MIRA INFORM
REPORT
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Report Date : |
01.06.2011 |
IDENTIFICATION DETAILS
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Name : |
ASPIRE
DESIGNS LTD. |
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Registered Office : |
11/F., Valiant Commercial Building, 22-24 Prat Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.07.2001 |
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Com. Reg. No.: |
31979896 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Wholesaler and Re-exporter of all kinds of diamonds, gemstones and jewellery |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Exists |
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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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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 |
Company name
ASPIRE DESIGNS LTD.
Company ADDRESS
11/F., Valiant Commercial Building, 22-24 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2815 1218
FAX: 2815 4505
E-MAIL: sale2@aspire.com.hk
adminhk@aspire.com.hk
david@aspire.com.hk
MANAGEMENT
Managing Director: Mr. Dhaval Gunvant Shah
SUMMARY
Incorporated on: 20th July, 2001.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$495,000.00
Business Category: Jewellery Trader.
Employees: 9.
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
11/F., Valiant Commercial Building, 22-24 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
BUSINESS REGISTRATION NUMBER
31979896
COMPANY FILE NUMBER
0764229
MANAGEMENT
Managing Director: Mr. Dhaval Gunvant Shah
Contact Person: Ms. Cheng Miu
CAPITAL
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$495,000.00
SHAREHOLDERS
(As per registry
dated 20-07-2010)
|
Name |
|
No. of shares |
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Dhaval Gunvant SHAH |
|
165,000 |
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Apsara Tansukh SHETH |
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165,000 |
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Hemchand Gunvant SHAH |
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165,000 |
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|
––––––– |
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Total: |
495,000 ====== |
DIRECTORS
(As per registry
dated 20-07-2010)
|
Name (Nationality) |
Address |
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Dhaval Gunvant SHAH |
Flat A, 2/F., Block 2, Elegant Terrace, 36 Conduit Road, Central, Hong Kong. |
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Apsara Tansukh SHETH |
Flat A, 2/F., Block 2, Elegant Terrace, 36 Conduit Road, Central, Hong Kong. |
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Hemchand Gunvant SHAH |
Shivneb Building, 41B, 4/F., 84 Napeansea Road, Mumbai 6, India. |
SECRETARY
(As per registry
dated 20-07-2010)
|
Name |
Address |
Co.
No. |
|
Chandler Partners Ltd. |
Room 1206-1207, 12/F., New Victory House, 93‑103 Wing Lok Street, Central, Hong Kong. |
717996 |
HISTORY
The subject was incorporated on 20th July, 2001 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 2/F., Tung Wui Commercial Building, 27 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to the present address with effect from 1st August, 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Wholesaler and Re-exporter.
Lines: All kinds of diamonds, gemstones and jewellery.
Brand Name: Mvee.
Employees: 9.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Russia, Eastern and Western Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
MEMBERSHIP
The Hong Kong General Chamber
of Commerce, Hong Kong.
[Membership No. HKA0489]
FINANCIAL INFORMATION
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$495,000.00
Indebtedness: HK$13,730,000.00 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 20-07-2010)
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active and satisfactory manner.
Facilities: Actively using general banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Bankers:-
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 495,000 ordinary shares of HK$1.00 each, Aspire Designs Ltd. is equally owned by Mr. Dhaval Gunvant Shah, Ms. Apsara Tansukh Sheth, and Mr. Hemchand Gunvant Shah. They are also directors of the subject.
The subject is a luxury jewellery trader. It moved to the present new address in August 2010.
According to the subject, the Shah family has been engaged in diamond manufacturing for 30 years in India. Aspire Designs was founded in India in 1999 by a young jeweller of the Shah family who had seen the demand for fashionable, high-end products in the market. Now, Aspire Designs is managed by the family’s second generation.
Aspire Designs quickly became known for its high quality offer in both craftsmanship and design, reaching standards that match those of famous European jewellers. Starting out as a manufacturer and wholesaler, the company since expanded its business into in-house brands that have quickly developed a devoted customer base.
Aspire Designs carries the following commodities:-
· Diamond Jewellery
o White Diamond Jewellery
o Colour Diamond Jewellery
· Gem Set Jewellery
o Emerald Jewellery
o Ruby Jewellery
o Sapphire Jewellery
· Semi precious Gemstone Jewellery
o Others
· Gold Jewellery
o 18K Gold Jewellery
o 24K Gold Jewellery
o Fineness not Specified
· Platinum Jewellery
o Pt 950 Platinum Jewellery
o Fineness not Specified
· Pearl Jewellery
o South Sea Pearl Jewellery
o Tahitian Pearl Jewellery
The subject imports diamonds from India and European countries and wholesales in Hong Kong or re-exported to the other Asian countries. It also polishes and cuts diamonds in Hong Kong. Finished products are exported to Europe, the Middle East, North America, Scandinavia, etc.
