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MIRA INFORM REPORT
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Report No. : |
485232 |
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Report Date : |
12.01.2018 |
IDENTIFICATION DETAILS
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Name : |
TRINITY WORKS & COMPANY |
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Registered Office : |
Room 7-F., Block C1, 10/F., Hang Wai Industrial Centre, 6 Kin Tai Street,
Tuen Mun, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.06.2008 |
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Com. Reg. No.: |
39476341-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
Importer, Exporter and Wholesaler of Fine Jewellery, Giftware & Premiums, Imitation Jewellery & Hair Ornament, Jewellery Boxes. |
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No. of Employees : |
3 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but correct |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
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 aided a more rapid initial recovery 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 9.4% of
total system deposits in Hong Kong by the end of 2015. 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 47.3 million
in 2014, outnumbering visitors from all other countries combined. Mainland
visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million,
reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong
has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2015, mainland Chinese companies constituted about
51% of the firms listed on the Hong Kong Stock Exchange and accounted for about
62.1% 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. In 2014, Hong Kong and China signed a new agreement on achieving
basic liberalization of trade in services in Guangdong Province under the
Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties
between Hong Kong and the mainland. The new measures, effective March 2015,
cover a negative list and a most-favored treatment provision, and will improve
access to the mainland's service sector for Hong Kong-based companies.
Credit expansion and a tight housing supply have caused Hong Kong
property prices to rise rapidly; consumer prices increased 4.4% in 2014, but
slowed to 2.9% in 2015. Lower- and middle-income segments of the population are
increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident
in the banking and finance sector. Initiatives like the Hong Kong-Shanghai
Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold
Connect are all important steps towards opening up the Mainland’s capital
markets and has reinforced Hong Kong’s leading role as China’s offshore RMB
market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
Note
[Formerly Located At:
Workshop F1-05, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok
Yuen Street, Hunghom, Kowloon, Hong Kong.]
Company
name & address
TRINITY WORKS
& COMPANY
ADDRESS: Room 7-F., Block C1, 10/F., Hang Wai
Industrial Centre, 6 Kin Tai Street, Tuen Mun, New Territories, Hong Kong.
PHONE: Not available
MANAGEMENT
Manager: Mr. Osamu Saruwatari
SUMMARY
Establishment: 26th
June, 2008.
Organization: Sole Proprietorship.
Capital: Not disclosed.
Business Category: Importer, Exporter
and Wholesaler.
Employees: 3.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
name
TRINITY WORKS
& COMPANY
ADDRESS
Head Office:-
Room 7-F., Block C1, 10/F., Hang Wai Industrial Centre, 6 Kin Tai
Street, Tuen Mun, New Territories, Hong Kong.
Associated
Company:
Kuni International (Hong Kong) Ltd., Hong Kong.
BUSINESS
REGISTRATION NUMBER
39476341-000-06
MANAGEMENT
Manager: Mr. Osamu Saruwatari
SOLE
PROPRIETOR
Name: Mr. Osamu SARUWATARI
Residential Address: Room E,
9/F., Block 10, Laguna Verde, Hunghom, Kowloon, Hong Kong.
HISTORY
The subject was established on 26th June, 2008 as a sole proprietorship
concern owned by Mr. Osamu Saruwatari under the Hong Kong Business Registration
Regulations.
Formerly the subject was located at Flat 12, 28/F., Well Fung Industrial
Centre, 58-76 Ta Chuen Ping Street, Kwai Chung, New Territories, Hong Kong,
moved to ‘Workshop F1-05, 3/F., Hang Fung Industrial Building, Phase 1, 2G Hok
Yuen Street, Hunghom, Kowloon, Hong Kong’ in July 2010 and further to the
present address in August 2016.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Fine
jewellery, giftware & premiums, imitation jewellery & hair ornament,
jewellery boxes.
Employees: 3.
Commodities Imported: China, other
Asian countries, etc.
Markets: Japan,
other Asian countries, Europe, US, etc.
Terms/Sales: As per contracted.
Terms/Buying: L/C or as per contracted.
FINANCIAL
INFORMATION
Capital: Not
disclosed.
Profit or Loss: Made
small profits in past years.
Condition: Keeping in a satisfactory
condition.
Facilities: Making rather active use of
general banking facilities.
Payment: Slow but correct.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
GENERAL
Trinity Works & Company is a sole proprietorship set up and owned by
Mr. Osamu Saruwatari who seems to be a Japanese.
He is a Hong Kong ID holder and has got the right to reside in Hong
Kong. He is also manager of the subject.
He has been in Hong Kong for a very long time as he has got his Hong
Kong ID before setting up the subject.
The subject is trading in the following commodities: Fine jewellery,
giftware & premiums, imitation jewellery & hair ornament, jewellery
boxes, etc. It also trades in other
materials for packaging. Saruwatari
Osamu is professional specialised in packaging products.
Products are marketed in Hong Kong, exported to Japan, the other Asian
countries, Europe, the United States, etc.
To our knowledge, Mr. Osamu Saruwatari is also the contact person of
Kuni International (Hong Kong) Ltd. [Kuni].
Kuni is engaged in the same lines of business as the subject.
The business of the subject is chiefly handled by Mr. Osamu Saruwatari
himself. History in Hong Kong is over
nine years and six months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.74 |
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1 |
INR 86.01 |
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Euro |
1 |
INR 76.14 |
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HKD |
1 |
INR 8.13 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
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Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.