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Report No. : |
352641 |
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Report Date : |
07.12.2015 |
IDENTIFICATION DETAILS
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Name : |
EMKAY INDUSTRIES (H.K.) LTD. |
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Registered Office : |
18/F., Crocodile Centre, 79 Hoi Yuen Road, Kwun Tong, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
17.10.1975 |
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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. |
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No. of Employees : |
33 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 |
HONGKONG - 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 12.5% of total system deposits in Hong Kong
by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
EMKAY INDUSTRIES
(H.K.) LTD.
ADDRESS: 18/F.,
Crocodile Centre, 79 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-3760
7100, 3760 7120
FAX: 852-2357
4010, 3905 7348
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.
Issued Share Capital: HK$1,428,500.00
Business Category: Importer,
Exporter and wholesaler.
Annual Turnover: HK$80~90 million.
Employees: 33.
Main Dealing Banker: CITIC Bank International Ltd., Hong Kong.
Banking Relation: Good.
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
HK$1,428,500.00 (Divided into 14,285 ordinary shares into
HK$100.00 each)
(As per registry dated 17-10-2015)
|
Name |
|
No. of shares |
|
Murli Khushiram SAJNANI |
|
5,000 |
|
Asha Murli SAJNANI |
|
5,000 |
|
Kellerton Group Ltd. NovaSage Chambers, P.O. Box 4389, Road Town, Tortola,
British Virgin Islands. |
|
4,285 |
|
|
|
–––––– |
|
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Total: |
14,285 ===== |
(As per registry dated 17-10-2015)
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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 17-10-2015)
|
Name |
Address |
Co. No. |
|
Edtoma Secretarial Services Ltd. |
Suite 1201, 12/F., Tower 2, The Gateway, 25 Canton
Road, Tsimshatsui, Kowloon, Hong Kong. |
0534483 |
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: 33.
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$80~90
million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/A, etc.
Issued Share Capital: HK$1,428,500.00
(Divided into 14,285 ordinary shares into HK$100.00 each)
Mortgage or Charge: (See
attachment)
Profit or 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: Very Good.
At the beginning, having
issued 10,000 ordinary shares of HK$100.00 each, Emkay Industries (H.K.) Ltd.
formerly was equally owned by Mr. Murli Khushiram Sajnani and Mrs. Asha
Murli Sajnani. The subject then has
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%. The
Sajnanis belong to the Sajnani family who have been in Hong Kong for a very
long time.
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.
It has got an affiliated garment manufacturing factory in Ningbo City,
Zhejiang Province, China.
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;
· Polo Shirts;
· 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, other Asian
countries, the United States, Europe, Scandinavia, Africa, etc. Business is rather active.
One of the subject’s significant 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
90 million. Regular suppliers and
overseas customers have been maintained.
Making a small profit every year.
The subject has had certain premises in Hong Kong.
On the whole, since the history of the subject in Hong
Kong is over forty years and a month, 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 |
Description of Instrument |
Mortgagee |
|
10-12-2004 |
Mortgage |
HBZ Finance Ltd., Hong Kong. |
|
06-07-2007 |
Assignment of DC Proceeds re export bills restricted to
other banks for negotiation/payment |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
|
14-12-2007 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
|
30-07-2008 |
Lien and Set-Off Agreement |
HBZ Finance Ltd., Hong Kong. |
|
29-12-2008 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
|
17-08-2010 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
|
19-12-2012 |
Undertaking Relating to Deposits |
Indian Overseas Bank, Hong Kong Branch. |
|
18-04-2013 |
Undertaking Relating To Deposits |
Indian Overseas Bank, Hong Kong Branch. |
|
31-10-2013 |
Undertaking Relating To Deposits |
Indian Overseas Bank, Hong Kong Branch. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.84 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.05 |
|
HKD |
1 |
Rs.8.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.