MIRA INFORM REPORT

 

 

Report No. :

506169

Report Date :

25.04.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

AASTHA (HK) LIMITED

 

 

Registered Office :

Unit D, 26/F., 8 Hart Avenue, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Financials (as on) :

2016

 

 

Date of Incorporation :

20.03.2012

 

 

Com. Reg. No.:

59541659

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, exporter and wholesaler of Diamond & Jewellery

 

 

No. of Employees :

3

 

 

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 :

No Complaints

 

 

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, effective 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 4.4% in 2014, but slowed to 2.9% in 2015. 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.

 

Source : CIA

 

Company name and address

 

AASTHA  (HK)  LIMITED

 

ADDRESS:                   Unit D, 26/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

PHONE:                        852-3527 0409 - 10

 

FAX:                             852-3527 0411

 

E-MAIL:                        aasthahk@gmail.com

 

 

MANAGEMENT

 

Managing Director:        Mr. Puneet Kumbhat

 

 

SUMMARY

 

Incorporated on:            20th March, 2012.

 

Organization:                 Private Limited Company.

 

Issued Share Capital:     HK$10,000.00

 

Business Category:       Jewellery and Diamond Trader.

 

Annual Turnover:           HK$378.65 million  (Year ended 31-03-2016)

 

Employees:                  3.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

 

 

ADDRESS

 

Registered Head Office:-

Unit D, 26/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

59541659

 

 

COMPANY FILE NUMBER

 

1718712

 

 

MANAGEMENT

 

Managing Director:        Mr. Puneet Kumbhat

Contact Person:            Mr. Singh Sharanjit

 

 

ISSUED SHARE CAPITAL 

 

HK$10,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 20-03-2017)

Name

 

No. of share

Puneet KUMBHAT

 

5,000

Pranav Samir GANDHI

 

5,000

 

 

––––––

 

Total:

10,000

=====

 

 

DIRECTOR

 

(As per registry dated 20-03-2017)

Name

(Nationality)

 

Address

Puneet KUMBHAT

A-264, Shastri Nagar, Jodhpur, India.

Pranav Samir GANDHI

Room No. 34, 2/F., Radha Krishna Building, Dubhash Lane, V.P. Road, Girgaon, Mumbai, India.

 

 

SECRETARY

(As per registry dated 20-03-2017)

 

Name

Address

 

Surachna

Flat 15B, Albert House, 26 Chengtu Road, Aberdeen, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 20th March, 2012 as a private limited liability company under the Hong Kong Companies Ordinance.

 

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

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Diamond & Jewellery.

 

Employees:                  3.

 

Commodities Imported: India, other Asian countries, Europe, etc.

 

Markets:                       Hong Kong, other Asian countries, Europe, US, etc.

 

Turnover:                      HK$175.16 million  (Year ended 31-03-2013)

HK$356.14 million  (Year ended 31-03-2014)

HK$325.38 million  (Year ended 31-03-2015)

HK$378.65 million  (Year ended 31-03-2016)

HK$400.00 million  (Year ended 31-03-2017) [Estimated]

 

Terms/Sales:                 As per contracted.

 

Terms/Buying:               Prepayment, L/C, etc.

 

 

FINANCIAL INFORMATION

 

Issued Share Capital:     HK$10,000.00

 

Profit or Loss:               Made small profits in past years.

 

Net Profit:                     HK$0.51 million  (Year ended 31-03-2013)

HK$0.67 million  (Year ended 31-03-2014)

HK$0.87 million  (Year ended 31-03-2015)

HK$0.97 million  (Year ended 31-03-2016)

HK$1.00 million  (Year ended 31-03-2017) [Estimated]

 

Condition:                     Business is active.

 

Facilities:                      Adequate for current running.

 

Payment:                      No complaints.

 

Commercial Morality:     Satisfactory.

 

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

 

Standing:                      Normal.

 

 

GENERAL

 

Having issued 10,000 ordinary shares of HK$1.00 each, Aastha (HK) Limited formerly was wholly owned by Mr. Puneet Kumbhat who was an India merchant.

 

In 2015 Puneet Kumbhat transferred 5,000 shares to Mr. Pranav Samir Gandhi who was also an India merchant.

 

Now, the subject is equally owned by Pranav Samir Gandhi and Puneet Kumbhat.  Both are also directors of the subject.  The latter is a Hong Kong ID holder and has got the right to reside in Hong Kong.  He is also managing director of the subject.

 

The subject’s registered address is located at Unit D, 26/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong where was the old operating address of a Hong Kong registered firm known as Embassy International (HK) Ltd. [Embassy].  Now, Embassy has moved out.

 

Embassy is a diamond trader.  Now, the subject has nothing to do with Embassy.

 

The subject is also a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut diamonds.  Most of the commodities are imported from India and Europe.  Prime markets are Hong Kong, China and the other Asian countries.

 

For the year ended 31st March, 2016, the turnover of the subject amounted to HK$378.65 million, grew by 16.4% as compared with HK$325.38 million in FY 2015; net profit amounted to HK$0.97 million, grew by 11.5% as compared with HK$0.87 million in FY 2015.  It is estimated that the turnover and net profit of the subject would be about HK$400 million and HK$1 million respectively in FY 2017.  Its Profit margins were low in past years.

 

The subject has had a number of regular customers in Hong Kong and in Europe.  Business is steady.

 

The contact person of the subject Mr. Singh Sharanjit is also an Indian.  The subject still has room to make further improvement.

 

The history of the subject in Hong Kong is over five years and nine months.

 

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

 

 

FINANCIAL STATEMENTS

 

Unit:  HK$’ million (year ended 31 March)

 

Item

2016

2015

2014

2013

Turnover

378.65

325.38

356.14

175.16

Net Profit

0.97

0.87

0.67

0.51

Current Assets

90.49

88.56

140.67

97.02

Current Liabilities

87.55

86.63

139.53

96.56

Net Assets

3.03

2.06

1.19

0.52

Total Equity

3.03

2.06

1.19

0.52

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 66.36

UK Pound

1

INR 92.51

Euro

1

INR 81.05

HKD

1

INR 8.49

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

PRA

 

 

Report Prepared by :

NIT

                                                


 

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.