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Report No. : |
343802 |
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Report Date : |
05.10.2015 |
IDENTIFICATION DETAILS
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Name : |
HINI STAR LTD. |
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Registered Office : |
Unit 01-02, 10/F., Harbour Centre, Tower 2, 8 Hok Cheung Street, Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
08.08.2003 |
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Com. Reg. No.: |
33862215 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF ALL KINDS OF DIAMONDS, GEMS AND JEWELLERY. |
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No. of Employees : |
10. (Including Associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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) |
|
Hongkong |
A1 |
A1 |
|
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.
|
Source
: CIA |
HINI STAR
LTD.
ADDRESS: Unit 01-02, 10/F., Harbour
Centre, Tower 2, 8 Hok Cheung Street, Hunghom,
Kowloon, Hong Kong.
PHONE: 852-2724
4330
FAX: 852-2721
6516
E-MAIL: hini@karpgroup.com
Managing Director:
Mr. Rameshkumar Bhikhabhai
Virani
Incorporated on: 8th August, 2003.
Organization: Private Limited Company.
Issued Share Capital: HK$233,600,000.00
Business Category: Diamond
and Gem Trader.
Annual Revenue: US$200-230 million.
Employees: 10. (Including associates)
Main Dealing Banker: Industrial
& Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Unit 01-02, 10/F., Harbour Centre, Tower 2, 8 Hok Cheung
Street, Hunghom, Kowloon, Hong Kong.
Associated Factory in
India:-
8/A, Lal Darwaja, Surat-395008, Gujarat, India.
Associated/Affiliated
Companies:-
Karp Group of Companies
Hini Star (Bangkok) Ltd., Thailand.
Hini Star (Taiwan) Ltd., Taiwan.
Hini Star Diamonds LLC, UAE.
Hini Star, Hong Kong.
(Same address)
Karp Diamonds Pvt. Ltd., India.
Karp Impex HK Ltd., Hong Kong. (Same address)
Karp Impex Ltd., India.
Karp Impex N.V., Belgium.
Karp Infotech, India.
Karp Jewellery Mfg. China Ltd., Hong Kong. (Same address)
Karp Jewellery Mfg. HK Ltd., Hong Kong. (Same address)
Karp Jewellery Pvt. Ltd., India.
Karp Jewellery Taiwan Ltd., Hong Kong. (Dissolved)
Karp Jewellery Taiwan Ltd., Taiwan.
Karp Manufacturing Co., India.
Karp Suisse (Geneva), Switzerland.
Park Infotech, India.
etc.
33862215
0856743
Managing Director:
Mr. Rameshkumar Bhikhabhai
Virani
General Manager: Mr. Pankajkumar Vitthalbhai Khunt
HK$233,600,000.00
(As per registry dated 08-08-2014)
|
Name |
|
No. of shares |
|
Rasila Ramesh VIRANI |
|
197,810,000 |
|
Rameshkumar Bhikhabhai VIRANI |
|
35,040,000 |
|
Pankajkumar Vitthalbhai KHUNT |
|
450,000 |
|
Karp Impex HK Ltd., Hong Kong. |
|
300,000 |
|
|
|
––––––––––– |
|
|
Total: |
233,600,000 ========= |
(As per registry dated 08-08-2014)
|
Name (Nationality) |
Address |
|
Rameshkumar Bhikhabhai VIRANI |
House 32, King’s Park Hill, 32 King ‘s Park Hill Road,
Homantin, Kowloon, Hong Kong. |
|
Rasila Ramesh VIRANI |
House 32, King’s Park Hill, 32 King ‘s Park Hill Road,
Homantin, Kowloon, Hong Kong. |
(As per registry dated 08-08-2014)
|
Name |
Address |
Co. No. |
|
RC Corporate Services Ltd. |
Unit 1003, 10/F., Tung Wai Commercial Building, 109-111
Gloucester Road, Wanchai, Hong Kong. |
0467057 |
The subject was incorporated
on 8th August, 2003 as a private limited liability company under the Hong Kong
Companies Ordinance.
The subject moved to
the present address in December 2005.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of diamonds, gems and jewellery.
Employees: 10. (Including associates)
Commodities Imported: Belgium,
India, Israel, US, etc.
Markets: Hong
Kong, India, Europe, Japan, Israel, Thailand, US, etc.
Annual Revenue: US$200-230 million.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Hong Kong Jewelry Manufacturers’ Association,
Hong Kong.
Issued Share Capital: HK$233,600,000.00
Mortgage or Charge:
(See attachment)
Annual Net Profit:
US$2 - 4 million.
Profit or Loss: Business
is profitable.
Condition: Keeping
in an active and steady condition.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Very Good.
Bankers:-
Bank of India,
Hong Kong Branch.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
The Royal Bank of
Scotland N.V., Hong Kong Branch.
Dah Sing Bank Ltd.,
Hong Kong.
Hang Seng Bank Ltd.,
Hong Kong.
Standing: Very Good.
