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Report No. : |
300870 |
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Report Date : |
06.01.2015 |
IDENTIFICATION DETAILS
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Name : |
AADI EXPORT (HK) LTD. |
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Registered Office : |
Unit 702, 7/F., Block A, Regent Centre, 63 Wo Yi Hop Road, Kwai Chung,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.01.2012 |
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Com. Reg. No.: |
59313438 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of fabrics, piecegoods. |
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No. of Employee : |
25. (Including associates) |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
AADI
EXPORT (HK) LTD.
ADDRESS: Unit 702, 7/F., Block
A, Regent Centre, 63 Wo Yi Hop Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2619 1962
FAX: 852-2619 1938
E-MAIL: joelui@kanboton.com
Managing Director: Mr.
Lui Siu Fung
Incorporated on: 4th
January, 2012.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
25. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
AADI
EXPORT (HK) LTD.
ADDRESS:
Registered
Head Office:-
Unit 702, 7/F., Block A, Regent Centre, 63
Wo Yi Hop Road, Kwai Chung, New Territories, Hong Kong.
Associated
Companies:-
Kanboton (Wuxi) Printing & Dyeing Co.
Ltd., China.
Kanboton Investment Ltd., Hong Kong.
Kanboton Ltd., Hong Kong. [Dissolved]
Kanboton Textile (H.K.) Ltd., Hong Kong.
Kanboton Textile Ltd., Hong Kong.
59313438
1696005
Managing Director: Mr.
Lui Siu Fung
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 04-01-2014)
|
Name |
Occupation |
No.
of shares |
|
Venkata Rao GUTTI |
Merchant |
7,000 |
|
LUI Siu Fung |
Merchant |
3,000 |
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‑‑‑‑‑‑‑‑‑ |
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Total: |
10,000 ===== |
(As per registry dated 04-01-2014)
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Name (Nationality) |
Address |
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Venkata Rao GUTTI |
6-70 Main Road, Jandrapet, Chirala,
Prakasam, Andhra Pradesh, Postal Code 523165, India. |
|
LUI Siu Fung |
Unit 706, 7/F., Tower A, Regent Centre, 63
Wo Yip Hop Road, Kwai Chung, New Territories, Hong Kong. |
(As per registry dated 04-01-2014)
|
Name |
Address |
Co.
No. |
|
Suave T Ltd. |
Room 2304, 23/F., Tung Che Commercial
Centre, 246 Des Voeux Road West, Hong Kong. |
1094513 |
The subject was incorporated on 4th January,
2012 as a private limited liability company under the Hong Kong Companies
Ordinance.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of fabrics, piecegoods.
Employees: 25. (Including associates)
Commodities Imported: China, other Asian countries, etc.
Markets: Europe,
US, Middle East, Japan, etc.
Terms/Sales:
L/C, Advanced T/T,
etc.
Terms/Buying: L/C, D/P, O/A, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Kept a balance account in 2013.
Condition: Business
is improving.
Facilities: Adequate
for current running.
Payment:
So far so good.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Having issued 10,000 ordinary shares of
HK$1.00 each, Aadi Export (HK) Ltd. is 30% owned by Mr. Lui Siu Fung who is a
Hong Kong merchant. 70% owned by Venkata Rao Gutti who is an India
merchant. Both are also directors of the
subject. Gutti is an India passport
holder and does not have the right to reside in Hong Kong permanently. Lui Sui Fung is the managing director of the
subject.
The subject has had an associated company
Kanboton Textile (H.K.) Ltd. [Kanboton] located at the same address. Kanboton was incorporated on 14th April,
2009.
The subject and Kanboton belong to the
Kanboton Group of Companies.
The Group is a textile product trader. It is chiefly trading in all kinds of printed
and dyed fabrics, piecegoods (blended or OEM).
Products are exported to Japan, the other Asian countries, the Middle
East, Europe, the United States, etc.
In Hong Kong, the Group has had several
associated companies located at different addresses.
The subject’s main factory is in China which
is known as Kanboton (Wuxi) Printing & Dyeing Co. Ltd. [Wuxi
Kanboton]. Its legal representative is
Mr. Lui Po Fung who is also a Hong Kong merchant. He is a family member of Mr. Lui Siu Fung.
The registered capital of Wuxi Kanboton was
US$360,000.00. It is manufacturing the
commodities traded by the subject. It
has been equipped with foreign advanced production lines and its factory covers
an area of 50,000 sq.m.
Wuxi Kanboton currently has about 220
employees. Its annual production
capacity is about 10 million metres of dyed and printed fabrics and piecegoods.
The annual sales turnover of Wuxi Kanboton
ranges about RMB110 to RMB130 million Yuan.
Overall business is active.
The business of the subject is chiefly
administered by Mr. Lui Siu Fung himself.
History in Hong Kong is over three years.
On the whole, consider the subject good for
normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.39 |
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|
1 |
Rs.96.85 |
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Euro |
1 |
Rs.75.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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|
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Report Prepared
by : |
SDA |
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.