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Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
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Name : |
TIMI ENTERPRISES CO. LTD. |
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Registered Office : |
Room 603, 6/F., |
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Country : |
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Date of Incorporation : |
14.02.2000 |
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Com. Reg. No.: |
30778934 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of All kinds of nonwoven fabrics. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Maximum Credit Limit: |
US$100,000.00 |
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Status : |
No operating office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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.
|
Source : CIA |
TIMI ENTERPRISES
CO. LTD.
Room 603, 6/F., Jade Mansion, 40 Waterloo Road, Kowloon,
Hong Kong.
(Formerly located at:
c/o Cosec Services Ltd., Room 2402, 24/F., C C Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong.)
PHONE: Not
available
Managing Director: Mr. Zhao Min Zhong
Incorporated on: 14th February, 2000.
Organization: Private Limited Company.
Capital: Nominal: HK$140,000,000.00
Issued: HK$140,000,000.00
Business Category: Nonwoven Fabric Trader.
Employees: Nil.
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Credit of US$400,000.00 is excessive, a lesser amount of US$100,000.00 is advisable.
TIMI ENTERPRISES
CO. LTD.
Registered Head
Office:-
Room 603, 6/F., Jade Mansion, 40 Waterloo Road, Kowloon,
Hong Kong.
Associated
Companies:-
JoFo Group of Companies
Evertone Investment (Group) Ltd., Hong Kong.
Guangdong JoFo Enterprises Co. Ltd., China.
Heshan JoFo Nonwoven Co. Ltd., China.
Jiangxi JoFo Webforma Co. Ltd., China.
Jiangxi Yichuan JoFo Energy Supplying Co. Ltd., China.
JoFo (Weifang) Nonwovens Co. Ltd., China.
JoFo Zhaoqing Webforma Co. Ltd., China.
Shandong JoFo Nonwoven
Co. Ltd., China.
Shougang JoFo Textile Co.
Ltd., China.
Zhaoqing Micro Fibre Co.
Ltd., China.
Zhaoqing Sanrong JoFo Heat Supplying Co. Ltd., China.
Zhaoqing Tianfu New
Synthetic Fibre Co. Ltd., China.
etc.
30778934
0704197
Managing Director: Mr. Zhao Min Zhong
Nominal Share Capital: HK$140,000,000.00
(Divided into 140,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$140,000,000.00
(As per registry dated 14-02-2013)
|
Name |
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No. of shares |
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LI Shao Liang |
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14,000,000 |
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ZHAO Min Zhong |
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126,000,000 |
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|
–––––––––– |
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Total: |
140,000,000 ========= |
(As per registry dated 14-02-2013)
|
Name (Nationality) |
Address |
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ZHAO Min Zhong |
2 Qiao Guang Road,
Guangzhou, Guangdong Province, China. |
|
LI Shao Liang |
Xiao Gan Village, Xin
Tang, Zeng Cheng City, Guangdong Province, China. |
(As per registry dated 14-02-2013)
|
Name |
Address |
Co. No. |
|
Cosec Services Ltd. |
Room 2402, 24/F., C C Wu Building, |
0167851 |
The subject was incorporated on 14th February, 2000 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at Unit 503, 5/F.,
Silvercord Tower 2, 30 Canton Road, Tsimshatsui, Kowloon, Hong Kong,
moved to Room 2402, 24/F., C C Wu Building, 302-308
Hennessy Road, Wanchai, Hong Kong in November 2009
and further to the present address in February 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer,
Importer and Exporter.
Lines: All
kinds of nonwoven fabrics.
Employees: Nil.
Commodities Imported: China, etc.
Markets: China,
other Asian countries, Europe, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$140,000,000.00
(Divided into 140,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$140,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Keeping
a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment: Met
trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Small.
