MIRA INFORM REPORT

 

 

 

Report Date :

21.08.2008

 

IDENTIFICATION DETAILS

 

Name :

STAR DIAMOND

 

 

Registered Office :

Room 908, Hang Seng Bank Building, 18 Carnarvon Road, Tsim Sha Tsui

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

2005

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Exporter and Importer of Diamond Studded and Gold Jewellery

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Unfavourable & favourable factors carry similar weight in credit consideration. Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Small Company

 

 

Payment Behaviour :

Regular

 

 

Litigation :

Clear

 

 

 

 

name of the company

 

STAR DIAMOND

 

Business Address

 

Room 908, Hang Seng Bank Building
18 Carnarvon Road
Tsim Sha Tsui
Hong Kong
Tel: +852-28906584
Fax: +852-Not Registered

 

 

SUMMARY

 

 

Founded:

2005

Legal form:

Sole Proprietorship

Registration date:

02.03.2005

ACTIVITY:

Exporter & Importer

Main Products:

Diamond studded and gold jewellery (e.g. bracelets, earrings, bangles)

Staff:

3 (3 in Hong Kong)

Financial situation:

Modest but ordered

Payments:

Payments are made according to terms

Litigation:

clear

 

 

 

Registration status: 2005 - Registered company
Activity status: 2005 - Active company

 

 

 

 

IDENTIFICATION

 

 

 

Name:

Star Diamond

 

Telephone:

+852-28906584

 

Fax:

+852-Not Registered

 

Business Address:

Room 908, Hang Seng Bank Building
18 Carnarvon Road
Tsim Sha Tsui
Hong Kong
Tel: +852-28906584
Fax: +852-Not Registered

 

 

Registered Address:

Room 908, Hang Seng Bank Building
18 Carnarvon Road
Tsim Sha Tsui
Hong Kong

 

 

 

 

HISTORY AND REGISTRATION

 

 

Founded:

2005

 

Legal form:

Sole Proprietorship

 

Registration date:

02.03.2005

 

BR Number:

35375860

 

SHAREHOLDERS

 

VORA Rajesh Vasantlal
Nationality: IN
13/F, Block H, Windsor Mansion
29/31 Catham Road outh
Tsim Sha Tsui
Hong Kong

Proprietor

 

MANAGEMENT

 

Mr. VORA Rajesh Vasantlal , Proprietor
Mr. VORA Rajesh Vasantlal is subject's proprietor, who is actively engaged in subject's overall management and operation. He travels frequently between India and Hong Kong.

Management Assessment
Subject is a relatively small entity. There is no clear division of management functions and responsibilities. One or two key figures are responsible for overall management.

 

ACTIVITY

 

NATURE OF BUSINESS:

Exporter & Importer

 

NACE:

3212 Manufacture of jewellery and related articles

 

Main products:

Diamond studded and gold jewellery (e.g. bracelets, earrings, bangles)

 

 

 

Activity comment:

Subject declined to disclose any information about subject's activity. Other sources revealed that subject is engaged in exporting and importing of diamond studded and gold jewellery e.g. bracelets, earrings, necklace, and ring. Subject's main markets include the Middle East, America , Europe and India.

Basic traffic of phone calls, deliveries of documents indicates that subject is performing adequate level of daily business activities with some functional divisions and business structures. Operations are observed to be properly organized with necessary number of staff.

 

 

 

MARKETS:


Middle East, India, Europe, North America
Payment terms:
T/T
L/C (at sight)
O/A (open account)

 

 

 

PURCHASES:


China, India
Payment terms:
T/T
L/C (letter of credit)
O/A (open account)

(estimated)

 

 

 

 

PREMISES

 

Address:

Room 908, Hang Seng Bank Building
18 Carnarvon Road
Tsim Sha Tsui
Hong Kong

Type of premises:

office premises

Size:

500 sq ft

Type of ownership:

Premises at business address are rented

Area:

Commercial

Condition:

reasonable

Equipment:

Properly equipped and maintained


Reasonable office decoration observed. Captioned premises are equipped with basic office and other supportive facilities.

 

 

 

STAFF:

Total staff: 3

Staff in Hong Kong: 3

 

 

IMPORTANCE:

Small Company

 

 

 

 

FINANCE

 

 

Financial situation:

Modest but ordered

 

Status of company:

Properly run

 

Business trends:

Stagnant

 

 

 

Direct interview:

Ms. Wong, subject's staff, on 18.08.2008

 

 

 

Financial data source:

Declined to disclose any financial data

 

Ms. Wong , subject's staff declined to disclose any financial information on the ground of unknown inquiring party. Under Hong Kong Companies Law, private companies are not obligated to release its financial information to public.

With respect to subject’s operation scale, size and compared with similar size companies in industry, estimated annual turnover is around HKD 10M.

Subject is considered small-size in line locally and its track record comparatively limited. Subject’s capability to overcome financial difficulties is deemed limited and not demonstrated with concrete evidence.

 

 

Bankers

 

Declined to disclose

 

 

 

Payments:

Payments are made according to terms

 

 

 

Litigation records:

clear
on subject: clear
on VORA Rajesh Vasantlal: clear

 

 

 

Insolvency Information:

According to available information sources the company is not in a insolvency/Preliminary/debt regulation proceeding.

 

 

 

Negative file check:

clear

 

 

 

Company comment:

Secure terms are recommended. Small business is deemed carried out with limited resources for regular financial commitments. Capability to overcome financial difficulties is deemed limited . Business should be done on a secured basis with close monitoring.

 

 

 

 

Macro Economic Indicator - Hong Kong

(USD billions)

2003

2004

2005

2006

2007 (f)

2008 (f)

Economic growth (%)

3.2

8.6

7.5

6.9

5.6

5.3

Inflation (%)

-1.9

0.3

1.4

2.3

3.0

3.1

Public sector balance (%GDP)

-3.3

1.7

1.0

2.7

2.7

3.0

Exports

224.7

260.3

289.5

317.6

343.3

381.9

Imports

230.4

269.6

297.2

331.7

362.6

400.2

Trade balance

-5.8

-9.3

-7.6

-1.4

-2.0

-1.8

Current account balance

16.5

15.7

20.2

20.2

20.1

24.6

Current account balance (%GDP)

10.4%

9.5%

11.4%

10.6%

9.9%

11.1%

Foreign debt

37.8%

41.0%

40.7%

38.0%

36.3%

35.4%

Debt service (%Exports)

1.8%

2.1%

2.2%

2.3%

2.1%

2.0%

Currency reserves (import months)

4.8

4.2

3.7

3.4

3.2

3.0

(e)estimate (f)forecast

 

 

 



COUNTRY RATING (Hong Kong)

Rating : A1

The steady political and economic environment has positive effects on an
already good payment record of companies.Very weak default probability.

For further information of country rating and payment experience such as
Assets – weaknesses – risk outlook; Industries overview; Insolvency trend;
Means of payment and collection methods; and Non payment index,
please visit our group’s official homepage at www.cofacerating.com or go
directly to your interest at www.cofacerating.com/anglais/home/Country.html

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.43.38

UK Pound

1

Rs.81.34

Euro

1

Rs.64.55

 

 

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

Unfavourable & favourable factors carry similar weight in credit consideration. 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

NR

In view of the lack of information, we have no basis upon which to recommend credit dealings

No Rating

 

 

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%)

 

 

 

 

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