MIRA
INFORM REPORT
|
Report Date : |
24.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
STAR PLUS GLOBAL
LTD. |
|
|
|
|
Registered Office : |
Room 1904, 19/F., East Town Building, 41 Lockhart Road, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
11.03.2010 |
|
|
|
|
Com. Reg. No.: |
51917787 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer and Exporter of Audio products (general), CD players,
personal cassette, recorders/players without radio, etc. |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
Status : |
Small Company |
|
|
|
|
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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name and address
STAR PLUS
GLOBAL LTD.
ADDRESS: Room 1904, 19/F., East Town
Building, 41 Lockhart Road, Wanchai, Hong Kong.
PHONE: 3502 4527
FAX: 3520 4529
MANAGEMENT
Managing Director: Mr.
Balasubramaniam Krishnamurthi
SUMMARY
Incorporated on: 11th
March, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$3,900,000.00
Issued: HK$3,900,000.00
Business Category: Electronic Product Trader.
Employees:
30. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 1904, 19/F., East Town Building, 41 Lockhart Road, Wanchai, Hong
Kong.
Associated Companies:-
Pacific Spot Ltd., Hong Kong.
Star Line Traders Ltd., Hong
Kong. (Same address)
Star Plus Group Ltd., Hong Kong.
(Same address)
Star Plus Ltd., Hong Kong. (Same
address)
BUSINESS REGISTRATION NUMBER
51917787
COMPANY FILE NUMBER
1429042
MANAGEMENT
Managing Director: Mr. Balasubramaniam
Krishnamurthi
CAPITAL
Nominal Share Capital: HK$3,900,000.00 (Divided into 3,900,000 shares of
HK$1.00 each)
Issued Share Capital: HK$3,900,000.00
SHAREHOLDERS
(As per registry dated 15-06-2011)
|
Name |
|
No. of shares |
|
Balasubramaniam KRISHNAMURTHI |
|
2,847,000 |
|
Vishwanath KRISHNAMURTHI |
|
663,000 |
|
Harishwar Reddy KOMMAREDDY |
|
390,000 |
|
|
|
–––––––– |
|
|
Total: |
3,900,000 ======= |
DIRECTORS
(As per registry dated 11-03-2011)
|
Name (Nationality) |
Address |
|
Balasubramaniam KRISHNAMURTHI |
2/F., Block 48, Lower Baguio Villa, 555 Victoria Road, Pokfulam,
Hong Kong. |
|
Vishwanath KRISHNAMURTHI |
1/F., Block B, Government Quarters, |
SECRETARY
(As per registry dated 11-03-2011)
|
Name |
Address |
Co. No. |
|
Prima Secretaries Ltd. |
Suite 605, 6/F., China Insurance Group Building, 141 Des Voeux Road
Central, Hong Kong. |
0569406 |
HISTORY
The subject was incorporated on 11th March, 2010 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: Audio
products (general), CD players, personal cassette, recorders/players without
radio, etc.
Trade Marks: “VIGOR”
and “VITEK”.
Employees: 30. (Including associates)
Spare Parts/Materials: Imported Japan, Taiwan, Europe, South Korea,
etc.
Markets: India,
North & South Americas, Russia, Europe, etc.
Terms/Sales:
L/C or as per contracted.
Terms/Buying: L/C, T/T, D/A, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$3,900,000.00 (Divided into 3,900,000 shares
of HK$1.00 each)
Issued Share Capital: HK$3,900,000.00
Alternation of Capital:-
|
11-03-2010 |
paid up |
HK$ 100.00 |
|
15-06-2011 |
paid up |
HK$ 3,899,900.00 |
|
|
|
––––––––––––––– |
|
Total: |
paid up |
HK$ 3,900,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$3,900,000.00 |
on |
10-06-2011 |
Mortgage or Charge: (See
attachment)
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Too
early to comment.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Indian Overseas Bank, Hong Kong Branch.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Standing:
Small.
GENERAL
Star Plus Global Ltd. is a private limited company incorporated in March
2010. It is mainly owned by Mr.
Balasubramaniam Krishnamurthi, holding 73% interests, who is an Indian. The minor shareholder Ms. Vishwanath
Krishnamurthi, also an Indian, is the family member of Mr. Balasubramaniam
Krishnamurthi. She is holding 17%. Another shareholder Harishwar Reddy
Kommareddy is holding 10%.
The subject has had an associated company Star Plus Ltd. [Star Plus]
located at its operating address. The
subject and Star Plus are engaged in the same lines of business. Star Plus was incorporated in November 1992.
Star Plus is a consumer electronics manufacturer and trader. Its affiliated factory is in Buji, Shenzhen
Special Economic Zone, China. Employing
about 400 persons, the subject’s affiliated factory is manufacturing CD
players, small radios, clock radios, music centres, hi-fi, headphones,
earphones, mini-speakers, microphones, hair care products, etc.
Bearing the trade marks of “VIGOR” and “VITEK”, some of
the subject’s products are also made on OEM basis. Products are exported to India, Russia, North
and South America, Eastern Europe, etc.
The subject also trades in cookware sourced from China.
The subject is responsible for supplying its affiliated factory in China
with raw materials and spare parts which are mainly imported from Europe,
Japan, Taiwan, etc. Taiwan also supplies
the subject with finished products.
In order to further penetrate the international market, the subject has
set up offices in India, Moscow of Russia, and Hungary.
Star Plus has set up representative offices in Shenzhen SEZ and Ningbo
City, Zhejiang Province, China.
According to Star Plus, its annual sales turnover ranges from US$90 to
100 million. Making a small profit every
year.
Business administered by Mr. Balasubramaniam Krishnamurthi and
Ms. Vishwanath Krishnamurthi, Star Plus has made satisfactory profits in
some of the past years.
The subject has got two associates Pacific Spot Ltd. and Star Line
Traders Ltd. Having issued 100,000
ordinary shares of HK$1.00 each, Star Line Traders Ltd. is equally owned by Mr.
Balasubramaniam Krishnamurthi and Ms. Vishwanath Krishnamurthi. These two associates are engaged in the same
lines of business as the subject.
On the whole, since the history of the subject is just over a year and
three months, consider it good for normal business engagements on L/C basis.
COURT CASES: None
per our.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
25-02-2011 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of HK$3,090,000.00 or its equivalent
in other foreign currencies under Deposit A/C No. 808-788756-201, whatever
currency it may subsequently be denominated in, any renewal of such deposit
and the interest thereon together with any further monies in any deposit
account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount secured – (i) all monies in any currency owing by the Company
to the chargee at any time, actually or contingently, in any capacity, alone
or jointly with any other person; (ii) interest on such monies, to the date
on which the chargee receives payment, at the rates payable by the Company or
which would have been payable but for any circumstance which restricts
payment and (iii) all expenses of the chargee in perfecting or enforcing the
charge |
|
26-04-2011 |
Instrument: Security Agreement over Bank Account Property: By way of a first fixed charge all of the Chargor’s rights in respect
of any amount standing to the credit of the Account from time to time and the
debt represented by it Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future
obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.44.93 |
|
|
1 |
Rs.72.08 |
|
Euro |
1 |
Rs.64.21 |
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 |
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 |
|
-- |
NB |
New Business |
-- |
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.