MIRA INFORM REPORT

Report Date :

24.04.2012

IDENTIFICATION DETAILS

Name :	LACHMI’S INTERNATIONAL LTD.

Registered Office :	11/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East, Kowloon

Country :	Hong Kong

Date of Incorporation :	25.01.1968

Com. Reg. No.:	2395966

Legal Form :	Private Limited Company

Line of Business :	Importer and Exporter of Footwear, garments, garment accessories, etc.

No. of Employees :	13

RATING & COMMENTS

MIRA’s Rating :

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Good

Payment Behaviour :	No Complaints

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 31^st, 2012

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

Hong Kong

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

Company name

LACHMI’S INTERNATIONAL LTD.

Company ADDRESS

11/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.

PHONE: 2368 0224 (10 lines)

FAX: 2721 6316

E-MAIL: info@lachmis.com.hk

raju@lachmis.com.hk

MANAGEMENT

Managing Director: Mr. Raju Wadhwani

SUMMARY

Incorporated on: 25th January, 1968.

Organization: Private Limited Company.

Capital: Nominal: HK$2,000,000.00

Issued: HK$1,370,000.00

Business Category: Garment Trader.

Annual Turnover: US$50~55 million.

Employees: 13.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Good.

Company ADDRESS

Registered Head Office:-

· 11/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.

· P.O. Box 96261, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.

BUSINESS REGISTRATION NUMBER

02395966

COMPANY FILE NUMBER

0015003

MANAGEMENT

Managing Director: Mr. Raju Wadhwani

CAPITAL

Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of HK$100.00 each)

Issued Share Capital: HK$1,370,000.00

SHAREHOLDERS

(As per registry dated 25-01-2012)

Name		No. of shares
Raju WADHWANI		10,275
Sudha Raju WADHWANI		3,425
		––––––
	Total:	13,700 =====

DIRECTORS

(As per registry dated 25-01-2012)

Name (Nationality)	Address
Raju WADHWANI	Flat A/B, 18/F., Block D, Wylie Court, 19 Wylie Path, Homantin, Kowloon, Hong Kong.
Sudha Raju WADHWANI	Flat A/B, 18/F., Block D, Wylie Court, 19 Wylie Path, Homantin, Kowloon, Hong Kong.

Name

(Nationality)

Address

Raju WADHWANI

Flat A/B, 18/F., Block D, Wylie Court, 19 Wylie Path, Homantin, Kowloon, Hong Kong.

Sudha Raju WADHWANI

Flat A/B, 18/F., Block D, Wylie Court, 19 Wylie Path, Homantin, Kowloon, Hong Kong.

SECRETARY

(As per registry dated 25-01-2012)

Name	Address	Co. No.
PRO (Nominees) Ltd.	Room 601, 6/F., Chao’s Building, 143-5 Bonham Strand East, Sheung Wan, Hong Kong.	0072653

HISTORY

The subject was incorporated on 25th January, 1968 as a private limited liability company under the Hong Kong Companies Ordinance.

Formerly the subject was located at Flat C & D, 6/F., Alpha House, 27‑33 Nathan Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in February 2009.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer and Exporter.

Lines: Footwear, garments, garment accessories, etc.

Employees: 13.

Commodities Imported: China, other Asian countries, etc.

Markets: Europe, North America, Central & South America, Africa, etc.

Annual Turnover: US$50~55 million.

Terms/Sales: L/C or as per contracted.

Terms/Buying: L/C, T/T, etc.

MEMBERSHIP

The Indian Chamber of Commerce Hong Kong, Hong Kong.

FINANCIAL INFORMATION

Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of HK$100.00 each)

Issued Share Capital: HK$1,370,000.00

Mortgage or Charge

(since 2007): (See attachment)

Profit or Loss: Making a small profit in the past years.

Condition: Keeping in a satisfactory condition.

Facilities: Making active use of general banking facilities.

Payment: Met trade commitments as contracted.

Commercial Morality: Satisfactory.

Bankers:-

· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

· Wing Hang Bank Ltd., Hong Kong.

· UCO Bank, Hong Kong Branch.

· Indian Overseas Bank, Hong Kong Branch.

Standing: Good.

GENERAL

Having issued 13,700 ordinary shares of HK$100.00 each, Lachmi’s International Ltd. is jointly owned by Raju Wadhwani, holding 75% interests; and Mr. Sudha Raju Wadhwani, holding 25%. They are also directors of the subject. The two Wadhwanis are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

Incorporated in January 1968, the subject is owned by the Wadhwani family.

The subject is a Hong Kong based export house exporting all types of casual wear (denim jeans, winter jackets, ladies blouses, men’s casual wear, sports wear, etc.). Its significant products are short jeans, skinny-leg jeans, straight-leg jeans.

The subject also has set up a division dealing in Home Textiles. It also has had a division responsible for the Panama and Curacao.

The subject has customers ranging from wholesalers, buying houses and chain stores in the United States, the United Kingdom, Spain, Czech, South Africa, Panama and other countries in Latin America, the Middle East, etc.

The subject sources the merchandise from countries like China, Pakistan and other Asia Pacific countries.

In order to ensure the quality of the products, the subject has set up a team of “quality control supervisors” supervising the production. The subject has set up an office in Guangzhou City, Guangdong Province, China. Its employees in China and other places and they ensure that the production inspections are done at all stages in line of the process starting from selection of the correct fabric to the end.

The business scope of the subject includes the following three main categories:-

· Sourcing (raw materials or finished products)

· Quality Controlling

· Shipping and Distribution

Besides, the China, the subject has had other three offices in the other countries of the world.

The annual sales turnover of the subject and its associates ranges from US$50 to 55 million. Making a small profit every year. Business is active and steady as regular customers and suppliers have been maintained.

Since the history of the subject in Hong Kong is over forty-four years, on the whole, consider it good for normal business engagements.

REMARKS:

Property information of the company:-

1. Property Location: Office 1011 on 10/F., Harbour Crystal Centre,
100 Granville Road, Kowloon, Hong Kong.