MIRA INFORM REPORT
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Report Date : |
15.09.2011 |
IDENTIFICATION DETAILS
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Name : |
AKASAKA
LTD. |
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Registered Office : |
Flat G, 2/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.01.1989 |
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Com. Reg. No.: |
12528907 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Diamond, jewellery and electronic products, etc. |
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 : |
Usually Correct |
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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 – March 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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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 |
Company name
AKASAKA LTD.
Company ADDRESS
Flat G, 2/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.
PHONE: 2525 0395, 3105 1111
FAX: 2536 4900, 2810 5387
E-MAIL: sales@kjgroup.net
MANAGEMENT
Managing Director: Mr. Bhagwan Kishinchand Khemlani
SUMMARY
Incorporated on: 13th January, 1989.
Organization: Private Limited Company.
Capital: Nominal: HK$1,500,000.00
Issued: HK$1,500,000.00
Business Category: Diamond and Jewellery.
Employees: 15.
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Flat G, 2/F., Ho Lee Commercial Building, 38-44 D’Aguilar Street, Central, Hong Kong.
BUSINESS REGISTRATION NUMBER
12528907
COMPANY FILE NUMBER
0238792
MANAGEMENT
Managing Director: Mr. Bhagwan Kishinchand Khemlani
CAPITAL
Nominal Share Capital: HK$1,500,000.00 (Divided into 1,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,500,000.00
SHAREHOLDERS
(As per registry
dated 13-01-2011)
|
Name |
|
No.
of shares |
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Bhagwan
Kishinchand KHEMLANI |
|
765,000 |
|
Shobha Bhagwan KHEMLANI |
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735,000 |
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–––––––– |
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Total: |
1,500,000 ======= |
DIRECTORS
(As per registry
dated 13-01-2011)
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Name (Nationality) |
Address |
|
Bhagwan
Kishinchand KHEMLANI |
Flat G, 2/F., Ho Lee Commercial Building 38-44 D’Aguilar Street,
Central, Hong Kong. |
|
Chandru
Kishinchand KHEMLANI |
El Congreho Calle “H”, 1/F., Panama City,
Republic of Panama. |
|
Vashi
Kishinchand KHEMLANI |
Flat G, 2/F., Ho Lee Commercial Building 38-44 D’Aguilar Street,
Central, Hong Kong. |
SECRETARY
(As per registry
dated 13-01-2011)
|
Name |
Address |
|
Shobha
Bhagwan KHEMLANI |
Flat G, 2/F., Ho Lee Commercial Building 38-44 D’Aguilar Street,
Central, Hong Kong. |
HISTORY
The
subject was incorporated on 13th January, 1989 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: Diamond, jewellery and electronic products, etc.
Employees: 15.
Commodities Imported: India, Belgium, Thailand, etc.
Markets: Asian countries, Middle East, North America, Central & South America, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
MEMBERSHIP
Hong Kong Jewelry Manufacturers’ Association, Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$1,500,000.00 (Divided into 1,500,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,500,000.00
Mortgage or Charge (since 2005): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
· DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having
issued 1.5 million ordinary shares of HK$1.00 each, Akasaka Ltd. is jointly
owned by Bhagwan Kishinchand Khemlani, holding 51% interests; and Mr. Shobha
Bhagwan Khemlani, holding 49%.
The
subject is owned by the Khemlani family who have been in Hong Kong for a very
long time.
The
subject is trading in all kinds of diamond products such as diamond rings,
diamond ear-rings, etc. It is trading in
the following products: “Heera Moti” fine diamond jewelry in 14K &
18K, solitaires and loose diamonds, rings, bracelets, earrings, necklaces,
bangles and pendants, etc. Most of the
products bear the brand namea of “Heera
Moti”, “New Wave”, “KM5”, etc.
The
subject has had a manufacturing factory in China.
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in Hong Kong and other foreign large cities.
For
instance, it is going to take part in “HKTDC Hong Kong International Jewellery
Show 2012” which will be held in Wanchai, Hong Kong during the period of 16th
to 20th February, 2012.
With
an extensive network of manufacturing facilities throughout the Indian
sub-continent and China, coupled with a vast distribution network within the
United States and Europe, the subject is able to lever on the considerable
scale and synergies created by the “Heera
Moti” brand of fine diamond
jewellery products. All jewellery
products are distributed worldwide under its subsidiary company New Wave.
The
subject belongs to the Kishinchand Jhangimal Group [KJ Group]. KJ Group is a group of companies initially
formed in Hong Kong, in 1947. Now, more
than 60 years later, the group spans throughout the world diversifying, and
investing in a wide range of products, and business processes from
manufacturing, to wholesale and distribution, to final point of sale with a
single goal to add value to our partners and clients.
The
Group also trades in consumer electronic products. It trades in moble phones, audio and video
products, TVs, etc. The Group’s
manufacturing facilities are in China.
Products are exported to North, Central & South America, and
throughout Europe and the Middle East.
On
the whole, as the history of the subject is over twenty-two years in
Hong Kong, consider it good for normal business engagements.
REMARKS:
Court case:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Dec. 1992 |
Manwa Electronics Manufacturing Ltd. |
Akasaka Ltd. |
Injunction |
Not stated |
|
Apr. 1996 |
Glory Electrical Manufacturing (HK) Co.
Ltd. |
Akasaka Ltd. |
Damages |
Not stated |
MORTGAGE OR CHARGE
(Since 2005)
|
Date |
Particulars |
Amount |
|
25-01-2005 |
Instrument: Charge on Cash Deposit to secure
Liabilities of the Depositor Property: 1) By
way of first fixed charge and agreement to charge: the Deposit and all right,
title and interest of the Company 2) By way of set-off: any sum standing
to the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities |
|
14-03-2007 |
Instrument: Security over Deposit in respect of
Obligations of the Depositor Property: By way of first
fixed charge to the Chargee the account no. 702600005350 and all deposits Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All monies and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.81 |
|
UK Pound |
1 |
Rs.75.16 |
|
Euro |
1 |
Rs.65.11 |
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.