|
Report Date : |
16.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
RUKMA INDUSTRIES LTD. |
|
|
|
|
Registered Office : |
c/o Maison Jorgette Ltd. Unit A, 3/F., 8 Hart Avenue, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
30.05.1989 |
|
|
|
|
Com. Reg. No.: |
12842084 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Re-exporter of All kinds of hosiery, underwear, other garments
and accessories, sundries. |
|
|
|
|
No. of Employees : |
8. (Including affiliates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
-- |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
hong kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on
international trade and finance - the value of goods and services trade,
including the sizable share of re-exports, is about four times GDP. Hong Kong
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. Hong
Kong's open economy left it exposed to the global economic slowdown that began
in 2008. Although increasing integration with China, through trade, tourism,
and financial links, helped it to make an initial recovery more quickly than
many observers anticipated, it again faces a possible slowdown as exports to
the Euro zone and US slump. The Hong Kong government is promoting the Special
Administrative Region (SAR) as the site for Chinese renminbi (RMB)
internationalization. Hong Kong residents are allowed to establish
RMB-denominated savings accounts; RMB-denominated corporate and Chinese
government bonds have been issued in Hong Kong; and RMB trade settlement is
allowed. The territory far exceeded the RMB conversion quota set by Beijing for
trade settlements in 2010 due to the growth of earnings from exports to the
mainland. RMB deposits grew to roughly 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous year. The
government is pursuing efforts to introduce additional use of RMB in Hong Kong
financial markets and is seeking to expand the RMB quota. The mainland has long
been Hong Kong's largest trading partner, accounting for about half of Hong
Kong's exports by value. Hong Kong's natural resources are limited, and food
and raw materials must be imported. As a result of China's easing of travel
restrictions, the number of mainland tourists to the territory has surged from
4.5 million in 2001 to 34.9 million in 2012, outnumbering visitors from all
other countries combined. Hong Kong has also established itself as the premier
stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% of the Exchange's market capitalization.
During the past decade, as Hong Kong's manufacturing industry moved to the
mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. Lower and middle income segments of the population are increasingly
unable to afford adequate housing. Hong Kong continues to link its currency
closely to the US dollar, maintaining an arrangement established in 1983.
|
Source
: CIA |
RUKMA INDUSTRIES
LTD.
c/o Maison Jorgette Ltd.
Unit A, 3/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2369 8347
FAX: 852-2369 0390
E-MAIL: rukma@rukma.corp.com.hk
Managing Director: Mr. Mohanlal
Shamdas Navalani
Incorporated on: 30th May, 1989.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Garment
Trader.
Employees: 8. (Including affiliates)
Main Dealing Banker: Chong Hing
Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
RUKMA INDUSTRIES
LTD.
Registered
Office:-
c/o Maison Jorgette Ltd.
Unit A, 3/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Companies:- (Same address)
Cocci Lorenzo, Hong Kong.
Maison Jorgette Ltd., Hong Kong.
Rukma Ltd., Hong Kong.
12842084
0253765
Managing Director: Mr. Mohanlal
Shamdas Navalani
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry dated 30-05-2013)
|
Name |
|
No. of shares |
|
Mohanlal Shamdas NAVALANI |
|
95,000 |
|
CHOI Cheung Ha |
|
5,000 |
|
|
|
––––––– |
|
|
Total: |
100,000 ====== |
(As per registry dated 30-05-2013)
|
Name (Nationality) |
Address |
|
CHOI Cheung Ha |
4/F., 30A Tung Choi Street, Mongkok, Kowloon, Hong Kong. |
|
Mohanlal Shamdas NAVALANI |
Flat G, 17/F., Windsor Mansion, 29 Chatham Road South, Tismshatsui,
Kowloon, Hong Kong. |
|
Pritam Kumar NAVALANI |
Flat C, 15/F., Windsor Mansion, 29 Chatham Road South, Tsimshatsui,
Kowloon, Hong Kong. |
Mohanlal Shamdas NAVALANI (As per
registry dated 30-05-2013)
The subject was incorporated on 30th May, 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.
