|
Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TIN FUNG JEWELLERY CASTING CO. |
|
|
|
|
Registered Office : |
Room P, 9/F., Kaiser Estate Phase 3, 9-11 Hok Yuen Street, Hunghom, Kowloon |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
18.09.2008 |
|
|
|
|
Com. Reg. No.: |
39828118-000-09 |
|
|
|
|
Legal Form : |
Sole Proprietorship. |
|
|
|
|
LINE OF BUSINESS : |
TRADER
OF ALL KINDS OF GOLD PRODUCTS, FINE JEWELLERY ETC. |
|
|
|
|
No. of Employees : |
20. (Including Associated
Company) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
D |
HONGKONG - 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 has no tariffs on imported goods, and it levies excise duties on
only four commodities, whether imported or produced locally: hard alcohol,
tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping
laws. 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, its continued reliance on foreign
trade and investment leaves it vulnerable to renewed global financial market
volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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 34.9
million in 2012, 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 2012 mainland Chinese companies constituted about
46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for
about 57.4% 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. Credit expansion and tight housing supply conditions have
caused Hong Kong property prices to rise rapidly; consumer prices increased by
more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from January 2014,
cover services and trade facilitation, and will improve access to the
mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
NOTE: Your as Eldex
Industrial Building Branch, 21 M Tau Wai Road, Hung Hom, Kowloon, Hong Kong is
incomplete.
TIN FUNG
JEWELLERY CASTING CO.
ADDRESS: Room
P, 9/F., Kaiser Estate Phase 3, 9-11 Hok Yuen Street, Hunghom, Kowloon, Hong
Kong.
PHONE: 852-2334
5610
FAX: 852-2334
9280
E-MAIL: hktf@live.hk
Manager: Ms. Lin Wan Yang
Establishment: 18th September, 2008.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Gold & Jewellery Product Trader.
Employees: 20. (Including associated company)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Room P, 9/F., Kaiser Estate Phase 3, 9-11 Hok Yuen Street, Hunghom, Kowloon, Hong Kong.
Associated Company:-
Yat Fung Precious Metals Manufactory Co. Ltd., Hong Kong. (Same address)
39828118-000-09
Manager: Ms. Lin Wan Yang
Name: Ms. LIN Wan Yang
Residential Address: Flat H, 13/F., Block 37, Laguna City, Lam Tin, Kowloon, Hong Kong.
The subject was established on 18th September, 2008 as a sole proprietorship. concern owned by Mr. Lam Yang Yang under the Hong Kong Business Registration Regulations.
Subsequently, Lam Yang Yang retired on 1st April, 2010 and replaced by Ms. Lam Wan Yang who joined in as a partner on 31st March, 2010. She is a family member of Lam Yang Yang.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Gold & Jewellery Product Trader.
Lines: All kinds of gold products, fine jewellery, etc.
Employees: 20. (Including associated company)
Commodities Imported: India, China, Europe, etc.
Markets: Hong Kong, China, other Asian countries, Europe, North America, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
Capital: Not disclosed.
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: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Tin Fung Jewellery Casting Co. is a sole proprietorship owned and operated by Ms. Lin Wan Yang who is a Hong Kong businesswoman.
The subject has had an associated company Yat Fung Precious Metals Manufactory Co. Ltd. [Yat Fung] located at the same address. Yat Fung is equally owned by a couple, Mr. So Tin Cho and Ms. Lin Wan Yang. Being Hong Kong merchants, both are also directors of Yat Fung.
The subject and Yat Fung are trading in the following commodities:
Fine Jewellery (Refine & purification, OEM), Jewellery - Gold (OEM), Fine Jewellery Findings & Setting (OEM), Gold (OEM).
The subject is one of the leading precious metals casting companies in Hong Kong. It is renowned for its technical expertise in casting of precious metals and their products with accurate purity and good quality.
The subject’s business includes trading, refining, fineness testing and recycling of precious metals. It is also engaged in processing and manufacturing all kinds of precious metals accessories.
The subject has set up a well-equipped casting plant in Panyu, Guangzhou City, Guangdong Province, China. In the China factory, there are several hundreds well-trained staff members and experts who are not only serving its customers in China but also the other countries of the world.
The subject is a veteran of precious metals casting, including all kinds of K‑gold, platinum, silver, copper, stainless steel, wax-investment, etc. In particular, its superb wax-investment casting technology is highly recognized by its customers and industry peers.
The business of the subject is chiefly handled by the couple. History in Hong Kong is over five years.
On the whole, in view of the background of the subject, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.06 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
|
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 |
|
|
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 |
-- |
|
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.