MIRA
INFORM REPORT
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Report Date : |
05.09.2014 |
IDENTIFICATION DETAILS
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Name : |
Star Creations Pro
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Registered Office : |
Flat A, 23/F, |
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Country : |
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Date of Incorporation : |
21.05.2002 |
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Com. Reg. No.: |
0798673 |
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Legal Form : |
Private Company Limited by Shares |
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Line of Business : |
Subject is engaged in trading of various kinds of bags products mainly
include: suitcases, trolleys, and
handbags, sport bags and assorted business articles. |
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No. of Employees |
Not Available |
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 : |
Not Registered in China |
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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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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China |
A2 |
A2 |
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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 |
CHINA - ECONOMIC OVERVIEW
Since the late 1970s China has moved from a closed, centrally
planned system to a more market-oriented one that plays a major global role -
in 2010 China became the world's largest exporter. Reforms began with the
phasing out of collectivized agriculture, and expanded to include the gradual
liberalization of prices, fiscal decentralization, increased autonomy for state
enterprises, growth of the private sector, development of stock markets and a
modern banking system, and opening to foreign trade and investment. China has
implemented reforms in a gradualist fashion. In recent years, China has renewed
its support for state-owned enterprises in sectors considered important to
"economic security," explicitly looking to foster globally
competitive industries. After keeping its currency tightly linked to the US dollar
for years, in July 2005 China moved to an exchange rate system that references
a basket of currencies. From mid 2005 to late 2008 cumulative appreciation of
the renminbi against the US dollar was more than 20%, but the exchange rate
remained virtually pegged to the dollar from the onset of the global financial
crisis until June 2010, when Beijing allowed resumption of a gradual
appreciation and expanded the daily trading band within which the RMB is
permitted to fluctuate. The restructuring of the economy and resulting
efficiency gains have contributed to a more than tenfold increase in GDP since
1978. Measured on a purchasing power parity (PPP) basis that adjusts for price
differences, China in 2013 stood as the second-largest economy in the world after
the US, having surpassed Japan in 2001. The dollar values of China's
agricultural and industrial output each exceed those of the US; China is second
to the US in the value of services it produces. Still, per capita income is
below the world average. The Chinese government faces numerous economic
challenges, including: (a) reducing its high domestic savings rate and
correspondingly low domestic consumption; (b) facilitating higher-wage job
opportunities for the aspiring middle class, including rural migrants and
increasing numbers of college graduates; (c) reducing corruption and other
economic crimes; and (d) containing environmental damage and social strife
related to the economy's rapid transformation. Economic development has
progressed further in coastal provinces than in the interior, and by 2011 more
than 250 million migrant workers and their dependents had relocated to urban
areas to find work. One consequence of population control policy is that China
is now one of the most rapidly aging countries in the world. Deterioration in
the environment - notably air pollution, soil erosion, and the steady fall of
the water table, especially in the North - is another long-term problem. China
continues to lose arable land because of erosion and economic development. The
Chinese government is seeking to add energy production capacity from sources
other than coal and oil, focusing on nuclear and alternative energy
development. Several factors are converging to slow China's growth, including
debt overhang from its credit-fueled stimulus program, industrial overcapacity,
inefficient allocation of capital by state-owned banks, and the slow recovery
of China's trading partners. The government's 12th Five-Year Plan, adopted in
March 2011 and reiterated at the Communist Party's "Third Plenum"
meeting in November 2013, emphasizes continued economic reforms and the need to
increase domestic consumption in order to make the economy less dependent in
the future on fixed investments, exports, and heavy industry. However, China
has made only marginal progress toward these rebalancing goals. The new
government of President XI Jinping has signaled a greater willingness to
undertake reforms that focus on China's long-term economic health, including
giving the market a more decisive role in allocating resources.
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Source
: CIA |
Company name and address
Star Creations Pro (Hong Kong) Limited
Flat A, 23/f, Shui Wing Industrial Building,
no. 12-22 Tai Yuen Street, kwai Chung, N.t., Hong Kong, PR CHINA
TEL: 00852-26206181 FAX: 00852-26206131
Narrative report:
This refers to a type of report whose format is different from that of a
standard report. Such type of report is provided when:
Information obtained is insufficient for compiling a standard report.
The enquired co has been out of business or its business address has
been untraceable.
It should be noted that the time and manpower spent on preparing such
type of report might be greater than those on a standard report. On many
occasions, the information in this type of report still indicates the current
status of the enquired co. and serves as a useful reference to assess its
credit standing.
%20LIMITED%20-%20283810%2005-Sep-2014_files/image007.gif){kind=small}
Client did not give any telephone number of SC.
From SC’s website http://www.starcreations-china.com, we
found SC’s telephone number. (The above one)
When we dialed the above number, a gentleman
answered.
The gentleman admitted the given English name “Star
Creations Pro (Hong Kong) Limited”, and released that it is registered in Hong
Kong
He also released the following information:
Star Creations Pro (
Hong Kong tel. no. “852
The telephone no. of its Shanghai
Representative Office: 86 (0) 21-61473455/61473451.
We dialed the number “86 (0) 21
According to Ms. Zhang, SC is mainly engaged
in trading of various kinds of bags.
E-mail: info@starcreations-hk.com
%20LIMITED%20-%20283810%2005-Sep-2014_files/image008.gif){kind=small}
The address client given is:
Room 208, Building C, No. 838 Guangji Road, Hongkou District, Shanghai
According to Ms. Zhang, SC’s Shanghai
Representative Office is operating in this address, but she declined our
request for a spot visit for it. And SC operates its head office in the heading
Hong Kong address.
%20LIMITED%20-%20283810%2005-Sep-2014_files/image009.gif){kind=small}
According to the Chinese name released by the
gentleman, careful investigations were made with Shanghai Municipal
Administration for Industry and Commerce (AIC - The official body of issuing and
renewing business license), but no record
was found.
In HK Company Registry, we found the following registration information
on SC:
Star Creations Pro (Hong Kong) Limited
-----------------------------------------------
Registration no.: 0798673
Registered legal form: Private Company Limited by
Shares
Incorporation date: 2002-5-21
Careful investigations were made with Shanghai
Municipal Administration for Industry and Commerce (AIC - The
official body of issuing and renewing business license), we found Star Creations
Pro (Hong Kong) Limited Shanghai Representative Office was cancelled.
Its former information is as follows:
Star Creations Pro (Hong Kong) Limited
Shanghai Representative Office
===================================
Registration No.: 310000500300470
Incorporation Date: 2005-7-21
Principal: Xiong Meiling
And we found the following information of SC’s
Shanghai Office from its website:
Address: Room 208, Building C, No. 838,
Tel: +86-021-61473455
Fax: +86-021-61473461
%20LIMITED%20-%20283810%2005-Sep-2014_files/image010.gif){kind=small}
According to Ms. Zhang, SC is mainly engaged
in trading of various kinds of bags.
Business
Information from SC’s website:
=============================
SC’s products mainly include: suitcases,
trolleys, and handbags, sport bags and assorted business articles.
%20LIMITED%20-%20283810%2005-Sep-2014_files/image011.gif){kind=small}
SC declined to release its bank details, so the given bank “the Hong Kong
and Shanghai Banking Corp Ltd, Hong Kong” can’t be confirmed at present.
%20LIMITED%20-%20283810%2005-Sep-2014_files/image012.gif){kind=small}
SC was established on May 21, 2002 in Hong Kong.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.45 |
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UK Pound |
1 |
Rs.99.46 |
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Euro |
1 |
Rs.79.46 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
SDA |
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.