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Report No. : |
346400 |
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Report Date : |
28.10.2015 |
IDENTIFICATION DETAILS
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Name : |
GLOW STAR |
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Registered Office : |
c/o WinGate Business Group Ltd. Room 2305A, 23/F., World-Wide House, 19 Des Voeux Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.03.2010 |
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Com. Reg. No.: |
51876088-000-03 |
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Legal Form : |
Sole Proprietorship Concern |
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LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF LOOSE DIAMONDS LIKE MARQUISE, PEARS, TAPPERS, BUGGETS AND
ROSE CUT DIAMONDS. |
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No. of Employees : |
1 |
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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
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 |
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 12.5% 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 |
GLOW STAR
ADDRESS: c/o WinGate Business Group
Ltd.
Room 2305A, 23/F., World-Wide House, 19 Des Voeux Road
Central, Hong Kong.
PHONE: 852-2830 9999
FAX: 852-2830 9998
Manager: Mr. Amitkumar Chhanalal Shah
Establishment: 5th March, 2010.
Organization: Partnership
Capital: Not disclosed.
Business Category: Diamond Trader.
Employee: 1.
Main Dealing Banker: China CITIC Bank International Ltd., Hong
Kong.
Banking Relation: Satisfactory.
GLOW STAR
Head Office:-
c/o WinGate Business Group Ltd.
Room 2305A, 23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong.
Associated Companies:-
Honeywell Impex, Hong Kong.
Unique Trading Co., Hong Kong.
51876088-000-03
Manager: Mr. Amitkumar Chhanalal Shah
(Hong Kong Mobile Phone No.: 852-6355 6984)
Contact Person: Mr. Shyma
(Hong Kong Mobile Phone No.: 852-9379 5878)
Name: Mr. Amitkumar Chhanalal SHAH
Residential Address: 21/A, Baba Ramdas Building, Hemu Colony Cross Road, 2 Irani Wadi, Kandivali (W), Mumbai-400067, India.
Name: Mr. CHOI Kwok Lam
Residential Address: Flat 908, 9/F., Tak Lee Building, 8 Tsing Yeung Circuit, Tuen Mun, New Territories, Hong Kong.
The subject was established on 5th March, 2010 as a sole proprietorship concern owned by Mr. Amitkumar Chhanalal Shah under the Hong Kong Business Registration Regulations.
The subject become a partnership as Mr. Choi Kwok Lam joined in as a partner on 10th June 2013.
Formerly the registered address of the subject was located at Room 2301, 23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong where was the operating address of its commercial service provider WinGate Business Group Ltd. [WinGate]. WinGate moved to the present address in November 2012, so did the subject.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds, etc.
Employee: 1.
Commodities Imported: India, Europe, etc.
Markets: Hong Kong, China, Japan, India, other Asian countries, Europe, etc.
Terms/Sales: COD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
Profit or Loss: Made small profits in 2013 & 2014.
Condition: Business keeps on improving.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: China CITIC Bank International Ltd., Hong Kong.
Standing: Small.
Glow Star is a partnership jointly owned by Mr. Amitkumar Chhanalal Shah and Choi Kwok Lam. The former is an India passport holders while the latter is a HK ID Card holder and has got the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 2305A, 23/F., World-Wide House, 19 Des Voeux Road Central, Hong Kong known as WinGate Business Group Ltd. [WinGate] which is handling its correspondences and documents.
The subject has just one employee in Hong Kong.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose diamonds like marquise, pears, tappers, buggets and rose cut diamonds which are over 0.05 cts. Most of the commodities are imported from India. Prime markets are Hong Kong, Japan and the other Asian countries.
To our knowledge, Shah has got a number of suppliers in Mumbai, India. The subject is just a one-man company. Business is chiefly handled by Shah himself.
The contact person of the subject Mr. Shyma can be reached at his Hong Kong mobile phone number 852-9379 5878. Shyam is also an Indian who is a friend of Amitkumar Chhanalal Shah who can be regarded as an employee of the subject.
A C Shah is also the owner of Honeywell Impex [Honeywell] which is located at the operating office of another secretarial firm. Established on 22nd September, 2009, Honeywell is a Hong Kong-registered firm also trading in diamonds.
Besides operating the subject, Mr. Amitkumar Chhanalal Shah and Mr. Choi Kwok Lam are operating another company known as Unique Trading Co. which was established on 5th March, 2010. This company is also in the office of WinGate.
Most of the time, A C Shan is in Hong Kong operating the businesses of the subject and its associates. We can reach A C Shah at his Hong Kong mobile phone number 852-6355 6984. Mr. Shah is friendly and co-operative.
The history of the subject in Hong Kong is over five years and seven months.
On the whole, consider the subject good for business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.95 |
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|
1 |
Rs.99.73 |
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Euro |
1 |
Rs.71.84 |
INFORMATION DETAILS
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Analysis Done by
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KRN |
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Report Prepared
by : |
DPT |
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.