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Report Date : |
14.06.2012 |
IDENTIFICATION DETAILS
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Name : |
J.K.N.
INTERNATIONAL LTD. |
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Formerly Known As : |
J. K. N.
International Ltd |
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Registered Office : |
Flat C-6, 16/F., Hankow Centre, 1C |
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Country : |
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Date of Incorporation : |
04.12.1981 |
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Com. Reg. No.: |
07581811 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter & Wholesaler; Investment Company of Textiles raw material such as 100% cotton doubled yarn (knitting & weaving), CVC yarn, T/C yarn, dyed yarn and 100% cotton twill grey fabric; & Apparels & accessories, foodstuff, household products, light industrial products, tableware, cutlery & flatware, baby utensils, baby toys, babies’ wear, stationery & office equipment, consumer electronics, batteries, furniture, bedding, mattress, cushions, carpets, floor coverings, plastic products, sundry goods, etc. |
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No. of Employees : |
07 |
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 : |
No Complaints |
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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, 2012
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Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
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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 |
J.K.N. INTERNATIONAL
LTD.
Flat C-6, 16/F., Hankow Centre, 1C Middle Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2243 0801, 2923 5300
FAX: 2243 1230
E-MAIL: jkn@jkn.com.hk
Director & Chief Executive Officer: Mr. Javed Iqbal
Incorporated on: 4th December, 1981.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: General Importer & Exporter.
Annual Turnover: HK$100-150 million.
Employees: 7.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Flat C-6, 16/F., Hankow Centre, 1C Middle Road, Tsimshatsui, Kowloon, Hong Kong.
China Office:-
(Operated by affiliate)
Room 1608, Guangzhou Exchange Square, No. 268 Dongfeng Road, Guangzhou, Guangdong 510030, China.
[Phone: (20) 8336 5271; Fax: (20) 8336 7774]
Affiliated
Companies:-
Icotton Ltd., Hong Kong.
Icotton Import & Export Trading Ltd., Guangzhou, China..
Khalid Persian Carpets House, India.
Microweb Ltd., Hong Kong.
07581811
0106315
Director & Chief Executive Officer: Mr. Javed Iqbal
Nominal Share Capital: HK$500,000.00 (Divided into 5,000 shares of HK$100.00 each)
Issued Share Capital: HK$500,000.00
(As per registry
dated 04-12-2011)
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Name |
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No. of shares |
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The Late Sharif Mohammad (Deceased) |
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50 |
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Mrs. Saleem BIBI |
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4,940 |
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Javed IQBAL |
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10 |
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––––– |
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Total: |
5,000 ==== |
(As per registry
dated 04-12-2011)
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Name (Nationality) |
Address |
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Javed IQBAL |
Block B, 14/F., Tower 1, Dynasty Court, 23 Old Peak Road, Hong Kong. |
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Pervez IQBAL |
Block A, 14/F., Tower 1, Dynasty Court, 23 Old Peak Road, Hong Kong. |
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Saleem BIBI |
Block A, 14/F., Tower 1, Dynasty Court, 23 Old Peak Road, Hong Kong. |
(As per registry
dated 04-12-2011)
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Name |
Address |
Co.
No. |
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Dhun’s Management Services Ltd. |
7/F., Man On Commercial Building, 12‑13 Jubilee Street, Central, Hong Kong. |
0027006 |
The subject was incorporated on 4th December, 1981 as a private limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of J. K. N. International Ltd., name changed to J.K.N. International Ltd. on 8th November, 2004.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter & Wholesaler; Investment Company.
Lines:-
Textiles raw material such as 100% cotton doubled yarn (knitting & weaving), CVC yarn, T/C yarn, dyed yarn and 100% cotton twill grey fabric; & Apparels & accessories, foodstuff, household products, light industrial products, tableware, cutlery & flatware, baby utensils, baby toys, babies’ wear, stationery & office equipment, consumer electronics, batteries, furniture, bedding, mattress, cushions, carpets, floor coverings, plastic products, sundry goods, etc.
Employees: 7.
Commodities Imported: Imported from India, Pakistan, China & other Asian countries, etc.
Markets: Africa, Middle East, China, Hong Kong, Taiwan, Korea, etc.
Annual Turnover: HK$100-150 million.
Terms/Sales: As per contracted.
Terms/Buying: L/C or as per contracted.
The Hong Kong General Chamber of Commerce, Hong Kong.
Nominal Share Capital: HK$500,000.00 (Divided into 5,000 shares of HK$100.00 each)
Issued Share Capital: HK$500,000.00
Indebtedness: HK$24,500,000.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 04-12-2011)
Mortgage or Charge (since 2006): (See attachment)
Date of Mortgage: 30-05-2008
Amount: To secure all moneys in respect of general banking facilities
Property: 1/720th part or share of and in Kowloon Inland Lot No. 8219 (Flat B2 on 13/F. and
Portion No. 99 of Hankow Centre, No. 47 Peking Road, No. 4A Ashley Road and No. 1C Middle Road, Kowloon, Hong Kong.)
Mortgagee: Hang Seng Bank Ltd., Hong Kong.
Profit & Loss: Traded at a profitable angle.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:
· Hang Seng Bank Ltd., Hong Kong.
CITIC
Bank International Ltd., Hong Kong.
Standing: Normal.
