MIRA INFORM REPORT
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Report Date : |
21.12.2011 |
IDENTIFICATION DETAILS
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Name : |
AVACORP |
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Registered Office : |
16/F., Hong Kong &
Macau Building, 156-157 Connaught Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.03.1993 |
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Com. Reg. No.: |
16653203-000-03 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of Yarn, labels for garment, textile machinery and equipment, pharmaceuticals, dyestuffs, etc. |
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No. of Employees
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20. (Including associates) |
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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name
AVACORP
Company ADDRESS
16/F., Hong Kong & Macau Building, 156-157 Connaught Road Central, Hong Kong.
PHONE: 2525 3035~6, 2525 7107, 2107 2700, 2107 2769
FAX: 2526 0458, 2521 8769
E-MAIL: docs@shelexpo.com
MANAGEMENT
Manager: Mr. Ashok Arjan Vaswani
SUMMARY
Establishment 11th March, 1993.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter and Wholesaler.
Group Annual Turnover: US$50~55 million.
Employees: 20. (Including associates)
Main Dealing Banker: Union Bank of India, Hong Kong Branch.
Banking Relation: Satisfactory.
Company ADDRESS
Head Office:-
16/F., Hong Kong & Macau Building, 156-157 Connaught Road Central, Hong Kong.
Associated Companies:-
· Acerank Investments Ltd., Hong Kong. (Business name: CP Logistics) (All same address)
· Guangzhou Sheila’s Export Ltd.
·
605,
Animateview Business Harbour, 855 Gong Ye Da Dao Nan, Haizhu District,
Guangzhou, Guangdong Province, China.
[Tel: 86-20-8443 7845; Fax: 86-20-8443 7844]
·
Sheila’s Exports Ltd., Hong Kong.
(Business names: Trident Resources, Trident Creations,
Trident Technologies, Asia Exports HK, Silken Fibers, Meilitex, Grande
Marm I, Avacorp, and Z+Technology) (All
same address)
· Silver Reed Holdings Inc., British Virgin Islands.
· Vidhi Dyestuffs Manufacturing Ltd., India.
· Wonderland Toys Ltd., Bangladesh.
BUSINESS REGISTRATION NUMBER
16653203-000-03
MANAGEMENT
Manager: Mr. Ashok Arjan Vaswani
SOLE PROPRIETOR
Name: Mr. Ashok Arjan VASWANI
Residential Address: Flat
C, 10/F., Conway Mansion, 29 Conduit Road, Hong Kong.
HISTORY
The subject was established on 11th March, 1993 as a sole proprietorship concern owned by Mr. Ashok Arjan Vaswani under the Hong Kong Business Registration Regulations.
At the very beginning, the subject was located at 13/F., Worldwide Commercial Building, 34 Wyndham Street, Hong Kong, moved to 14/F., China Merchants Building, 152-155 Connaught Road Central, Hong Kong in July 2001, moved to 9/F., China Merchants Commercial Building, 15‑16 Connaught Road West, Sheung Wan, Hong Kong in November 2008, and further moved to the present address in September 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Yarn, labels for garment, textile machinery and equipment, pharmaceuticals, dyestuffs,
etc.
Employees: 20. (Including associates)
Commodities Imported: China, Taiwan, Japan, South Korea, Middle East, US, Germany, Sweden, etc.
Markets: India, Bangladesh, Australia, other Asian countries, Middle East, Central & South
America, etc.
Group Annual Turnover: US$50~55 million.
Terms/Sales: As per contracted.
Terms/Buying: L/C, D/P, D/A, O/A, etc.
FINANCIAL INFORMATION
Capital: Not disclosed.
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· Union Bank of India, Hong Kong Branch.
· Canara Bank, Hong Kong Branch.
· Bank of Baroda, Hong Kong Branch.
· HBZ Finance Ltd., Hong Kong.
Standing: Normal.
GENERAL
Avacorp is a sole proprietorship set up and owned by Mr. Ashok Arjan Vaswani who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Vaswani is also the manager of the subject. Vaswani set up a firm located at the same operating address known as Sheila’s Exports Ltd. [Sheila’s Exports] on 18th March, 1977.
Sheila’s Exports is a large size trading house based in Hong Kong and has been doing business for more than three decades in the China trade. It is specialized in handling various kinds of engineering, electronics products, fabrics, yarns, etc. Sheila’s Exports has had the following business names: “Asia Exports HK”, “Avacorp”, “Grande Marm I”, “Meilitex”, “Silken Fibers”, “Trident Creations”, “Trident Resources”, “Trident Technologies” and “Z+Technology”.
The subject commenced business in March 1993. The one under Sheila’s Exports is quite different from the subject as they bear different business registration numbers. However, the subject is engaged in the same lines of business as Sheila’s Exports.
Sheila’s Exports has set up a representative office in Guangzhou, Guangdong Province, China to facilitate commodities sourcing. Its China office is responsible for sourcing products, inspecting products and providing all logistic supports to the subject and its overseas clients. It has a team of professionals and technical experts to inspect and control the quality of different products.
Sheila’s Exports represents many corporations in the United States, India, Bangladesh, Nepal, Sri Lanka, etc. and undertakes sourcing and logistical requirements for them in China and the Asia Pacific region. Some of the firms have authorized the subject to act as their sole buying agents.
Sheila’s Exports trades in the following commodities: dyeing, tanning and colouring materials; health and medical care; machine parts; pharmaceutical and medicine; pharmaceutical preparation; piecegoods – vegetable fibre; yarn – woollen; yarn – vegetable fibre; marble blocks, porcelain and ceramic tiles; chemicals; pigments; textiles and made-ups; etc. Commodities are sourced from China, Taiwan, Japan, South Korea, the Middle East, Europe and the United States. Re-export markets are India, Bangladesh, Australia, Dubai, the United States, the Philippines, etc.
Sheila’s Exports has had an associated company CP Logistics located at its operating address. CP Logistics is the business name of Acerank Investments Ltd. [Acerank] which is a Hong Kong-registered firm. It is engaged in freight forwarding and customs clearing.
Incorporated on 13th December, 1988, Acerank is a Hong Kong-registered company located at the operating address of the subject. Having issued 10,000 ordinary shares of HK$1.00 each, Acerank is a wholly-owned subsidiary of Silver Reed Holdings Inc. which is a BVI-registered firm.
Acerank is trading in the following commodities:-
· Piecegoods — Vegetable Fibre (Linen/Cotton)
· Piecegoods — Silk
· Haberdashery (Button from Bangladesh)
Commodities are sourced from China, India, Bangladesh, other Asian countries, etc. Prime markets are North America, Europe, Asian countries, etc. Business is steady as regular suppliers and customers have been maintained. Annual sales turnover of the Group ranges from US$50 to 55 million. Business is rather active.
The subject is fully supported by Sheila’s Exports and its subsidiaries.
As the history of the subject is over eighteen years and nine months in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.03 |
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UK Pound |
1 |
Rs.82.34 |
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Euro |
1 |
Rs.68.99 |
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.