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Report Date : |
15.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
A.R. INT’L
(HK) LTD. |
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|
|
|
Registered Office : |
Room 902, 9/F., Diamond Exchange Building, 8-10 Duddell Street,
Central |
|
|
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|
Country : |
Hong Kong |
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|
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Date of Incorporation : |
17.05.1991 |
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Com. Reg. No.: |
10532902 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter, Manufacturers’ Representative of Machinery,
apparatus and parts, vegetables, leather garments and other garments, sundry
products, etc. |
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|
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No. of Employees : |
8 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
A.R. INT’L (HK)
LTD.
Room 902, 9/F.,
Diamond Exchange Building, 8-10 Duddell Street, Central, Hong Kong.
PHONE: 2523 5377, 2522 5480
FAX: 2523 0767
E-MAIL: arintl@netvigator.com
Managing
Director: Mrs. Abiraami Arunachalam
Establishment : 17th May, 1991. (Sole Proprietorship)
Incorporated on : 2nd September, 1986.
Organization : Private Limited Company.
Capital: Nominal : HK$50,000,000.00
Issued: HK$50,000,000.00
Business Category : Importer and Exporter, Manufacturers’ Representative.
Annual Turnover : HK$85~90 million.
Employees : 8. (Including associates)
Main Dealing Bankers :Bank of India, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
Banking Relation :
Satisfactory.
A.R. INT’L
(HK) LTD.
Registered
Head Office:-
Room 902, 9/F.,
Diamond Exchange Building, 8-10 Duddell Street, Central, Hong Kong.
Affiliated/Associated
Companies:-
A.R.Steel Ltd., Hong Kong. [Dissolved]
Akshay Software Technologies Ltd., India.
ARA Investments & Finance Ltd., India.
ARA Securities Pvt. Ltd., India.
Asian Industrial & Commercial Corporation Ltd., Hong Kong. (Same address)
Crown Labels Pvt. Ltd., India.
Jai Insurance Broking Pvt. Ltd., India.
K9 Technologies Pvt. Ltd., India.
L&T Fashion Incorporate, India.
Lanxin Engineering Pvt. Ltd., India.
Lumen Magnetic Wires Ltd., India.
Rachuman China Ltd., Hong Kong.
Seyyone Software Solutions Pvt. Ltd., India.
Subiksha Spinners Ltd., India.
Sunrise Plastech F.Z.C., UAE.
Vishnuram Textiles Pvt. Ltd., India.
Yoha Logistix Pvt. Ltd., India.
etc.
10532902
0174266
Managing
Director: Mrs. Abiraami Arunachalam
Nominal Share
Capital: HK$50,000,000.00 (Divided into 30,600,000 Ordinary shares and
19,400,000 Non-Cululative Redeemable Preference shares of HK$1.00 each)
Issued Share
Capital: HK$50,000,000.00
(As per registry dated 22-12-2011)
|
Name |
|
No.
of shares |
|
|
|
|
|
Non-Cululative
Redeemable Preference |
|
Abiraami
ARUNACHALAM |
|
15,950,000 |
9,050,000 |
|
Arunachalam
MUTHUVEERAPPAN |
|
250,000 |
- |
|
Fulltech Investments Ltd. Skelton Building, Main Street, P.O. Box 3136, Road Town, Tortola,
British Virgin Islands. |
|
14,400,000 |
10,350,000 |
|
|
|
––––––––– |
––––––––– |
|
|
Total: |
30,600,000 ======== |
19,400,000 ======== |
(As per registry dated 02-09-2011)
|
Name (Nationality) |
Address |
|
Arunachalam MUTHUVEERAPPAN (British) |
Flat C, 19/F., Block 2, Estoril Court, 55 Garden Road, Mid Levels,
Hong Kong. |
|
Abiraami ARUNACHALAM (Indian) |
Flat C, 19/F., Block 2, Estoril Court, 55 Garden Road, Mid Levels,
Hong Kong. |
(As per registry dated 02-09-2011)
|
Name |
Address |
Co.
No. |
|
EQ
Secretaries Ltd. |
36/F., Tower 2, Times Square, 1 Matheson
Street, Causeway Bay, Hong Kong. |
0099444 |
The
subject, previously known as A.R. International, was first established on 17th
May, 1991 as a sole proprietorship concern owned by Mrs. Abiraami Arunachalam
under the Hong Kong Business Registration Regulations.
The
limited company was originally registered under the name of Wakash Ltd. which
was incorporated on 2nd September, 1986 under the Hong Kong Companies
Ordinance. Name changed to A.R.
International Ltd. on 5th May, 1992, changed to A.R. Int’l Ltd. on 25th March,
1993, and further to the present style on 24th June, 2005.
The
subject’s office once was located at Room 902, 9/F., China Building,
29 Queen’s Road Central, Hong Kong, moved to Room 1506, 15/F. of the same
building with effect from 15th August, 1997.
The name of “China Building” was changed to “Aon China Building” in
2000. With effect from 25th April, 2002,
the subject moved to Room 901, 9/F., Diamond Exchange Building, 8-10 Duddell
Street, Central, Hong Kong. In February
2004, the subject moved to the next door at Room 902.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities :Importer and Exporter, Manufacturers’ Representative.
Lines : Machinery, apparatus and parts, vegetables, leather garments and other garments, sundry products, etc.
Employees : 8. (Including associates)
Commodities Imported:-
Raw materials – India, Europe, etc.
Finished products – China, etc.
Markets : Asian countries, Middle East, Sri Lanka, US, etc.
Annual Turnover : HK$85~90 million.
Terms/Sales : L/C or as per contracted.
Terms/Buying : Various terms.
