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Report Date : |
13.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
BLUE STAR |
|
|
|
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Registered Office : |
oom 1-F, 1/F., Windsor Mansion, 17 Austin Avenue, Tsimshatsui,
Kowloon, |
|
|
|
|
Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
28.08.2009 |
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|
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Com. Reg. No.: |
51215139-000-08 |
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|
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Legal Form : |
Sole Proprietorship. |
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|
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of
diamonds, gems, emerald, precious stones, etc. |
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|
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No. of Employees : |
Not Available |
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 |
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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 – 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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source : CIA |
BLUE STAR
Room 1-F, 1/F.,
Windsor Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2301 1788
FAX: 2301 1798
E-MAIL: bambamit@yahoo.co.uk
Manager: Mr. Preeti Amit Bamb
Establishment: 28th August, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond and Gem Trader.
Employees: Nil.
Main Dealing Ban: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
BLUE STAR
Registered
Office:-
Room 1-F, 1/F., Windsor
Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.
Head
Office:-
Flat C, 4/F.,
Kimbry Court, 58-60 Kimberley Road, Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
Bright Star Hong
Kong, Hong Kong.
51215139-000-08
Manager: Mr. Preeti Amit Bamb
Name: Mr. Preeti Amit BAMB
Residential
Address:
Flat F, 1/F.,
Windsor Mansion, 17 Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.
The
subject was established on 28th August, 2009 as a sole proprietorship concern
owned by Mr. Gyanchand Manakchand Bamb under the Hong Kong Business
Registration Regulations.
It
became a partnership as Mr. Preeti Amit Bamb joined in the subject as a partner
on 22nd February, 2012. Became a sole
proprietorship again when Gyanchand Manakchand Bamb retired on 1st September,
2012.
Formerly
the subject was located at Flat C, 4/F., Kimbry Court, 58‑60 Kimberley
Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in December
2010.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds, gems, emerald, precious stones, etc.
Employees: Nil.
Commodities Imported: India, Belgium, other European countries, etc.
Markets: Southeast Asia, India, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Made a small profit in 2011 & 2012.
Condition: Business is improving.
Facilities: Is making 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.
Blue
Star was a sole proprietorship set up and owned by Mr. Preeti Amit Bamb who is
an Indian. He joined in the subject on
22nd February, 2012. P. A. Bamb is a
Hong Kong ID Card holder and has got the right to reside in Hong Kong
permanently.
The
subject’s registered address is located at Room 1-F, 1/F., Windsor Mansion, 17
Austin Avenue, Tsimshatsui, Kowloon, Hong Kong.
This office is not in a commercial building but a residential
building. This is the residence of P. A.
Bamb.
The
subject has had an associated company Bright Star Hong Kong [Bright Star]
which is located at a different address.
The subject and Bright Star are engaged in the same lines of business.
Business
commenced in August 2009, the subject is a diamond and gem trader. It is a diamond importer, exporter and
wholesaler. It is the supplier, importer
and exporter of versatile range of diamonds in a wide variety like rose cut
diamonds, rose cut heart, rose cut round, rose cut pears, rose cut oval, rose
cut marquise, emerald cut, taper, tapered baguette, fancy cut and fancy colour
diamonds, briollets beads, old mine cut diamonds round brilliant cut diamonds,
marquise, pears ,oval, heart, trilliant, etc.
Most of the commodities are imported from India. Prime markets are Hong Kong, Japan and the
other Asian countries.
Bright
Star is a partnership jointly owned by Amit Gyanchand Bamb, Rajesh Bumb, and
Gyanchand Manakchand Bamb. Amit
Gyanchand Bamb is a Hong Kong ID Card holder and has got the right to reside in
Hong Kong permanently. Amit
Gyanchand Bamb is also an India passport holder.
The
subject and Bright Star have got closed business ties with some of the diamond
trading firms in the United Kingdom and India.
The
subject’s business is chiefly handled by the Bamb family. It is just a one‑man company.
The
history of the subject is just over three years and seven months. On the whole, consider the subject good for
normal business engagements on L/C basis or in very small credit amounts.
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.
-
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.54.44 |
|
|
1 |
Rs.83.77 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.