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Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
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Name : |
INDIGO STAR |
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Registered Office : |
Flat A, 10/F., Peninsula Apartment, 16 Mody Road, Tsimshatsui, |
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Country : |
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Date of Incorporation : |
29.04.2014 |
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Com. Reg. No.: |
55026471-000-04 |
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Legal Form : |
Sole Proprietorship |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS, GEMS, SAPPHIRES, RUBY AND
OTHER PRECIOUS STONES. |
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No. of Employees : |
1 |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 |
INDIGO STAR
ADDRESS: Flat A, 10/F., Peninsula
Apartment, 16 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2367 0173
FAX: 852-2367 0175
Manager: Mr. Avinash Chandrakani
Bhurke
Establishment: 29th April, 2014.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer,
Exporter and Wholesaler.
Employee: 1.
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
INDIGO STAR
Head Office:-
Flat A, 10/F., Peninsula Apartment, 16 Mody Road, Tsimshatsui, Kowloon,
Hong Kong.
Associated/Affiliated
Companies:-
* A.T.
Gems, Hong Kong. (Same address)
* AB
Jewellery Ltd., Hong Kong. [Dissolved by
Deregistration]
* Akshar
Gems, Hong Kong.
Anitadiam,
Hong Kong. (Same address)
* D
and V International, Hong Kong.
* Jebel
Gems Int., Hong Kong.
* S.K.
Gems, Hong Kong.
(*
Same owner)
55026471-000-04
Manager: Mr. Avinash Chandrakani
Bhurke
Name: Mr Avinash Chandrakani BHURKE
Residential Address: Flat A,
10/F., Peninsula Apartment, 16 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
The subject was established on 29th April, 2014 as a sole proprietorship
concern owned by Mr. Avinash Chandrakani Bhurke under the Hong Kong Business
Registration Regulations.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, gems, sapphires, ruby and other precious stones.
Employee: 1.
Materials/Commodities: Imported
from Europe, India, other Asian countries
Markets: Southeast
Asia, Japan
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P
Capital: Not
disclosed.
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: Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Standing: Small.
Indigo Star is a sole proprietorship set up and owned by Mr Avinash
Chandrakani Bhurke who is an India merchant.
Bhurke has been in Hong Kong for a very long time. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
The subject’s registered address which is in a private building is not
accessed by outsiders. It is located at
Flat A, 10/F., Peninsula Apartment, 16 Mody Road, Tsimshatsui, Kowloon,
Hong Kong. This is also the residential
address of Bhurke in Hong Kong.
The subject is trading in all kinds of gems, sapphires, ruby and other
precious stones. It also imports
polished or cut diamonds, other loose diamonds from Europe, India, other Asian
countries, etc. Finished products are
marketed in Hong Kong, exported to China, Southeast Asia, Japan, Europe,
etc. Business is still under development.
The subject has had two more associated firms located at the same
address, namely, A.T. Gems and Jebel Gems Int.
Both are diamond and gemstone trading firms and have registered with the
Hong Kong SAR Government. Both companies
are also owned and operated by Bhurke.
Bhurke is also operating other firms, namely, Akshar Gems, D and V
International, and S.K. Gems. Also
trading in diamonds, these firms are also registered in Hong Kong.
The subject’s business is chiefly handled by Bhurke himself. History in Hong Kong is just over two
months.
On the whole, since the subject is newly set up, consider it good for
normal business engagements on L/C basis for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.102.78 |
|
Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NNA |
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 |
-- |
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.