|
Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
ASPIRE
DESIGNS LTD. |
|
|
|
|
Registered Office : |
11/F., Valiant Commercial Building, 22-24 Prat Avenue,
Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
20.07.2001 |
|
|
|
|
Com. Reg. No.: |
31979896 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
· Importer, Wholesaler and Re-exporter of all kinds of diamonds, gemstones and jewellery Subject also polishes and cuts diamond |
|
|
|
|
No. of Employees : |
08 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
Litigation : |
--- |
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 – September 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
|
Source : CIA |
ASPIRE DESIGNS LTD.
11/F., Valiant Commercial Building, 22-24 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2815 1218
FAX: 852-2815 4505
E-MAIL: sale1@aspire.com.hk
Managing Director: Mr. Dhaval Gunvant Shah
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: 8.
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
11/F., Valiant Commercial Building, 22-24 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.
31979896
0764229
Managing Director: Mr. Dhaval Gunvant Shah
Contact Person: Ms. Jacqueline Chan
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$495,000.00
(As per registry
dated 20-07-2013)
|
Name |
|
No.
of shares |
|
Dhaval
Gunvant SHAH |
|
494,999 |
|
Apsara Tansukh SHETH |
|
1 |
|
|
|
––––––– |
|
|
Total: |
495,000 ====== |
(As per registry
dated 20-07-2013)
|
Name (Nationality) |
Address |
|
Dhaval Gunvant SHAH |
Flat A, 2/F., Block 2, Elegant
Terrace, 36 Conduit Road, Central, Hong Kong. |
|
Apsara Tansukh SHETH |
Flat A, 2/F., Block 2, Elegant
Terrace, 36 Conduit Road, Central, Hong Kong. |
(As per registry
dated 20-07-2013)
|
Name |
Address |
Co.
No. |
|
Pan Pacific Consultants Ltd. |
Room 1207, 12/F., Wing Tuck Commercial Centre, 177-183
Wing Lok Street, Sheung Wan, Hong Kong. |
1254491 |
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.
Activities: Importer, Wholesaler and Re-exporter.
Lines: All kinds of diamonds, gemstones and jewellery.
Brand Name: MVee, Vida.
Employees: 8.
Commodities Imported: India, other Asian countries, Europe, etc.
Markets: Russia, Eastern and Western Europe, North America, Middle East, Asian countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
The Hong Kong General
Chamber of Commerce, Hong Kong.
[Membership No. HKA0489]
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$11,303,733.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 20-07-2013)
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: Met as required.
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.
DBS
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Having issued 495,000 ordinary shares of HK$1.00 each, Aspire Designs Ltd. was equally owned by Mr. Dhaval Gunvant Shah (alias David Shah), Ms. Apsara Tansukh Sheth, and Mr. Hemchand Gunvant Shah. Now, it is almost wholly-owned by Dhaval Gunvant Shah. Mr. Dhaval Gunvant Shah and Ms. Apsara Tansukh Sheth are also directors of the subject. The directors are also Hong Kong ID holders and have got the right to reside in Hong Kong permanently.
The subject is a luxury jewellery trader. It moved to the present 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 has had an associated factory in Thailand.
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” (or known as MVee Haute Jewellery). Another brand name owned is known as “Vida”. The Vida collection was launched at the Basel 2012 show in Switzerland.
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 is going to take part in “HKTDC Hong Kong International Jewellery Show 2014” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2014. Its booth No. is 1A-D23.
Aspire Designs brands are showcased in 18 trade shows annually and is retailed throughout the world.
The subject is a member of The Hong Kong General Chamber of Commerce, Hong Kong.
The Shah family is rather rich both in Hong Kong and India.
The Contact Person of the subject Ms. Jacqueline Chan is a Hongkongnese.
The history of the subject in Hong Kong is over twelve years. 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 |
1. 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 |
2. 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 |
Property information of the company:-
3. Property Location: Office
A & B on 11/F., Valiant Commercial Building,
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 |
|
24-09-2013 |
- |
Fubon Bank (Hong Kong) Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
|
Date |
Particulars |
Amount |
|
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 |
|
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 |
|
02-02-2012 |
Instrument: Mortgage Property: 15/150th parts or shares of and in the Remaining Portion of Kowloon Inland Lot No. 6425 (2/F., Tung Wui Commercial Building, 27 Prat Avenue, Tsimshatsui, Kowloon, Hong Kong.) Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
To secure all monies in respect of general banking
facilities |
|
24-09-2013 |
Instrument: Legal Charge Property: 18/452 part or share of and in Kowloon Inland Lot No. 6373 and Kowloon Inland Lot No. 8904 (Office A & B, 11/F., Valiant Commercial Building, 22-24 Prat Avenue, Kowloon, Hong Kong. Mortgagee: Fortis Bank, Hong Kong Branch. |
To secure all monies in respect of general banking
facilities and interest |
DIAMOND INDUSTRY – INDIA
-
From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century
when Brazilian fields were discovered in 1725 followed by emergence of S.
Africa, Russia and Australia.
-
The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the untiring
and unflagging efforts of the Indian diamantaires, supported by progressive
Government policies.
-
The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
-
Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
-
Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
-
Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital
markets.
-
Excerpts from Times of India dated 30th October 2010 is as
under –
-
Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
-
The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.45 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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.