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MIRA
INFORM REPORT
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Report Date : |
06.11.2008 |
IDENTIFICATION
DETAILS
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Name : |
EMKAY INDUSTRIES (H.K.) LTD. |
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Registered Office : |
11/F., Rays Industrial Building, 71 Hung To Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.10.1975. |
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Com. Reg. No.: |
4551526 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of Garments. |
RATING &
COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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 : |
Regular |
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Litigation : |
Clear |
name & address
EMKAY
INDUSTRIES (H.K.) LTD.
ADDRESS
11/F., Rays
Industrial Building, 71 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 2790 3793
FAX: 2357 4010
E-MAIL: rosa@emkay-hk.com
MANAGEMENT
Managing
Director: Mr. Murli Khushiram Sajnani
SUMMARY
Incorporated
on: 17th October, 1975.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and wholesaler.
Annual
Turnover: HK$70-75
million.
Employees: 35.
Main Dealing
Banker: CITIC Ka Wah Bank Ltd.,
Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Head Office:-
11/F., Rays
Industrial Building, 71 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
G.P.O. Box 4830,
Hong Kong.
Affiliated Companies:- (Same address)
Million
International Ltd., Hong Kong.
Ontrend (H.K.)
Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
4551526
COMPANY FILE NUMBER
44527
MANAGEMENT
Managing
Director: Mr. Murli Khushiram Sajnani
CAPITAL
Nominal Share
Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share
Capital: HK$1,000,000.00
SHAREHOLDERS
(As per registry dated 17-10-2007)
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Name |
Occupation |
No. of shares |
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Mr. Murli
Khushiram SAJNANI |
Merchant |
5,000 |
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Mrs. Asha Murli SAJNANI |
Housewife |
5,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTOR
(As per registry dated 17-10-2007)
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Name (Nationality) |
Address |
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Murli Khushiram
SAJNANI |
Flat D, 5/F., Hong Kong Garden, 8 Seymour
Road, Hong Kong. |
SECRETARY
(As per registry dated 17-10-2007)
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Name |
Address |
Co. No. |
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Goodwill
International Management Consultants Ltd. |
Room 1902, 19/F.,Workington Tower, 78 Bonham Strand, Hong Kong. |
831193 |
HISTORY
The subject was
incorporated on 17th October, 1975 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.
OPERATIONS
Activities: Importer, Exporter and wholesaler.
Lines: All kinds of garments.
Brand Names:
John Stevens, JS Jeans, etc.
Employees: 35.
Materials/Commodities:
Imports raw materials from European countries, some Asian countries and
finished
products from China.
Markets: Europe, Scandinavia, US, etc.
Annual Turnover:
HK$70-75 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share
Capital: HK$1,000,000.00 (Divided into 10,000 shares of HK$100.00 each)
Issued Share
Capital: HK$1,000,000.00
Mortgage or
Charge: (See attachment)
Profit & Loss: Maintaining a small profit every year.
Condition: Keeping in an active state.
Facilities: Making active use of general
banking facilities.
Payment: So far so good.
Commercial
Morality: Satisfactory.
Bankers:-
CITIC Ka Wah Bank
Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
UCO Bank,
Hong Kong Branch.
Shanghai
Commercial Bank Ltd., Hong Kong.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
HBZ Finance Ltd.,
Hong Kong.
Standing: Normal.
GENERAL
Having issued
10,000 ordinary shares of HK$100.00 each, Emkay Industries (H.K.) Ltd. is
equally owned by Mr. Murli Khushiram Sajnani and Mrs. Asha Murli Sajnani. Being Indian, the former is also the
director of the subject. Both of the
shareholders have been in Hong Kong for a very long time.
The subject is a
garment trader. It has had two
affiliated companies located at its operating address, namely, Ontrend (H.K.)
Ltd. and Million International Ltd., both are Hong Kong-registered firms. These two firms are engaged in the same
lines of business as the subject.