Having issued 140 million ordinary shares of HK$1.00 each, Timi Enterprises Co. Ltd. is jointly owned by Mr. Zhao Min Zhong, holding 90% interests; and Mr. Li Shao Liang, holding 10%. Being China merchants, they are China ID Card
holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject.
The subject’s registered address is in a private building located at Room
603, 6/F., Jade Mansion, 40 Waterloo Road, Kowloon,
Hong Kong.
The residential building is not trespassed by outsiders. The subject has no employees in Hong Kong.
The subject’s corporate secretary is in a commercial service firm
located at Room 2402, 24/F., C C Wu Building, 302-308
Hennessy Road, Wanchai, Hong Kong known as Cosec
Services Ltd. which is handling its correspondences and documents. Your given phone number 852-2893 7590 belongs
to this firm.
The subject is an associated company of Guangdong JoFo
Enterprises Co. Ltd. [JoFo] which is a China-based
firm. The subject is also a member of
the JoFo Group of companies.
JoFo Group is specialized in the research,
development and production of high-tech nonwoven
materials, and develops biomass energy and low-carbon industrial parks.
With efficient R & D capabilities, fast customer response mechanism
and strong capabilities in providing personalized products, solutions and
services, JoFo is a reliable partner for the
companies in pursuit of innovative products.
With solid industrial value chain, rich experience, strong sense of
social responsibility and superior product performance and value, JoFo has realized its goals and vision, and becomes a main
supplier of many customers.
The Group has had the following brand names:-
·
“JoFo®” series medical and industrial protective materials
(surgical gowns, surgical caps, isolation gowns, protective clothing, etc),
hygiene materials (baby diapers, feminine napkin), adult incontinence, etc.;
·
“JoFo®” series environment-friendly fibre
(recycled polyester staple fibre material);
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“Roatile®” series high-strength multi-function geotextile materials;
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“Kobweb™” series automotive, furniture and bedding
materials; &
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“Meltblown®” series industrial and filtration materials.
Currently the Group has had five or six associated factories engaged in
manufacturing the above-mentioned products.
All these firms are either operated by Li Shao
Liang or Zhao Min Zhong. Business is rather active.
The JoFo group owns near ten inferior
enterprise run by private capital spreading over Guangdong, Shandong, Hubei, Sichuan, Hong Kong.
It is becoming a group which gathering non-woven fabric, chemical fibre, fine chemical engineering producing into a integral
whole, total property of business enterprise amount to six hundred million rmb, owns a large batch of talents who possess the quality
of management, administration and technique.
The product is not only sold around the nation, but also exported to
Europe, America, Japan, Australia, the Middle East, Southeast Asia.
It is likely that the China firms deal with foreign parties under the
name of the subject and let foreign firms correspond with the subject’s
registered address in Hong Kong. The China
firms also exports commodities to foreign markets under the name of the subject
and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active although its history
in Hong Kong is about thirteen years.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis.
|
Date |
Particulars |
Amount |
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02-11-2009 |
Instrument: Security Deed Property: (a) All Proceeds, together with the right to receive, to sue for
recovery and give effectual discharge for the Proceeds in the name of the
Obligor and all claims in respect of any breach of the Contract; and (b) all
moneys from time to time standing to the credit of the Charged Account and
the Obligor irrevocably authorises the Bank to
withdraw and apply any credit balance in the Charged Account in reduction of
the Secured Liabilities at any time Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
At any time all principal, interest, fees, charges, costs, expenses,
damages and other moneys |
|
10-11-2010 |
Instrument: Deed of Indemnity, Charge Over Deposit
and Set‑Off Property: All the Company’s estate, right, title, claim, benefit and interest to
and in the Deposit (No. 012-721-5-068858-1 for amount of CNY5,120,000.00) and
all interest from time to time payable thereon and together with all title
deeds or documents relating thereto Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
All moneys in respect of general banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.53.95 |
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|
1 |
Rs.83.80 |
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Euro |
1 |
Rs.70.49 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
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.