The Indian Chamber
of Commerce Hong Kong, Hong Kong.
Nominal Share Capital : HK$50,000,000.00 (Divided into 30,600,000 Ordinary shares and 19,400,000 Non-Cululative Redeemable Preference shares of HK$1.00 each)
Issued Share Capital : HK$50,000,000.00
Indebtedness : HK$339,809,638.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 02-09-2011)
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss : Made profits in the past years.
Condition : Keeping in an active state.
Facilities : Making active use of general banking facilities.
Payment : So far so good.
Commercial Morality : Satisfactory.
Bankers:-
Bank of India, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
BNP Paribas, Hong Kong Branch.
Credit Agricole Corporate & Investment Bank, Hong Kong Branch.
Indo Hong Kong International Finance Ltd., Hong Kong.
Bank of Baroda, Hong Kong Branch.
HBZ Finance Ltd., Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
Punjab National Bank, Hong Kong Branch.
Standing: Normal.
Previously
known as A.R. Int’l Ltd., A.R. Int’l (HK) Ltd. is an Indian company set up in
May 1992. It has taken over the business
of A.R. International which was a sole proprietorship owned by Mrs. Abiraami
Arunachalam. The sole proprietorship was
originally established in May 1991.
Initially,
the subject’s issued share capital was HK$2,000,000.00, increased to
HK$4,000,000.00 in 1994, to HK$7,900,000.00 in March 1999, to HK$10,000,000.00
in June 1999. Now, its issued share
capital is HK$50,000,000.00.
Mrs.
A. Arunachalam, remains to be the major shareholder of the subject, is holding
50.0% interest. She is the wife of Mr.
Muthu Veerappan Arunachalam who is the Managing Director of Asian Industrial
& Commercial Corporation Ltd. [AICC].
The other two shareholders of the subject are: Fulltech Investments Ltd.
[Fulltech], a BVI-registered firm, holding 49.5%, and Arunachalam
Muthuveerappan, holding 0.5%.
The
subject is a member of the ARI Group which has got its corporate office in
Trichy, India.
Fulltech
is also the holding company of AICC which is also controlled by the Arunachalam
family. The subject and AICC are engaged
in the same lines of business, more or less.
Also
located at the operating address of the subject, AICC and the subject import
and export the following products and trading in the following products:-
·
Textiles – Raw materials, fabrics, yarns, threads,
fibres
·
Clothing – Woven and leather garments
·
Vegetables, fruits and nuts
·
Rice/cereals, oils, sugar, coffee, tea, cocoa and
spices
·
Printed matter
·
Electrical and mechanical machinery, heavy machinery,
apparatus and parts
·
Base metals and articles of base metal, steel, etc.
·
Software
·
Building materials
·
Leather goods
AICC’s
main line of business is leather garments manufacturing and trading. Currently, AICC has got its own leather
garment factory in China known as Nanhai Hing Shing Leather Garment Factory
Ltd. It also has set up a garment
factory and a tannery in India. Besides
these two, AICC has set up a liaison office in Seoul, South Korea. Employing over ten persons, the Korean office
is importing garments, textiles, leather from China and India. Products are marketed in South Korea. Business is quite active.
Besides
AICC, the following firms and offices are also located at the subject’s
operating address:-
A.R.Steel
Ltd., Hong Kong
ARA
Investments & Finance Ltd. [ARA I&F], Hong Kong Office
ARA
Securities Pvt. Ltd. [ARA Securities], Hong Kong Office
ARA
I&F and ARA Securities are India-based firms but have not registered in
Hong Kong. ARA I&F is a stock and
share broking finance company. It has
been engaged in this line of business for a very long time. It has got two main members: The National
Stock Exchange India Ltd. and The Stock Exchange Mumbai, both are India-based
firms.
ARA
Securities is one of the market leaders in the Indian securities market. It also offers clients with the following
consultancy services: securities, life insurance, corporate and municipal
bonds, mutual funds, certificates of deposit, annuities, and other investments.
A.R.Steel
Ltd. was a metal and steel trader but has been dissolved.
The
subject, AICC and the above three firms are chiefly controlled by the
Arunachalam family. At present, Mr. M.
Arunachalam has set up a factory in India for manufacturing solar street
lights, solar water heaters, etc.
The
subject’s annual sales turnover ranges from HK$85 to 90 million. Business is rather active. History in Hong Kong is over twenty years.
On
the whole, in view of the subject’s background, consider it good for normal
business engagements.
(Since 2011)
|
Date |
Particulars |
Amount |
|
20-09-2011 |
Instrument: Memorandum Property: Distinctive 91210300004574 25-05-2011 € 504,717.30 25-11-2011 Mortgagee: Bank
of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
|
11-10-2011 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2011 FD 1573 26-09-2011 € 75,785.66 0.8125% 27-10-2011 Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All and any liabilities |
|
13-10-2011 |
Instrument: Charge
on Deposit to secure the Depositor’s Obligations Property: A sum of US$1,000,000.00 and US$1,000,000.00
currently evidenced by a certificate of deposit dated 04-10-2011 and 06‑10‑2011
bearing Number 7141001192 and 7141001195 Mortgagee: Punjab
National Bank, Hong Kong Branch. |
As a continuing security for the payment and discharge of the Secured
Obligations |
|
30-12-2011 |
Instrument: Undertaking
Relating to Deposits Property: Distinctive Date of Amount Rate
of Maturity 2011 FD 3671 28-12-2011 US$200,000.00 1.05% 25-06-2012 Mortgagee: Indian
Overseas Bank, Hong Kong Branch. |
All and any liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.33 |
|
|
1 |
Rs.77.41 |
|
Euro |
1 |
Rs.64.83 |
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.