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Report No. : |
354315 |
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Report Date : |
11.12.2015 |
IDENTIFICATION DETAILS
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Name : |
AUSFIELD INTERNATIONAL LTD. |
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Registered Office : |
Room 2008, 20/F., Hong Kong Plaza, 188 Connaught Road West |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.05.1990 |
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Com. Reg. No.: |
13683534 |
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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. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
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 12.5% 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.
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Source
: CIA |
AUSFIELD
INTERNATIONAL LTD.
ADDRESS: Room 2008, 20/F., Hong Kong
Plaza, 188 Connaught Road West, Hong Kong.
PHONE: 852-2803 7230
FAX: 852-2803 7616
E-MAIL: ausfield@netvigator.com
Managing Director: Mr.
Naresh Jotwani
Incorporated on: 4th
May, 1990.
Organization: Private
Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Annual Turnover: HK$75-80
million.
Employees:
4.
Main Dealing Banker: CITIC Bank International Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Head Office:-
Room 2008, 20/F., Hong Kong Plaza, 188
Connaught Road West, Hong Kong.
Operating
Company:-
Naiichi Boeki, Hong Kong. (Same address)
13683534
0277624
Managing Director: Mr. Naresh Jotwani
Contact Person: Ms. Sharon Ng
HK$1,000,000.00
(As per registry dated 04-05-2015)
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Name |
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No.
of shares |
|
Naresh JOTWANI |
|
900,000 |
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Shona Naresh JOTWANI |
|
100,000 |
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|
–––––––– |
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Total: |
1,000,000 ======= |
(As per registry dated 04-05-2015)
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Name (Nationality) |
Address |
|
Naresh JOTWANI |
Flat H, 13/F., Tower 10, South Horizons,
10 South Horizons Drive, Ap Lei Chau, Hong Kong. |
|
Shona Naresh JOTWANI |
Flat H, 13/F., Tower 10, South Horizons,
10 South Horizons Drive, Ap Lei Chau, Hong Kong. |
Naresh JOTWANI (As per registry dated 04-05-2015)
The subject was incorporated on 4th May, 1990 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 1916, 19/F., Hong Kong Plaza,
188 Connaught Road West, Hong Kong, moved to ‘Room 2008’ of the same
building in June 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Electronic
products, electric appliances.
Employees: 4.
Commodities Imported: China and other Asian countries.
Markets: India,
Middle East, South America, etc.
Annual Turnover: HK$75-80 million.
Terms/Sales:
L/C, T/T, D/P, etc.
Terms/Buying: As
per contracted.
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge: (See
attachment)
Profit & Loss: Making a small profit every year.
Condition: Keeping
in an active condition.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
CITIC Bank
International Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
HBZ Finance Ltd.,
Hong Kong.
Standing:
Good.
Having issued 1 million ordinary shares, Ausfield International Ltd. is jointly
owned by Mr. Naresh Jotwani, holding 90% interests; and Mrs. Shona Naresh
Jotwani, holding 10%. They are
Hong Kong ID holders and have got the right to reside in Hong Kong
permanently. They are also directors of
the subject.
The subject’s business name is “Naiichi Boeki”.
Incorporated in May 1990, the subject is a trading company dealing in
consumer electronics. Its main markets
are India and the Middle East, especially the United Arab Emirates. Other markets include Chile, Venezuela, etc.
It is buying and selling DVDs, VCDs, home theatre systems, car audio
products, car speakers, rechargeable lanterns, torches, lamps including table
lamps, energy saving lamps, etc.
Currently, the subject is manufacturing the following commodities and
offering customers with the following services:-
|
Product/Service |
Product/Service
Remarks |
|
Vehicles, Auto Parts, Components and
Accessories |
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Auto Accessories – Audio-Visual |
Car stereos from China |
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Audio-Visual Products |
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TV and Video Equipment |
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Television (Include LCD / Plasma Display /
HDTV) |
5.5” black and white TV/TFT TV |
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Electrical Appliances |
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Lighting Products |
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Lamps |
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Emergency Light |
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Telecom Products |
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Telephone and Telephone Equipment
(Excluding Mobile Phone) |
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Telephone – Wireless |
From China |
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Telephone |
From China |
The subject’s business is chiefly handled by the couple. Annual sales turnover of the subject ranges
from HK$75 to 80 million. Making a small
profit every year. Regular suppliers and
foreign customers in India and the United Arab Emirates have been maintained.
The contact person Ms. Sharon Ng is a Hongkongnese.
As the history of the subject is over 25 years and six months in Hong
Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
21-07-1999 |
Instrument: Lien and Set-off Agreement Property: DFN1070511 for US$45,510.92 due on
21-10-1999 Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and
facilities |
|
06-08-2002 |
Instrument: Lien and Set-off Agreement Property: DFN4080733 for US$66,133.87 due on
06-11-2002 Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.79 |
|
|
1 |
Rs.101.37 |
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Euro |
1 |
Rs.73.46 |
|
HKD |
1 |
Rs.8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
TRI |
|
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Report Prepared
by : |
NIT |
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 |
-- |
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.