|
Report Date : |
18.02.2013 |
IDENTIFICATION DETAILS
|
Name : |
EMKAY
INDUSTRIES (H.K.) LTD. |
|
|
|
|
Registered Office : |
18/F., Crocodile Centre, 79 Hoi Yuen Road, Kwun Tong, Kowloon |
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|
|
|
Country : |
Hong Kong. |
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|
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Date of Incorporation : |
17.10.1975 |
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|
|
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Com. Reg. No.: |
04551526 |
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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 |
|
|
|
|
No. of Employees : |
35. |
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 Complaint |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
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'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 7.8% of
total system deposits in Hong Kong by the end of 2011, an increase of over 59%
since the beginning of the 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 28 million in
2011, 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 2011 mainland Chinese companies constituted about 43% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply
conditions caused Hong Kong property prices to rise rapidly in 2010 and
inflation to rise 5.3% in 2011. 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 |
EMKAY INDUSTRIES (H.K.)
LTD.
ADDRESS: 18/F., Crocodile Centre, 79 Hoi
Yuen Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 3760 7100
FAX: 2357 4010
E-MAIL: rosa@emkay-hk.com
nilesh@emkay-hk.com
Managing
Director: Mr. Murli Khushiram Sajnani
Incorporated
on: 17th October, 1975.
Organization: Private Limited Company.
Capital: Nominal: HK$1,428,500.00
Issued: HK$1,428,500.00
Business Category: Importer,
Exporter and wholesaler.
Annual
Turnover: HK$80~85 million.
Employees: 35.
Main Dealing
Banker: CITIC Bank International Ltd.,
Hong Kong.
Banking
Relation: Satisfactory.
Registered
Head Office:-
18/F., Crocodile
Centre, 79 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
Mailing
Address: G.P.O. Box 4830, Hong Kong.
Associated
Companies:- (Same address)
Kenvelo (HK) Ltd.,
Hong Kong.
Million
International Ltd., Hong Kong.
Ontrend (H.K.)
Ltd., Hong Kong.
04551526
0044527
Managing
Director: Mr. Murli Khushiram Sajnani
Contact
Person: Mr. Tommy Hung
Nominal Share
Capital: HK$1,428,500.00 (Divided into 14,285 shares of HK$100.00 each)
Issued Share
Capital: HK$1,428,500.00
(As per registry dated 30-11-2012)
|
Name |
|
No.
of shares |
|
Murli
Khushiram SAJNANI |
|
5,000 |
|
Asha Murli
SAJNANI |
|
5,000 |
|
Kellerton Group Ltd. Quastisky Building, P.O. Box 4389, Road Town, Tortola,
British Virgin Islands. |
|
4,285 |
|
|
|
–––––– |
|
|
Total: |
14,285 ===== |
(As per registry dated 17-10-2012)
|
Name (Nationality) |
Address |
|
Murli Khushiram
SAJNANI |
Flat D, 5/F., Hong Kong Garden, 8 Seymour
Road, Hong Kong. |
|
Nilesh Murli
SAJNANI |
Flat D, 5/F., Hong Kong Garden, 8 Seymour
Road, Hong Kong. |
(As per registry dated 17-10-2012)
|
Name |
Address |
Co.
No. |
|
Edtoma
Secretarial Services Ltd. |
Suite 1201, 12/F., Tower 2, The Gateway, 25 Canton Road,
Tsimshatsui, Kowloon, Hong Kong. |
534483 |
The
subject was incorporated on 17th October, 1975 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at 11/F., Rays Industrial Building, 71 Hung To Road,
Kwun Tong, Kowloon, Hong Kong, moved to the present address with effect from
5th August, 2010.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
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, Asian
countries, etc.
Annual Turnover: HK$80~85 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C,
T/T, D/A, etc.
Nominal Share
Capital: HK$1,428,500.00 (Divided into 14,285 shares of HK$100.00 each)
Issued Share
Capital: HK$1,428,500.00
Alternation
of Capital:-
|
Initially |
paid up |
HK$1,000,000.00 |
|
December 2012 |
paid up |
HK$
428,500.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$1,428,500.00 ============= |
Increases
of Nominal Capital:-
|
From |
HK$1,000,000.00 |
to |
HK$1,428,500.00 |
in |
December 2012 |
Mortgage or
Charge: (See attachment)
Profit & Loss:
Maintaining a small profit every year.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking
facilities.
Payment: Met trade commitments on
time.
Commercial
Morality: Satisfactory.
Bankers:-
CITIC Ka Wah Bank Ltd., Hong Kong.
[Now known as CITIC Bank International Ltd.]
DBS Bank
(Hong Kong) Ltd., Hong Kong.
HBZ Finance Ltd.,
Hong Kong.
Indian Overseas
Bank, Hong Kong Branch.
Shanghai
Commercial Bank Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
UCO Bank,
Hong Kong Branch.