J.K.N. International Ltd. [JKN] was incorporated in Hong Kong on 4th December, 1981 as a private limited liability company. With a nominal and issued capital of HK$500,000.00, JKN was formerly owned by the late Sharif Mohammad, holding 50%, and Mrs. Bibi Saleem, also 50%. Since 13th September, 2007, Mrs. Bibi Saleem has become the major shareholder of JKN. Now, she is holding 98.8% interests of the subject.
JKN is a Hong Kong based textile raw material supplier and general trader. It has been established in Hong Kong for over 30 years and has gained good reputation. JKN is one of the experienced companies in the textile industry. Its product range includes everything from cotton yarn to fabrics and garment accessories as well as auxiliary products for the textiles and non-textile industries. Main products carried include:-
· Textiles raw material such as 100% cotton doubled yarn (knitting & weaving), CVC yarn, T/C yarn, dyed yarn and 100% cotton twill grey fabric. These include 100% cotton carded yarn and 100% cotton combed yarn; &
· Apparels & accessories, foodstuff, household products, light industrial products, tableware, cutlery & flatware, baby utensils, baby toys, babies’ wear, stationery & office equipment, consumer electronics, batteries, furniture, bedding, mattress, cushions, carpets, floor coverings, plastic products, sundry goods, etc.
Its main suppliers of textiles materials are from India, Pakistan, while its main customers are in Hong Kong, Guangzhou, Shenzhen, Taiwan and South Korea. Other than textile materials, most of its products are sourced from China and re-exported to Africa, the Middle East, etc.
JKN maintains a China office at Guangzhou through its subsidiary, Icotton Import & Export Trading Ltd. The subsidiary is one of the experienced companies in Guangzhou, selling Pakistani and Indian grey fabrics and grey yarns. It is a selling agent of different kinds of grey fabrics and grey yarns products for buyers import booking. In addition, JKN is also involved in property investment in Hong Kong.
The subject has had an associated company MicroWeb Ltd. [MicroWeb] which is a Hong Kong-registered firm located at its operating address.
MicroWeb is specialized in Web Development and Enterprise Application Development. Its clients range from Land Developer to Political Party from trading firm to consulate. MicroWeb was established in 1999 with professional and professors as its employees. All are experienced in IT services. MicroWeb is engaged in the following business scope:-
E-Commerce Consultancy, Website Design, Information Technology Engineering, General Applications/System Software Design, Information Technology Consultancy, Computer Networking, Internet Related Services, Web Hosting, Web Development, EDI Service, E-Business Solution Provider, Internet Service Provider (ISP), etc.
The contact person of MicroWeb Pervez IQBAL is one of the directors of the subject.
The business of the subject is maintained in an active and satisfactory condition. Regular clients and foreign suppliers have been maintained. Annual sales turnover ranges from HK$100-150 million. Business is profitable. History in Hong Kong is over 30 years.
On the whole, consider it good for normal business engagements.
REMARKS:
Property information of the company and the principal:-
1. Property Location: Flat B on 14/F. of Tower 1, Dynasty Court, 23 Old Peak Road, Hong Kong.
Owner: J.K.N. International Ltd.
Date of Purchase: 30-05-1995
Purchased Price: HK$26,200,000 (pt.)
Incumbrances:-
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Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
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23-05-2001 |
- |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
2. Property Location: Flat C6 on 16/F. & Portion No. 163 of Main Roof Hankow Centre, No. 47 Peking Road, No. 4A Ashley Road and No. 1C Middle Road, Kowloon, Hong Kong.
Owner: Mohd Sharif
Date of Purchase: 10-11-1982
Purchased Price: HK$940,000
Incumbrances: No mortgage record registered against the property.
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Date |
Particulars |
Amount |
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22-08-2011 |
Instrument: Legal Charge/Mortgage Property: Kowloon marine Lot No.10 and of and in “STAR HOUSE” No.820 on 8/F Mortgagee: CITIC Bank International Ltd., Hong Kong. |
All sums of money payable to the Bank by the Company under the Legal Charge/Mortgage |
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22-08-2011 |
Instrument: Rental Assignment Property: All the Company’s righ, title, interest and benefit in and to the Rentals; and charges to the Lender by way of first fixed charge and assigns to the Lender absolutely by way of mortgage the Rental Account and all its rights, title, interest and benefit (both present and future) therein and thereto. Mortgagee: CITIC Bank International Ltd., Hong Kong. |
All sums of money payable to the Lender by the Company under the Rental Assignment |
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22-08-2011 |
Instrument: Legal Charge/Mortgage Property: Nos.5, 7, 7A, 9, 9A, 11, 11A, 13 and 15 Hankow Road, 41,43,45,47,49 and 51 Peking Road, 4, 4A and 4B Ashley Road and 1, 1A, 1B, 1C, 1D and 1E Middle Road, 13/F, Hankow Centre No.47 Peking Road, 4A Ashley Road and 1C Middle Road and Portion No.99 of the Main Roof. Mortgagee: CITIC Bank International Ltd., Hong Kong. |
All sums of money payable to the Bank by the Company under the Legal Charge/Mortgage |
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22-08-2011 |
Instrument: Rental Assignment Property: All the Company’s righ, title, interest and benefit in and to the Rentals; and charges to the Lender by way of first fixed charge and assigns to the Lender absolutely by way of mortgage the Rental Account and all its rights, title, interest and benefit (both present and future) therein and thereto. Mortgagee: CITIC Bank International Ltd., Hong Kong. |
All sums of money payable to the Lender by the Company under the Rental Assignment |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.85 |
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UK Pound |
1 |
Rs.86.88 |
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Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.