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MIRA INFORM REPORT
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Report No. : |
486788 |
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Report Date : |
23.01.2018 |
IDENTIFICATION DETAILS
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Name : |
ASIA VIEW ENTERPRISES LIMITED |
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Registered Office : |
Flat 806, 8/F.,
Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.01.2006 |
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Com. Reg. No.: |
36615518 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, exporter
and wholesaler of Agricultural products, nuts |
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No. of Employees : |
4 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source : CIA |
Company
name and address
ASIA VIEW
ENTERPRISES LIMITED
ADDRESS: Flat 806, 8/F., Tower B, New
Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2526 5039, 2368 3071
FAX: 852-3475 0824
E-MAIL: asiaview@netvigator.com
MANAGEMENT
Managing
Director: Mr. Prashant Kumar Marutirao Vitankar
SUMMARY
Incorporated on: 4th
January, 2006.
Organization: Private
Limited Company.
Issued Share Capital: HK$32,800,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Flat 806, 8/F., Tower
B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong
Kong.
BUSINESS
REGISTRATION NUMBER
36615518
COMPANY
FILE NUMBER
1017085
MANAGEMENT
Managing
Director: Mr. Prashant Kumar Marutirao Vitankar
Contact Person: Mr.
Mohini Prashant Vitankar
ISSUED
SHARE CAPITAL
HK$32,800,000.00
SHAREHOLDER
(As per registry
dated 04-01-2017)
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Name |
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No. of shares |
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Prashant Kumar
Marutirao VITANKAR |
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32,800,000 ======== |
DIRECTOR
(As per registry
dated 04-01-2017)
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Name (Nationality) |
Address |
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Prashant Kumar
Marutirao VITANKAR |
2/F., 22A Pok Man
Street, Tai Kok Tsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 28-08-2017)
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Name |
Address |
Co. No. |
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Stevensec Ltd. |
39/F., Gloucester
Tower, The Landmark, 15 Queen’s Road Central, Hong Kong. |
0879348 |
HISTORY
The subject was
incorporated on 4th January, 2006 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly the subject
was located at 4/F. & 5/F., Central Tower, 28 Queen’s Road Central, Hong
Kong, moved to Room 1001B, 10/F., Enterprises Centre, 4 Hart Avenue,
Tsimshatsui, Kowloon, Hong Kong with effect from 1st March, 2011, and
further moved to the present address in September 2012.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and
Wholesaler.
Lines: Agricultural
products, nuts.
Employees: 4.
Commodities Imported: China, India, Southeast Asia, Europe, US, etc.
Markets: Asian countries, Europe,
North America, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: As
per contracted.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$32,800,000.00
Mortgage or Charge
(since 2009): (See
attachment)
Profit or Loss: Made
small profits in past years.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
rather active use of general banking facilities.
Payment: No
complaints.
Commercial
Morality: Satisfactory.
Bankers:-
Bank of
Baroda, Hong Kong Branch.
Indian
Overseas Bank, Hong Kong Branch.
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
UCO Bank,
Hong Kong Branch.
Standing: Normal.
GENERAL
Having issued 32.8
million ordinary shares of HK$1.00 each, Asia View Enterprises Limited is
solely owned by Mr. Prashant Kumar Marutirao Vitankar [P K M Vitankar] who is
an Indian. He is a Hong Kong ID holder
and has got the right to reside in Hong Kong.
The director of the
subject is P K M Vitankar. Another India
merchant Mr. Mohini Prashant Vitankar formerly was also a director of the
subject. Now, he is the Contact Person
of the subject. He is also a Hong Kong
ID holder.
The subject moved to
the present new address in September 2012.
The subject is
trading in the following products:-
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Coffee, Coca, corn (dried), dried nuts;
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Milk powder, chocolate, other dairy products;
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Other agricultural products such as Maize,
Hibiscus, Dried Ginger;
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Rice, Sugar, Pulses;
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Other foodstuffs; &
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Raw cashew nuts, sesame, sheanuts.
The subject is significant
for its cashew procurement and processing.
It has had business partners engaged in processing cashew in India and
Vietnam.
Products are imported
from Europe, India, China, Southeast Asia, etc.
It has well entrenched procurement network in countries like Ivory
Coast, Nigeria, Benin, Togo, Burkina Faso, Guinea Bissau, Tanzania, India and
Vietnam.
Prime markets are
Hong Kong, Asian countries, Africa, Europe, the Middle East, etc.
The subject also
offers customers with logistics services such as Shipping, Exporting and
Importing, Sales and Distribution.
The subject also has
had business ties with a number of coffee producers.
In Hong Kong, the
subject’s business is chiefly operated by P K M Vitankar. History is over twelve years.
On the whole, consider
the subject good for normal business engagements.
MORTGAGE
OR CHARGE
(Since 2009)
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Date |
Description of
Instrument |
Mortgagee |
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26-03-2010 |
Memorandum |
Bank of Baroda,
Hong Kong Branch. |
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30-04-2010 |
Undertaking
Relating to Deposits |
UCO Bank,
Hong Kong Branch. |
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06-05-2011 |
Memorandum |
Bank of Baroda,
Hong Kong Branch. |
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21-11-2011 |
Undertaking
Relating To Deposits |
Indian Overseas
Bank, Hong Kong Branch. |
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28-08-2012 |
Security Over
Deposits With The Bank |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
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17-12-2013 |
General Letter of
Hypothecation |
Bank of Baroda, Hong Kong Branch. |
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29-06-2017 |
Assignment of Life
Insurance |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.89 |
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1 |
INR 88.60 |
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Euro |
1 |
INR 78.12 |
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HKD |
1 |
INR 8.16 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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NIS |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.