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Report Date : |
15.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
PROGRESS STAR
LTD. |
|
|
|
|
Registered Office : |
Room 10H, 10/F., Universal Mansion, 52 Hillwood Road, Tsimshatsui,
Kowloon |
|
|
|
|
Country : |
Hong Kong |
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|
|
|
Date of Incorporation : |
09.12.2011 |
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|
|
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Com. Reg. No.: |
59243655 |
|
|
|
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Legal Form : |
Private Limited
Company. |
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|
|
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS, ETC |
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No. of Employees : |
1. |
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 |
PROGRESS STAR
LTD.
ADDRESS: Flat B, 13/F., Kok Pah Mansion, 58 Cameron
Road, Tsimshatsiu, Kowloon, Hong Kong.
PHONE: 6147 3425
Managing
Director: Mr. Barola Pritam
Incorporated
on: 9th December, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category:
Diamond Trader.
Employee: 1.
Main Dealing
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered
Office:-
Room 10H, 10/F.,
Universal Mansion, 52 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong.
Operating
Office:-
Flat B, 13/F., Kok
Pah Mansion, 58 Cameron Road, Tsimshatsiu, Kowloon, Hong Kong.
59243655
1689055
Managing
Director: Mr. Barola Pritam
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 09-12-2012)
|
Name |
|
No.
of shares |
|
Barola Pritam |
|
10,000 ===== |
(As
per registry dated 09-12-2012)
|
Name (Nationality) |
Address |
|
Barola Pritam |
Room 10H, 10/F., Universal Mansion, 52 Hillwood
Road, Tsimshatsui, Kowloon, Hong Kong. |
(As
per registry dated 09-12-2012)
|
Name |
Address |
Co.
No. |
|
Central
Dynamic Secretarial Ltd. |
Unit 5-6, 7/F., Greenfield Tower, Concordia Plaza, 1 Science Museum Road,
Tsimshatsui, Kowloon, Hong Kong. |
0563433 |
The
subject was incorporated on 9th December, 2011 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds, etc.
Employee: 1.
Commodities
Imported: India, Europe, etc.
Markets: Hong Kong, India, other Asian countries,
etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, Advanced T/T, 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
Profit or Loss:
Too early to offer an opinion.
Condition: Business is under development.
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.
GENERAL
Having
issued 10,000 ordinary shares of HK$1.00 each, Progress Star Ltd. is wholly
owned by Mr. Barola Pritam 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 the
only director of the subject.
The
subject’s registered address is in a private building located at Room 10H,
10/F., Universal Mansion, 52 Hillwood Road, Tsimshatsui, Kowloon,
Hong Kong. This is the residence of
Barola Pritam when he is in Hong Kong.
The
residential building is not trespassed by outsiders.
The
subject has had a representative in Hong Kong known as Mr. Saurabh who can be
reached at his mobile phone number 852-6147 3425. Mr. Saurabh’s office is located at Flat
B, 13/F., Kok Pah Mansion, 58 Cameron Road, Tsimshatsiu, Kowloon, Hong
Kong. Being an Indian, Saurabh is also
the representative of several diamond trading firms in Hong Kong.
The
subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, Japan and the other Asian countries.
Business is still under development.
The
subject has had an associated company in India which is also operated by Mr.
Barola Pritam.
The
subject’s history in Hong Kong is just over a year.
On
the whole, since the history of the subject is short, consider it good for
normal business engagements on L/C basis.
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 |
|
UK Pound |
1 |
Rs.81.33 |
|
Euro |
1 |
Rs.70.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.