MIRA INFORM REPORT

 

 

Report No. :

500044

Report Date :

29.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AARMEX  (HK)  LIMITED

 

 

Registered Office :

Unit B, 13/F., Hody Commercial Building, 6 Hart Avenue, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

11.10.2018

 

 

Com. Reg. No.:

37238264

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Diamonds & Diamond Jewellery, Gemstones, Food Products, Ferrous Scraps, Non-Ferrous Metal  Scraps, Chemicals, Consumer Electronics, Electric Home Appliances, Textiles,

Garments, Sundries

 

 

No. of Employees :

6.

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

A

 

Credit Rating

Explanation

Rating Comments

A

Acceptable Risk

Business dealings permissible with moderate risk of default

 

Status :

Satisfactory

 

 

Payment Behaviour :

Slow but Correct

 

 

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

 

Country Name

Previous Rating

(30.09.2017)

Current Rating

(31.12.2017)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low Risk

 

A2

Moderately Low Risk

 

B1

Moderate Risk

 

B2

Moderately High Risk

 

C1

High Risk

 

C2

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. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.

 

Source : CIA

 

Company name and address

 

AARMEX  (HK)  LIMITED

 

 

ADDRESS:       Unit B, 13/F., Hody Commercial Building, 6 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:            852-2722 0912,  9751 1244

 

FAX:                 852-2722 0916

 

E-MAIL:            amselarka@gmail.com

 

MANAGEMENT:

 

Managing Director:  Mr. Ashvinkumar Mohanlal Selarka

 

 

SUMMARY

 

Incorporated on:            11th October, 2006.

 

Organization:                  Private Limited Company.

 

Issued Share Capital:     HK$4,000,000.00

 

Business Category:       Importer, Exporter and Wholesaler.

 

Employees:                  6.

 

Main Dealing Banker:     Bank of Baroda, Hong Kong.

 

Banking Relation:           Satisfactory.

 

ADDRESS

 

Registered Head Office:-

Unit B, 13/F., Hody Commercial Building, 6 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

  37238264

 

COMPANY FILE NUMBER

 

1079838

 

 

MANAGEMENT

 

Managing Director:  Mr. Ashvinkumar Mohanlal Selarka

 

 

ISSUED SHARE CAPITAL

 

  HK$4,000,000.00

 

 

SHAREHOLDER

 

(As per registry dated 11-10-2014)

Name

 

No. of shares

Ashvinkumar Mohanlal SELARKA

 

4,000,000

=======

 

 

DIRECTORS

 

(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.

 

 

SECRETARY

 

(As per registry dated 02-10-2015)

Name

Address

Co. No.

Chrome Management Services Ltd.

Unit 1601-02, 16/F., Car Po Commercial Building, 18-20 Lyndhurst Terrace, Central, Hong Kong.

2258675

 

HISTORY

 

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.

The subject appointed its new company secretary on 2nd October, 2015.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:          Importer, Exporter and Wholesaler.

 

Lines:               Diamonds & Diamond Jewellery, Gemstones, Food Products, Ferrous Scraps, Non-Ferrous

Metal  Scraps, Chemicals, Consumer Electronics, Electric Home Appliances, Textiles,

Garments, Sundries.

 

Employees:      6.

 

Commodities

Imported:          China, other Asian countries, etc.

 

Markets:           India, other Asian countries, Europe, etc.

 

Terms/Sales:     L/C, T/T, etc.

 

Terms/Buying:    As per contracted.

 

 

FINANCIAL INFORMATION

 

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:                      Slow but Correct.

 

Commercial Morality:     Satisfactory.

 

 

Bankers:-

The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Bank of Baroda, Hong Kong

 

Standing:                      Small.

 

 

GENERAL

 

Having issued 4 million ordinary shares of HK$1.00 each, Aarmex (HK) Limited is wholly owned by Mr. Ashvinkumar Mohanlal Selarka [A M 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.

Formerly, the subject had shared the same office with another company Hong Kong Commodities Ltd. [HKCL].  Now HKCL has moved out.

The subject is a secretarial services provider in the Asia Pacific Region.  It has a number of professionals with more than 20 to 40 years of experience.  Its professionals consist of Certified Public Accountants, Chartered Accountants, Legal professionals, Business consultants, etc.

The subject is able to assist its clients in all stages of their business: from company start up to dissolution, if necessary.  It also provides support in staff recruitment, back office administration, documents translation and other business needs.

In addition, the subject also undertakes on behalf of its clients, the sourcing and marketing of various products such as food products, chemicals, metals & minerals, electronics, gift products, hospitality goods, artificial jewellery, diamonds & diamond jewellery, gold jewellery, gemstones, other precious jewellery & diamonds, healthcare products, etc.

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 eleven years and five months.

On the whole, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.04

UK Pound

1

INR 92.28

Euro

1

INR 80.62

HKD

1

INR 8.29

 

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

KET

                                                


 

RATING EXPLANATIONS

 

Credit Rating

Explanation

Rating Comments

A++

Minimum Risk

Business dealings permissible with minimum risk of default

A+

Low Risk

Business dealings permissible with low risk of default

A

Acceptable Risk

Business dealings permissible with moderate risk of default

B

Medium Risk

Business dealings permissible on a regular monitoring basis

C

Medium High Risk

Business dealings permissible preferably on secured basis

D

High Risk

Business dealing not recommended or on secured terms only

NB

New Business

No recommendation can be done due to business in infancy stage

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

·         Company background and operations size

·         Promoters / Management background

·         Payment record

·         Litigation against the subject

·         Industry scenario / competitor analysis

·         Supplier / Customer / Banker review (wherever available)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.