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Report Date : |
16.01.2014 |
IDENTIFICATION DETAILS
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Name : |
STAR GRACE LTD. |
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Registered Office : |
c/o Hong Kong Professional Secretarial Services Ltd. Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai, 18 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
04.07.2008 |
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Com. Reg. No.: |
39619361 |
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Legal Form : |
Private Limited Liability Company |
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LINE OF BUSINESS : |
SUBJECT IS A IMPORTER, EXPORTER AND WHOLESALER OF DIAMONDS. |
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No. of Employees : |
No employees in Hong Kong 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. |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
A1 |
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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 |
STAR GRACE LTD.
Registered Office:-
c/o Hong Kong Professional Secretarial Services Ltd.
Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai, 18 Harbour Road, Wanchai, Hong Kong.
Associated/Affiliated
Companies:-
* Bloom International, Hong Kong.
Crown Gallant Ltd., Hong Kong.
* Dragon Distributors, Hong Kong. (Same address)
[* Operated by Mr. Deepak Kumar]
39619361
1253268
4th July, 2008.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
SHAREHOLDER: (As per registry dated 04-07-2013)
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Name |
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No. of share |
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Deepak KUMAR |
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1 = |
DIRECTOR: (As per registry dated 04-07-2013)
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Name (Nationality) |
Address |
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Deepak KUMAR |
X/828, Grand Mohalla, Gandhi Ngr, Delhi-31, India. |
SECRETARY: (Resigned on 04-07-2013)
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Name |
Address |
Co. No. |
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Wingate Professional Secretary Ltd. |
Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. |
1426081 |
The subject was incorporated on 4th July, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Formerly its registered office is in a commercial service firm located at Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong known as Hong Kong Professional Secretarial Services Ltd. [HKPSSL] which had handled its correspondences and documents. HKPSSL was also the corporate secretary of the subject. However, HKPSSL resigned on 4th July, 2009. The subject moved to 9/F., Bel Trade Commercial Building, 3 Burrows Street, Wanchai, Hong Kong in November 2010 where is the operating address of a commercial service provider Crisp Business Services (HK) Ltd. [Crisp]. Crisp moved to 9/F., SPA Centre, 55 Lockhart Road, Wanchai, Hong Kong in July 2011, so did the subject.
In July 2012, the registered address moved back to Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
Apart from these, neither material change nor amendment has been ever traced and noted.
Star Grace Ltd. has issued just 1 ordinary share of HK$1.00 which is owned by Mr. Deepak Kumar who is an Indian. He is an India passport holder. He and Mr. Satharai Raghavan Ekambaram (Alternate to Deepak KUMAR) were the directors of the subject. The latter was also an Indian. However, S R Ekambaram has retired and Deepak Kumar has become the only director of the subject.
The registered address of Kumar is in Delhi, India. He does not have the right to reside in Hong Kong permanently.
Your given Hong Kong mobile phone number 852-6202 9354 belongs to Deepak Kumar, but we cannot reach him as the line “cannot be connected”. The owner has turn off his mobile phone.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 3208, 32/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong known as Hong Kong Professional Secretarial Services Ltd. [HKPSSL] which is handling its correspondences and documents.
The subject has no employees in Hong Kong.
The subject is a diamond importer, exporter and wholesaler. Rough diamonds are imported from India, Belgium and other European countries. Finished products are exported to Asian countries, the Middle East and Europe, etc. Business is not very active in Hong Kong.
Kumar has set up another firm known as Dragon Distributors in Hong Kong. Dragon Distributors registered address is also located at the above‑mentioned address. Dragon Distributors is a sole proprietorship set up and owned by Kumar on 29th June, 2009.
Besides Dragon Distributors, the subject has had another affiliated company Crown Gallant Ltd. [Crown Gallant] in Hong Kong. Crown Gallant was incorporated on 31st August, 2007 as a private limited liability company under the Hong Kong Companies Ordinance. According to the Companies Registry of Hong Kong, Crown Gallant has issued 2 ordinary shares of HK$1.00 each which are equally owned by Mr. Ramesh Kumar Kadel and E.D. Diamonas B.V.B.A., a Belgium-based firm. Mr. Ramesh Kumar Kadel and Mr. Deepak Kumar are directors of Crown Gallant. Crown Gallant is also a diamond trader. Crown Gallant also has no employees in Hong Kong.
Deepak Kumar is also the sole proprietor of another Hong Kong-registered company Bloom International which was established on 29th June, 2009. Bloom International is also a diamond trader.
It is likely that the subject has got affiliated companies in India and the United Arab Emirates. It is also likely that the India firm deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong.
The subject’s history in Hong Kong is over five years.
On the whole, 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.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.59 |
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1 |
Rs.101.09 |
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Euro |
1 |
Rs.83.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.