MIRA INFORM REPORT

Report Date :

04.09.2014

IDENTIFICATION DETAILS

Name :	MEGHA STAR
Registered Office :	Room 1002, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon
Country :	Hong Kong
Date of Incorporation :	13.05.2004
Com. Reg. No.:	34549509-000-05
Legal Form :	Partnership
LINE OF BUSINESS :	SUBJECT IS TRADING IN LOOSE DIAMONDS, EMERALD, PRECIOUS STONES, RUBY JADE, GEM SETS, SEMI-PRECIOUS STONES, BLUE OR COLOURED SAPPHIRE.
No of Employees :	3 (Including other company)

RATING & COMMENTS

MIRA’s Rating :

B

RATING		STATUS	PROPOSED CREDIT LINE
26-40	B	Capability to overcome financial difficulties seems comparatively below average.	Small

Status :	Small Company
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 01, 2014

Country Name	Previous Rating (31.03.2014)	Current Rating (01.06.2014)
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

COMPANY NAME & ADDRESS

MEGHA STAR

ADDRESS: Room 1002, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

PHONE: 852-2730 0653

FAX: 852-2730 0639

MANAGEMENT

Manager: Mr. Prmul Suresh Jogani

SUMMARY

Establishment: 13th May, 2004.

Organization: Partnership.

Capital: Not disclosed.

Business Category: Importer, Exporter and Wholesaler.

Employees: 3. (Including other company)

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

Banking Relation: Satisfactory.

COMPANY NAME

MEGHA STAR

ADDRESS

Registered Office:-

Room 1002, 10/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.

Associated Company:-

Megha Star Ltd., Hong Kong. (Same address)

Related Company:-

Roots Diam (HK), Hong Kong. (Same address)

BUSINESS REGISTRATION NUMBER

34549509-000-05

MANAGEMENT

Manager: Mr. Prmul Suresh Jogani

Contact Person: Mr. Rupa Priyul Jogani

PARTNERS

Name: Mr. Prmul Suresh JOGANI

Residential Address: Flat B, 16/F., Ho On Mansion, 107-109 Austin Road, Tsimshatsui, Kowloon, Hong Kong.

Name: Mr. Rupa Priyul JOGANI

Residential Address: Flat B, 16/F., Ho On Mansion, 107-109 Austin Road, Tsimshatsui, Kowloon, Hong Kong.

HISTORY

Megha Star is a partnership set up on 13th May, 2004 and jointly owned by Mr. Prmul Suresh Jogani and Mr. Rupa Priyul Jogani under the Hong Kong Business Registration Regulations.

At the very beginning, the subject was located at Room B, 16/F., Ho On Mansion, 107-109 Austin Road, Tsimshatsui, Kowloon, Hong Kong, moved to Room B, 4/F., Tai Chi Court, 132-134 Austin Road, Tsimshatsui, Kowloon, Hong Kong in June 2007, and further to the present address in September 2009.

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

OPERATIONS

Activities: Importer, Exporter and Wholesaler.

Lines: All kinds of diamonds, precious stones

Employees: 3. (Including other company)

Commodities Imported: India, other Asian countries, etc.

Markets: Hong Kong, other Asian countries, North America, etc.

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

Terms/Buying: L/C, T/T, D/P, etc.

FINANCIAL INFORMATION

Capital: Not disclosed.

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: Small.

GENERAL

Megha Star is a partnership jointly owned by Mr. Prmul Suresh Jogani and Mr. Rupa Priyul Jogani.

Belonging to the Jogani family, the two Joganis are Hong Kong ID Card holders and have got the right to reside in Hong Kong permanently.

The subject moved to the present address in September 2009.

The subject is trading in loose diamonds, emerald, precious stones, ruby jade, gem sets, semi-precious stones, blue or coloured sapphire. Commodities are imported from India, Belgium and the other European countries, etc. Finished products and polished diamonds are marketed in Hong Kong, exported or re-exported to the other Asian countries, Europe, etc. Business is normal.

The subject’s business is chiefly handled by the two Joganis. Making a very small profit in the past years.

The subject has had an associated company Megha Star Ltd., a Hong Kong-registered company located at the same address.

Another company Roots Diam (HK), also a Hong Kong-registered company, is also located at the same address. Roots Diam (HK) is a sole proprietorship set up and owned by Mr. Ketan Pravnbhai Shah who is an India merchant. This company was established on 29th September, 2005. It is also a diamond trader.

Since the history of the subject in Hong Kong is over ten years and three months, on the whole, consider it good for normal business engagements in small credit amounts.

FOREIGN EXCHANGE RATES

Currency	Unit	Indian Rupees
US Dollar	1	Rs.60.54
UK Pound	1	Rs.99.73
Euro	1	Rs.79.54

INFORMATION DETAILS

Analysis Done by :	KAR
Report Prepared by :	SMN

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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