MIRA INFORM REPORT
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Report Date : |
20.05.2013 |
IDENTIFICATION DETAILS
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Name : |
GREAT
STAR WORLDWIDE LTD. |
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Registered Office : |
Flat 230A, 2/F, Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.09.2010 |
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Com. Reg. No.: |
52893126 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds
of mobile phones and accessories, etc. |
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No. of Employees : |
01 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 |
GREAT STAR WORLDWIDE LTD.
Flat 230A, 2/F, Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 5165 1624, 2723 3314
Managing Director: Mr. Ahmed Mohiadeen Shahul Hameed
Incorporated on: 1st September, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Mobile Phone Trader.
Employee: 1.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat 230A, 2/F, Hankow Centre, 5-15 Hankow Road, Tsimshatsui, Kowloon, Hong Kong.
52893126
1500054
Managing Director: Mr. Ahmed Mohiadeen Shahul Hameed
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 01-09-2012)
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Name |
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No.
of shares |
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Ahmed Mohiadeen SHAHUL
HAMEED |
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1,000,000 ======= |
(As per registry
dated 01-09-2012)
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Name (Nationality) |
Address |
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Ahmed Mohiadeen SHAHUL HAMEED |
177F Sadukai Street,
Kayalpatnam-628204, Thoothukudi District, Tamil Nade, India. |
(As per registry
dated 01-09-2012)
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Name |
Address |
Co.
No. |
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Buttar.HK Ltd. |
1/F., Mau Lam Commercial Building, 16-18 Mau Lam Street,
Jordan, Kowloon, Hong Kong. |
0975326 |
The subject was incorporated on 1st September, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room A6, 15/F., Hankow Centre, 47 Peking Road, Tsimshatsui, Tsimshatsui, Kowloon, Hong Kong, moved to Flat A, 16/F., Century House, 3-4 Hanoi Road, Tsimshatsui, Kowloon, Hong Kong in late 2011 and further to the present address with effect from 25th February, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of mobile phones and accessories, etc.
Employee: 1.
Commodities Imported: China, other Asian countries, etc.
Markets: India, other Asian countries, Middle East, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, pre-payment, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Kept a balance account in 2012.
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.
Having issued 1 million ordinary shares of HK$1.00 each, Great Star Worldwide Ltd. is wholly owned by Mr. Ahmed Mohiadeen Shahul Hameed who is an Indian. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. Shahul Hameed is also the managing director of the subject.
The subject moved to the present address in February 2013.
The subject is trading in all kinds of mobile phones and accessories. It is carrying GSM/PCS mobile phones and accessories chiefly imported from China.
The subject has registered with the Office of the Communications Authority [OFCA], The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. The subject bears the licence No. of RU00141969-RU.
It is likely that the subject has got an associated company in India which is also trading in mobile phones.
The subject has had an employee in Hong Kong. History in Hong Kong is just over two years. Business is improving.
Since the history of the subject is short in Hong Kong, consider it good for normal business engagements on secured basis
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.04 |
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UK Pound |
1 |
Rs.83.61 |
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Euro |
1 |
Rs.70.68 |
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.