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Report Date : |
20.09.2013 |
IDENTIFICATION DETAILS
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Name : |
A & V CORP. LTD. |
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Registered Office : |
c/o HKBSS Ltd. Unit 3A, 5/F., Far East Consortium Building, 121 Des Voeux Road,
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.11.2006 |
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Com. Reg. No.: |
37353563 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is involved in production, marketing and R&D in such
fields as pharmaceutical ingredients, food/feed additives, and intermediates. |
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No. of Employees : |
No employees in Hong Kong [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.] |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
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
levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to
the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012,
an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012.
Credit expansion and tight housing supply conditions caused Hong Kong property
prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
|
Source
: CIA |
A & V CORP.
LTD.
Registered
Office:-
c/o HKBSS Ltd.
Unit 3A, 5/F., Far East Consortium Building, 121 Des Voeux Road,
Central, Hong Kong.
China Office:-
404R, No.54-2 Minzu Road, Xiamen, China.
[Tel: 86-592-2113 898 Fax:
86-592-2113 868
E-mail: alexfang@anvcoltd.com]
Associated
Company:-
Xiamen Goodhealth Pharmchem Co. Ltd., China.
37353563
1087812
15th November, 2006.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 15-11-2012)
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Name |
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No. of shares |
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FANG Xiao Jie |
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10,000 ===== |
(As per registry dated 15-11-2012)
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Name (Nationality) |
Address |
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FANG Xiao Jie |
404R, No.54-2 Minzu Road, Xiamen, China. |
(As per registry dated 15-11-2012)
|
Name |
Address |
Co. No. |
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HKBSS Ltd. |
5/F., Far East Consortium Building, 121 Des Voeux Road, Central, Hong
Kong. |
0838155 |
A & V Corp. Ltd. was incorporated on 15th November, 2006 as a
private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Unit 3A, 5/F., Far East Consortium Building, 121 Des
Voeux Road, Central, Hong Kong” known as “HKBSS Ltd.” which is handling its
correspondences and documents. This
company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each which are wholly-owned by Mr. Fang
Xiao Jie, Alex who is a China merchant.
He is a China ID holder and does not have the right to reside in Hong
Kong permanently. He is also the only
director of the subject.
The subject has had an associated company in China known as Xiamen
Goodhealth Pharmchem Co. Ltd. which is in Xiamen Special Economic Zone, China.
The main office of the subject is also in Xiamen Special Economic Zone,
China [China A & V].
The subject is a professional company in pharmaceutical & chemical
industry. It is involved in production,
marketing and R&D in such fields as pharmaceutical ingredients, food/feed
additives, and intermediates. Over the
past years, the subject has been actively involved in manufacturing as well as
foreign trading. It has also established
very close partnership with a number of GMP pharmaceutical manufacturers, also
establish good business relation with many profession customers in the
word. Meanwhile, it concentrates on the
global marketing analysis of product, sales and customer manufacturing and set
up its own R&D centres for developing new products.
The products of the subject are divided into three categories: Human Health Products, Animal Health
Products, Extract Products.
The followings are some the products:
Human Health Products:
Acetazolamide, Acyclovir, Amantadine Hydrochloride, Azithromycin
Dihydrate, Baclofen, Benserazide Hydrochloride, Betamethasone, Carbidopa,
Cefradine, Cefalexin, Cetirizine HCL, Dexamethasone Sodium Phosphate,
Gliclazide Isotretinoin, etc.
Animal Health Products:
Arsanilic Acid, BMD (Bacitracin Methylene Disalicylate), Canthaxanthin,
Cimetidine, Choline Chloride, Chloranil, Chlortetracycline HCL, Closantel
Sodium, Cobalt Sulfate, Colistin Sulphate, Dimetridazole, Enrofloxacin Base /
HCL, Enramycin Premix, Erythromycin, Ethopabate, Ethoxyquin, Fenbendazole,
Florfenicol, Gentian Violet, Glycerol formal, Halquinol, Iron Carbonate, etc.
Extract Products:
Alfalfa Herb Powder, Astragalus Membranaceus Root Powder, Atropa
Belladonna Leaf Powder, Black Cohosh Root Powder, Cascara Sagrada Bark Powder,
Cinnamon Bark Powder, Dong Quai Powder, Echinacea Purpurea Powder, Flax Seed
Powder, Gentiana Lutea Root Powder, Ginger Root Powder, Ginkgo Biloba Powder,
Ginseng Powder, Goldenseal Root Powder, Guto Kola Root Powder, Java Tea Powder,
Juniper Berry Powder, Korean Ginseng Powder, Lobelia Inflata Powder, Lupulus
Flower Powder, Nopal Powder, Passiflora Incarnata Powder, Red Tea Powder, Senna
Leaf Powder, Star Anise Powder, etc.
The subject exports its products to worldwide countries. The business of China A & V is also
handled by Fang Xiao Jie, Alex.
The China firm deals with foreign parties under the name of the subject
and let foreign firms correspond with the subject’s registered address in
Hong Kong. The China firm also
exports commodities to foreign markets under the name of the subject and its
registered address in Hong Kong.
Annual sales of the China firm ranges from US$5 to 6 million. Business is normal.
The subject’s business in Hong Kong is not active. History in Hong Kong is over six years.
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
for the time being.
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
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.75 |
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|
1 |
Rs.99.56 |
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Euro |
1 |
Rs.83.54 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.