|
Report No. : |
339259 |
|
Report Date : |
05.09.2015 |
IDENTIFICATION DETAILS
|
Name : |
WINFUL STAR LTD. |
|
|
|
|
Registered Office : |
C/o Kaizen Secretaries Ltd., Room 2103, 21/F., Futura Plaza, 111 How
Ming Street, Kwun Tong, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
08.07.2002 |
|
|
|
|
Com. Reg. No.: |
33455270 |
|
|
|
|
Legal Form : |
Private Limited Liability |
|
|
|
|
Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
|
|
|
|
No. of Employee : |
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
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
No operating office in Hong Kong
|
|
|
|
|
Payment Behaviour : |
Unknown |
|
|
|
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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.
|
Source
: CIA |
WINFUL STAR
LTD.
C/o Kaizen Secretaries
Ltd., Room 2103, 21/F., Futura Plaza, 111 How Ming Street, Kwun Tong, Kowloon,
Hong Kong.
Note: There are mistakes
in your given address, Room number should be 2103, not 2013.
Holding Company:-
Gemis Hong Kong
Ltd., Hong Kong. (Same address)
Associated Companies:-
Gemis Shanghai
Ltd.
Room 458, 4/F.,
Jinmao Tower, 88 Century Boulevard, Pu Dong New Area, Shanghai, China.
[Tel:86-21-5047
1041, E-mal: gemisshanghai@mishal.be]
Gemis Diamond
Manufacturing Ltd.
Dong Liu
Industrial Zone, Dagang Town, Panyu District, 511470 Guangzhou City, Guangdong
Province, China.
[Tel:
86-20-3493 3210, Fax: 86-20-3493 3230]
Mishal N.V.,
Belgium.
Mishal
Manufacturing N.V., Belgium.
Mishal Polishing
Xi’an Ltd., China.
33455270
0805166
8th July, 2002.
HK$7,800,000.00
(As
per registry dated 08-07-2015)
|
Name |
|
No.
of shares |
|
Gemis
Hong Kong Ltd., Hong Kong. |
|
6,630,000 |
|
Mahesh Ghanshyambhai PATEL |
|
1,170,000 |
|
|
|
–––––––– |
|
|
Total: |
7,800,000 ======= |
(As
per registry dated 08-07-2015)
|
Name (Nationality) |
Address |
|
Mahesh
Ghanshyambhai PATEL |
401, 4/F., Amrit Building, P.M. Road,
Santacruz West, Mumbai 400054, India. |
(As
per registry dated 08-07-2015)
|
Name |
Address |
Co.
No. |
|
Kaizen
Secretaries Ltd. |
Room 2103, 21/F., Futura Plaza, 111 How Ming Street, Kwun Tong, Kowloon,
Hong Kong. |
0640440 |
Winful
Star Ltd. was incorporated on 8th July, 2002 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 “Room
2103, 21/F., Futura Plaza, 111 How Ming Street, Kwun Tong, Kowloon, Hong
Kong” known as “Kaizen Secretaries Ltd.” [Kaizen] which is handling its
correspondences and documents. This
company is also the corporate secretary of the subject.
The
subject has no employees in Hong Kong.
According
to the Companies Registry of Hong Kong, the subject has issued 7,800,000
ordinary shares which 85% are owned by Gemis Hong Kong Ltd., a Hong
Kong-registered company located at the office of Kaizen. The other 15% are owned by Mr. Mahesh
Ghanshyambhai Patel [M. G. Patel] who is an India merchant. He is an India passport holder and he is also
the only director of the subject.
The
subject has had an associated company Gemis Diamond Manufacturing Ltd.
[Guangzhou Gemis] which is in Panyu District, Guangzhou City, Guangdong
Province, China.
Incorporated
in 2004, Guangzhou Gemis has 180 workers.
It is engaged in processing diamonds.
Products are marketed in China and exported to the other Asian
countries, Europe, etc.
The
subject has had another associated company Gemis Shanghai Ltd. which is in
Shanghai [Shanghai Gemis], China.
The
subject’s main associated company in Belgium is known as Mishal Manufacturing
N.V. [Mishal NV]. Its China manufacturing
unit are Guangzhou Gemis and Mishal Polishing Xi’an Ltd. The latter is in Xi’an City, Shaanxi
Province, China.
The
legal representative of Guangzhou Gemis and Shanghai Gemis is also M. G.
Patel. We can reach him at your given
China mobile phone number 86‑1528 9286 647.
In
order to penetrate the international market further, Mishal NV 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 2-N05.
The
subject’s business in Hong Kong is not active.
History in Hong Kong is over thirteen years and a months.
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.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.40 |
|
|
1 |
Rs.101.19 |
|
Euro |
1 |
Rs.73.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KIN |
|
|
|
|
Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
NB |
New Business |
-- |
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.