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Report Date : |
07.08.2014 |
IDENTIFICATION DETAILS
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Name : |
WINFULSTAR LTD. |
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Registered Office : |
c/o Kaizen
Secretaries Ltd. Room 2103, 21/F.,
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Country : |
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Date of Incorporation : |
08.07.2002 |
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Com. Reg. No.: |
33455270 |
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Legal Form : |
Private Limited
Liability Company |
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Line of Business : |
Subject is engaged in processing diamonds. |
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No. of Employees |
No employees in (It is to be noted that
the company does not have its own operating office in |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
|
Source
: CIA |
WINFULSTAR LTD.
Registered Office:-
c/o Kaizen
Secretaries Ltd.
Room 2103, 21/F., Futura
Plaza, 111 How Ming Street, Kwun Tong, Kowloon, Hong Kong.
Note: There
are mistakes in your, Room number should be 2103, not 2013.
Holding Company:-
Gemis Hong Kong
Ltd., Hong Kong. (Same address)
Associated Companies:-
Gemis Shanghai Ltd.
Room 458, 4/F.,
Jinmao Tower, 88 Century Boulevard, Pu Dong New Area, Shanghai, China.
[Tel:86-21-5047
1041, E-mal: gemisshanghai@mishal.be]
Guangzhou Zuan Mei
Shi Diamond Co. Ltd.
Dagang Town
Industrial Area, Panyu District, Guangzhou City, Guangdong Province, China.
[Tel: 86-20-3493
3210, Fax: 86-20-3493 3230]
33455270
0805166
8th July, 2002.
HK$7,800,000.00
(As per registry
dated 08-07-2014)
|
Name |
|
No. of shares |
|
Gemis Hong Kong
Ltd., Hong Kong. |
|
6,630,000 |
|
Mahesh
Ghanshyambhai PATEL |
|
1,170,000 |
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–––––––– |
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Total: |
7,800,000 ======= |
(As per registry
dated 08-07-2014)
|
Name (Nationality) |
Address |
|
Mahesh
Ghanshyambhai PATEL |
401, 4/F., Amrit
Building, P.M. Road, Santacruz West, Mumbai 400054, India. |
(As per registry
dated 08-07-2014)
|
Name |
Address |
Co. No. |
|
Kaizen
Secretaries Ltd. |
Room 2103, 21/F.,
Futura Plaza, 111 How Ming Street, Kwun Tong, Kowloon, Hong Kong. |
0640440 |
Winful Star Ltd.
was incorporated on 8th July, 2002 as a private limited liability company under
the Hong Kong Companies Ordinance.
The subject does
not have its own operating office. Its
registered office is in a commercial service firm located at “Room 2103, 21/F.,
Futura Plaza, 111 How Ming Street, Kwun Tong, Kowloon, Hong Kong” known as
“Kaizen Secretaries Ltd.” [Kaizen] which is handling its correspondences and
documents. This company is also the
corporate secretary of the subject.
The subject has no
employees in Hong Kong.
According to the
Companies Registry of Hong Kong, the subject has issued 7,800,000 ordinary
shares which 85% are owned by Gemis Hong Kong Ltd., a Hong Kong-registered
company located at the office of Kaizen.
The other 15% are owned by Mr. Mahesh Ghanshyambhai Patel who is an
India merchant. He is an India passport
holder and he is also the only director of the subject.
The subject has had
an associated company Guangzhou Zuan Mei Shi Diamond Co. Ltd. [Guangzhou Gemis]
which is in G Panyu District, Guangzhou City, Guangdong Province, China.
Incorporated in
2004, Guangzhou Gemis has 180 workers.
It is engaged in processing diamonds.
Products are marketed in China and exported to the other Asian
countries, Europe, etc.
The subject has had
another associated company Gemis Shanghai Ltd. which is in Shanghai [Shanghai
Gemis], China.
The legal
representative of Guangzhou Gemis and Shanghai Gemis is also M. G. Patel.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over twelve years.
Since the subject
does not have its own operating office and has no employees in Hong Kong,
consider it good for business engagements on L/C basis.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.34 |
|
UK Pound |
1 |
Rs.103.44 |
|
Euro |
1 |
Rs.81.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
|
-- |
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.