|
|
|
MIRA INFORM REPORT
|
Report No. : |
503327 |
|
Report Date : |
19.04.2018 |
IDENTIFICATION DETAILS
|
Name : |
AARON PACIFIC LIMITED |
|
|
|
|
Registered Office : |
C/O Ms. Shum Tsui Ling
Gloria, Room 1117, 11/F., Liven House, 61-63 King Yip Street, Kwun Tong
Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
25.04.2006 |
|
|
|
|
Com. Reg. No.: |
37615315 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Leather products and leather
materials |
|
|
|
|
No. of Employees : |
5 |
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 |
note
(Old registered
office was located at:
c/o Prima Group Ltd.
Suite 605, 6/F.,
China Insurance Group Building,
141 Des Voeux Road
Central, Hong Kong.)
Company
name and address
AARON PACIFIC
LIMITED
ADDRESS: Flat C1, 7/F., Hop Hing
Industrial Building, 704 Castle Peak Road, Lai Chi Kok, Kowloon, Hong
Kong.
PHONE: 852-3998 4710
FAX: 852-3998 4708
E-MAIL: aaronpacific@gmail.com
MANAGEMENT
Managing
Director: Mr. Mayank Mishra
SUMMARY
Incorporated on: 25th
April, 2006.
Organization: Private
Limited Company.
Issued Share Capital: HK$12,500.00
Business Category: Importer, Exporter and Wholesaler.
Group Turnover: HK$200-220
million.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
ADDRESS
Registered Office:-
c/o Ms. Shum Tsui
Ling Gloria
Room 1117, 11/F.,
Liven House, 61-63 King Yip Street, Kwun Tong Kowloon, Hong Kong.
Operating Office:-
Flat C1, 7/F., Hop
Hing Industrial Building, 704 Castle Peak Road, Lai Chi Kok, Kowloon,
Hong Kong.
Dongguan Office:-
New World Garden,
Dongguan City, Guangdong Province, China.
[Tel: 86-0769-2313
1125; Fax: 86-0769-2313 1124]
Associated Companies:
AP Exports, India.
SAF Industries Ltd.,
Bangladesh.
BUSINESS
REGISTRATION NUMBER
37615315
COMPANY
FILE NUMBER
1040363
MANAGEMENT
Managing
Director: Mr. Mayank Mishra
ISSUED
SHARE CAPITAL
HK$12,500.00
SHAREHOLDErs
(As per registry
dated 25-04-2017)
|
Name |
|
No. of shares |
|
Mayank MISHRA |
|
2,500 |
|
SK Momin UDDIN |
|
2,500 |
|
Vairavan |
|
2,500 |
|
Anandamohan
BALAKRISHNAN |
|
2,500 |
|
Rajib GHOSH |
|
2,500 |
|
|
|
–––––– |
|
|
Total: |
12,500 ===== |
DIRECTORS
(As per registry
dated 25-04-2017)
|
Name (Nationality) |
Address |
|
Mayank MISHRA |
Flat A, 10/F.,
Tower 10, Caribbean Coast, Tung Chung, Lantau Island, Hong Kong. |
|
SK Momin UDDIN |
73 Dilkusham, C/A
Dhaka 1000, Bangladesh. |
|
Vairavan |
Flat E, 38/F., Tower
8, Albany Cove, Caribbean Coast, 1 Kin Tung Street, Tung Chung, Lantau
Island, Hong Kong. |
|
Anandamohan
BALAKRISHNAN |
Flat E, 38/F.,
Tower 8, Albany Cove, Caribbean Coast, 1 Kin Tung Street, Tung Chung, Lantau
Island, Hong Kong. |
|
Rajib GHOSH |
Flat E, 38/F.,
Tower 8, Albany Cove, Caribbean Coast, 1 Kin Tung Street, Tung Chung, Lantau
Island, Hong Kong. |
SECRETARY
(As per registry
dated 25-04-2017)
|
Name |
Address |
|
SHUM Tsui Ling,
Gloria |
Flat C1, 7/F., Hop Hing
Industrial Building, 704 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong. |
HISTORY
The subject was
incorporated on 25th April, 2006 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Kulsum International Resources Ltd.,
name changed to the present style on 19th January, 2007.
