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MIRA INFORM REPORT
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Report No. : |
504652 |
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Report Date : |
25.04.2018 |
IDENTIFICATION DETAILS
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Name : |
FINE STAR HK LIMITED |
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Registered Office : |
Room 1703, 17/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui,
Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
04.10.2006 |
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Com. Reg. No.: |
37227469 |
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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. |
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No. of Employees : |
3. (Including Associate) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company name and address
FINE STAR HK
LIMITED
ADDRESS: Room 1703, 17/F.,
Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2366 9577,
6933 4990
FAX: 852-2366 9007
E-MAIL: finestarhk@rediffmail.com
MANAGEMENT
Managing
Director: Mr. Adit Bakul Shah
SUMMARY
Incorporated on: 4th October, 2006.
Organization: Private Limited Company.
Issued Share Capital: HK$7,500,000.00
Business Category: Diamond Trader.
Employees: 3. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 1703, 17/F., Hart Avenue Plaza, 5-9 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
Associated Company:-
Fine Star Ltd., Hong Kong.
BUSINESS REGISTRATION NUMBER
37227469
COMPANY FILE NUMBER
1078533
MANAGEMENT
Managing Director: Mr. Adit Bakul Shah
(Hong Kong Mobile: 852-6933 4990)
ISSUED SHARE CAPITAL
HK$7,500,000.00
SHAREHOLDER
(As per registry dated 04-10-2017)
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Name |
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No. of shares |
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Adit Bakul SHAH |
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7,500,000 ======= |
DIRECTOR
(As per registry dated 04-10-2017)
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Name (Nationality) |
Address |
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Adit Bakul SHAH |
Flat J, 15/F., Tower 2, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 04-10-2017)
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Name |
Address |
Co. No. |
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Elegant Secretaries Ltd. |
Room 804, 8/F., Lap Fai Building, 6-8 Pottinger Street, Central, Hong Kong. |
0418716 |
HISTORY
The subject was incorporated on 4th October, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat Rear, 6/F., Ocean View Court, 25A Chatham Road South, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in November 2008.
The subject increased its issued share capital from HK$5.7 million to HK$7.5 million on 24th July, 2014.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of diamonds.
Employees: 3. (Including associate)
Commodities Imported: India, Thailand, Belgium, other Asian and European countries.
Markets: Hong Kong, China, Japan, Southeast Asia, Europe, Middle East, Scandinavia, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$7,500,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making small profits in past years.
Condition: Business is normal.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Good.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of India, Hong Kong Branch.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong
Hang Seng Bank Ltd., Hong Kong.
Standing: Satisfactory.
GENERAL
Having issued 7.5 million ordinary shares of HK$1.00 each, Fine Star HK Limited is an Indian company wholly owned by Mr. Adit Bakul Shah. Shah is an India passport holder whose native land is Mumbai, India. Now he 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 increased its issued share capital from HK$2.5 million to HK$5.7 million and further to HK$7.5 million which is the present amount.
Formerly the subject had two directors. Another old director Mr. Saloni Adit Shah has
retired and Mr. Adit Bakul Shah has become the only director of the
subject. He can be reached at his Hong
Kong mobile phone No.
852-6933 4990.
The subject is a diamond trader. It is trading in loose diamonds, single cut diamonds, tapper cut diamonds, full cut diamonds, black diamonds, etc. However, the subject is significant for its black and loose diamonds.
Commodities and polished white and colour diamonds are imported from Thailand, India, Belgium and the other Asian and European countries. The subject also trades in black and brown stones. Products are marketed in Hong Kong, China and exported or re-exported to Japan, Southeast Asia, Europe, the Middle East, Scandinavia, etc.
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 took part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2018” which had been held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the period of 27th February to 3rd March, 2018. Its booth No. was AWE 7-E23.
Besides, it also took part in “HKTDC Hong Kong International Jewellery Show 2018” which had been held in Hong Kong Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 2nd to 6th March, 2018. Its booth No. was 1EF29.
The subject also has got Letters of Hypothecation for Trade Finance from Hang Seng Bank Ltd., Hong Kong.
As the history of the subject in Hong Kong is over eleven years and six months, on the whole, consider it good for normal business engagements.
MORTGAGE OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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07-12-2007 |
Letter of Hypothecation
for Trade Finance |
Commonwealth Finance Corporation Ltd., Hong Kong. |
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10-12-2007 |
Charge Over Deposit |
Commonwealth Finance Corporation Ltd., Hong Kong. |
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06-10-2009 |
Letter of Hypothecation for Trade Finance |
Commonwealth Finance Corporation Ltd., Hong Kong. |
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25-06-2010 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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27-08-2010 |
Letter of Hypothecation for Trade Finance |
Commonwealth Finance Corporation Ltd., Hong Kong. |
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07-07-2011 |
Letter of Lien |
Bank of India, Hong Kong Branch. |
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13-06-2012 |
Charge and Hypothecation of Book Debts (CC.531) |
Bank of India, Hong Kong Branch. |
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13-06-2012 |
Hypothecation of Tangible Moveable Property (L448) |
Bank of India, Hong Kong Branch. |
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13-06-2012 |
General Letter of Hypothecation |
Bank of India, Hong Kong Branch. |
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21-07-2015 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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02-12-2015 |
Charge and Hypothecation of Book Debts (CC.531) |
Bank of India, Hong Kong Branch. |
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02-12-2015 |
Hypothecation of Tangible Moveable Property (L.448) |
Bank of India, Hong Kong Branch. |
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02-12-2015 |
General Letter of Hypothecation |
Bank of India, Hong Kong Branch. |
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14-06-2016 |
Letter of Hypothecation for Trade Finance |
Commonwealth Finance Corporation Ltd., Hong Kong. |
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14-06-2016 |
Charge Over Deposit |
Commonwealth Finance Corporation Ltd., Hong Kong. |
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17-11-2016 |
Mortgage |
Hang Seng Bank Ltd., Hong Kong. |
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17-11-2016 |
Rental Assignment |
Hang Seng Bank Ltd., Hong Kong. |
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24-05-2017 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 66.36 |
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1 |
INR 92.51 |
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Euro |
1 |
INR 81.05 |
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HKD |
1 |
INR 8.49 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.