|
Report No. : |
324836 |
|
Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
|
Name : |
CHIEF RAINBOW LTD. |
|
|
|
|
Registered Office : |
C/o SBC
Corporate Services Ltd., Room 2208-2209, 22/F., Wu Chung House, 213 Queen’s Road
East, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
06.06.2007 |
|
|
|
|
Com. Reg. No.: |
38549561 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Subject is engaged in trading of the following Active Pharmaceutical
Ingredient [API]: Rifaximin, Rifapentine, Rifabutin, Rifamycin Sodium, Sodium
Rifa S, 3F Rifamycin SV, Rifamycin S, Rifampicin BD 0.5, Rifampicin BD 0.7 |
|
|
|
|
No. of Employee : |
Not Available 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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
|
Source
: CIA |
CHIEF RAINBOW
LTD.
Address: c/o SBC Corporate Services Ltd.
Room 2208-2209,
22/F., Wu Chung House,
213 Queen’s Road
East, Wanchai,
Hong Kong.
(Formerly
located at:
c/o SBC Corporate
Services Ltd.
21/F., New World
Tower 1,
18 Queen’s Road
Central, Hong Kong.)
Affiliated/Associated Companies:-
United Wish
Trading Ltd., Hong Kong. [Dissolved]
Henan Nanjiecun
Pharmaceutical Group, China.
Luohe Nanjiecun
Pharmaceutical Group Co. Ltd., China.
Luohe Nanjiecun
Qianwei Pharmaceutical Group Pharmacy Co. Ltd., China.
Luohe Nanjiecun Qianwei Pharmacy Co. Ltd.
Huanglong
Development Zone North, Lingyin County, Luohe City, Henan Province, China.
[Phone: 86-395-8819 188
Fax:
86-395-8819 193]
38549561
1147307
Managing
Director: Ms. Kong Ai Qing
HK$10,000.00
(As
per registry dated 06-07-2014)
|
Name |
|
No.
of shares |
|
KONG Ai Qing |
|
10,000 ===== |
(As
per registry dated 06-07-2014)
|
Name (Nationality) |
Address |
|
KONG Ai Qing |
No. 601, 6/F., Jian She Road, Yuan Hui
District, Luohe City, Henan, China. |
(As
per registry dated 06-07-2014)
|
Name |
Address |
Co.
No. |
|
SBC
Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road,
Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
The
subject was incorporated on 6th July, 2007 as a private limited liability
company under the Hong Kong Companies Ordinance.
Last
time, the subject’s registered address was located at 21/F., New World Tower 1,
18 Queen’s Road Central, Hong Kong where was one of the operating address of a
commercial service provider SBC Corporate Services Ltd. [SBC]. In September 2010, the subject’s registered address
moved to the present address where is also an operating address of SBC. Now, SBC has moved out from the former
address.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Having
issued 10,000 ordinary shares of HK$1.00 each, Chief Rainbow Ltd. is wholly
owned by Ms. Kong Ai Qing who is a China businesswoman. She is also the only director of the
subject. Being a China ID holder, she
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 Room
2208-2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai, Hong Kong
known as SBC Corporate Services Ltd. [SBC] which is handling its correspondences
and documents. SBC is also the corporate
secretary of the subject.
The
subject has no employees in Hong Kong.
It has had an associated company in China known as ‘Henan Nanjiecun
Pharmaceutical Group’. The subject is
also a pharmaceutical trader.
The
subject is trading in the following Active Pharmaceutical Ingredient [API]:
Rifaximin, Rifapentine, Rifabutin, Rifamycin Sodium, Sodium Rifa S, 3F
Rifamycin SV, Rifamycin S, Rifampicin BD 0.5, Rifampicin BD 0.7, etc.
The
Group consists of two medium pharmaceutical companies: Henan Nanjiecun
Pharmaceutical Group Pharmacy Co. Ltd. [NPGP] and Henan Nanjiecun Qianwei
Pharmacy Factory. The former is engaged
in producing raw materials and preparation for pharmaceuticals while the latter
is producing large volumes of injection, cepha-powder and cepha-injection,
lyophilic powder and lyophilic injections and capsules. The above-mentioned firms are associated
firms of Luohe Nanjiecun Qianwei Pharmaceutical Group Pharmacy Co. Ltd. [Qianwei]
which is also a China-based firm.
Ms. Kong Ai Qing is also the General Manager of Qianwei. Currently she is residing in the vicinity of
Qianwei.
Occupying
a plot area of 169,803 sq.m., Qianwei is a joint venture between NPGP and
United Wish Trading Ltd. [United Wish] which was a Hong Kong-based
firm. Incorporated on 4th July, 1999,
United Wish was dissolved by deregistration on 9th November, 2012.
The
total investment of Qianwei was RMB165 million Yuan. Now, Qianwei has 350 employees and has got
the GMP certification of China.
According to Qianwei, it has been co-operating with a number of colleges
and universities to develop new products in China.
NPGP
was established in 1988. It covers an
area of about 48,000 sq.m. Its
construction area is 22,000 sq.m.
Currently, this firm has over 350 employees while 60 of them are
technicians. NPGP is famous for its
pyrazinamide [Rifampicin or RFP]. The
annual production capacity of RFP is about 150 tonnes. 80% of the product is exported to foreign countries. NPGP is the largest factory engaged in
producing RFP in China.
The
other products of NPGP are the following: API of Anti-Tuberculosis, Rifampicin,
Rifabutin, Rifapentine, Rifaximin , Rifamycin Sodium and Sodium Pas,
intermediate of Rifamycin S, Sodium Rifamycin S, Rifamycin O, etc.
The
annual sales turnover of NPGP ranges from US$10 to 15 million.
The
contact person of NPGP is also Kong Ai Qing.
Qianwei’s
products are marketed in China, exported to Hong Kong, Japan, Southeast Asia,
Europe, North America, etc.
The
subject’s business in Hong Kong is not active.
History is over seven years and ten months.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.95 |
|
|
1 |
Rs.98.64 |
|
Euro |
1 |
Rs.69.86 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
ASH |
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.