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Report No. : |
305151 |
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Report Date : |
04.02.2015 |
IDENTIFICATION DETAILS
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Name : |
AVERTEX INTERNATIONAL LTD. |
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Registered Office : |
c/o Gangxin Enterprise Management Consultation Ltd. Room 1501 (248), 15/F., SPA Centre, |
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Country : |
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Date of Incorporation : |
19.11.2012 |
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Com. Reg. No.: |
60631039 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
· Engaged in Importing Second Hand Textile Machinery and Equipment bearing the following brand names: Dornier GTV, Vamatex, Somet Thema, Somet Super Excel, Tsudakoma Air Jet, Toyota Air Jet Looms & Suler Projectile Engaged
in Importing Cotton Yarn from |
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No of Employees : |
no employees in (NOTE : It is to
be noted that the company does not have its own operating office in |
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 – December 31, 2014
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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.
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Source
: CIA |
AVERTEX INTERNATIONAL
LTD.
Registered
Office:-
c/o Gangxin Enterprise Management Consultation Ltd.
Room 1501 (248), 15/F., SPA Centre, 53-55 Lockhard Road, Wanchai, Hong Kong.
[Tel: 852-3115 8812; Fax: 852-3115 8801]
Associated
Companies:-
Dongsheng Industrial Ltd., Hong Kong. (Same address)
Foshan Dongsheng Industrial Ltd.
68 Shuiyan Road, Yanbu, Nanhai District, Foshan City, Guangdong Province, China.
[Tel: 86-20-8143 3799
Fax: 86-20-2262 5257
Mobile Phone No.: 86-1899 8298 610
Contact Person: Mr. Wang Jierui]
60631039
1827194
19th November, 2012.
HK$3,000,000.00
(As per registry
dated 19-11-2014)
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Name |
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No.
of shares |
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LIU Liping |
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3,000,000 ======= |
(As per registry
dated 19-11-2014)
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Name (Nationality) |
Address |
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LIU Liping |
No. 11, Team 5, Xinglong
Village, Dagang Town, Yancheng City, Jiangsu, China. |
(As per registry dated
19-11-2014)
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Name |
Address |
Co.
No. |
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Gangxin Enterprise Management Consultation Ltd. |
Room 1501, 15/F., SPA Centre, |
1297113 |
The subject was incorporated on 19th November, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at a different address. The subject moved to the present address in November 2013 as it has changed its commercial service provider since then.
Apart from these, neither material change nor amendment has been ever traced and noted.
Avertex International Ltd. was incorporated on 19th November, 2012 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 Room 1501 (248), 15/F., SPA Centre, 53-55 Lockhard Road, Wanchai, Hong Kong known as Gangxin Enterprise Management Consultation Ltd. which is handling its correspondences and documents. The file number of the subject in the commercial service company is 248.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 3 million ordinary shares of HK$1.00 each which are wholly owned by Ms. Liu Liping who is a China merchant.
She is a China ID holder and does not have the right to reside in Hong Kong permanently. She is also the only director of the subject. Her registered address is in Yancheng City, Jiangsu Province, China.
According to your given China mobile phone number 86-1899 8298 610, we were able to reach Mr. Wang Jierui who was a China merchant. He is the contact person of Foshan Dongsheng Industrial Ltd. [Dongsheng], a China company in Foshan City, Guangdong Province, China. The subject and Dongsheng are engaged in the same lines of business, more or less.
The subject is
trading in the following commodities:-
· Importing second hand textile machinery and equipment bearing the following brand names: Dornier GTV, Vamatex, Somet Thema, Somet Super Excel, Tsudakoma Air Jet, Toyota Air Jet Looms & Suler Projectile
Importing
cotton yarn from India.
The factory area of Dongsheng is about 1,000 sq.m. and its annual export value ranges from RMB20 to 30 million Yuan.
Ms. Liu Liping is one of the contact persons of Dongsheng.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over two 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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.74 |
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UK Pound |
1 |
Rs.92.71 |
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Euro |
1 |
Rs.69.94 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.