MIRA
INFORM REPORT
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Report Date : |
21.10.2011 |
IDENTIFICATION DETAILS
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Name : |
TOP STAR ASIA LTD. |
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Registered Office : |
Suite F, 7/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.10.2006 |
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Com. Reg. No.: |
37437327 |
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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, precious stones, etc. |
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 : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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 – September 30, 2011
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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 and address
TOP STAR
ASIA LTD.
ADDRESS: Suite F, 7/F., Cameron
Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2721 6072, 9605 5313
FAX: 2721 6074
MANAGEMENT
Managing Director: Mr. Rishi
Udayram Lohia
SUMMARY
Incorporated on: 20th October,
2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Diamond Trader.
Employees: 2.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Suite F, 7/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon,
Hong Kong.
BUSINESS REGISTRATION NUMBER
37437327
COMPANY FILE NUMBER
1081868
MANAGEMENT
Managing Director: Mr. Rishi
Udayram Lohia
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER
(As per registry dated 20-10-2010)
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Name |
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No. of shares |
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Rishi Udayram LOHIA |
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10,000 ===== |
DIRECTOR
(As per registry dated 20-10-2010)
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Name (Nationality) |
Address |
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Rishi Udayram LOHIA |
Room 3, G/F., A-1 Apartment Building, 270 Walkeshwar Road,
Mumbai-400006, India. |
SECRETARY
(As per registry dated 20-10-2010)
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Name |
Address |
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Bayani Divino Bautista PONCE |
13/F., 5 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong. |
HISTORY
The subject was incorporated on 20th October, 2006 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 303, 3/F., Golden Gate
Commercial Building, 136-138 Austin Road, Tsimshatsui, Kowloon, Hong Kong
where is the operating office of commercial service provider Folder Secretarial
Services Ltd., moved to Suite F, 2/F., Cameron Plaza, 23‑25A Cameron
Road, Tsimshatsui, Kowloon, Hong Kong in October 2009, and further moved to
Suite F, 7/F. of the same building in late 2010.
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, precious stones, etc.
Employees: 2.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Japan,
other Asian countries, Europe, Middle East, etc.
Terms/Sales:
L/C, T/T or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge:-
Date of Assignment of Life Insurance: 19-08-2011
Amount: All and any monies and liabilities
Property: (i) all the Assignor’s claim, options,
privileges, right, title interest and benefit in and under the Insurance; and
(ii) all the Assignor’s claims and rights against the issuer of the Policy
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit in the past years.
Condition: Business
is normal.
Facilities: Making
active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing:
Small.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Top Star Asia Ltd.
is wholly-owned by Mr. Rishi Udayram Lohia who is an Indian. Lohia is also the only director of the
subject. He is an India passport holder
and does not have the right to reside in Hong Kong permanently.
The subject moved to the present address in late 2010.
The subject is a diamond importer, exporter and wholesaler. It is trading in single-cut diamond, fullcut loose
diamond, carat size diamonds, etc. It
also sells GIA certified diamonds.
Most of the commodities are imported from India and Europe. Prime markets are Hong Kong, Japan, other
Asian countries, the Middle East, etc.
The subject’s business is chiefly handled by Lohia himself He can be reached at his mobile phone number
9605 5313. Business has been improving.
In order to penetrate the international market further, the subject is
preparing to taken part in fairs and exhibitions held in Hong Kong and other
foreign large cities.
The subject’s new individual secretary Bayani Divino Bautista Ponce was
appointed in August 2010. He is also an
Indian and acting as an individual secretary for a number of diamond trading
firms in Hong Kong.
The history of the subject is about five years.
On the whole, consider the subject good for normal business engagements.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.49.71 |
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|
1 |
Rs.78.08 |
|
Euro |
1 |
Rs.68.05 |
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.