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Report Date : |
25.10.2012 |
IDENTIFICATION DETAILS
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Name : |
S.T.
INTERNATIONAL |
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Registered Office : |
c/o Akin CPA Ltd., 20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan |
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Country : |
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Date of Incorporation : |
03.06.2011 |
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Com. Reg. No.: |
58390077-003 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is likely to be a diamond
importer, exporter and wholesaler |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 re-exports, is about four times GDP. 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, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
S.T. INTERNATIONAL
Registered
Office:-
c/o Akin CPA Ltd.
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
Operated By:-[BR No. 58390077-000]
Vinco Ltd., Hong Kong. (See attachment)
Sister Companies:-
HK Trading Co., Hong Kong. [BR No. 58390077-001]
(Formerly known as Kum Kum Trading FZC)
Oracle Impex, Hong Kong. [BR No. 58390077-002]
Associated Companies:- (Same
address)
S S S Ltd., Hong Kong.
[Trading as “S.T. International” (BR No.: 52208834-001)]
Supreme Base Corporation
Ltd., Hong Kong.
[Trading as “Star Line International” and “Vibrant International”]
58390077-003
3rd June, 2011.
Vinco Ltd., Hong Kong.
S.T. International [STI] was established on 3rd June, 2011 as one of the business names or divisions of Vinco Ltd. [Vinco]. The sole owner, Vinco was incorporated on 20th May, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
Other business names or divisions under the control of Vinco include HK Trading Co. [HKT] and Oracle Impex [OI] . All the captioned names or divisions are under the same business registration number of Vinco. They are located at the same office address as Vinco.
With a nominal capital of HK$10,000.00 and an issued capital of HK$1.00, Vinco is solely owned by an Indian merchant, Mr. Arvind Kumar Soni who is the holder of India Passport Number: J0980427.
Vinco has none of operating office in Hong Kong. Its registered office is located at the same office of an accountant firm known as Akin CPA Ltd. [Akin].
The details of
Akin are as follow:-
Name: Akin
Address: 20/F.,
Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
Phone Number: 2854 2812
Fax Number: 2544
6452
Nature of Business: Certified Public Accountant.
Akin is a public accountants engaged in the provision of Auditing Service, Bookkeeping & Accounting, Corporate Secretarial Service, Corporate Taxation, Individual Taxation, Company Setting / Formation services.
Staff from Akin informed us that they only provide company secretarial services to Vinco through its affiliate, Akin Professionals Ltd. However, she refused to disclose any further information about Vinco, STI, HKT or OI because of customers’ privacy.
Vinco appears to be using the office of Akin as the correspondence address for its international trading purpose.
The names of Vinco, STI, HKT or OI are not listed in any available telephone and commercial directories and also are unknown to other sources consulted.
No legal actions were traced against these names during the course of this investigation.
To our knowledge, STI is likely to be a diamond importer, exporter and wholesaler. Most of commodities are sourced from India and sold in Hong Kong, Japan and other Asian countries. The principal, Mr. Soni appeared to be also operating a company in India, and this company is regarded as an affiliate of STI. The affiliate in India is doing business with foreign parties under the name of STI by using its corresponding address in Hong Kong.
In
addition, Mr. Soni is also the Director of another company known as Supreme
Base Corporation Ltd. [SBCL]. SBCL is
also located at the same office as Vinco, and is trading under the business
names of Star Line International and Vibrant International.
As far as we know, there is a company located in India under the name of “Oracle Impex”. This company was established in Mumbai, India in 2003 and is engaged in the trading of flooring tiles, vitrified tiles, ceramic tiles, mosaic tiles and laminated tiles. However, we are unable to confirm if this company has any relationship with Vinco, STI, HKT or OI.
Since the company has no operating office in Hong Kong, any business dealing should be on fully secured basis.
VINCO LTD.
(Business names: HK TRADING CO., ORACLE IMPEX and S.T. INTERNATIONAL)
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong.
58390077
1604144
20th May, 2011
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry
dated 20-05-2012)
|
Name |
|
No. of share |
|
Arvind Kumar SONI |
|
1 = |
(As per registry
dated 20-05-2012)
|
Name (Nationality) |
Address |
|
Arvind Kumar SONI |
Azad Mohalla, VPO-Bijai Nagar-305624, Distt-Ajmer, Rajasthan, India. |
(As per registry
dated 20-05-2012)
|
Name |
Address |
Co.
No. |
|
Akin Professionals Ltd. |
20/F., Champion Building, 287-291 Des Voeux Road Central, Sheung Wan, Hong Kong. |
1273165 |
NOTE: Initially the subject was located at Unit A, 3/F., Cheong Sun Tower, 116‑118 Wing Lok Street, Sheung Wan, Hong Kong, moved to the present address with effect from 3rd June, 2011.
DIAMOND INDUSTRY –
INDIA
-
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.
-
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.53.59 |
|
UK Pound |
1 |
Rs.85.81 |
|
Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.