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Report Date : |
16.12.2013 |
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 : |
· Trader of single-cut diamond, full-cut loose diamond, carat size diamond, fancy diamonds, emerald-shaped diamonds, precious stones & jewellery products Subject also sells GIA certified diamonds. |
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No. of Employees : |
04 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 30th, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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 |
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.
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Source : CIA |
TOP STAR ASIA LTD.
(Your enquiry given as: TOPSTAR ASIA LTD of the same address)
Suite F, 7/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2721 6072 , 2721 6069 , 9605 5313
FAX: 852-2721 6074
E-MAIL: info@tsalonline.com
Managing Director: Mr. Rishi Udayram Lohia
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: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Suite F, 7/F., Cameron Plaza, 23-25A Cameron Road, Tsimshatsui, Kowloon, Hong Kong.
37437327
1081868
Managing Director: Mr. Rishi Udayram Lohia
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 20-10-2013)
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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 ===== |
(As per registry
dated 20-10-2013)
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Name (Nationality) |
Address |
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Rishi Udayram
LOHIA |
Flat B2, Block B, Burlington
House, 19 Nathan Road, Kowloon, Hong Kong. |
(As per registry
dated 20-10-2013)
|
Name |
Address |
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Bayani Divino Bautista PONCE |
Flat A, 8/F., Tower 5, Caribbean Coast, 2 Kin Tung Road,
Tung Chung, Hong Kong. |
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.
Activities: Diamond Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds and jewellery products, precious stones
Employees: 4.
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.
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: (See attachment)
Profit or Loss: Making a small profit in the past years.
Condition: Business is active.
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: Normal.
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 has become a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.
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, full-cut loose diamond, carat size diamond. It also sells GIA certified diamonds.
According to the subject, its significant products are fancy diamonds and emerald-shaped 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 852-9605 5313. Business is normal.
The subject has had associated offices in Japan, the United States and the United Kingdom.
In order to expand its business further, the subject also sells its products online.
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.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in “HKTDC Hong Kong International Jewellery Show 2014” which will be held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 5th to 9th March, 2014.
As the history of the subject is over seven years and a months in Hong Kong, on the whole, consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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19-08-2011 |
Instrument: Assignment of Life Insurance 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. |
All and any monies and liabilities |
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06-09-2013 |
Instrument: Charge Over Deposits - CD 1 Property: 1) By fixed Charge: All the Company’s rights in respect of the following:- (i) The sum deposited by the company or for its benefit in the account or as evidenced by deposit instrument or other evidence of indebtedness specified in the annexed schedule, including additions to or renewals or replacements or such sums in any currency; and (ii) All other sums in any currency from time to time standing to the credit to the company or the credit or any other person for the company’s benefit whether alone or jointly with others on any deposit account with the Bank or any other SCB Group Company including additions to or renewals or replacements of such sum 2) By assignment: All Deposits held with any SCB Group Company. Mortgagee: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong. |
To secure the payment or discharge of all moneys,
obligation and liabilities |
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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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 –
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Gem & Jewellery Export Promotion Council in its statistical data has
shown the export of polished diamonds to have increase by 28 % in February
2013. Compared to $ 1.4 bn worth of polished diamond export in February, 2012,
India exported $ 1.84 billion worth of polished diamonds in February 2013. A
senior executive of GJEPC said, “Export of cut and polished diamonds started
falling month-wise after the imposition of 2 % of import duty on the polished
diamonds. But February, 2013 has given a new ray of hope to the industry as the
export of polished diamonds has actually increased by 28 %. It means the
industry is on the track of recovery and round tripping of diamonds has
stopped completely.” Demand has started coming from the US, the UK, Japan and
China. India’s polished diamond export is expected to cross $ 21 bn in 2013-14.
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The banking sector has started exercising restraint while following
prudent risk management norms when lending money to gems and jewellery sector.
This follows the implementation of Basel III accord – a global voluntary
regulatory standard on bank capital adequacy, stress testing and market
liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.13 |
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|
1 |
Rs.101.53 |
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Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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.