|
Report Date : |
16.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
LACHMI’S INTERNATIONAL LTD. |
|
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Registered Office : |
11/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.01.1968 |
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Com. Reg. No.: |
02395966 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Importer and Exporter of Footwear, garments, garment accessories |
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|
|
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No of Employees : |
20 |
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 |
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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 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 |
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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 |
LACHMI’S
INTERNATIONAL LTD.
ADDRESS: 11/F., Harbour Crystal
Centre, 100 Granville Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2368
0224 (10 lines), 2171 8054, 2171 8988
FAX: 852-2721
6316
E-MAIL: info@lachmis.com.hk
raju@lachmis.com.hk
precy@lachmis.com.hk
MANAGEMENT:
Managing Director: Mr. Raju Wadhwani
Incorporated on: 25th January, 1968.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$1,370,000.00
Business Category: Garment
Trader.
Annual Turnover: US$50~60 million.
Employees: 20.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
LACHMI’S INTERNATIONAL LTD.
Registered Head
Office:-
11/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui East,
Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 96261, Tsim Sha Tsui Post Office, Kowloon, Hong Kong.
Associated
Companies:-
Grand Step (HK) Ltd.
Flat A07, 8/F., Harbour Crystal Centre, 100 Granville Road, Tsimshatsui
East, Kowloon, Hong Kong.
[Tel: 852-2368 8666 Fax:
852-2368 8669]
Grand Step (HK) Ltd. Dongguan Office, China.
02395966
0015003
Managing Director: Mr. Raju
Wadhwani
Contact Person: Mr. Urriquia
Robert
Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of
HK$100.00 each)
Issued Share Capital: HK$1,370,000.00
(As per registry dated 25-01-2014)
|
Name |
|
No. of shares |
|
Raju WADHWANI |
|
10,275 |
|
Sudha Raju WADHWANI |
|
3,425 |
|
|
|
–––––– |
|
|
Total: |
13,700 ===== |
(As per registry dated 25-01-2014)
|
Name (Nationality) |
Address |
|
Raju WADHWANI |
Flat A/B, 18/F., Block D, Wylie Court, 19 Wylie Path, Homantin,
Kowloon, Hong Kong. |
|
Sudha Raju WADHWANI |
Flat A/B, 18/F., Block D, Wylie Court, 19 Wylie Path, Homantin,
Kowloon, Hong Kong. |
(As per registry dated 25-01-2014)
|
Name |
Address |
Co. No. |
|
PRO (Nominees) Ltd. |
15/F., Fung Sang Trading Building, 54 Bonham Strand West, Sheung Wan,
Hong Kong. |
0072653 |
The subject was incorporated on 25th January, 1968 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat C & D, 6/F., Alpha House,
27‑33 Nathan Road, Tsimshatsui, Kowloon, Hong Kong, moved to the
present address in February 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Footwear,
garments, garment accessories
Employees: 20.
Commodities Imported: China, other
Asian countries
Markets: Europe,
North America, Central & South America, Africa
Annual Turnover: US$50~60
million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P
MEMBERSHIP: The Indian
Chamber of Commerce Hong Kong, Hong Kong.
Nominal Share Capital: HK$2,000,000.00 (Divided into 20,000 shares of
HK$100.00 each)
Issued Share Capital: HK$1,370,000.00
Mortgage or Charge (since 2007):
(See attachment)
Profit or Loss: Making a small
profit in the past years.
Condition: Keeping in an active
& satisfactory condition.
Facilities: Making active use of
general banking facilities.
Payment: Reliable.
Commercial Morality:
Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
Wing Hang Bank Ltd., Hong Kong.
Standing: Very Good.
Having issued 13,700 ordinary shares of HK$100.00 each, Lachmi’s
International Ltd. is jointly owned by Raju Wadhwani, holding 75% interests;
and Mr. Sudha Raju Wadhwani, holding 25%.
They are also directors of the subject.
The two Wadhwanis are Hong Kong ID Card holders and have got the right
to reside in Hong Kong permanently.
Incorporated in January 1968, the subject is owned by the Wadhwani
family.
