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Report No. : |
355311 |
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Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
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Name : |
ANGEL STAR HK LTD. |
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Registered Office : |
Room 1203, 12/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
26.04.2013 |
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Com. Reg. No.: |
61349954 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of
Diamonds and Jewellery Products. |
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No. of Employees : |
4. (Including associated company) |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
Slow but correct |
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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, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hongkong |
A1 |
A1 |
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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 |
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
ANGEL STAR
HK LTD.
ADDRESS: Room
1203, 12/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon, Hong
Kong.
PHONE: 852-2311
5236, 2311 5628
FAX: Not
available.
E-MAIL: info@angelstar.hk
Managing Director:
Mr. Gauravkumar Anilkumar
Shah
Incorporated on: 26th April, 2013.
Organization: Private Limited Company.
Issued Share Capital:
HK$500,000.00
Business Category: Diamond
& Jewellery Trader.
Employees: 4. (Including associated
company)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1203, 12/F., Hart Avenue Plaza, 5-9 Hart Avenue,
Tsimshatsui, Kowloon, Hong Kong.
Associated Company:-
Parishi Diamonds (HK) Ltd., Hong Kong. (Same address)
61349954
1898818
Managing Director:
Mr. Gauravkumar
Anilkumar Shah
Contact Person: Ms. Priyanki Shah
HK$500,000.00
(As per registry dated 26-04-2015)
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Name |
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No. of shares |
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Gauravkumar Anilkumar SHAH |
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500,000 ====== |
(As per registry dated 26-04-2015)
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Name (Nationality) |
Address |
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Gauravkumar Anilkumar SHAH |
7-O, 7/F., Universal Mansion, 25 Hillwood Road,
Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 02-07-2015)
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Name |
Address |
Co. No. |
|
C K Registrations Ltd. |
Room 902, 9/F., Bank Centre, 636 Nathan Road, Kowloon,
Hong Kong. |
0803965 |
The subject was
incorporated on 26th April, 2013 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.
Activities: Diamond
& Jewellery Trader.
Lines: All
kinds of diamonds and jewellery products, etc.
Employees: 4.
Commodities Imported: India,
etc.
Markets: Hong
Kong, China, other Asian countries, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share Capital:
HK$500,000.00
Profit or Loss: Made
a small profit in 2014.
Condition: Business
is improving.
Facilities: Adequate
for current running.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 500,000
ordinary shares, Angel Star HK Ltd. is wholly owned by Mr. Gauravkumar
Anilkumar Shah who is an India merchant.
On 8th July, 2014 G A
Shah transferred all his shares to Mr. Kevin Ashwin Shah. On 10th October, 2014 Kevin Ashwin Shah
transferred all his shares back to G A Shah.
G A Shah 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 has had
an associated company Parishi Diamonds (HK) Ltd. [Parishi], a Hong Kong-registered
company located at the same address. The
shareholder and managing director of Parishi is also G A Shah. Parishi was incorporated on 11th August,
2010.
G A Shah can be
reached at his Hong Kong mobile phone number852-9231 4024.
The subject and Parishi
are engaged in the same lines of business, more or less.
The subject is a GIA
diamond and jewellery trader. It is
chiefly a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. Most of the commodities are
imported from India. Prime markets are
Hong Kong, China and the other Asian countries.
Business is improving.
The subject and
Parishi is trading in the following polish white diamonds:
Round, Cushion, Pear,
Emerald, Heart, Asscher, Oval, Princess, Marquise, Radiant, etc.
Most of the diamonds
range from 1 carat, 2 - 3 carat.
In order to penetrate
the international market further, the subject has taken part in fairs and
exhibitions held in Hong Kong and other foreign large cities. For instance, it is going to take part in
“HKTDC Hong Kong International Diamond, Gem & Pearl Show 2016” which will
be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 1st
to 5th March, 2016. Its booth No. is AWE
5-C10.
The business of the
subject is chiefly handled by Gauravkumar Anilkumar Shah. The contact person is
Ms. Priyanki Shah. History in Hong Kong
is just over two years and seven months.
On the whole, since
the history of the subject is short in Hong Kong, consider it good for normal
business engagements on L/C basis.
DIAMOND INDUSTRY – INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of diamonds
but history says that in the remote past, diamonds were mined only in India.
Diamond production in India can be traced back to almost 8th Century
B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under –
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Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of diamonds
has stopped completely.” Demand has started coming from the US, the UK, Japan
and China. India’s polished diamond export is expected to cross $ 21 bn in
2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
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Euro |
1 |
Rs.72.14 |
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HKD |
1 |
Rs.8.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.