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MIRA
INFORM REPORT
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Report No. : |
510297 |
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Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
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Name : |
A. V. S. EXPORTS LIMITED |
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Registered Office : |
Unit A, 6/F.,
Prat Commercial Building, 17-19 Prat Avenue, Tsimshatsui, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.06.2000 |
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Com. Reg. No.: |
30983509 |
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Legal Form : |
Private Limited
Company |
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Line of Business : |
Importer,
Exporter and Wholesaler of All kinds of diamonds and jewellery. |
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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 : |
Slow but Correct |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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.
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Source
: CIA |
Company name address
A. V. S.
EXPORTS LIMITED
Unit A, 6/F., Prat
Commercial Building,
17-19 Prat Avenue,
Tsimshatsui,
Kowloon,
Hong Kong.
ADDRESS
Unit A, 6/F., Prat
Commercial Building, 17-19 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3101 9778, 852-2311 6779
FAX: 852-3107 9312
E-MAIL: avsexpltd@netvigator.com
MANAGEMENT
Director: Mr. Sachin Shashikant Shah
SUMMARY
Incorporated
on: 5th
June, 2000.
Organization: Private
Limited Company.
Issued Share
Capital: HK$10,000.00
Business Category: Diamond
Trader.
Employees: 4.
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered
Head Office:-
Unit A, 6/F., Prat
Commercial Building, 17-19 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Fantasy Jewelry
Ltd., Hong Kong. (Same address)
BUSINESS REGISTRATION NUMBER
30983509
COMPANY FILE NUMBER
0719248
MANAGEMENT
Managing
Director: Mr. Sachin Shashikant Shah
Contact
Person: Ms. Elsa Chung
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As
per registry dated 05-06-2017)
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Name |
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No.
of shares |
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Sachin
Shashikant SHAH |
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5,000 |
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Vrunali Sachin SHAH |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As
per registry dated 05-06-2017)
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Name (Nationality) |
Address |
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Sachin Shashikant
SHAH |
Flat A, 3/F., Winston Mansion, 121-123
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
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Vrunali Sachin
SHAH |
Flat A, 3/F., Winston Mansion, 121-123
Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As
per registry dated 05-06-2017)
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Name |
Address |
Co.
No. |
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W.H.S.
Consultants Ltd. |
Room 909, 9/F., Wayson Commercial Building, 28 Connaught Road
West, Sheung Wan, Hong Kong. |
0873536 |
HISTORY
The
subject was incorporated on 5th June, 2000 as a private limited liability
company under the Hong Kong Companies Ordinance.
Last
time, the subject was located at Unit A, 5/F., Prat Commercial Building, 17-19
Prat Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to ‘Unit A, 6/F.’ of the
same building in March 2009.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities: Importer, Exporter and
Wholesaler.
Lines: All kinds of diamonds and
jewellery.
Employees: 4.
Commodities
Imported: India, Belgium, other European countries, other Asian countries, etc.
Markets: Hong Kong, other Asian
countries, Middle East, US, Europe, etc.
Terms/Sales: CAD, L/C, Advanced T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share
Capital: HK$10,000.00
Mortgage
or Charge:-
Date: 28-11-2017
Description of
Instrument: Assignment of Life
Insurance Policy
Mortgagee: China CITIC Bank International Ltd.,
Hong Kong.
Profit or Loss: Making a small profit every
year.
Condition: Keeping
in an active condition.
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.
China CITIC Bank
International Ltd., Hong Kong.
Standing: Good.
GENERAL
Having
issued 10,000 ordinary shares of HK$1.00 each, A. V. S. Exports Limited is
equally owned by two Indian, Mr. Sachin Shashikant Shah and Mr. Vrunali
Sachin Shah. They are also directors of
the subject. The two Shahs are
Hong Kong ID Card holders and have got the right to reside in Hong Kong
permanently. Currently they are residing
in the same flat in Hong Kong.
The
subject is a diamond importer, exporter and wholesaler. It has got an associated company Fantasy
Jewelry Ltd. [Fantasy Jewelry] located at its operating address. Incorporated on 1st August, 2003, Fantasy
Jewelry is also a jewellery trader. The
brand name owned by Fantasy Jewelry is “Genie London”. Its significant products are 18K Gold Diamond
Earrings, and 18K Gold Diamond Necklaces, etc.
Sachin
Shashikant Shah is also the Director of Fantasy Jewelry. Now, Fantasy Jewelry has set up an office in
Europe. It has been taking part in
exhibitions and shows which are held in Hong Kong.
In
order to penetrate the international market further, Fantasy Jewelry has taken
part in fairs and exhibitions held in Hong Kong and other foreign large cities.
Business
commenced in June 2000, the subject is trading in loose diamonds, cut and
polished diamonds. It is trading in the
following commodities: single-cut diamond, fullcut loose diamond, carat size
diamonds, etc.
Commodities
are imported from India, Belgium and the other European countries. However, India is its main supplying country.
The
subject also wholesales gold jewellery.
Finished products are marketed in Hong Kong, China, and exported to
Japan, the other Asian countries, the Middle East, the United States, Europe,
etc. Business is steady.
The
subject’s business is chiefly handled by the two Shahs who have had close
business ties with some of the diamond manufacturers and suppliers in India.
The
contact person of the subject is Ms. Elsa Chung who is an Hong Kong employee.
On
the whole, having a history of about eighteen years in Hong Kong, the subject
is considered good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.26 |
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1 |
INR 91.22 |
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Euro |
1 |
INR 79.88 |
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HKD |
1 |
INR 8.60 |
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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DIV |
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Report Prepared
by : |
POJ |
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
·
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.