The subject is a Hong Kong based export house exporting all types of
casual wear (denim jeans, winter jackets, ladies blouses, men’s casual wear,
sportswear, etc.). Its significant
products are short jeans, skinny-leg jeans, straight‑leg jeans. The subject also trades in the following
commodities: shorts, skirt, sweatshirt, trouser, sweater, tops, tank top,
T-shirts, woven garment, work wear, night dresses (sleep wear), ladies wear,
jacket, jeans, knit wear, men’s wear, camisole, casual wear, children wear,
beach wear, sports wear, etc.
The subject also has set up a division dealing in Home Textiles. It also has had a division responsible for
the Panama and Curacao markets.
The subject has customers ranging from wholesalers, buying houses and
chain stores in the United States, Canada, the United Kingdom, Spain, France,
Germany, Czech, South Africa, Panama, Mexico and other countries in Latin
America, Prague, the Middle East, etc.
The subject sources the merchandise from countries like China, Pakistan
and the other Asia Pacific countries.
According to the subject, it has had its own associated factory in
China.
In order to ensure the quality of the products, the subject has set up a
team of “quality control supervisors” supervising the production.
The subject has set up an office in Guangzhou City, Guangdong Province,
China. Its employees in China ensure
that the production inspections are done at all stages in line of the process
starting from selection of the correct fabric to the finished products.
The business scope
of the subject includes the following three main categories:-
Quality Controlling;
Shipping and Distribution; &
Sourcing (raw materials or finished products).
Besides in China, the subject has had offices in the other countries of
the world.
The annual sales turnover of the subject and its associates ranges from
US$50 to 60 million. Making a small
profit every year. Business is active
and steady as regular customers and suppliers have been maintained.
The subject has had an associated company Grand Step (HK) Ltd. [Grand
Step] which is located in the same building.
Grand Step is engaged in designing and producing a wide variety of
footwear, namely women’s fashion, casual and sports shoes, sandals, winter
boots, sports shoes, leather shoes, children’s shoes, slip-ons, etc. Products are exported to worldwide countries.
Most of the subject’s employees in Hong Kong are Indian.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities.
The subject is one of the oldest Indian companies in Hong Kong. It is a reliable suppliers.
The subject operates from its own office in Hong Kong.
Since the history of the subject in Hong Kong is over forty-six years,
on the whole, consider it good for normal business engagements.
Property information of the company:-
1. Property Location: Unit 01, 02, 03, 04, 05, 06 & 07 on
11/F., Harbour Crystal Centre, 100 Granville Road,
Kowloon, Hong Kong.
Owner: Lachmi’s International Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-04-2007 |
- |
Wing Hang Bank Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
2. Property Location: Unit 08, 09, 10, 11 & 12 on 11/F.,
Harbour Crystal Centre,
100 Granville Road, Kowloon, Hong Kong.
Owner: Lachmi’s International Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
18-06-2007 |
- |
Wing Hang Bank Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
3. Property Location: Office 1 (including portion of Flat
Roof thereof), 2 (including portion of Flat Roof thereof), 3 (including portion
of Flat Roof thereof), 4 (including portion of Flat Roof thereof), 5 (including
portion of Flat Roof thereof), 6 (including portion of Flat Roof thereof), 7
(including portion of Flat Roof thereof), 8, 9 & 10 on 5/F., Winning
Commercial Building, 46-48 Hillwood Road, Kowloon, Hong Kong.
Owner: Lachmi’s International Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
21-03-2007 |
- |
Wing Hang Bank Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
4. Property Location: Unit 05-06 on 3/F. of Tower II and Unit
No. 05 on 3/F. of Tower III, Enterprise Square, 9 Sheung Yuet Road, Kowloon,
Hong Kong.
Owner: Lachmi’s International Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
30-11-2007 |
- |
Wing Hang Bank Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
5. Property Location: Flat B on 5/F. & 6/F. (Duplex) with
Flat Roofs (Terraces) of Block 2, Siena Two B, Areas N1a (portion) & N1b, Discovery
Bay City, Discovery Bay, Lantau Island, Hong Kong.
Owner: Lachmi’s International Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
20-10-2009 |
- |
Wing Hang Bank Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
6. Property Location: Flat E, 28/F & 29/F. (Duplex),
Block 1, Chianti, Discovery Bay, Lantau Island, Hong Kong.