Having issued 233.6
million ordinary shares (increased from 78 million) of HK$1.00 each, Hini Star
Ltd. is chiefly owned by Mr. Rasila Ramesh Virani who is holding 84.7% stake
while Rameshkumar Bhikhabhai Virani is holding 15.0%. Two minor shareholders are holding 0.3% in
total. The two large shareholders are
also directors of the subject.
The subject is a
member of the Karp Group which is an Indian group in India trading in jewellery
and diamonds. The Group is owned by the
Virani family.
The subject has had a
minor shareholder Karp Impex HK Ltd. which is also a Hong Kong-registered
firm. This firm has an associate in
India bearing similar name.
The subject is an
importer, exporter and wholesaler of loose diamonds and fancy cut diamonds,
polished diamonds, and round diamonds.
According to the subject, it is trading in the following commodities:
Loose Diamond, Loose Diamond Stone, Cut Diamond, Polish Diamond, Men’s Watch,
Quartz Analogue Watch, etc.
It also offers the
full spectrum of fancy cut diamonds and fancy coloured diamonds which include
taper, baguette marquise, pear, oval, princess, heart, trillion, round pointer,
and brilliant cut diamonds from 0.01 to 50 carat, also “Hearts & Arrow”
ideal cut with GIA/HRD/IGI certificate.
Most of the products
bear the brand name of “Tri-Star” and
“Sky-Star”. Most of its commodities are supplied by Karp
Impex Ltd. [Karp Impex] which is an India-based firm. Karp Impex is a main member of the Karp Group
[KARP].
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 such as Las Vegas
of the United States, Basel of Switzerland, Hyderabad of India, Macau, Shenzhen
Special Economic Zone of China, etc.
Over the past years, the subject has taken part in the
following exhibitions and fairs:-
United States
· JCK Las Vegas Show;
Europe
· BaselWorld, Switzerland;
Hong Kong
· Hong Kong International Jewellery Show;
· Hong Kong Jewellery & Gem Fair;
· Hong Kong International Jewelry Manufacturers’ Exhibition;
Mainland China
· Jewelry Shanghai;
· Beijing International Jewellery Fair;
· Shenzhen International Jewellery Fair; &
· China International Jewellery Fair, Beijing.
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 2-J02.
Sharing the same
operating office with Karp Impex HK Ltd., the subject is fully supported by the
Karp Group and the Virani family.
The subject had got
the GJEPC awards from 1996 to 2002.
The Group was formed
in the early 60’s in India. Now, the
Group is controlled by the third generation of the Virani family.
KARP is recognized by
the Government of India as a “Star Trading House”. Being one of the well- respected diamond
companies in India and in the world, the Group has received the prestigious
awards awarded by the Indian Diamond Council (Gems & Jewellery Export
Promotion Council [GJEPC]) and the Government of India for its export
achievements.
Mr. Rameshkumar
Bhikhabhai Virani who is residing in Hong Kong is one of the key personnel of
the Karp Group.
The presence of Karp
Impex in international luxury market as an exclusive supplier of patented cut
and polished diamonds to “Mont Blanc” for their writing instruments and women
accessories. Karp Impex derives about
80% of its revenues from manufacturing and processing of cut and polished
diamonds, while balance sales arise out of trading of cut and polished diamonds
and rough diamonds. The company’s sales
are predominantly export oriented. It
exports about 80% of its products. Its
markets are the United Kingdom, the United States, India, China, the United
Arab Emirates, other European countries, Russia, etc.
In India, the Karp
Group has about 8,000 workers while some of its workers are the third
generation employees.
The subject is fully
supported by the Karp Group. History is
over twelve years.
The subject operates
from a self-owned premises in Hong Kong.
On the whole, in view
of the background and parentage of the subject, consider it good for normal
business engagements.
Property information of the company:-
Property Location: Workshop
Unit No. 01 & 02 on 10/F., Harbour Centre Tower 2,
8 Hok Cheung Street, Kowloon, Hong Kong.
Owner: Hini Star
Ltd.
Date of Purchase:
n.a.
Purchased Price:
n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
01-09-2005 |
- |
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Mortgage to secure general banking facilities |
|
07-09-2007 |
- |
- ditto - |
Deed of variation and further charge to secure general
banking facilities |
|
Date |
Description
of Instrument |
Mortgagee |
|
01-09-2005 |
Mortgage |
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
07-09-2007 |
Deed of Variation and Further Charge |
The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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17-02-2012 |
Letter of Lien |
Bank of
India, Hong Kong Branch. |
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25-01-2013 |
Assignment of Insurance Policy (ies) (2‑Party) |
Hang
Seng Bank Ltd., Hong Kong. |
|
20-11-2013 |
Letter of Lien |
Bank of
India, Hong Kong Branch. |
|
20-11-2013 |
General Letter of Hypothecation |
Bank of
India, Hong Kong Branch. |
|
21-01-2015 |
Mortgage |
Hang
Seng Bank Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.65.55 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.73.08 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
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.