Standing: Good.
Had
issued 10,000 ordinary shares of HK$100.00 each, Emkay Industries (H.K.) Ltd.
was equally owned by Mr. Murli Khushiram Sajnani and Mrs. Asha Murli
Sajnani. The subject issued 4,285 more
shares which have been allotted to a BVI-registered firm Kellerton Group Ltd.
[Kellerton]. Now, the subject is jointly
held by Mr. Murli Khushiram Sajnani, holding 35%, Mrs. Asha Murli Sajnani, also
35%; Kellerton, 30%.
Being
Indian, the first and second shareholders have been in Hong Kong for a
very long time as they have got the right to reside in Hong Kong
permanently. The directors of the
subject are Murli Khushiram Sajnani and Nilesh Murli Sajnani. They belong to the same family.
The
subject is a garment trader. It has had
three associated companies located at its operating address, namely, Ontrend
(H.K.) Ltd., Million International Ltd. and Kenvelo (HK) Ltd., all are Hong
Kong-registered firms. These three firms
are engaged in the same lines of business as the subject.
The
subject moved to the present new address in August 2010.
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:-
·
Belt – Imitation Leather;
·
Belt – Textile;
·
Belts;
·
Blouses;
·
Clothing Accessories;
·
Coats;
·
Dress Gloves;
·
Dresses and Skirts;
·
Imitation / Costume Jewellery;
·
Imitation / Costume Jewellery and Hair Ornament;
·
Knitted Garments;
·
Knitwear;
·
Other Children’s Wear;
·
Scarves;
·
Sport Shirts;
·
Suits and Jackets – Men’s;
·
Suits and Jackets – Women’s;
·
Sweat Shirts;
·
Tee-Shirts (Men’s, Women’s and Children’s);
·
Trousers and Slacks;
·
Underwear – Children’s;
·
Underwear – Men’s;
·
Underwear – Women’s; &
·
Underwear and Nightwear.
Products,
manufactured by its affiliated factory in China or sourced from the other China
suppliers, are exported to India, the United States, Europe, Scandinavia,
Africa, etc. Business is rather
active. One of the subject’s US
customers is 4You America LLC. This firm
is in New York, the United States.
The
contact person of the subject Mr. Tommy Hung is an employee of the
subject. Being a Hongkongnese, he is the
senior merchandiser of the subject.
Annual
sales turnover of the subject ranges from HK$80 to 85 million. Regular suppliers and overseas clients have
been maintained. Making a small profit
every year.
On
the whole, since the history of the subject in Hong Kong is over thirty‑seven
years, consider it good for normal business engagements.
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:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
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:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
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. |
3. Property Location: Apartment C on G/F. and Car Parking Space No. 41,
Alpine Court, 12 Kotewall Road, Hong Kong.
Owner: Emkay Industries (H.K.) Ltd.
Date of
Purchase: n.a.
Purchased
Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount
Consideration |
Mortgagee |
Nature |
|
29-12-2008 |
- |
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. |
|
Date |
Particulars |
Amount |
|
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 |
|
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 |
|
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] |
|
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 |
|
29-12-2008 |
Instrument: Mortgage Property: 1/49th part or share of and in The
Remaining Portion of Inland Lot No. 932 (Apartment C on G/F. and Car Parking
Space No. 41 of Alpine Court, 12 Kotewall Road, Hong Kong.) Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities granted
to Emkay Industries (H.K.) Ltd., Ontrend (H.K.) Ltd. and Million
International Ltd. |
|
17-08-2010 |
Instrument: Assignment
of Life Insurance Property: 1) All the Assignor’s claims under the
Insurance: Insurance Policy
No: 28002548 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Mr.Nilesh Murli Sajnani Assignor / Policy Owner: Emkay Industries (H.K.) Ltd. 2) All the Assignor’s claims
against the issuer of the Policy Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All and any monies in any currency owing by the Assignor to the
Bank (ii) interest on such monies (iii) all monies paid by the Bank in
respect of the Policy |
|
19-12-2012 |
Instrument: Undertaking
Relating to Deposits Property: 1) Distinctive No. of Receipt: 2012 FD 305 1 Date of
Receipt: 04-12-2012 Amount of
Deposit: US$48,000 Rate of
Interest: 0.780% Maturity Date of
Deposit: 03-06-2013 2) Distinctive No. of Receipt: 2012 FD 306 1 Date of
Receipt: 05-12-2012 Amount of
Deposit: US$463,979.40 Rate of
Interest: 0.780% Maturity Date of
Deposit: 03-06-2013 Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All and any liabilities, sole or joint, actual or contingent,
quantified or not, now or hereafter owing or incurred to the Bank by the
Company or any third party designated by the company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.98 |
|
UK Pound |
1 |
Rs.83.72 |
|
Euro |
1 |
Rs.72.08 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.