MIRA INFORM REPORT
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Report Date : |
15.12.2011 |
IDENTIFICATION DETAILS
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Name : |
STAR
FUTURE LTD. |
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Registered Office : |
Flat A, 7/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.02.1998 |
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Com. Reg. No.: |
21532260 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of jewellery and diamond products |
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No. of Employees
: |
6. (Hong Kong) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment
Behaviour : |
No Complaints |
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Litigation : |
Exists |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
STAR FUTURE
LTD.
Company ADDRESS
Flat A, 7/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2369 1572
FAX: 2721 0235
E-MAIL: kimblehk@netvigator.com
MANAGEMENT
Managing Director: Mr. Poon Tai Fai, Francis
SUMMARY
Incorporated on: 11th February, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Jewellery Trader.
Employees: 6. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
Flat A, 7/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
China Factory:-
Guangzhou Star Future Ltd.
4/F., Tianxiang Industrial Building, 28 Lifu Road Xinwei, Industrial Road, Haizhu District, Guangzhou 510250, Guangdong Province, China.
[Tel (86-020) 8432 7897
Fax: (86-020) 8434 0712
E-mail: vivil@starfuture.com ]
Associated Company:-
John Bagley Creations Inc., USA.
BUSINESS REGISTRATION NUMBER
21532260
COMPANY FILE NUMBER
0636014
MANAGEMENT
Managing Director: Mr. Poon Tai Fai, Francis
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
SHAREHOLDERS
(As per registry
dated 11-02-2011)
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Name |
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No. of shares |
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POON Tai Fai, Francis |
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51 |
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John Stanley BAGLEY |
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49 |
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––– |
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Total: |
100 === |
DIRECTORS
(As per registry
dated 11-02-2011)
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Name (Nationality) |
Address |
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John Stanley BAGLEY |
5468 Skylane Boulevard, Santa Rosa, California 95403, USA. |
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POON Tai Fai, Francis |
Flat A, 7/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 11-02-2011)
|
Name |
Address |
Co.
No. |
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Arten Ltd. |
Unit 803, 8/F., Shanghai Industrial Investment Building, |
0668986 |
HISTORY
The subject was incorporated on 11th February, 1998 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 and Exporter.
Lines: All kinds of jewellery and diamond products.
Employees: 6. (Hong Kong)
200. (China)
Commodities Imported: India, other Asian countries, Belgium, etc.
Markets: US, Japan, Europe, other Asian countries.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Profit & Loss: Making a small profit every year.
Condition: Business is rather active.
Facilities: Adequate for current running.
Payment: Met obligations on time.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Having issued 100 ordinary shares of HK$1.00 each, Star Future Ltd. was equally owned by Mr. Francis Poon Tai Fai and Mr. John Stanley Bagley. On 16th December, 2008, Bagley transferred one share to Poon, since then, Poon has been holding 51% of the subject’s interests, while Bagley, holding 49%.
Being directors of the subject, Poon is a Hong Kong merchant while Bagley is an American holding a US passport. Currently, the American is residing in the United States operating a firm known as John Bagley Creations Inc. [JBCI].
The subject is trading in precious and semi-precious jewellery, fine jewellery, gold (18K) and diamond jewellery, etc. Products are marketed in China, exported to the United States, Japan, Europe, and other Asian countries.
The subject set up a factory in Guangzhou, Guangdong, China known as Guangzhou Star Future Ltd. in 2005. Employing about 200 persons, this factory is manufacturing all kinds of jewellery products for the subject. The Guangzhou firm belongs to JBCI.
Located in Los Angeles, California of the United States, JBCI was set up and owned by Mr. John Stanley Bagley. He began his jewellery career in about 1977. Now, John Bagley is an innovative designer of the dynamic jewellery line that bears his name. In the United States, the alliance with Bobby Wilkerson & Associates will allow John to focus his creative and design talents on building exciting new collections as well as creating total marketing packages for these collections. It is likely that, most of the subject’s products are designed by John Bagley.
Employing about four employees, JBCI is engaged in designing jewellery made in 14K, 18K and platinum with opal inlay, coloured gemstones and diamonds. JBCI also offers customers with rose gold jewellery, African jewellery, opal jewellery, custom jewellery and estate jewellery. Besides, JBCI is also distributing the subject’s products in the United States.
Most of the time, John Bagley is in the United States. The subject’s business is chiefly administered by Mr. Francis Poon Tai Fai.
The subject’s business is satisfactory as regular clients have been maintained in the United States.
On the whole, having a history of over thirteen years and ten months in Hong Kong, the subject is considered good for normal business engagements.
REMARKS:
Court case
record:-
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Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Oct. 2002 |
45559 |
Charles K. M. Chan & Co., CPA |
Star Future Ltd. |
Service Rendered |
Not stated |
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world as the birthplace
for diamonds. It is difficult to trace the origin of diamonds but history
says that in the remote past, diamonds were mined only in India. Diamond
production in India can be traced back to almost 8th Century B.C.
India, in fact, remained undisputed leader till 18th Century when
Brazilian fields were discovered in 1725 followed by emergence of S. Africa,
Russia and Australia.
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The achievement of the Indian diamond industry was possible only due to
combination of the manufacturing skills of the Indian workforce and the
untiring and unflagging efforts of the Indian diamantaires, supported by
progressive Government policies.
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The area of study of family owned diamond businesses derives its
importance from the huge conglomerate of family run organizations which operate
in the diamond industry since many generations.
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Some of the basic traits of family run business enterprises include
spirit of entrepreneurship, mutual trust lowers transaction costs, small,
nimble and quick to react, information as a source of advantage and philanthropy.
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Family owned diamond businesses need to improve on many fronts including
higher standard of corporate governance, long-term performance – focused
strategies, modern management and technology.
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The diamond jewellery industry in India today may be more than Rs 60000
mil and is rated amongst the fastest growing in the world. Indi ranks
third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with some medium and
large diamond traders which are usually engaged in fictitious import – export,
inter-company transactions, financially assisted by banks. In the process,
several public sector banks lost several hundred million rupees. They mostly
diverted borrowed money for diamond business into real estate and capital markets.
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Excerpts from Times of India dated 30th October 2010 is as
under –
DIAMOND SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of losing
Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months
ago, they had not repaid these dues. Bankers believe many diamantaires
borrowed money during the economic downturn two years ago and diverted funds to
businesses like real estate and capital markets. Many of themselves made money
from these businesses but their diamond companies have gone sick and declared
insolvency.
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Most of the money borrowed from the banks in the name of their diamond
business has been diverted in real estate and the share market. The banks are
not in a position to seize their properties because in many cases, these were
purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
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UK Pound |
1 |
Rs.82.97 |
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Euro |
1 |
Rs.69.89 |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest capability
for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any risk
and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its
officials.