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Report No. : |
351607 |
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Report Date : |
07.12.2015 |
IDENTIFICATION DETAILS
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Name : |
APPOLO EXPORTS LTD. |
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Registered Office : |
c/o
Joint Consultants (HK) Ltd. Office 3A-3, 12/F., Kaiser Centre, 18 Centre Street,
Sai Ying Pun |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.09.2003 |
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Com. Reg. No.: |
33983421 |
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Legal Form : |
Private limited liability company |
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Line of Business : |
Subject engaged in trading of following
products:- ·
DVD Player; ·
MP3 Player; ·
Portable VCD; ·
Radio Cassette Recorder HI FI; ·
Multiband Radio; ·
Digital Radio; ·
TV Game, Toys ·
Mobile Phones; ·
Electronic Calendar; ·
VCD HIFI System; ·
Electric Appliances ·
Lighting Products; ·
Gift Items; ·
TFT TV; & ·
Portable DVD Player |
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|
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No. of Employee : |
No employees in Hong Kong. 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. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
[Formerly located at:
c/o Joint Consultants (HK) Ltd.
11/F., Front Block, Hang Lok Building,
130 Wing Lok Street, Sheung Wan, Hong
Kong.]
APPOLO EXPORTS
LTD.
ADDRESS:
Registered Office:-
c/o Joint Consultants (HK) Ltd.
Office 3A-3, 12/F., Kaiser Centre, 18 Centre
Street, Sai Ying Pun, Hong Kong.
Associated Company:-
Appolo Exports Ltd.
Suit No. 2614, Shenhua Commercial Building,
Jiabin Road, Shenzhen Special Economic Zone, China.
[Tel: (86-755)
82374050 (6 Lines)
Fax: (86-755)
82374051
E-mail: lucky@appoloexports.com]
33983421
0862600
22nd
September, 2003.
HK$2,000,000.00
(As per registry dated 22-09-2015)
|
Name |
|
No. of shares |
|
Rakhwinder PAL |
|
2,000,000 ======= |
(As per registry dated 04-11-2015)
|
Name (Nationality) |
Address |
|
Rakhwinder PAL |
Room 1103, 11/F., Block 29, Heng Fa Chuen,
Hong Kong. |
(As per registry dated 22-09-2015)
|
Name |
Address |
Co. No. |
|
Joint Consultants (HK) Ltd. |
Office 3A-3, 12/F., Kaiser Centre, 18
Centre Street, Sai Ying Pun, Hong Kong. |
1371345 |
The company was incorporated on 22nd
September, 2003 as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the subject’s registered address was
located at ‘11/F., Front Block, Hang Lok Building, 130 Wing Lok Street,
Sheung Wan, Hong Kong’ where was the old operating office of a commercial
service provider Joint Consultants (HK) Ltd.
The consultant company moved to the present address in September 2015,
so did the subject.
Apart from these, neither material change nor
amendment has been ever traced and noted.
Appolo Exports Ltd. was incorporated on 22nd
September, 2003 as a private limited liability company.
The subject does not have its own operating
office. Its registered office is in a
commercial service firm located at ‘Office 3A-3, 12/F., Kaiser Centre, 18
Centre Street, Sai Ying Pun, Hong Kong’ known as ‘Joint Consultants (HK) Ltd.’
[JC] which is handling its correspondences and documents. JC 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 2 million ordinary shares of HK$1.00 each
which are wholly-owned by Mr. Rakhwinder Pal who is an India merchant.
He is a Hong Kong ID holder and has got the
right to reside in Hong Kong permanently.
He is also the only director of the subject. Currently, he is residing in Hong Kong.
Sometimes Rakhwinder Pal uses his residential
address in Hong Kong as the corresponding address of the subject.
The subject has an associated company in
Shenzhen Special Economic Zone, China bearing the same name [Appolo].
The subject is specialized in various aspects
including manufacturer representation, OEM project development, inspection and
consolidation of cargo.
The subject and China Appolo are engaged in
the same lines of business. They are
trading in the following products:-
·
DVD Player;
·
MP3 Player;
·
Portable VCD;
·
Radio Cassette Recorder HI FI;
·
Multiband Radio;
·
Digital Radio;
·
TV Game, Toys.
·
Mobile Phones;
·
Electronic Calendar;
·
VCD HIFI System;
·
Electric Appliances
·
Lighting Products;
·
Gift Items;
·
TFT TV; &
·
Portable DVD Player
Commodities are chiefly sourced from
China. Prime markets are India, the
other Asian countries, the Middle East, Africa
Rakhwinder PAL handles the business of the
subject. Most of the time, he is in
China handling the business of China Appolo.
China Appolo has about ten employees.
The Contact Person is Mr. Tony Molri.
The annual sales turnover of China Appolo ranges from US$20 to 40 million.
The subject’s business in Hong Kong is not
active. History in Hong Kong is over
twelve years and two months.
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.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.84 |
|
|
1 |
Rs.101.04 |
|
Euro |
1 |
Rs.73.05 |
|
HKD |
1 |
Rs.8.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
TRU |
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 |
|
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.