46 |
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Euro |
1 |
Rs.67.51 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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.