|
Report No. : |
302843 |
|
Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
AARMEX (HK) LTD. |
|
|
|
|
Registered Office : |
Unit B, 13/F., Hody Commercial Building, 6 Hart Avenue, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
11.10.2006 |
|
|
|
|
Com. Reg. No.: |
37238264 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Ferrous Scraps, Non-Ferrous Metal
Scraps, Chemicals, Consumer Electronics, Electric Home Appliances, Textiles,
Garments, Sundries. |
|
|
|
|
No. of Employees : |
7. (Including Affiliate) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
HONGKONG - 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 |
AARMEX (HK)
LTD.
ADDRESS: Unit B, 13/F., Hody
Commercial Building, 6 Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2722 0658, 9751 1244
FAX: 852-2722 0916
E-MAIL: amselarka@gmail.com
Managing Director: Mr.
Ashvinkumar Mohanlal Selarka
Incorporated on: 11th
October, 2006.
Organization: Private
Limited Company.
Capital: Nominal:
HK$4,000,000.00
Issued: HK$4,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 7. (Including Affiliate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Head Office:-
Unit B, 13/F., Hody Commercial Building, 6
Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Company:-
Hong Kong Commodities Ltd. [HKCL], Hong
Kong. (Same address)
37238264
1079838
Managing Director: Mr.
Ashvinkumar Mohanlal Selarka
Nominal Share Capital: HK$4,000,000.00 (Divided into 4,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
(As
per registry dated 11-11-2013)
|
Name |
|
No. of shares |
|
Ashvinkumar Mohanlal SELARKA |
|
4,000,000 ======= |
(As
per registry dated 01-11-2014)
|
Name (Nationality) |
Address |
|
Ashvinkumar Mohanlal SELARKA |
Flat B3, 8/F., Prat Mansions, 26-36 Prat Avenue,
Tsimshatsui, Kowloon, Hong Kong/ |
(As
per registry dated 11-10-2013)
|
Name |
Address |
Co. No. |
|
Hmgc Corporate Practice Ltd. |
Room 406B, 4/F., Mirror Tower, 61 Mody
Road, Tsimshatusi East, Kowloon, Hong Kong. |
1127329 |
The subject was incorporated on 11th
October, 2006 as a private limited liability company under the Hong Kong
Companies Ordinance.
Formerly the subject was located at Room
401-402, 4/F., Houston Centre, 63 Mody Road, Tsimshatusi East, Kowloon,
Hong Kong, moved to the present address in October 2009.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Ferrous Scraps,
Non-Ferrous Metal Scraps, Chemicals, Consumer Electronics, Electric Home Appliances, Textiles, Garments, Sundries.
Employees: 7.
(Including affiliate)
Commodities Imported: China, other Asian countries, etc.
Markets: India,
other Asian countries, etc.
Terms/Sales:
As per contracted.
Terms/Buying: As
per contracted.
Nominal Share Capital: HK$4,000,000.00 (Divided into 4,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$4,000,000.00
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 4 million ordinary shares of HK$1.00 each, Aarmex (HK)
Ltd. is wholly owned by Mr. Ashvinkumar Mohanlal Selarka 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.
A M Selarka has been in Hong Kong for a very long time. He can be reached at his Hong Kong mobile
phone number 852-9751 1244.
The subject shares the same office with another company Hong Kong
Commodities Ltd. [HKCL].
According to the subject, it is engaged in the following business
scope:-
· Importing & exporting Ferrous Metals, Non-Ferrous Metals (Copper, Brass, Aluminium etc.) from all over the globe and supply to China and the other Asian countries;
· Importing and exporting all kinds of plastic scrap;
· Sourcing chemicals, electronics, electric appliances, house wares and general merchandise from China and marketing to other countries.
The subject is managed by A M. Selarka who is a qualified Chartered
Accountant having more than 30 years of business and professional
experience. He is well-supported by
qualified and experienced professionals.
HKCL is trading in the same commodities, more or less. However, it also trades in Iron Ore, Coal,
Coke, Agro Fertilizers, etc.
The business of the subject is chiefly handled by A M Selarka
himself. History in Hong Kong is over
eight years and three months.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
|
>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.