The subject also makes customized jewellery with the latest trends and fashions. Its products bear the brand name “Mvee”.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it took part in Hong Kong International Jewellery Show which had been held during the period of 4th to 8th March, 2011.
In the years ahead, the subject keeps on taking part in fairs and exhibitions.
The Shah family is rather rich both in Hong Kong and India.
The history of the subject in Hong Kong is over nine years and ten months. Business is active.
On the whole, consider it good for normal business engagements.
REMARKS:
Court case record:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Mar. 2006 |
H627 |
Nam Mui (Kin Kee) Co. Ltd. |
Aspire Designs Ltd. |
Landlords and Tenants (Possession) |
Not stated |
Property information of the company:-
1. Property 22-24 Prat Avenue, Kowloon, Hong Kong.
Owner: Aspire Designs Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
31-03-2010 |
- |
Bank of China (Hong Kong) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
Location: Office A & B on
11/F., Valiant Commercial Building,
2. Property Location: 2/F., Tung Wui Commercial Building, 27 Prat Avenue, Kowloon, Hong Kong.
Owner: Aspire Designs Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
22-07-2005 |
- |
Belgian Bank, Hong Kong Branch. [Business was taken over by Industrial & Commercial Bank of China (Asia) Ltd.] |
Mortgage to secure general banking facilities |
3. Property Location: Flat C on 33/F., Dawning Height, 80 Staunton Street, Hong Kong.
Owner: Aspire Designs Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
18-04-2011 |
- |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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22-07-2005 |
Instrument: Mortgage Property: 15/150th parts or shares of and in The Remaining Portion of Kowloon Inland Lot No. 6425 (2/F. of Tung Wui Commercial Building, 27 Prat Avenue, Kowloon, Hong Kong.) Mortgagee: Belgian Bank, Hong Kong Branch. [Business was taken over by Industrial & Commercial Bank of China (Asia) Ltd.] |
To secure all moneys in respect of general banking facilities |
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14-11-2006 |
Instrument: Charge Over Deposits – CD 1 (06) Property: 1) By fixed Charge: all the Company’s rights in respect of (i) Deposits of HK$1,500,000 deposited by the Company; and (ii) all other sums in any currency from time to time standing to the credit of the Company or the credit of any other person for the Company’s benefit whether alone or jointly with others, on any deposit account with the Bank or any other SCB Group Company including additions to or renewals or replacements of such sum; and all interest from time to time accruing or payable on the sums specified in (i) and (ii) above; 2) By assignment: all Deposits held with any SCB Group Company Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of all moneys, obligations and liabilities, whether actual or contingent at the date of the Charge or at any time after the date thereof, due, owing or incurred by the Company to the Bank |
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31-03-2010 |
Instrument: Mortgage Property: 18/452nd parts or shares of and in Kowloon Inland Lot No. 6373 & 8904 (Office A & B on 11/F. of Valiant Commercial Building, 22-24 Prat Avenue, Kowloon, Hong Kong.) Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
|
18-04-2011 |
Instrument: Mortgage Property: 21/2,346th parts or shares of and in The Remaining Portion of Inland Lot No. 2989, Inland Lot No. 7183, The Remaining Portion of Inland Lot No. 2987, The Remaining Portion of Inland Lot No. 2985, The Remaining Portion of Inland Lot No. 2986, The Remaining Portion of Inland Lot No. 2990, The Remaining Portion of Inland Lot No. 2991, The Remaining Portion of Inland Lot No. 2992, The Remaining Portion of Inland Lot No. 3094, The Remaining Portion of Section A of Inland Lot No. 2993, Inland Lot No. 7753, The Remaining Portion of Inland Lot No. 2997 and The Remaining Portion of Inland Lot No. 2996 (Flat C on 33/F. of Dawning Height, 80 Staunton Street, Hong Kong.) Mortgagee: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
To secure all moneys in respect of general banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.03 |
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UK Pound |
1 |
Rs.74.43 |
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Euro |
1 |
Rs.64.75 |
RATING EXPLANATIONS
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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.