The subject has
got an affiliated garment manufacturing factory in Ningbo City, Zhejiang
Province, China. However, details of
the factory are unknown.
Currently, the subject
is trading in the following commodities:-
·
Garments (Men’s, Women’s and Children’s)
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Trousers and Slacks
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Shirts
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Dresses and Skirts
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Coats
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Blouses
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Children’s Wear
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Suits and Jackets – Women’s
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Suits and Jackets – Men’s
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Knitwear
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Knitted Garments
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Underwear and Nightwear
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Underwear – Children’s
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Underwear – Women’s
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Underwear – Men’s
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Clothing Accessories
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Scarves
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Dress Gloves
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Belts
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Belt – Textile
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Belt – Imitation Leather
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Imitation / Costume Jewellery and Hair Ornament
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Imitation / Costume Jewellery
Products, chiefly
sourced from China, are exported to the United States, Europe, Scandinavia,
Africa, etc. Business is rather
active. Annual sales turnover ranges
from HK$70 to 75 million. Regular
suppliers and clients have been maintained.
Since the history
of the subject in Hong Kong is over thirty-three years, consider it good for
normal business engagements.
REMARKS:
Court Cases: None
per our.
Property information of the company:-
1. Property Location: Flat D on 5/F. and Car Park Space Nos. 14 & 14A on 3rd Car
Port Floor, Hong Kong Garden, 8 Seymour Road, Hong Kong.
Owner: Emkay Industries (H.K.) Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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10-12-2004 |
- |
HBZ Finance Ltd., Hong Kong. |
Mortgage to secure general credit facilities |
2. Property Location: Flat C on 7/F. and Car Park Space Nos. 25 & 25A on 3rd Car
Port Floor, Hong Kong Garden, 8 Seymour Road, Hong Kong.
Owner: Emkay Industries (H.K.) Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
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Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
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14-12-2007 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities granted to Emkay
Industries (H.K.) Ltd., Ontrend (H.K.) Ltd. and Million International Ltd. |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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10-12-2004 |
Instrument: Mortgage Property: 31/3,416th parts or shares of and in
Inland Lot No. 1409 (Flat D on 5/F. and Car Park Space Nos. 14 & 14A on
3rd Car Port Floor of Hong Kong Garden, 8 Seymour Road, Hong Kong.) Mortgagee: HBZ
Finance Ltd., Hong Kong. |
To secure all moneys in respect of general credit facilities |
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06-07-2007 |
Instrument: Assignment
of DC Proceeds re export bills restricted to other banks for
negotiation/payment Property: By way of assignment or agreement to
assign in each case as beneficial owner.
All monies in any currency representing proceeds payable or to be paid
to the Customer under the Documentary Credits, all the Customer’s right,
title and interest in the said Documentary Credits and the benefit of all
powers and remedies for enforcing the Documentary Credits Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the
Customer against documents submitted under a Documentary Credit, all monies
and liabilities in any currency owing by the Customer to the Bank at any
time, whether separately or jointly, actually or contingently, present or
future, interest on all loans and advances and such monies and all expenses
of the Bank in perfecting or enforcing the Assignment |
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14-12-2007 |
Instrument: Mortgage Property: 31/3,416th parts or shares of and in
Inland Lot No. 1409 (Flat C on 7/F. and Car Park Space Nos. 25 & 25A on
3rd Car Port Floor of Hong Kong Garden, 8 Seymour Road, Hong Kong.) Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all sums from time to time advanced by The Hongkong &
Shanghai Banking Corp. Ltd. to Emkay Industries (H.K.) Ltd., Ontrend (H.K.)
Ltd. and Million International Ltd. [the Borrowers] |
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30-07-2008 |
Instrument: Lien
and Set-Off Agreement Property: Fixed Depsoit Receipt No.: DFN0071338 Mortgagee: HBZ
Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.47.18 |
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UK Pound |
1 |
Rs.75.05 |
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Euro |
1 |
Rs.60.89 |
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 |
Unfavourable & favourable factors carry similar weight in credit
consideration. 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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)