|
Report Date : |
04.12.2014 |
IDENTIFICATION DETAILS
|
Name : |
AMKAY CO. LTD. |
|
|
|
|
Formerly Known as : |
M. M. Watch
Industries Ltd. |
|
|
|
|
Registered Office : |
c/o Akin Professionals
Ltd., 20/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
09.06.2000 |
|
|
|
|
Com. Reg. No.: |
31114850 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Engaged in trading garments, stationery, umbrella, shoes, toys,
electronic products, electric appliances & sundry products |
|
|
|
|
No of Employees : |
no Employees
in NOTE : It is to
be noted that the company does not have its own operating office in |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No Operating Office in Hong Kong
|
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
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 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.
|
Source
: CIA |
AMKAY
CO. LTD.
Registered Office:-
C/o Akin Professionals Ltd.
20/F., Champion Building, 287-291 Des Voeux Road
Central, Sheung Wan, Hong Kong.
[Tel: 852-2723 2724]
Yiwu Representative Office:-
Room 501, Futain Apartment, 258 Chengbei Road, Yiwu
City, Zhejiang Province, China.
[Tel: 86-579-8559 0355]
[Representative:
Mr. Kalpesh Meghraj Bheemanee]
Guangzhou Representative Office:-
Room 1301A, Block C, Di Jing Yuan, Longkou West
Road, Tianhe District, Guangzhou City, Guangdong Province, China.
[Tel: 86-20-3884 2792]
31114850
0719569
9th June, 2000.
HK$500,000.00
(As per registry dated 09-06-2014)
|
Name |
|
No.
of shares |
|
Mangilal Khemchand BAFNA |
|
500,000 ====== |
(As per registry dated 09-06-2014)
|
Name (Nationality) |
Address |
|
Priyank Mangilal
BAFNA |
B/1001, Pratiksha Towers, R S Nimkar Marg,
Mumbai‑400008, India. |
|
Kalpesh
Meghraj BHEEMANEE |
Navjivan Society Building 9, 4/F., Flat
22, Dr. D. B. Marg, Mumbai, India. |
(As
per registry dated 09-06-2014)
|
Name |
Address |
Co.
No. |
|
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 Unit 1-N, 12/F., Century
Centre, 44-46 Hung To Road, Kwun Tong, Kowloon, Hong Kong where was the
operating address of Hong Kong Business Consulting Co. with effect from 2nd
July, 2014. However, with effect from
12th August, 2014, the subject moved back to the office of Akin Professionals
Ltd.
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 20/F.,
Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong known
as Akin Professionals Ltd. which is handling its correspondences and documents.
The
subject has no employees in Hong Kong.
Your
given address Flat C, 9/F., Star Mansion, 3 Minden Row, Tsimshatsui, Kowloon,
Hong Kong is the Hong Kong residential address of Mangilal Khemchand Bafna.
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 set up on 20th January, 2010.
Its business registration No. is 330782500012170.
The
subject also has set up an office in Guangzhou City, Guangdong Province, China. The legal representative of the Guangzhou
Office is also Mr. Priyank Mangilal Bafna.
The Guangzhou Office commenced business on 12th April, 2012. Its business registration No. is
440101500034042. Its Tax Paying No. is
44010059371864X.
According
to the web-site of the subject, it is trading in Stainless Steel Bright Bar,
Stainless Steel Wire, Stainless Steel Wire Rod, Welding Wire, Stainless Steel
Rolled Strip, Wielding Wire, other metal steel products, etc.
According
to the China mobile phone number provided your party, we can reach Mr. Kalpesh
Meghraj Bheemanee at the number 86-1373 5754 341. According to Mr. Kalpesh Meghraj Bheemanee,
the subject is trading in the above-mentioned products.
The
subject has been banking with The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
The
subject’s business in Hong Kong is not very active. History in Hong Kong is over 14 years and
five months.
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.
Please
be advised that:
1. The
subject may have changed its lines of business.
2. According
to the certificate issued by the Chinese Government, the subject is trading in
general household products.
3. According
to the investigation of Yiwu City Government of China, the buying terms of the
subject are 10% deposit and the balance 90% will be paid in a month after
shipment.
4. According
to Yiwu City Government, the Yiwu City Office of the subject ships eight
containers of goods to foreign markets monthly.
The Yiwu City Office rents its office from 1st May, 2011 to 1st May,
2015. Rentals are paid in yearly.
5. According
to Guangzhou City Government of China, the Guangzhou Office of the subject has
not submitted its 2013 ‘annual return’ to them.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.87 |
|
|
1 |
Rs.96.83 |
|
Euro |
1 |
Rs.76.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.