Activities: Importer
and Re-exporter.
Lines: All
kinds of hosiery, underwear, other garments and accessories, sundries.
Employees: 8. (Including affiliates)
Commodities Imported: Imported
from Europe, India, other Asian countries, etc.
Markets: India,
Middle East, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$100,000.00
(Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$100,000.00 |
on |
01-03-2004 |
Alternation of Issued Capital:-
|
30-05-1989 |
paid up |
HK$ 2.00 |
|
02-04-2009 |
paid up |
HK$ 99,998.00 |
|
|
|
–––––––––––––– |
|
Total: |
paid up |
HK$100,000.00 ============ |
Indebtedness: HK$21,069,385 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 30-05-2013)
Mortgage or Charge (since 2008):
(See attachment)
Profit & Loss: Making
a small profit in the past years.
Condition: Keeping
in a satisfactory state.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Chong Hing Bank Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
HBZ Finance Ltd., Hong Kong.
Standing: Moderate.
Rukma Industries Ltd. is a private limited company which was equally
owned by Ms. Choi Cheung Ha and Mr. Lachmi, an Indian. The subject had just issued 2 ordinary shares
while each of the shareholders held one share of HK$1.00 each. Now, the subject has increased its ordinary
shares to 100,000 of the same value each and the shareholders have been
reshuffled. The subject currently is
jointly owned by Mr. Mohanlal Shamdas Navalani, holding 95% interests; and Ms.
Choi Cheung Ha, holding just 5%.
The subject is trading in varieties of commodities such as hosiery,
underwear, other garments and accessories, sundries, etc. Commodities are acquired locally or bought
from China manufacturers. Other
supplying countries are India, the Philippines, Bangladesh, etc. Re-export markets are India, the Middle East,
Europe, North America, etc.
The subject is trading in the following commodities:-
|
Product/Service |
Product/Service Remarks |
|
Piecegoods – Vegetable Fibre |
From Japan, Switzerland, Austria and Thailand |
|
Fabric – Cotton, Knitted |
|
|
Piecegoods – Blended |
From Japan, Switzerland, Austria and Thailand |
|
Fabric – Blended, Knitted |
India |
|
Piecegoods – Woollen, Woven |
From Japan, Switzerland, Austria and Thailand |
|
Piecegoods – Woollen, Knitted |
|
|
Blouses |
|
|
Jeans |
|
|
Dresses and Skirts |
the Philippines, Bangladesh |
|
Men’s Polo Shirts |
the Philippines, Bangladesh |
|
Men’s Shorts & Trousers |
the Philippines, Bangladesh |
|
Tee and Sweat Shirts |
|
|
Handkerchiefs |
From Japan and Italy |
|
Hosiery |
For men |
|
Bed Linen |
|
|
Pillow Case / Bed Sheet – Embroidered |
|
|
Pillow Case / Bed Sheet – Non-Embroidered |
|
|
Pillow |
|
|
Leather Products, etc. |
|
The subject also carries the following brand names:-
|
Brand Name |
Brand Product/Service |
|
Lorenzeni (Brand Owner) |
Tee and Sweat Shirts |
|
Lapineal (Brand Owner) |
Tee and Sweat Shirts |
|
Gianni-Mori (Brand Owner) |
Shirts Tee and Sweat Shirts |
|
Figli-Figlio (Brand Owner) |
Tee and Sweat Shirts |
|
Cocci-Lorenzo (Brand Owner) |
Blouses |
|
Jeans |
|
|
Dresses and Skirts |
|
|
Shirts |
|
|
Trousers |
|
|
Tee and Sweat Shirts |
|
|
Handkerchiefs |
|
|
Hosiery |
|
|
Bonus (Brand Owner) |
Tee and Sweat Shirts |
|
Almotti (Brand Owner) |
Tee and Sweat Shirts |
Located at the same office and under the same management, the subject has
got an affiliated company Maison Jorgette Ltd. [Maison Jorgette] which is
engaged in the same lines of business, more or less.
