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Report Date : |
11.03.2013 |
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 Middle Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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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 : |
Subject is a textile raw material supplier and general
trader |
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No. of Employees : |
09 |
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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
J.K.N. INTERNATIONAL LTD.
Flat C-6, 16/F., Hankow Centre, 1C Middle Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2243 0801, 2923 5300, 2723 0112
FAX: 2243 1230, 2739 2141
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: 9.
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 Import & Export Trading Ltd., China.
Icotton Ltd., Hong Kong.
Khalid Persian Carpets House, India.
Microweb Ltd., Hong Kong.
07581811
0106315
Director & Chief Executive Officer: Mr. Javed Iqbal
Contact Person: Ms. Connie Lo
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 04-12-2012)
|
Name |
|
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 04-12-2012)
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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 04-12-2012)
|
Name |
Address |
Co.
No. |
|
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: 9.
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$30,100,000.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 04-12-2012)
Mortgage or Charge (since November 2012): (See attachment)
Profit & Loss: Business is profitable.
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.
The Hongkong & Shanghai Banking Corp. 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 share 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.
The directors of JKN are foreigners but each is holding a Hong Kong ID.
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 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, leather footwear, foodstuff, household 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, China, 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. 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 include Land Developers, Political Parties, trading firms, consulates, etc.
MicroWeb was established in 1999 and has been staffed with professionals and professors. 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 31 years.
The contact person of the subject Ms. Connie Lo is a Hongkongnese.
JKN owns premises in Hong Kong.
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:-
|
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.
(Since November
2012)
|
Date |
Particulars |
Amount |
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08-11-2012 |
Instrument: Legal Charge/Mortgage Property: All Those 1,048 equal undivided 58,757 part or shares of and in All That piece or parcel of ground registered in the Land Registry as Kowloon Inland Lot No. 10224 & of and in the messuages elections & buildings thereon now known as “Astoria Building”, No. 24, 26, 28 & 30 Ashley Road (now knows as No. 34 Ashely Road), Kowloon, Hong Kong. Together with the sole and exclusive right & privilege to hold use occupy and enjoy All That Unit B on the Twelfth Floor of the Building. Mortgagee: CITIC Bank International Ltd., Hong Kong. |
All sums of money payable to the Bank by the
Company/Mortgage |
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06-11-2012 |
Instrument: Legal Charge/Mortgage Property: All Those 1,532 equal undivided 58,757 part or shares of and in All That piece or parcel of ground registered in the Land Registry as Kowloon Inland Lot No. 10224 & of and in the messuages elections & buildings thereon now known as “Astoria Building”, No. 24, 26, 28 & 30 Ashley Road (now knows as No. 34 Ashely Road), Kowloon, Hong Kong. Together with the sole and exclusive right & privilege to hold use occupy and enjoy All That Unit A on the Twelfth Floor of the Building. 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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26-11-2012 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner:- (A) Assigns and agrees to assign absolutely to the Bank all the present and future rights, title, interests and benefits of the Borrower in and to the following assets:- (i) Export Credits; (ii) Export Collection Bills; (iii) Sales Contracts; (iv) Invoice Receivables; (v) Insurances; (vi) Trade Documents; and (vii) all claims, remedies and proceeds in connection with any of the foregoing; and (B) Charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interests and benefits of the Borrower in and to the following assets: (i) the Goods together with their proceeds; and (ii) the Deposit; and (C) Pledges & agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are now or may in the future be in the Bank’s possession Mortgagee: CITIC Bank International Ltd., Hong Kong. |
As security for the payment of all Secured Liabilities |
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31-12-2012 |
Instrument: Mortgage Property: All That one equal undivided 920 part of share of and in All That piece or parcel of ground registered in the Land Registry as The Remaining Porting of Kowloon Inland Lot No. 6817 & of and in the messuages erections & buildings thereon known at the date hereof as “Chungking Mansion” Together with the sole and exclusive right and privilege to hold use occupy and enjoy All that shop 32 on the Ground Floor of the Building. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All sums of money payable to the Lender by the company
under the Mortgage |
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31-12-2012 |
Instrument: Rental Assignment Property: A) All the company’s right, title, interest and benefit to and in any moneys whatsoever payable to the company by present or future lessees and all other rights and benefits whatsoever accruing to the company, in the company’s capacity as a lessor, from present or future lessees pursuant to any Lease or Leases of the Property or any part or parts thereof. B) Charges by way of first fixed charge to the Assignee all monies standing to the credit of the Rental Account and all interest from time to time payable thereon and all right, title, and interest of the company, present and future, thereto and therein. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
All sums of money payable to the Assignee by the
company under the Rental Assignment |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.40 |
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UK Pound |
1 |
Rs.81.57 |
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Euro |
1 |
Rs.71.24 |
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.