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Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
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Name : |
AMKAY CO. LTD. |
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Formerly Known As : |
JUMBO PROFIT TRADING LTD. M. M. WATCH INDUSTRIES LTD. |
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Registered Office : |
c/o Hong Kong Business Consulting Unit 1-N, 12/F., Century Centre, 44-46 Hung To Road, Kwun Tong, |
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Country : |
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Date of Incorporation : |
09.06.2000 |
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Com. Reg. No.: |
31114850 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
THE SUBJECT IS TRADING IN THE FOLLOWING COMMODITIES: GARMENTS,
STATIONERY, UMBRELLA, SHOES, TOYS, ELECTRONIC PRODUCTS, ELECTRIC APPLIANCES,
SUNDRY PRODUCTS, |
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No. of Employees |
No Employees In [It is to be noted that the company does not
have its own operating office in |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating office in |
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Payment Behaviour : |
Unknown |
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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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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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
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
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Source
: CIA |
AMKAY
CO. LTD.
ADDRESS:
Registered
Office:-
c/o Hong Kong Business Consulting Co.
Unit 1-N, 12/F., Century Centre, 44-46 Hung
To Road, Kwun Tong, Kowloon, Hong Kong.
Note: “Flat C, 9/F.,
Star Mansion, 3 Minden Row, Tsimshatsui, Kowloon, Hong Kong” is the Hong Kong
residential address of the subject’s shareholder.
Yiwu
Representative Office:
Room 501, Futain Apartment, 258 Chengbei
Road, Yiwu City, Zhejiang Province, China.
[Representative: Mr. Kalpesh Meghraj Bheemanee]
31114850
0719569
9th
June, 2000.
HK$500,000.00
(As per registry dated 09-06-2014)
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Name |
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No.
of shares |
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Mangilal Khemchand BAFNA |
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500,000 ====== |
(As per registry dated 09-06-2014)
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Name (Nationality) |
Address |
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Priyank Mangilal BAFNA |
B/1001, Pratiksha Towers, R S Nimkar Marg,
Mumbai‑400008, India. |
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Kalpesh Meghraj BHEEMANEE |
Navjivan Society Building 9, 4/F., Flat
22, Dr. D. B. Marg, Mumbai, India. |
(As per registry dated 09-06-2014)
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Name |
Address |
Co.
No. |
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Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des
Voeux Road Central, Sheung Wan, Hong Kong. |
1273165 |
The subject was incorporated on 9th June, 2000
as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under
the name of Jumbo Profit Trading Ltd., name changed to M. M. Watch Industries
Ltd. on 26th July, 2000 and further to the present style on 5th September,
2006.
Formerly the subject was located at “20/F.,
Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong” where
was the operating office of a commercial service provider “Akin Professionals Ltd.”,
moved to the present address with effect from 2nd July, 2014.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Having issued 500,000 ordinary shares, Amkay
Co. Ltd. is wholly owned by Mangilal Khemchand Bafna who is an India
merchant. The directors of the subject
are Mangilal Khemchand Bafna and Kalpesh Meghraj Bheemanee. The latter is also an India merchant. Both are India passport holders and do not
have the right to reside in Hong Kong permanently.
The subject does not have its own operating
office. Its registered office is in a
commercial service firm located at “Unit 1-N, 12/F., Century Centre, 44‑46 Hung
To Road, Kwun Tong, Kowloon, Hong Kong” which is handling its correspondences
and documents.
The subject has no employees in Hong Kong.
Your “Flat C, 9/F.,
We can reach nobody at your given Hong Kong
phone number 852‑2723 2724 as this line is no longer in service.
To our knowledge, the subject has had a
representative office in Yiwu City, Zhejiang Province, China. The representative of the Yiwu Office is
Kalpesh Meghraj Bheemanee. The legal
representative of the Office is Priyank Mangilal Bafna.
The Yiwu Office was approved by Yiwu City
Government on 19th June, 2013.
The subject is trading in the following
commodities:
Garments, Stationery, Umbrella, Shoes, Toys,
Electronic Products, Electric Appliances, Sundry Products.
Commodities are sourced from the suppliers
of Yiwu City. Prime market is
India. The buying terms are 10% deposit
and the balance 90% will be paid in a month after shipment.
According to Yiwu City Government, the Yiwu
City Office of the subject ships eight containers of goods monthly.
The Yiwu City Office rents its office from
1st May, 2011 to 1st May, 2015. Rentals
are paid in yearly.
The subject’s business in Hong Kong is not
active. History in Hong Kong is over 14
years.
Since the subject does not have its own
operating office and has no employees in Hong Kong, consider it good for
business engagements on L/C basis.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.06 |
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UK Pound |
1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SDA |
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.