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Report Date : |
28.10.2014 |
IDENTIFICATION DETAILS
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Name : |
AIRTEK INTERNATIONAL CORPORATION LTD. |
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Registered Office : |
Suite 808A, Tower A, Manulife Finance Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
14.09.2007 |
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Com. Reg. No.: |
38406747 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Electronic products, electric
appliances |
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No. of Employees : |
12 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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 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
|
Source
: CIA |
(Formerly located at:
Room 806-807, 8/F., Block A, Tsim Sha Tsui Centre,
66 Mody Road, Tsimshatsui East, Kowloon, Hong Kong.)
AIRTEK INTERNATIONAL
CORPORATION LTD.
ADDRESS: Suite 808A, Tower A, Manulife Finance Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2559 5522
FAX: 852-2559 0699
E-MAIL: baldev_kumar@oajaima.com.hk
Managing Director: Mr. Sanjiv Kumar Kashyap
Incorporated on: 14th September, 2007.
Organization: Private Limited Company.
Paid Up Capital: HK$7,780,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Annual Turnover: US$100~150 million.
Employees: 12. (Including associate)
Main Dealing Banker: Dah Sing Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Suite 808A, Tower A, Manulife Finance Centre, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong.
Holding Company:-
Crown Links Ltd., Hong Kong.
Associated
Companies:-
Airtek International Corporation UK Ltd., UK.
Electric Miser (HK) Co. Ltd., Hong Kong.
JMA North America LLC, USA.
JMATEK India Pvt. Ltd., India.
Oriental American Jaima (H.K.) Ltd., Hong Kong. (Same address)
Etc.
38406747
1167273
Managing Director: Mr. Sanjiv Kumar Kashyap
PAID UP CAPITAL: HK$7,780,000.00
SHAREHOLDER: (As per registry dated 14-09-2014)
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Name |
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No. of shares |
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Crown Links Ltd., Hong Kong. |
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7,780,000 ======= |
DIRECTORS: (As per registry dated 14-09-2014)
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Name (Nationality) |
Address |
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Sanjay VARMA |
House B8, Stanley Knoll, 42 Stanley Road, Stanley, Hong Kong. |
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Sanjiv Kumar KASHYAP |
Flat C, Block 3, Middle Lane, Discovery Bay, Hong Kong. |
SECRETARY: (As per registry dated 14-09-2014)
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Name |
Address |
Co. No. |
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RJA Management Ltd. |
Room A & B, 2/F., Lee Kee Commercial Building, 221-227 Queen’s Road Central, Hong Kong. |
1044456 |
The subject was incorporated on 14th September, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 806-807, 8/F., Block A, Tsim Sha Tsui Centre, 66 Mody Road, Tsimshatsui East, Kowloon, Hong Kong, moved to the present address in May 2014.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Electronic products, electric appliances, .
Trade Mark: Honeywell.
Employees: 12. (Including associate)
Commodities Imported: China, other Asian countries, Europe, Europe, US,
Markets: India, the Middle East, Africa, South America, Europe,
Group Annual Turnover: US$100~150 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P
Paid Up Capital: HK$7,780,000.00
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Dah Sing Bank Ltd., Hong Kong.
Bank of Baroda, Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 7,780,000 ordinary shares of HK$1.00 each, AirTek International Corporation Ltd. is wholly owned by Crown Links Ltd. which is registered in Hong Kong.
The subject is trading in electrical equipment such as evaporative air coolers, portable air conditioners, outdoor heaters and electrical accessories. Most of its products bear the brand name Honeywell.
The subject is a member of the JMATEK Group [JMATEK].
JMATEK is a Hong Kong headquartered multi-national group offering market leading, high quality electrical and electronics products to consumers around the world.
The Group has already made great progress with its renewed focus and expanded value-add business model. The subject is one of the group companies, is now a globally-recognized leader in Evaporative Air Coolers. In recent years, the Group has launched many new innovative products such as Portable Air Conditioners, Mobile Docking Stations and electrical accessories.
JMATEK products are now available through its sales offices and distribution partners in over 50 countries. The group has multiple offices in Asia.
JMATEK has been a global Authorized License of Honeywell in many product categories since 2009. Honeywell is a Fortune 100 company that invents and manufactures technologies to address some of the world’s toughest challenges linked to global macro-trends such as energy efficiency, clean energy generation, safety and security, globalization and customer productivity. Honeywell has approximately 132,000 employees worldwide, including more than 22,000 engineers and scientists. Honeywell had global sales of US$37 billion in 2012.
As the history of the subject is over seven years and a month in Hong Kong, on the whole, consider it good for normal business engagements.
(Since 2011)
|
Date |
Particulars |
Amount |
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28-09-2011 |
Instrument: Memorandum Property: Distinctive 91210300004546 12-05-2011 US$261,036.82 14-11-2011 91210300005118 28-09-2011 US$128,000.00 28-03-2012 Mortgagee: Bank of Baroda, Hong Kong Branch. |
Loan or credit or other facilities |
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19-07-2012 |
Instrument: Charge On Deposit Property: The Customer charges the Deposit all the rights, titles and interests to the Bank; Secured indebtedness: all moneys, obligations and liabilities; Persons: one or more individual(s), firm(s) or any incorporated or unincorporated association(s) and; Principal: the person(s) Mortgagee: Dah Sing Bank Ltd., Hong Kong. |
General banking facilities granted to Airtek International Corporation Ltd. for unlimited amount |
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19-07-2012 |
Instrument: Charge On Deposit Property: The Customer charges the Deposit all the rights, titles and interests to the Bank; Secured indebtedness: all moneys, obligations and liabilities; Persons: one or more individual(s), firm(s) or any incorporated or unincorporated association(s) and; Principal: the person(s) Mortgagee: Dah Sing Bank Ltd., Hong Kong. |
General banking facilities granted to Electric Miser (HK) Co. Ltd. for unlimited amount |
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19-07-2012 |
Instrument: Charge On Deposit Property: The Customer charges the Deposit all the rights, titles and interests to the Bank; Secured indebtedness: all moneys, obligations and liabilities; Persons: one or more individual(s), firm(s) or any incorporated or unincorporated association(s) and; Principal: the person(s) Mortgagee: Dah Sing Bank Ltd., Hong Kong. |
General banking facilities granted to Oriental American Jaima (H.K.) Ltd. for unlimited amount |
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15-10-2012 |
Instrument: Security Agreement Over Bank Account (All Moneys) (Third Party) Property: By way of a first fixed charge all of the Chargor’s rights in respect of any amount standing to the credit of the Account from time to time and the debt represented by it. Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction at all present and future obligations and liabilities |
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09-05-2013 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of HK$4,000,000 and all moneys under Deposit A/C No. 848-434874, whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices. Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
(i) all monies in any currency, (ii) interest on such monies and (iii) all expenses of the chargee in perfecting or enforcing the charge |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.22 |
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|
1 |
Rs.98.52 |
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Euro |
1 |
Rs.77.75 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
NIS |
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.