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MIRA INFORM REPORT
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Report No. : |
499550 |
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Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
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Name : |
AASTHA LIMITED |
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Registered Office : |
C/o Aqua Diamonds Ltd. Unit 303A, 3/F., Hunghom Commercial Centre, Tower A, 39 Ma Tau Wai
Road, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.08.2014 |
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Com. Reg. No.: |
63682855 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Diamonds and Jewellery Products. |
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No. of Employees : |
5. (Including Associated Company) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
B |
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Credit Rating |
Explanation |
Rating Comments |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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Status : |
Moderate |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
Company
name & address
AASTHA LIMITED
ADDRESS: C/o Aqua Diamonds
Ltd.
Unit 303A, 3/F., Hunghom Commercial Centre,
Tower A, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2773
0368, 2773 0166
FAX: 852-2773 0996
MANAGEMENT
Managing Director: Mr. Prakash
Shambhubhai Italia
SUMMARY
Incorporated on: 8th August, 2014.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 5. (Including Associated
Company)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
AASTHA LIMITED
ADDRESS
Registered
Office:-
C/o Aqua Diamonds Ltd.
Unit 303A, 3/F., Hunghom Commercial Centre, Tower A, 39 Ma Tau Wai Road,
Hunghom, Kowloon, Hong Kong.
Associated
Company:-
Aqua Diamonds Ltd., Hong Kong.
(Same address)
BUSINESS
REGISTRATION NUMBER
63682855
COMPANY
FILE NUMBER
2130622
MANAGEMENT
Managing Director: Mr. Prakash
Shambhubhai Italia
ISSUED
SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDER: (As per
registry dated 08-08-2017)
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Name |
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No. of shares |
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Prakash Shambhubhai ITALIA |
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1,000,000 ======= |
DIRECTOR
(As per registry dated 08-08-2017)
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Name (Nationality) |
Address |
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Prakash Shambhubhai ITALIA |
A-32, Saifee Society, L.H. Road, Surat, India. |
SECRETARY
(As per registry dated 08-08-2017)
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Name |
Address |
Co. No. |
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Lodestar Secretaries Ltd. |
13/F., Wah Kit Commercial Centre, 300 Des Voeux Road Central, Hong
Kong. |
0113023 |
HISTORY
The subject was incorporated on 8th August, 2014 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: All
kinds of diamonds and jewellery products.
Employees: 5. (Including associated company)
Commodities Imported: Belgium,
Israel, US, etc.
Markets: Hong
Kong, China, other Asian countries, Europe, North America, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, O/A, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$1,000,000.00
Profit & Loss: Made
a small profit in 2017.
Condition: Business is improving.
Facilities: Adequate
for current running.
Payment: Slow but correct.
Commercial Morality:
Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 1 million ordinary shares of HK$1.00 each, Aastha Limited
is wholly owned by Mr. Prakash Shambhubhai Italia who is an India merchant.
He is an India passport holder and does not have the right to reside in
Hong Kong permanently. He is also
the only director of the subject.
The subject shares the same office with its associated company Aqua
Diamonds Ltd. [ADL].
The subject and ADL are engaged in the same lines of business, more or
less. The largest shareholder of ADL is
Nilesh Sambhubhai Italiya [N S Italiya] who is an India merchant. He is a Hong Kong ID holder and has got the
right to reside in Hong Kong permanently.
The director of ADL is also N S Italiya.
The subject is trading in Carat Size Diamonds, Fancy Diamonds, Loose
Diamonds, Full-Cut Diamonds, VVS loose Diamonds, etc.
The subject also trades in jewellery products such as bangles, earrings,
pendants, necklaces, men’s rings, ladies’ rings, cuff links, brooches,
bracelets, etc. Raw materials are
chiefly imported from Belgium, Israel, the United States, etc. Products are exported to Japan, Singapore,
the other Asian countries, Europe, the United States, etc.
The subject has had associated companies in Shenzhen Special Economic
Zone of China and Thailand.
The contact person of the subject is also N S Italiya. History in Hong Kong is over three years and
seven months.
On the whole, consider the subject good for normal credit requirements
in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.90 |
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1 |
INR 91.87 |
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Euro |
1 |
INR 80.25 |
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HKD |
1 |
INR 8.27 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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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
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Payment
record
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Litigation
against the subject
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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.