The subject has developed long terms business ties with a number of
suppliers and customers in China, Hong Kong and the Middle East. The subject also has got an affiliated
company in Guangzhou, Guangdong Province, China employing about 6 employees.
The overall business of the subject has been satisfactory, annual sales
turnover is rather significant, making a small profit every year.
The subject and Maison Jorgette are chiefly administered by Indian
merchants.
On the whole, having a history of more than twenty-four years, the
subject is considered good for normal business engagements.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Oct. 2002 |
6314 |
T.M. Ho, H.C. So & Company |
Rukma Industries Ltd. |
Service Rendered |
HK$98,400 |
|
Oct. 2002 |
56158 |
Secretary for Justice |
Rukma Industries Ltd. |
Others (Department of Justice) |
Not stated |
Property information of
the company:-
1. Property Location: Office C & D on 3/F., 8 Hart
Avenue, Kowloon, Hong Kong.
Owner: Rukma Industries Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
14-02-1997 |
- |
Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered
Bank (Hong Kong) Ltd.] |
Tripartite legal charge to secure general banking facilities granted to
Rukma Ltd. and Rukma Industries Ltd. |
2. Property Location: Office E & F on 3/F. together with
Flat Roof appertaining to Office F on 3/F., 8 Hart Avenue, Kowloon, Hong
Kong.
Owner: Rukma Industries Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
08-03-1997 |
- |
Union Bank of Hong Kong Ltd., Hong Kong. [Now known as Industrial & Commercial
Bank of China (Asia) Ltd.] |
Mortgage to secure general banking facilities |
3. Property Location: 13/F., 23 Chatham Road, Kowloon, Hong
Kong.
Owner: Rukma Industries Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
04-02-1997 |
- |
Liu Chong Hing Bank Ltd., Hong Kong. [Now known as Chong Hing Bank Ltd.] |
Mortgage to secure general banking facilities |
4. Property Location: Flat C on 15/F., Windsor Mansion,
29-35 Chatham Road, Kowloon, Hong Kong.
Owner: Rukma Industries Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
18-11-2008 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
5. Property Location: Flat D on 15/F., Windsor Mansion,
29-35 Chatham Road, Kowloon, Hong Kong.
Owner: Rukma Industries Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances: (Under the same
mortgage deed as Property 4)
(Since 2008)
|
Date |
Particulars |
Amount |
|
18-11-2008 |
Instrument: Mortgage Property: 1) 1/301st part or share
of and in The Remaining Portion of Kowloon Inland Lot No. 8247 (Flat C on
15/F. of Windsor Mansion, 29-35 Chatham Road, 2) 1/301st part or share
of and in The Remaining Portion of Kowloon Inland Lot No. 8247 (Flat D on
15/F. of Windsor Mansion, 29-35 Chatham Road, Kowloon, Hong Kong.)Kowloon,
Hong Kong.) Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
To secure all existing and future general banking facilities |
|
30-04-2012 |
Instrument: Mortgage Property: All that 1/301 part of share of and in All that piece or parcel of
ground registered in the Land Registry as The Remaining Portion of Kowloon
Inland Lot No. 8247 and of and in the messages erections and buildings
thereon now known as Windsor Mansion and Union Mansion and known at the date
hereof as No. 29-35 Chatham Road together with the full and exclusive right
and privilege to hold use occupation and enjoyment all that Flat D on the
17/F. of the said Windsor Mansion Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
To secure all existing and future general banking facilities to the
extent of an unlimited amount thereto |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.51 |
|
|
1 |
Rs.94.98 |
|
Euro |
1 |
Rs.81.62 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
---- |
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.