MIRA
INFORM REPORT
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Report Date : |
22.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
TRIO
ENGINEERING CO. LTD. |
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Registered Office : |
Block J, 5/F., Kaiser Estate, Phase 2, 51 Man Yue Street, Hunghom,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.09.1983. |
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Com. Reg. No.: |
8615095 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Transformers, Inductors,
Power Supply Assemblies, etc. |
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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Maximum Credit Limit : |
US$500,000 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
TRIO
ENGINEERING CO. LTD.
ADDRESS
Block J, 5/F., Kaiser
Estate, Phase 2, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong
PHONE: 2765 8787
FAX: 2764 9142, 2334 5762
E-MAIL: trio@triohk.com.hk
Credit Request: Good for credit of US$500,000 against D/A
terms.
MANAGEMENT
Managing
Director: Mr. Kwan Tak Sum, Stanley
SUMMARY
Incorporated on: 16th September, 1983.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Manufacturer, Importer and Exporter.
Employees: 45. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
Block J, 5/F.,
Kaiser Estate, Phase 2, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong
Warehouse:-
Block L2, 8/F.,
Kaiser Estate, Phase 2, 51 Man Yue Street, Hunghom, Kowloon, Hong Kong.
China Factory:-
Panyu Trio
Microtronic Co. Ltd., China.
BUSINESS REGISTRATION NUMBER
8615095
COMPANY FILE NUMBER
128282
MANAGEMENT
Managing
Director: Mr. Kwan Tak Sum, Stanley
CAPITAL
Nominal Share
Capital: HK$100,000.00 (Divided into 1,000 shares of HK$100.00 each)
Issued Share
Capital: HK$100,000.00
SHAREHOLDERS
(As per registry dated 16-09-2007)
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Name |
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No. of shares |
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TAI Leung Lam |
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275 |
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KWAN Tak Sum,
Stanley |
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275 |
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KWAN Chan Kwong |
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274 |
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Joseph MAC
CARTHY |
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175 |
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WONG So Nui |
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1 |
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––––– |
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Total: |
1,000 ==== |
DIRECTORS
(As per registry dated 16-09-2007)
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Name (Nationality) |
Address |
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Joseph
MAC CARTHY |
72
Viewmount Park, Dunmore Road, Waterford City, Ireland. |
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TAI
Leung Lam |
Flat
B, 24/F., Dragon View, 5 Dragon Terrace, Causeway Bay, Hong Kong. |
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KWAN
Chan Kwong |
Flat
C, 25/F., Block 3, Royal Peninsula, 8 Hung Lai Road, Hunghom, Kowloon, Hong
Kong. |
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KWAN
Tak Sum, Stanley |
Flat
H, 23/F., Block 25, Laguna City, Kwun Tong, Kowloon, Hong Kong. |
SECRETARIES
KWAN Tak Sum, Stanley
and KWAN Chan Kwong
(As per registry
dated 16-09-2007)
HISTORY
The subject was
incorporated on 16th September, 1983 as a private limited liability company
under the Hong Kong Companies Ordinance.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer, Importer and Exporter.
Lines: Transformers, inductors, power supply assemblies, etc.
Employees: 45. (Hong Kong)
2,200. (China)
Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished products from China.
Markets: Europe, North America, Australasia, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$100,000.00 (Divided into 1,000 shares of HK$100.00 each)
Issued Share Capital: HK$100,000.00
Profit & Loss: Business is rather profitable.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
GENERAL
Having issued
1,000 ordinary shares of HK$1.00 each, Trio Engineering Co. Ltd. is jointly owned
by Mr. Tai Leung Lam, holding 27.5% interest; Mr. Stanley Kwan Tak Sum,
27.5%; Mr. Kwan Chan Kwong, 27.4%; Joseph Mac Carthy, 17.5%; and Ms. Wong So
Nui, 0.1%.
The subject has
been established since 1983 specialising in the design and manufacture of transformers,
inductors, custom power supply assemblies, contract PCB assemblies and custom
tooled plastic, metal and ferrite products.
The subject’s head
office is in Hong Kong while its factory is in Panyu, Guangzhou, Guangdong
Province, China. It also has got a
European customer support office in Waterford, Ireland.
The subject has 45
employees in Hong Kong. Covering an
area of 1,000 sq.m., the subject has set up the following departments:
Marketing Department, Engineering Department, Finance & Accounting
Department, Purchasing Department, Quality Control Department, Shipping
Department, and Warehousing Department.
The subject’s
Panyu factory is ISO 9001 certified, has got UL 1446 Insulation Systems
Approval and TUV certified manufacturing facilities. Employing about 2,200 persons, the factory covers an area of
10,000 sq.m. It has been equipped with
the following tools: SMD robot, in-circuit tester, wave soldering machine,
ultrasonic welder, component insertion line, dispenser robot, bobbin winding
machine, steroidal coil winding machine, pad-printing equipment, projector,
gapping machine, copper wires blitzing machine, other kinds of winding
machines, etc.
The subject is
able to provide its customers with a cost effective solution to their magnetic
component and custom assembly requirements.
Its engineering teams in Hong Kong and Ireland are able to assist in the
design or re-engineering of new and old projects.
The subject is
specialised in designing of both laminated and ferrite transformers and inductors,
linear and switch mode power supplies, and custom PCB assemblies. It is also experienced in designing and
supplying of plastic, metal and ferrite custom parts with low tooling costs and
short tooling lead-times. The subject’s
products have got international approvals such like UL, VDE, etc.
The subject is
predominately an export oriented company with 90% of its customers based in
Europe and the United States. 100% of
its business is on custom assemblies or parts.
It does not have any of its own products in the market.
The subject’s
history in Hong Kong is about twenty-five years. Business is rather active.
Annual sales turnover is significant.
On the whole,
consider the subject good for normal business engagements.
COURT CASES: None per our.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.46.32 |
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UK Pound |
1 |
Rs.83.57 |
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Euro |
1 |
Rs.65.90 |
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)