MIRA INFORM REPORT

Report Date :

04.10.2014

IDENTIFICATION DETAILS

Name :	STAR CREATIONS SHANGHAI MANUFACTURING LTD.
Registered Office :	Flat A, 23/F., Shui Wing Industrial Building, 12-22 Tai Yuen Street, Kwai Chung, New Territories
Country :	Hongkong
Date of Incorporation :	15.04.2005
Com. Reg. No.:	35719393
Legal Form :	Private Limited Company.
Line of Business :	Importer, Exporter and Wholesaler of all kinds of bags.
No. of Employees :	8

RATING & COMMENTS

MIRA’s Rating :

Ba

RATING		STATUS	PROPOSED CREDIT LINE
41-55	Ba	Overall operation is considered normal. Capable to meet normal commitments.	Satisfactory

Status :	Satisfactory
Payment Behaviour :	No Complaints
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)
Hongkong	A1	A1

Risk Category	ECGC Classification
Insignificant	A1
Low	A2
Moderate	B1
High	B2
Very High	C1
Restricted	C2
Off-credit	D

HONGKONG - 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

Company Name and Address

STAR CREATIONS SHANGHAI MANUFACTURING LTD.

ADDRESS: Flat A, 23/F., Shui Wing Industrial Building, 12-22 Tai Yuen Street, Kwai Chung, New Territories, Hong Kong.

PHONE: 852-2620 6181

FAX: 852-2620 6131

MANAGEMENT

Managing Director: Mr. Joachim Heinz Herbert Wickert

SUMMARY

Incorporated on: 15^th April, 2005.

Organization: Private Limited Company.

Paid Up Capital : HK$10,000.00

Business Category: Importer, Exporter and Wholesaler.

Employees: 8.

Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

Banking Relation: Satisfactory.

ADDRESS

Registered Head Office:-

Flat A, 23/F., Shui Wing Industrial Building, 12-22 Tai Yuen Street, Kwai Chung, New Territories, Hong Kong.

Associated Companies:-

Star Creations (Shanghai) Trading Co. Ltd., China.

Star Creations Pro (Hong Kong) Ltd., Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBER

35719393

COMPANY FILE NUMBER

0963453

MANAGEMENT

Managing Director: Mr. Joachim Heinz Herbert Wickert

PAID UP CAPITAL

HK$10,000.00

SHAREHOLDER

(As per registry dated 15-04-2014)

Name	No. of shares
Joachim Heinz Herbert WICKERT	10,000 =====

DIRECTOR

(As per registry dated 15-04-2014)

Name (Nationality)	Address
Joachim Heinz Herbert WICKERT	Flat B, 28/F., Block 8, Aegean Coast, 2 Kwun Tsing Road, Tuen Mun, New Territories, Hong Kong.

SECRETARY

(As per registry dated 15-04-2014)

Name	Address	Co. No.
Orion Services Ltd.	Unit 605, 6/F., China Merchants Building, 152‑155 Connaught Road Central, Hong Kong.	0924239

HISTORY

The subject was incorporated on 15th April, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.

Apart from these, neither material change nor amendment has been ever traced and noted.

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of bags

Employees: 8.

Commodities Imported: China, etc.

Markets: Asian countries, Western Europe, etc.

Terms/Sales: L/C, Advanced T/T, etc.

Terms/Buying: L/C, D/P, O/A, etc.

FINANCIAL INFORMATION

Paid Up Capital: HK$10,000.00

Profit or Loss: Making a small profit every year.

Condition: Keeping in a satisfactory manner.

Facilities: Making rather 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: Normal.

GENERAL

Having issued 10,000 ordinary shares of HK$1.00 each, Star Creations Shanghai Manufacturing Ltd. is wholly owned by Joachim Heinz Herbert Wickert who is a Germany merchant. He is a Hong Kong ID holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.

The subject is trading in the following products: Belts, Handbags, Travel Bags & Luggage, Briefcase - Leather, Briefcase - Plastic, Sporting Bags (including Knapsacks), Bags - Misc, CD / MD Bag & Wallet (CD wallet, CD wallet), Wallets , Purses & Small Leather Goods, Shopping Bags, Bag Accessories & Parts

The subject was founded by Joachim Wickert in 2000. He has over 30 years of experience in the line of business. Joachim started his career as a retailer, then moved onto Assistant sales manager of a shoe factory and then became the Export manager. Joachim’s educational background is Business Economics for one of the biggest bag importers in Germany. Joachim first visited China in 1980, in 1993 he founded his first export company in China. In 1995 he built a factory in China which produced high quality branded products. He set up an associated company known as Star Creations Pro (Hong Kong) Ltd. [Star Creations Pro] in Hong Kong.

Star Creations Pro specializes in providing large trading companies with an efficient pathway to buy the needed commodities in China.

Working together with the German Chamber of Commerce Shanghai, Joachim also provides consulting services to German companies which plan to set-up production operations in China.

Now the subject also has set up a quality control office in Pinghu with a laboratory in Dongguan City, Guangdong Province, China for technical testing.

The subject also has cooperated with TÜV/SÜD which conducts chemical tests for it. Its main suppliers for suitcases, trolleys, sport bags and assorted business articles are all GS certified, and continually improve their technical standards in cooperation with the TÜV. The subject also maintains close and personal relationships with its more than 20 partner factories.

The subject’s products are marketed in China, exported to the other Asian countries, Europe, North America, etc. Business is active.

As the history of the subject is over nine years and five months in Hong Kong, on the whole, consider it good for normal business engagements.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.61.75
UK Pound	1	Rs.100.07
Euro	1	Rs.77.95

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	NIT

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%)

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.