Owner: Lachmi’s International Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
31-10-2012 |
|
Wing Hang Bank Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
(Since 2007)
|
Date |
Particulars |
Amount |
|
21-03-2007 |
Instrument: Legal Charge Property: 391/8,150th parts or shares of and in Kowloon Inland Lot No. 9711
& 9686 [Office 1 (including portion of Flat Roof thereof), 2 (including portion
of Flat Roof thereof), 3 (including portion of Flat Roof thereof), 4
(including portion of Flat Roof thereof), 5 (including portion of Flat Roof
thereof), 6 (including portion of Flat Roof thereof), 7 (including
portion of Flat Roof thereof), 8, 9 & 10 on 5/F. of Winning
Commercial Building, 46‑48 Hillwood
Road, Kowloon, Hong Kong.] Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
General banking facilities in respect of all moneys |
|
30-04-2007 |
Instrument: Legal Charge Property: 12,437/19,652nd parts or shares of and in 138/3,100th parts or shares
of and in Kowloon Inland Lot No. 10600 (Unit 01, 02, 03, 04, 05, 06 & 07
on 11/F. of Harbour Crystal Centre, 100 Granville Road, Kowloon, Hong
Kong.) Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
All moneys in respect of general banking facilities |
|
18-06-2007 |
Instrument: Legal Charge Property: 7,215/19,652nd parts or shares of and in 138/3,100th parts or shares
of and in Kowloon Inland Lot No. 10600 (Unit 08, 09, 10, 11 & 12 on 11/F.
of Harbour Crystal Centre, 100 Granville Road, Kowloon, Hong Kong.) Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
All moneys in respect of general banking facilities |
|
30-11-2007 |
Instrument: Legal Charge Property: 10,106/728,680th parts or shares of and in New Kowloon Inland Lot No.
6115 (Unit 05-06 on 3/F. of Tower II and Unit 05 on 3/F. of Tower III of
Enterprise Square, 9 Sheung Yuet Road, Kowloon, Hong Kong.) Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
All moneys in respect of general banking facilities |
|
20-10-2009 |
Instrument: Legal Charge Property: 17/250,000th parts or shares of and in The Remaining Portion of Lot
No. 385 in Demarcation District No. 352 and 17/5,970th parts or shares of and
in the buildings [Flat B on 5/F. & 6/F. (Duplex) with Flat Roofs
(Terraces) of Block 2 of Siena Two B, Areas N1a (portion) & N1b,
Discovery Bay City, Discovery Bay, Lantau Island, Hong Kong.] Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
All monies |
|
22-08-2011 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2011 FC 3 1 01-06-2011 US$543,493.94 0.53% 30-08-2011 Mortgagee: Indian Overseas
Bank, Hong Kong Branch. |
“Liabilities” meaning all liabilities, sole
or joint, actual or contingent quantified or not, now or hereafter owing or
incurred to the Bank by the depositor or Third Party |
|
31-10-2012 |
Instrument: Legal Charge Property: All that the estate right title benefit & interest of and in all
those 16 /250,000 part of share of and in all that piece or parcel of ground
registered in the Land Registry as the remaining portion of Lot No. 385 in
Demarcation District No. 352 and the extensions thereto and all those
16/5,522 part of share of and in the building and other structured and
ancillary work now erected or constructed or hereafter to be erected or
constructed on that part of the Lot coloured orange on the Site Plan attached
to the said assignment now known as CHIANTI which forms part of the discover
Bay City together with the sole and exclusive right and privilege to hold use
occupy and enjoy all that Flat E on the 28/F., and 29/F (Duplex) together
with the terrace and galaxy garden and sky terrace thereof of Block 1 of the
Village, Area N1c, Discovery Bay, Lantau Island, Hong Kong which said Flat is
shown on the Floor Plan annexed to the said assignment and thereon coloured
Pink Mortgagee: Wing Hang Bank Ltd., Hong Kong. |
All monies |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.11 |
|
|
1 |
Rs.98.15 |
|
Euro |
1 |
Rs.77.68 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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.