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Report Date : |
05.08.2013 |
IDENTIFICATION DETAILS
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Name : |
HK STAR |
|
|
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Registered Office : |
c/o Top Honour (Acc & Tax) Ltd. Unit 2501, 25/F., 113 Argyle Street, Mongkok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.09.2009 |
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Com. Reg. No.: |
51189221-000-09 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of loose and cut
diamonds |
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No. of Employees : |
1 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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 |
HK STAR
c/o Top Honour (Acc & Tax) Ltd.
Unit 2501, 25/F., 113 Argyle Street, Mongkok, Kowloon, Hong Kong.
PHONE: 852-2111 0810
FAX: 852-2508 6117
Manager: Mr. Gavrav Yogesh Joshi
Establishment: 22nd September, 2009.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
Trader.
Employee: 1.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HK STAR
Registered
Office:-
c/o Top Honour (Acc & Tax) Ltd.
Unit 2501, 25/F., 113 Argyle Street, Mongkok, Kowloon, Hong Kong.
51189221-000-09
Manager: Mr. Gavrav Yogesh Joshi
Name: Mr.
Gavrav Yogesh JOSHI
Residential Address: 355 Laxmi
Nivas, 1/F., R. No. 41 V-P. Road, Mumbai 400004, India.
The subject was established on 22nd September, 2009 as a sole
proprietorship concern owned by Mr. Gavrav Yogesh Joshi under the Hong Kong
Business Registration Regulations.
At the very beginning, the subject was located at Room 1706, 17/F.,
Workingport Commercial Building, 3 Hau Fook Street, Tsimshatsim, Kowloon, Hong
Kong, moved to Room 1002, 10/F., Ginza Square, 565‑567 Nathan Road,
Kowloon, Hong Kong in March 2010 and further moved to the present address
in August 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of loose and cut diamonds.
Employee: 1.
Commodities Imported: India,
Myanmar, other Asian countries, etc.
Markets: Hong
Kong, India, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C, Advanced T/T, etc.
Capital: Not
disclosed.
Profit or Loss: Keeping
a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Small.
HK Star is a sole proprietorship set up and owned by Mr. Gavrav Yogesh
Joshi who is an Indian. He is an India
passport holder and does not have the right to reside in Hong Kong
permanently. He is also manager of the
subject.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “Unit 2501, 25/F., 113 Argyle Street, Mongkok, Kowloon,
Hong Kong” known as “Top Honour (Acc & Tax) Ltd.” which is handling its
correspondences and documents.
The subject’s registered office moved to this address in August 2012.
A representative of the subject can be reached at his mobile phone
number 852-9702 3714.
Business commenced on 22nd September, 2009, the subject is a diamond
trader. It imports cut or polished
diamonds chiefly from India. Commodities
are marketed in Hong Kong, re-exported to China and the other Asian countries.
The subject has had an associated company in Mumbai, India which is also
a diamond trader.
The subject’s business is chiefly handled by Joshi himself. Its business in Hong Kong is not very
active. History in Hong Kong is
just about four years.
Since the subject does not have its own operating office and has just
one employee in Hong Kong, on the whole, consider it good for business
engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.