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Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
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Name : |
TINEX (HK) LTD. |
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Registered Office : |
Room 1505, 15/F., |
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Country : |
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Date of Incorporation : |
11.09.2003 |
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Com. Reg. No.: |
33933337 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Designer, Manufacturer, Wholesaler and Exporter of all kinds of diamond jewellery, etc. |
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No. of Employees : |
6 |
RATING & COMMENTS
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MIRAs 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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Status : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 31st, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 |
TINEX (HK)
LTD.
ADDRESS: Room 1505, 15/F., Ocean
Building, 70-84 Shanghai Street, Jordan, Kowloon, Hong Kong.
PHONE: 2317 5759, 2317 5712
FAX: 2317 5713
Managing Director: Mr. Suen Nam
Hong, Tenny (Mobile: 9815 5577)
Incorporated on: 11th
September, 2003.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Jewellery Trader.
Employees:
6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1505, 15/F., Ocean Building, 70-84 Shanghai Street, Jordan,
Kowloon, Hong Kong.
China Factory:-
Panyu Jewel Society Ltd.
3/F., Red Bridge Comprehensive Building, 491 Qiaoxing Dadao, Panyu District,
Guangzhou City, Guangdong Province, China.
[Tel: 86-20-8466 7502, 8466 7503;
Fax: 86-20-8466 3103]
Associated Company:-
Jewel Society Ltd., Hong Kong.
(Same address)
33933337
0861426
Managing Director: Mr. Suen Nam
Hong, Tenny (Mobile: 9815 5577)
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 11-09-2011)
|
Name |
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No. of shares |
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SUEN Nam Hong, Tenny |
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1 |
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CHAN Wai Fong |
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1 |
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Total: |
2 = |
(As per registry dated 11-09-2011)
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Name (Nationality) |
Address |
|
CHAN Wai Fong |
Room 1505, 15/F., Ocean Building, 80 Shanghai Street, Jordan, Kowloon,
Hong Kong. |
|
SUEN Nam Hong, Tenny |
Room 1505, 15/F., Ocean Building, 80 Shanghai Street, Jordan, Kowloon,
Hong Kong. |
SUEN Nam Hong, Tenny (As per registry
dated 11-09-2011)
The subject was incorporated on 11th September, 2003 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.
Activities: Designer,
Manufacturer, Wholesaler and Exporter.
Lines: All
kinds of diamond jewellery, etc.
Employees: 6.
Raw Materials: Imported from India, other Asian countries, etc.
Markets: Africa,
Australasia, Central & South America, China, Eastern Europe, Japan, South
Korea, Middle East, North America, Other Asian Countries, Scandinavia,
Southeast Asia, Taiwan, Western Europe, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 2 ordinary shares of HK$1.00 each, Tinex (H.K.) Ltd. is
equally owned by Ms. Chan Wai Fong and Mr. Suen Nam Hong, Tenny. They are also directors of the subject.
The subject has had an associated company Jewel Society Ltd. [JSL], a
Hong Kong-registered firm located at its operating address. JSL is also jointly owned and operated by
Chan and Suen. Suen can be reached at
his mobile phone number 9815 5577.
The subject is a diamond jewellery designer, manufacturer, wholesaler
and exporter. Its products are exported
to Australasia, Central & South America, Eastern Europe, Japan, South
Korea, the Middle East, North America, other Asian countries, Scandinavia,
Southeast Asia, Taiwan, Western Europe, etc.
Its raw materials are mainly imported from India. Business is rather active.
The subject has had an associated factory in Panyu known as Panyu Jewel
Society Ltd. Currently the China factory
has about 500 employees. Legal
representative is also Suen.
The history of the subject in Hong Kong is over eight years and seven
months.
On the whole, consider it good for normal business engagements.
DIAMOND INDUSTRY
INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
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Excerpts from Times of India dated 30th
October 2010 is as under
DIAMOND
SAGA DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of losing
Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two months
ago, they had not repaid these dues. Bankers believe many diamantaires
borrowed money during the economic downturn two years ago and diverted funds to
businesses like real estate and capital markets. Many of themselves made money
from these businesses but their diamond companies have gone sick and declared
insolvency.
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Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.23 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
|
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
-- |
This score serves as a reference to assess SCs 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.