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Report Date : |
24.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
STAR
GRACE TRADING LTD |
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Registered Office : |
c/o Global Associates Ltd. Unit A, 10/F., Tack Building, 48 Gilman
Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.08.2012 |
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Com. Reg. No.: |
60265466 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available |
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No of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
C |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
Status : |
Dissolved by Deregistration |
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Payment Behaviour : |
-- |
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Litigation : |
-- |
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
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
STAR GRACE TRADING
LTD.
[Dissolved by Deregistration]
Address:
c/o Global Associates Ltd.
Unit A, 10/F., Tack Building,
48 Gilman Street, Central,
Hong Kong.
STAR GRACE
TRADING LTD.
ADDRESS:
Registered
Office:-
c/o Global Associates Ltd.
Unit A, 10/F., Tack Building, 48 Gilman Street, Central, Hong Kong.
Associated
Company:- (Same address)
Max Rise Trading Ltd., Hong Kong.
[Dissolved by deregistration]
60265466
1790799
23rd August, 2012.
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 23-08-2013)
|
Name |
|
No. of shares |
|
Prince SUHALKA |
|
10,000 ===== |
(As per registry dated 23-08-2013)
|
Name (Nationality) |
Address |
|
Prince SUHALKA |
69, Ganesh Ghati, Raghuveer Singh Ki Haveli, Udaipur, Rajasthan,
India. |
(As per registry dated 23-08-2013)
|
Name |
Address |
Co. No. |
|
Global Associates Ltd. |
10/F., Unit A, Tack Building, 48 Gilman Street, Central, Hong Kong. |
1695695 |
The subject was incorporated on 23rd August, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at 14/F., Chun Wo Commercial
Centre, 25 Wing Wo Street, Central, Hong Kong where was the operating address
of a secretarial firm known as Gateway Registrations Ltd. The subject changed its registered address to
Unit A, 10/F., Tack Building, 48 Gilman Street, Central, Hong Kong with
effect from 27th August, 2012 as it had changed its commercial service provider
since then.
It was formally dissolved by deregistration on 17th January, 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Please be advised that Star Grace Trading Ltd. was a private limited
company which applied for deregistration in September 2013. It was formally deregistered on 17th January,
2014, the date of the publication of Gazette Notice No. 336. The subject was accordingly dissolved by
deregistration.
Having issued 10,000 ordinary shares of HK$1.00 each, the subject was
wholly owned by Mr. Prince Suhalka who was an Indian.
He was an India passport holder and did not have the right to reside in
Hong Kong permanently. He was also
the only director of the subject.
The subject did not have its own operating office. Its registered office was in a commercial
service firm located at “Unit A, 10/F., Tack Building, 48 Gilman Street,
Central, Hong Kong” known as “Global Associates Ltd.” [GAL] which had handled
its correspondences and documents. GAL
was also the corporate secretary of the subject.
The subject was a diamond importer, exporter and wholesaler. It traded in loose, polished and cut
diamonds. Most of the commodities were
imported from India. Prime markets were
Hong Kong, China and the other Asian countries.
The business of the subject was chiefly handled by Suhalka himself. History in Hong Kong was just over a year.
Besides the subject, Suhalka had operated another firm known as Max Rise
Trading Ltd. [Max Rise], a Hong Kong-registered firm also located at the
operating address of GAL. Also
incorporated on 23rd August, 2012, Max Rise was also dissolved by deregistration
on 17th January, 2014.
Since the subject has been dissolved by deregistration, consider it not
suitable for any business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.48 |
|
|
1 |
Rs.98.67 |
|
Euro |
1 |
Rs.79.80 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SHG |
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.