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Report No. : |
348658 |
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Report Date : |
10.11.2015 |
IDENTIFICATION DETAILS
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Name : |
AARMEX (HK) LTD. |
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Registered Office : |
Unit B, 13/F.,
Hody Commercial Building, 6 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.10.2006 |
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Com. Reg. No.: |
37238264 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Ferrous Scraps, Non-Ferrous Metal Scraps, Chemicals, Consumer Electronics, Electric Home Appliances, Textiles, Garments, Sundries. |
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No. of Employee : |
5. |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
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.
|
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
MANAGEMENT:
Managing
Director: Mr. Ashvinkumar Mohanlal Selarka
Incorporated
on: 11th
October, 2006.
Organization: Private
Limited Company.
Issued Share
Capital: HK$4,000,000.00
Business Category: Importer, Exporter and
Wholesaler.
Employees: 5.
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.
37238264
1079838
Managing
Director: Mr. Ashvinkumar Mohanlal
Selarka
HK$4,000,000.00
(As per registry dated
11-10-2014)
|
Name |
|
No. of shares |
|
Ashvinkumar
Mohanlal SELARKA |
|
4,000,000 ======= |
(As per registry
dated 11-10-2014)
|
Name (Nationality) |
Address |
|
Ashvinkumar
Mohanlal SELARKA |
Flat B3, 8/F., Prat
Mansions, 26-36 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong. |
|
Anilkumar
Sumantrai DESAI |
B-10, Swastik
Luxarious Flat, Vasantpur, Opp. Coin Flat, Opp. Chief Justice Bunglow,
Ahmedabad, Gujarat 380015, India. |
(As per registry dated
11-10-2014)
|
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: 5.
Commodities
Imported: China, other Asian countries
Markets: India, other Asian
countries, Europe
Terms/Sales: L/C,
T/
Terms/Buying: As
per contracted.
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
contracted.
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 and Anilkumar Sumantrai Desai are the directors of the subject. The latter was appointed on 11th October,
2014.
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 had
shared the same office with another company Hong Kong Commodities Ltd.
[HKCL]. Now HKCL has moved out.
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, IT products, consumables, office equipment,
smart phones, tablets, house wares and general merchandise from China and
marketing to other countries.
HKCL is trading in
the same commodities, more or less, although it has moved out. However, it also trades in Iron Ore, Coal,
Coke, Agro Fertilizers
The subject is
managed by A M. Selarka who is a qualified Chartered Accountant having more
than 30 years of business and professional experience.
The business of the
subject is chiefly handled by A M Selarka himself. History in Hong Kong is over nine years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.34 |
|
|
1 |
Rs.100.03 |
|
Euro |
1 |
Rs.71.45 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
ANK |
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 |
|
<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.