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MIRA INFORM REPORT
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Report No. : |
485039 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
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Name : |
TANU STAR (HK) LIMITED |
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Registered Office : |
Room 2003, 20/F., Workingport Commercial Building, 3 Hau Fook Street,
Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.11.2011 |
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Com. Reg. No.: |
59196826 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler All Kinds of Loose Diamonds. |
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No. of Employees : |
3 |
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
|
Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 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 |
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 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, effective 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 4.4% in 2014, but
slowed to 2.9% in 2015. 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.
|
Source
: CIA |
Company
name & address
TANU STAR (HK) LIMITED
ADDRESS: Room 2003, 20/F., Workingport Commercial
Building, 3 Hau Fook Street, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3153 4303,
2739 1030
FAX: 852-3153 4304
E-MAIL: dj@tanustar.com
MANAGEMENT
Managing Director: Mr. Miten
Narendra Lotia
SUMMARY
Incorporated on: 25th November, 2011.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Diamond
Trader.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
TANU STAR (HK) LIMITED
ADDRESS
Registered Head
Office:-
Room 2003, 20/F., Workingport Commercial Building, 3 Hau Fook Street,
Tsimshatsui, Kowloon, Hong Kong.
Associated
Company:-
K & T Gems Limited, Hong Kong.
(Same address)
BUSINESS
REGISTRATION NUMBER
59196826
COMPANY
FILE NUMBER
1684401
MANAGEMENT
Managing Director: Mr. Miten
Narendra Lotia
Contact Person: Ms. Phoebe Yeung
ISSUED
SHARE CAPITAL
HK$10,000.00
SHAREHOLDERS
(As per registry dated 25-11-2017)
|
Name |
|
No. of shares |
|
Darshan JHAVERI |
|
6,000 |
|
Miten Narendra LOTIA |
|
4,000 |
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|
–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 25-11-2017)
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Name (Nationality) |
Address |
|
Darshan JHAVERI |
14 Kamla Niketan 22, Narayan Dabholkar Road, Mumbai 400006,
India. |
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Miten Narendra LOTIA |
Flat No. 6, Kalpawriksha Co Hsg Soc, Paranjpe Scheme Road, No. 1
Subhash Road, Vile Parle East, Mumbai 400057, India. |
SECRETARY
(As per registry dated 25-11-2017)
|
Name |
Address |
Co. No. |
|
Buttar Secretarial Ltd. |
Unit 13, 16/F., Asia Trade Centre, 79 Lei Muk Road, Kwai Chung, New
Territories, Hong Kong. |
2086550 |
HISTORY
The subject was incorporated on 25th November, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 1405, 14/F., East Wing,
Peninsular Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong, moved to the
present address with effect from 13th February, 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 loose diamonds.
Employees: 3.
Commodities Imported: India,
Europe, etc.
Markets: Hong
Kong, China, other Asian countries, Europe, etc.
Terms/Sales: CAD, L/C, T/T, etc.
Terms/Buying: L/C, Advanced T/T, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$10,000.00
Profit or Loss: Made
small profits in past four years.
Condition: Keeping
in a normal manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Slow but correct.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, Tanu Star (HK) Limited
formerly was jointly owned by Mr. Jhaveri Rahul Rohit, holding 60% interests,
and Mr. Miten Narendra Lotia, holding 40%.
On 10th September, 2014, Jhaveri Rahul Rohit transferred all his shares
to Darshan Jhaveri.
Both shareholders are also directors of the subject. They are India passport holders and do not
have the right to reside in Hong Kong permanently.
The subject shares the same office with K & T Gems Ltd. which is
also a diamond and gemstone trader.
The subject is a diamond trader.
The subject is a diamond importer, exporter and wholesaler. It is trading in loose, polished and cut
diamonds. It is specialised in 0.005 to
0.02 pts and GIA 0.30 to 5.00 diamonds.
Most of the commodities are imported from India. Prime markets are Hong Kong, China, the
other Asian countries, Australia, etc.
Business is improving.
The contact person of the subject Ms. Phoebe Yeung is a Hong Kong
employ.
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 is going to
take part in “HKTDC Hong Kong International Diamond, Gem & Pearl Show 2018”
which will be held in Hong Kong AsiaWorld-Expo, Lantau, Hong Kong during the
period of 27th February to 3rd March, 2018.
Its booth No. is AWE 2-D23.
The business of the subject is chiefly handled by Darshan Jhaveri.
As the history of the subject is over six years and a month in Hong
Kong, on the whole, consider it good for normal business engagements in moderate
credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 63.74 |
|
|
1 |
INR 86.01 |
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Euro |
1 |
INR 76.14 |
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HKD |
1 |
INR 8.13 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
NIS |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
|
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 |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
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
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
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.