MIRA INFORM REPORT

 

 

Report No. :

493817

Report Date :

03.03.2018

 

 

 

IDENTIFICATION DETAILS

 

Name :

ASPECO  (HK)  LIMITED

 

 

Registered Office :

Unit 916, 9/F., Peninsula Square, 18 Sung On Street, Hung Hom, Kowloon,

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

23.11.2012

 

 

Com. Reg. No.:

60656718

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Trader of all kinds of diamonds, precious stones

 

 

No. of Employees :

6

 

 

RATING & COMMENTS

(Mira Inform has adopted New Rating mechanism w.e.f. 23rd January 2017)

 

MIRA’s Rating :

B

 

Credit Rating

Explanation

Rating Comments

B

Medium Risk

Business dealings permissible on a regular monitoring basis

 

Status :

Moderate

 

 

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

 

Company name and address

 

ASPECO  (HK)  LIMITED

 

 

ADDRESS:       Unit 916, 9/F., Peninsula Square, 18 Sung On Street, Hung Hom, Kowloon, Hong Kong.

 

PHONE:            852-2311 6551-2

 

FAX:                 852-2311 6553

 

E-MAIL:            acchk@aspeco.hk

                        ajesh@aspeco.hk

 

MANAGEMENT:

 

Managing Director:  Mr. Ajesh Dineshchandra Shah

 

 

SUMMARY

 

Incorporated on:            23rd November, 2012.

 

Organization:                 Private Limited Company.

 

Issued Share Capital:     US$1,000,000.00

 

Business Category:       Diamond Trader.

 

Employees:                  6.

 

Main Dealing Banker:     Hang Seng Bank Ltd., Hong Kong.

 

Banking Relation:          Satisfactory

 

 

ADDRESS

 

Registered Head Office:-

Unit 916, 9/F., Peninsula Square, 18 Sung On Street, Hung Hom, Kowloon, Hong Kong.

 

Associated Companies:-

Aspeco Belgium NV, Belgium.

K. Girdharlal (HK) Ltd., Hong Kong.

K. Girdharlal DMCC, UAE.

K. Girdharlal International Ltd., India.

Sparkle Diam Pvt. Ltd., India.

 

 

BUSINESS REGISTRATION NUMBER

 

  60656718

 

 

COMPANY FILE NUMBER

 

  1839757

 

 

MANAGEMENT

 

Managing Director:  Mr. Ajesh Dineshchandra Shah

 

 

ISSUED SHARE CAPITAL

 

  US$1,000,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 23-11-2017)

Name

 

No. of shares

Nitinkumar Natwarlal SHAH

 

150,000

Ajesh Dineshchandra SHAH

 

850,000

 

 

––––––––

 

Total:

1,000,000

=======

 

 

DIRECTORS

 

(As per registry dated 23-11-2017)

Name

(Nationality)

 

Address

Ajesh Dineshchandra SHAH

Flat C, 18/F., Tower 7, Parc Palais, 18 Wylie Road, Homantin, Kowloon, Hong Kong.

 

YIM Chi Leung, Anthony

Flat 508, 5/F., Block D, Ming Wah Dai Ha, 19A Kung Ngam Road, Shau Kei Wan, Hong Kong.

 

Nitinkumar Natwarlal SHAH

Dennenlaan 9, 2020 Antwerpen, Belgie, Belgium.

 

 

SECRETARY

 

(As per registry dated 23-11-2017)

Name

Address

Co. No.

Akins Professional Ltd.

20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.

1273165

 

 

HISTORY

 

The subject was incorporated on 23rd November, 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:                      Diamond Trader.

 

Lines:                           All kinds of diamonds, precious stones

 

Employees:                  6.

 

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

 

Markets:                       Singapore, Thailand, Taiwan, other Southeast Asian countries, US, Belgium, etc.

 

Terms/Sales:                 CAD, L/C or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Issued Share Capital:     US$1,000,000.00

 

Profit or Loss:               Made small profits in past two years.

 

Condition:                     Business is normal.

 

Facilities:                      Adequate for current running.

 

Payment:                      Slow but Correct.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Hang Seng Bank Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Having issued 1 million ordinary shares of US$1.00 each, Aspeco (HK) Limited is jointly owned by Mr. Nitinkumar Natwarlal Shah, holding 15% interests; and Mr. Ajesh Dineshchandra Shah, holding 85%.  They are also directors of the subject.

The third director of the subject Mr. Yim Chi Leung, Anthony is a Hong Kong merchant.

The subject shares the office with another company known as K. Girdharlal (Hong Kong) Ltd. [KGHK].  The directors of the subject are also directors of KGHK.

The subject is a diamond and gemstone trader.  It has got an affiliated company in Hong Kong known as Pal Impex Company which is also a diamond trader.  The subject is chiefly owned and operated by the Shah family, so does KGHK.

Currently, the subject is trading in the following significant products:-

All Kinds of Loose Diamonds, Carat-Size Diamond, Certificated Diamond, Diamond Studded Bangle, Loose Diamonds & Single Diamond, etc.

According to the subject, its single diamonds are high-end products in different shapes and colours.  Products are chiefly marketed in Hong Kong, China and exported to Southeast Asia.  It also has had closed business ties with Luxembourg.

The subject is an associate of a major diamond-manufacturing group in Mumbai in India — K. Girdharlal International Pvt. Ltd. [KGIP] — which is a sightholder of the Diamond Trading Company.

In about 2001, KGIP in India took the initiative in diversifying into jewellery manufacturing and exporting its jewellery products.  Now, KGIP is engaged in manufacturing all kinds of cut and polished diamonds while its products have been exported to worldwide countries, especially Southeast Asia.

The subject is a member of K. Girdharlal Group [KG Group].

KGIP is also one of the largest Indian exporters of polished diamonds.  It is renowned for fancy cut diamonds in particular, but also has a repertoire of polished diamonds to offer, from 0.01’ to 5.00’ in round, ideal and hearts and arrows.

The annual sales turnover of the KG Group is very significant.

The Group is not only one of the largest manufacturers by carat volume but also is one of the largest firms in sales turnover in India.

The subject is supported by KG Group and ultimately by the Shah family.  The CEO of KGIP is Kishorlal Shah.

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 Diamond, Gem & Pearl Show 2018” which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th February to 3rd March, 2018.  Its booth No. is AWE 2-K17.

The business of the subject is chiefly handled by Ajesh Dineshchandra Shah and Mr. Yim Chi Leung, Anthony.  History in Hong Kong is over five years and three months.

On the whole, consider it good for normal business engagements in moderate credit amounts.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

INR 65.23

UK Pound

1

INR 89.71

Euro

1

INR 79.50

HKD

1

INR 8.33

 

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

 

 

INFORMATION DETAILS

 

Analysis Done by :

NIS

 

 

Report Prepared by :

TRU

                                                


 

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.