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Report Date : |
19.01.2013 |
IDENTIFICATION DETAILS
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Name : |
TWINKLE INTERNATIONAL |
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Registered Office : |
Flat 27, Tenth Street, Hong Lok Yuen, Tai Po, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.04.1994 |
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Com. Reg. No.: |
17969869-000-04 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of jewellery and diamonds,
etc. |
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No. of Employees : |
2 (Including associate) |
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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC Classification |
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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 |
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'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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. 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 exports 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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.
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Source : CIA |
TWINKLE INTERNATIONAL
Flat 27, Tenth Street, Hong Lok Yuen, Tai Po, New Territories, Hong
Kong.
PHONE: 2736 5609, 2736 8018
FAX: 2736 9116
E-MAIL: twinkle27368018@hotmail.com
Manager: Mr. Yongeshkumar
Narottamdas Shah
Establishment: 1st April, 1994.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Diamond
trader.
Employees: 2 (Including associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TWINKLE
INTERNATIONAL
Head Office:-
Flat 27, Tenth Street, Hong Lok Yuen, Tai Po, New Territories,
Hong Kong.
Holding Company:-
Simi-Diam (China) Ltd., China.
Simi-Diam Ltd., Hong Kong. (Same address)
17969869-000-04
Manager: Mr. Yongeshkumar
Narottamdas Shah
Contact Person: Mr. Thaika Noohu
Name: Mr. Yongeshkumar Narottamdas SHAH
Residential Address: 15/F., Block
36, Lower Baguio Villa, 550 Voctoria Road, Pok Fu Lam, Hong Kong.
The subject was established on 1st April, 1994 as a Sole Proprietorship
concern owned by Mr. Yongeshkumar Narottamdas Shah under the Hong Kong
Business Registration Regulations.
At the very beginning, the subject was located at 15/F., Block 36, Lower
Baguio Villa, 550 Voctoria Road, Pok Fu Lam, Hong Kong, moved to Flat A, 8/F.,
Dominion Court, 120 Waterloo Road, Kowloon, Hong Kong in March 1995; to Flat
14B, 14/F., Ashley Mansion, 10-14 Ashley Road, Tsimshatsui, Kowloon, Hong Kong
in June 1996; to Flat 1301, Ashley Centre, 23‑25 Ashley Road,
Tsimshatsui, Kowloon, Hong Kong in November 1999; to Unit 1, 12/F., Block
A, Focal Industrial Centre, 21 Man Lok Street, Hunghom, Kowloon, Hong Kong in
November 2007, and further to the present address in May 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of jewellery and diamonds, etc.
Employees: 2 (Including associate)
Commodities Imported: India,
other Asian countries, Europe, etc.
Markets: Hong
Kong, Japan, other Asian countries, North America, Western Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Capital: Not
disclosed.
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.Bank of India, Hong Kong Branch.
Punjab National Bank, Hong Kong Branch.
UCO Bank, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Twinkle International is a sole proprietorship owned and set up by
Mr. Yongeshkumar Narottamdas Shah who is an Indian. He is a Hong Kong ID Card holder and has got
the right to reside in Hong Kong permanently.
He has been in Hong Kong for a very long time and is the manager of the
subject.
The subject’s registered address is in a private building located at
“Flat No. 27, Tenth Street, Hong Lok Yuen, Tai Po, New Territories, Hong
Kong” where is the new residence of Yongeshkumar Narottamdas Shah.
The subject’s holding company Simi-Diam Ltd. [Simi-Diam] is also located
at the same address. Having issued 10
million ordinary shares of HK$1.00 each and incorporated on 3rd June, 1988,
Simi-Diam is equally owned by Mr. Yongeshkumar Narottamdas Shah and Mr.
Priti Yogesh Shah.
Simi-Diam is trading in the following products:-
·
Diamond Gold Jewellery;
·
Diamond Platinum Jewellery;
·
Gemset Gold Jewellery – 14 karat; &
·
Gemset Gold Jewellery – 18 karat.
Polished and cut diamonds are imported from India and the other European
countries. Diamond and jewellery
products are marketed in China, exported to the United State, Europe, Japan,
other Asian countries, etc. Business is
normal.
The subject has had an associated company Simi-Diam (China) Ltd. which
is in Shanghai, China. Located at Room
A908A, China Diamond Exchange Centre Building, 1701 Century Boulevard, New
Pudong Area, Shanghai, China, Simi-Diam (China) is trading in all kinds of
diamonds. Yongeshkumar Narottamdas Shah
is also the legal representative of Simi‑Diam (China). Business is normal.
The overall business of the subject is satisfactory in Hong Kong. History is over 18 years.
On the whole, consider the subject 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
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.94 |
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|
1 |
Rs.86.24 |
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Euro |
1 |
Rs.72.20 |
INFORMATION DETAILS
|
Report Prepared by
: |
SDA |
RATING EXPLANATIONS
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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 |
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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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.