It is purely a soil product and i guess they assume (as a general gardener would) that any limed soil will allready provide some calmag.
It looks like all the Chempak fertilizers are water soluble. So, the media you use it in does not matter.
Any soil that has had liming materials added will not necessarily have added magnesium, but will have calcium. All agricultural lime has calcium, but not all has magnesium. This
shouldn't be a problem though. I expect any company doing soil blending to have decent lab tests on their product and would expect they know to add magnesium.
I have plenty of calmags so its one thing i want to see as well as how a high nitrogen feed does compared to mj ferts, npk 2-1-1 against 3-1-3.
This product will perform pretty much the same as a 2-1-1. Remember, fertilizer is all about concentration. As long as the final feed solution has similar concentrations of nutrients, you'll be fine.
I would expect it to perform worse than a 3-1-3 though. Simply due to the lack of potash.
My personal recommendation would be to add some SOP(sulfate of potash, potassium sulfate). This will help you with the low potash numbers and also provide you with your necessary added sulfates.