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Report Date : |
26.10.2013 |
IDENTIFICATION DETAILS
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Name : |
HINGTEX INDUSTRIES CO. LTD. |
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Registered Office : |
Flat A, 13/F |
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Country : |
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Date of Incorporation : |
10.11.2006 |
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Com. Reg. No.: |
37348251 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Premium Manufacturer & Trader of
Handbags, travel & airline bags, wallets, silver jewellery, semi-precious
stones, watches. |
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No. of Employees : |
20 |
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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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|
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 |
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Source
: CIA |
HINGTEX INDUSTRIES
CO. LTD.
Flat A, 13/F Southgate Commercial Centre, 29 Granville Road,
Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2312 7175
FAX: 852-2312 6937
E-MAIL: hingtex@netvigator.com
whohingtex@biznetvigator.com
Managing Director: Mr. Ho Shun Kau
Incorporated on: 10th
November, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Premium Manufacturer & Trader
Employees:
20.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HINGTEX INDUSTRIES
CO. LTD.
Registered Head
Office:-
Flat A, 13/F Southgate Commercial Centre, 29 Granville Road,
Tsimshatsui, Kowloon, Hong Kong.
Affiliated
Company:-
Hingtex Co., Hong Kong.
37348251
1086486
Managing Director: Mr. Ho Shun
Kau
Contact Person: Mr. Alman Tang
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 10-11-2012)
|
Name |
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No. of shares |
|
HO Shun Kau |
|
1,000,000 ======= |
(As per registry dated 10-11-2012)
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Name (Nationality) |
Address |
|
HO Shun Kau |
Flat D, 31/F., 8 Clear Water Bay Road, Ngau Che Wan, Kowloon, Hong
Kong. |
HO Shun Kau (As per registry
dated 10-11-2012)
The subject was incorporated on 10th November, 2006 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: Premium
Manufacturer & Trader
Lines: Handbags,
travel & airline bags, wallets, silver jewellery, semi-precious stones,
watches.
Employees: 20.
Commodities Imported: China, India, other Asian countries, etc.
Markets: Southeast
Asia, Western Europe, North & South America, etc.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: As
per contracted.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
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:
Normal.
Having issued 1 million ordinary shares of HK$1.00 each, Hingtex
Industries Co. Ltd. is wholly owned by Mr. Ho Shun Kau who is a Hong Kong
merchant. He is also the only director
of the subject.
The subject has set up an office in the United States for years and it
started as a purchasing agent in Hong Kong doing items sourcing and product
development for the brand name “Stauer”.
The products of Stauer cover a lot of commodities. It covers jewellery, antiquities and vintage
watches, etc. Stauer has always been
offering customers with watches, jewellery and luxury items at competitive
prices.
The subject has been authorised to market the Stauer products in Asia
and some of the European countries.
The subject has incorporated with a web / catalogue-sales company in the
United States for years.
Stauer now is a well known brand name with well reputation growing in
the United States as well as in Thailand.
The subject is trading in the following commodities: Stauer Casablanca
Watch, Stauer Ultimate Slim Timepiece, Diamond Aura Jardin Ladies Watch, Stauer
24K Gold-Leaf Watch, Stauer 1938 Majestic Watch, Diamond Aura Big Oval
Earrings, House of Windsor Lab Created Emerald Earrings, House of Windsor Lab
Created Emerald Necklace, Diamond Aura Big Oval Necklace, House of Windsor 18”
Lab Created Sapphire Necklace, French Pear Pendant Necklace, House of Windsor
Lab Created Sapphire Ring, House of Windsor Lab Created Emerald Ring, Diamond
Aura French Pear Shape Ring, House of Windsor Lab Created Sapphire Earrings,
Stauer Presidio Power Reserve, Stauer 1930 Gold-Fused Dashtronic Watch,
Rose-gold Fused Diamond Aura Ceramic Watch, Stauer Rose Gold Fused Moon Phase
Watch, Stauer Meisterzeit Timepiece, Stauer Flyboy 1916 Watch, Stauer Graves 33
Wristwatch, Stauer 22K Gold-Fused Noire Watch, George Chatterton Lincoln
Timepiece, Stauer 1930 Dashtronic Watch, Raw Ruby Necklace, Power Reserve
Mechanical Watches, Stauer 1944 Ritorno, 2 Eyes Multi-Function Automatic
Watches, 3 Eyes Automatic Watch, etc.
Besides watches, the subject also trades in the following products:
handbags (leather), travel & airline bag (OEM), wallet & purse -
leather, jewellery - silver (sterling silver), semi-precious stone, etc.
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 took part in
“Hong Kong Watch & Clock Fair 2013” which had been held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 4th
to 8th September, 2013.
The annual sales turnover of the subject is rather significant.
As the history of the subject is about seven years in Hong Kong, 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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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 –
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Gem & Jewellery Export Promotion Council in its
statistical data has shown the export of polished diamonds to have increase by
28 % in February 2013. Compared to $ 1.4 bn worth of polished diamond export in
February, 2012, India exported $ 1.84 billion worth of polished diamonds in
February 2013. A senior executive of GJEPC said, “Export of cut and polished
diamonds started falling month-wise after the imposition of 2 % of import duty
on the polished diamonds. But February, 2013 has given a new ray of hope to the
industry as the export of polished diamonds has actually increased by 28 %. It
means the industry is on the track of recovery and round tripping of
diamonds has stopped completely.” Demand has started coming from the US, the
UK, Japan and China. India’s polished diamond export is expected to cross $ 21
bn in 2013-14.
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The banking sector has started exercising restraint
while following prudent risk management norms when lending money to gems and
jewellery sector. This follows the implementation of Basel III accord – a
global voluntary regulatory standard on bank capital adequacy, stress testing
and market liquidity.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.63 |
|
|
1 |
Rs.99.94 |
|
Euro |
1 |
Rs.85.14 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
|
---- |
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.