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Report No. : |
310820 |
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Report Date : |
09.03.2015 |
IDENTIFICATION DETAILS
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Name : |
MYRIAD STARS LTD. |
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Registered Office : |
C/o Budget Accounts (HK) Ltd., Suite 313-316, 3/F., Shui On Centre, 6-8 Harbour Road, Wanchai |
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Country : |
Hongkong |
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Date of Incorporation : |
30.03.2014 |
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Com. Reg. No.: |
63097898 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
The subject’s lines
of business are unknown since the secretarial firm knows nothing about its
business. (Note: We tried to confirm obtain the details activity but the same is not available from any source.) |
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No. of Employees : |
No Employees in Hong Kong NOTE : It is to
be noted that the company does not have its own operating office in Hong
Kong. The company uses the address of its secretariat as its correspondence
address only. Subject operates from some other country and does not have a
base in Hong Kong. Such companies are registered in Hong Kong just to tax
benefit purpose and due to the strict privacy laws prevailing in the country.
In such cases, the companies are not required to have any employees in Hong
Kong nor do have an office there. |
RATING & COMMENTS
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MIRA’s Rating : |
NB |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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-- |
NB |
New Business |
-- |
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Status : |
New Business |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
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% 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.
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Source
: CIA |
MYRIAD
STARS LTD.
Registered Office:-
c/o Budget Accounts (HK) Ltd.
Suite 313-316, 3/F., Shui On Centre, 6-8 Harbour Road,
Wanchai, Hong Kong.
63097898
2072384
30th March, 2014.
HK$1.00
(As per registry dated
30-03-2014)
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Name |
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No. of share |
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Budget Accounts (HK) Ltd., Hong Kong. |
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1 = |
(As per registry
dated 04-07-2014)
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Name (Nationality) |
Address |
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Mahmoud MOHAWISH |
Juelsgatan 4, 254 42 Helsingborg, Sweden. |
(As per registry
dated 14-01-2015)
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Name |
Address |
Co. No. |
|
Budget Accounts (HK) Ltd. |
Unit 317, 3/F., Shui On Centre, 6-8 Harbour Road,
Wanchai, Hong Kong. |
1748677 |
Myriad Stars Ltd. was
incorporated on 30th March, 2014 as a private limited liability company under
the Hong Kong Companies Ordinance.
The subject does not
have its own operating office. Its
registered office is in a commercial service firm located at ‘Unit 313-317,
3/F., Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong’ known as ‘Budget
Accounts (HK) Ltd.’ which is handling its correspondences and documents. This accountant company is also the corporate
secretary of the subject.
The subject has no
employees in Hong Kong. We can reach
nobody at your given Hong Kong phone number 852-8228 8240 as this number is
always engaged.
According to the
Companies Registry of Hong Kong, the subject has issued just one ordinary share
of HK$1.00 each which is owned by Mr. Mahmoud Mohawish. He is a Sweden passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the subject. His registered address is in Sweden.
The subject’s lines
of business are unknown since the secretarial firm knows nothing about its
business.
The director of the
subject cannot be reached as he is not in Hong Kong.
No information of the
subject can be obtained from our secondary sources.
The subject’s
business in Hong Kong is not active. History
in Hong Kong is less than a year.
Since the subject
does not have its own operating office and has no employees in Hong Kong,
consider it good for business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.20 |
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|
1 |
Rs.94.71 |
|
Euro |
1 |
Rs.68.60 |
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.