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Report Date : |
21.07.2014 |
IDENTIFICATION DETAILS
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Name : |
ASIA VIEW
ENTERPRISES LTD. |
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Registered Office : |
Flat 806, 8/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon |
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Country : |
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Date of Incorporation : |
04.01.2006 |
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Com. Reg. No.: |
36615518 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Engaged in trading in the Following Products:- ·
Coffee, Coca, Corn (Dried), Dried Nuts; Milk Powder, Chocolate, Other Dairy Products; Other Agricultural Products; Other Foodstuffs; & Raw Cashew Nuts, Sesame |
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No of Employees : |
04 |
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, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
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Source
: CIA |
ASIA VIEW ENTERPRISES
LTD.
Flat 806, 8/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2526 5039, 2368 3071
FAX: 852-3475 0824
E-MAIL: asiaview@netvigator.com
Managing Director: Mr. Prashant Kumar Marutirao Vitankar
Incorporated on: 4th January, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$32,800,000.00
Issued: HK$32,800,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: Bank of Baroda, Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat 806, 8/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
36615518
1017085
Managing Director: Mr. Prashant Kumar Marutirao Vitankar
Contact Person: Mr. Mohini Prashant Vitankar
Nominal Share Capital: HK$32,800,000.00 (Divided into 32,800,000 shares of HK$1.00 each)
Issued Share Capital: HK$32,800,000.00
(As per registry
dated 04-01-2014)
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Name |
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No.
of shares |
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Prashant Kumar Marutirao
VITANKAR |
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25,000,000 ======== |
(As per registry
dated 04-01-2014)
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Name (Nationality) |
Address |
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Prashant Kumar Marutirao VITANKAR |
Flat D, 15/F., Tower 1, Parc
Palais, 18 Wylie Road, Kowloon, Hong Kong. |
(As per registry dated
04-01-2014)
|
Name |
Address |
Co.
No. |
|
Stevensec Ltd. |
4/F. & 5/F., Central Tower, 28 Queen’s Road Central,
Hong Kong. |
0879348 |
The subject was incorporated on 4th January, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 4/F. & 5/F., Central Tower, 28 Queen’s Road Central, Hong Kong, moved to Room 1001B, 10/F., Enterprises Centre, 4 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong with effect from 1st March, 2011, and further moved to the present address in September 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Agricultural products & nuts
Employees: 4.
Commodities Imported:
Markets: Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$32,800,000.00 (Divided into 32,800,000 shares of HK$1.00 each)
Issued Share Capital: HK$32,800,000.00
Profit or Loss: Making a small profit in the past two years.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· Bank of Baroda, Hong Kong Branch.
Indian
Overseas Bank, Hong Kong Branch.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
UCO
Bank, Hong Kong Branch.
Standing: Normal.
Having issued 32.8 million ordinary shares of HK$1.00 each, Asia View Enterprises Ltd. is solely owned by Mr. Prashant Kumar Marutirao Vitankar who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The director of the subject is P. K. Vitankar. Mr. Mohini Prashant Vitankar formerly was also a director of the subject. Now, he is the Contact Person of the subject. He is also a Hong Kong ID Card holder.
The subject moved to the present new address in September 2012.
The subject is
trading in the following products:-
· Coffee, Coca, corn (dried), dried nuts;
Milk
powder, chocolate, other dairy products;
Other
agricultural products;
Other
foodstuffs; &
Raw
cashew nuts, sesame.
The subject is significant for its cashew processing. It has had affiliated processing units in India and Vietnam.
Products are imported from Europe, India, China, Southeast Asia, etc. Prime markets are Hong Kong, Asian countries, etc. Business keeps on improving.
The subject has had business ties with a number of coffee producers. It is able to provide customers with logistic services.
In Hong Kong, the subject’s business is chiefly operated by the two Vitankars. History is over eight years.
On the whole, consider the subject good for normal business engagements.
(Since 2009)
|
Date |
Particulars |
Amount |
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26-03-2010 |
Instrument: Memorandum Property: Distinctive 91210300003906 26-03-2010 US$1,000,000.00 27-09-2010 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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30-04-2010 |
Instrument: Undertaking Relating to Deposits Property: Receipt No. Date of Receipt Due Date Amount 2010 EM 11 30-04-2010 29-10-2010 US$1,000,000.00 Mortgagee: UCO Bank, Hong Kong Branch. |
“Liabilities” means all and any liabilities, sole or
joint, actual or contingent, quantified or not, now or hereafter owing or
incurred to the Bank by the Depositor or the Third Party |
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06-05-2011 |
Instrument: Memorandum Property: Distinctive 91210300004419 28-03-2011 US$1,004,540.42 28-09-2011 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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21-11-2011 |
Instrument: Undertaking Relating To Deposits Property: Distinctive Date of Amount Rate
of Maturity 2008
FD 58 7 28-07-2011 US$521,737.88 0.6800% 26-01-2012 2010 FD 21 6 31-10-2011 US$900,038.35 0.8700% 30-04-2012 2010 FD 275 15 21-11-2011 US$11,310.88 0.5100% 22-12-2011 Mortgagee: Indian Overseas Bank, Hong Kong Branch. |
All and any liabilities |
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28-08-2012 |
Instrument: Security Over Deposits With The Bank Property: The amount of HK$10,000,000.00 under Deposit A/C No. 808‑880553 Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
(i) All monies in any currency owing by the Company; (ii) Interest
on such monies; &(iii) all expenses of the chargee. |
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17-12-2013 |
Instrument: General Letter of Hypothecation Property: All goods and all bills of exchange, promissory notes and negotiable Instruments of any description, all bills of lading, dock warrants, delivery orders, warehouse warrants and receipts and other documents to title to documents relating to goods, and all goods thereby represented or to which such documents relate, and all policies and certificates of insurance in the name of the company should be hypothecated to the bank as for security. Mortgagee: Bank of Baroda, Hong Kong Branch. |
All money |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.33 |
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UK Pound |
1 |
Rs.103.18 |
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Euro |
1 |
Rs.81.58 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
MNL |
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.