Formerly the
subject’s registered address was located at Suite 1402, 14/F., 1 Duddell
Street, Central, Hong Kong, moved to ‘Suite 605, 6/F., China Insurance Group
Building, 141 Des Voeux Road Central, Hong Kong’ in September, 2009, and
further moved to the present address with effect from 25th January, 2018.
The subject’s
operating office is located at a different address.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and
Wholesaler.
Lines: Leather products and
leather materials.
Employees: 5.
Materials/Commodities: Imports raw materials from European countries,
some Asian countries and finished products from China.
Group Turnover: HK$200-220
million.
Markets: India, other Asian
countries, Europe, North America, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C,
T/T, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$12,500.00
Mortgage or
Charge: (See
attachment)
Profit or Loss: Making small profits in past
years.
Condition: Business is normal.
Facilities: Making active use of general
banking facilities.
Payment: Slow
but correct.
Commercial
Morality: Satisfactory.
Bankers:-
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Hang Seng
Bank Ltd., Hong Kong.
Nanyang
Commercial Bank Ltd., Hong Kong.
Standing: Normal.
GENERAL
At the very
beginning, having issued 10,000 ordinary shares of HK$1.00 each, Aaron Pacific
Limited was equally-owned by four Indian: Mayank Mishra, Tripti Mishra, Momin
Uddin, and Vairavan. On 30th September, 2010,
the shareholders were reshuffled and a new shareholder joined in. Now, the subject has issued 12,500 ordinary
shares of HK$1.00 each in total which are equally held by the following
shareholders: Mayank Mishra, SK Momin Uddin, Vairavan, Anandamohan Balakrishnan
and Rajib Ghosh. The last is a new
shareholder while the fourth Anandamohan Balakrishnan’s shares were transferred
from Tripti Mishra. The shareholders are
also directors of the subject.
The subject’s
registered office is in a residential building located at Room 1117,
11/F., Liven House, 61-63 King Yip Street, Kwun Tong, Kowloon, Hong Kong.
The subject’s
operating office is located at Block C1, 7/F., Hop Hing Industrial Building,
704 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
The subject is
trading in all kinds of leather products such as leather shoes, bags, wallets,
belts, etc. It also trades in genuine
leather materials. It has got an
affiliated factory in Dongguan City, Guangdong Province, China. Its China factory is administered by Mr.
Rajib Ghosh. Raw materials are imported
from Europe, India or acquired in China.
Products are exported to India, China, Japan, other Asian countries,
Europe, the Middle East, the United States, etc.
According to the
subject, its owned tannery at Bangladesh (SAF at Jessore) and India has a total
production capacity of over 3.5 million sq.ft. per month. Goat leather is about 1 million sq.ft., sheep
leather is also about 1 million sq.ft. and cow leather is about 1.5 million
sq.ft.
The subject also has
got offices in Dongguan City, Guangdong Province, China, India (Chennai) and
Bangladesh (Dhaka). SK Momin Uddin is
handling the business of the Bangladesh office.
The main office of the subject seems in India.
The Chief Executive
Officer of the subject is Mr. Mayank Mishra.
He was the Manager of Tata South East Asia Ltd. before joining in the
subject. Majoring in chemical
engineering, he was graduated from Pandit Ravishankar Shukla University of
India in 1999. Now, Mr. Mayank Mishra is
a Hong Kong ID holder.
According to the
Group, it has over 600 employees in total throughout the world.
The subject’s
business in Hong Kong is normal. History
in Hong Kong is about twelve years.
On the whole, consider
it good for business engagements in small credit amounts.
MORTGAGE
OR CHARGE
|
Date |
Description of
Instrument |
Mortgagee |
|
06-01-2012 |
Mortgage |
Hang Seng Bank
Ltd., Hong Kong. |
|
06-01-2012 |
Rental Assignment |
Hang Seng Bank Ltd.,
Hong Kong. |
|
04-06-2013 |
Rental Assignment |
Nanyang Commercial
Bank Ltd., Hong Kong. |
|
04-06-2013 |
Mortgage |
Nanyang Commercial
Bank Ltd., Hong Kong. |
|
05-06-2014 |
Mortgage |
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 65.68 |
|
|
1 |
INR 93.98 |
|
Euro |
1 |
INR 81.30 |
|
HKD |
1 |
INR 8.38 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SYL |
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)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.