MIRA INFORM REPORT
|
Report Date : |
10.12.2011 |
IDENTIFICATION DETAILS
|
Name : |
TUNG
GA LINEN &
COTTON MILLS LTD. |
|
|
|
|
Registered Office : |
Unit 602, 6/F., Tower 3, Phase 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon Bay, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
15.12.2003 |
|
|
|
|
Com. Reg. No.: |
34144496 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer and Exporter of Flax fibres/linen yarns, linen fabrics, linen/rayon/cotton, dyed yarns, printed and bleached fabrics |
|
|
|
|
No. of Employees
: |
13. (Including associates) |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
TUNG GA
LINEN & COTTON
MILLS LTD.
Company ADDRESS
Unit 602, 6/F., Tower 3, Phase 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 2755 1138, 2331 2103
FAX: 2753 5220, 2796 0508
E-MAIL: info@tungga.com.hk
MANAGEMENT
Managing Director: Mr. Wong Man
SUMMARY
Incorporated on: 15th December, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Fabric and Yarn Trader.
Annual Turnover: HK$1.5~2.0 billion.
Employees: 13. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Unit 602, 6/F., Tower 3, Phase 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong.
Associated
Companies:-
· Tung Ga International Investment Ltd., Hong Kong.
· Tung Ga Linen & Cotton (HK) Ltd., Hong Kong.
· Tung Ga Linen & Cotton Ltd. (Changzhou) Co. Ltd., China.
· Tung Ga Linen & Cotton Ltd., Hong Kong. [Dissolved]
BUSINESS REGISTRATION NUMBER
34144496
COMPANY FILE NUMBER
0875426
MANAGEMENT
Managing Director: Mr. Wong Man
Director & Contact Person: Ms. Wong Yim, Mable
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
SHAREHOLDERS
(As per registry
dated 15-12-2010)
|
Name |
|
No. of shares |
|
WONG Man |
|
1 |
|
NGAI Ching Wai |
|
1 |
|
|
|
–– |
|
|
Total: |
2 = |
DIRECTORS
(As per registry
dated 15-12-2010)
|
Name (Nationality) |
Address |
|
NGAI Ching Wai |
House 2, Deerhill Bay, Deerhill Avenue, Tai Po, New Territories, Hong Kong. |
|
WONG Man |
House 2, Deerhill Bay, Deerhill Avenue, Tai Po, New Territories, Hong Kong. |
|
WONG Yim |
Flat 2B, Block 13, Site 11, Whampoa Garden, Hunghom, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 15-12-2010)
NGAI Ching Wai
HISTORY
The subject was incorporated on 15th December, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Tung Ga Linen & Cotton Trading Ltd., name changed to the present style on 15th November, 2004.
Formerly the subject was located at Suite 1, 36/F., Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong, moved to the present address with effect from 21st February, 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: Flax fibres/linen yarns, linen fabrics, linen/rayon/cotton, dyed yarns, printed and bleached
fabrics
Employees: 13. (Including associates)
Materials/Commodities: Imports raw materials from European countries, some of the Asian countries and finished
products from China.
Markets: Australia, China, Europe, North America, Central & South America, Taiwan, Southeast
Asia, etc.
Annual Turnover: HK$1.5~2.0 billion.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making 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.
GENERAL
Having issued 2 ordinary shares of HK$1.00 each, Tung Ga Linen & Cotton Mills Ltd. is equally owned by Mr. Wong Man and Ms. Ngai Ching Wai. They are Hong Kong merchants and seem to be a couple.
The subject moved to the present new address in February 2011.
The subject imports grey fabrics and yarns from Europe, some of the Asian countries and re-exports to China for further processing. Finished products are exported to foreign markets. The subject is a member of the Tung Ga Group.
The subject now has got an associated factory in Changzhou City, Jiangsu Province, China known as Tung Ga Linen & Cotton Ltd. (Changzhou) Co. Ltd. [Changzhou Tung Ga]. Changzhou Tung Ga is the solely-owned enterprise of Hong Kong Tung Ga Group in Chinese Mainland. Changzhou Tung Ga is located in Xinbei District, Changzhou City, Jiangsu Province, China. The site of the whole company and building area are 180 acreages and 50,000 sq.m. respectively. The fixed assets of Changzhou Tung Ga are RMB200 million Yuan. Changzhou Tung Ga has about 1,000 employees. It is one of the leading linen enterprises in China. Its export revenue greatly surpasses other enterprises of the same profession across China and has become a significant firm in Yangtze River Economic Delta.
Having been equipped with the latest equipment, and thousands of advanced spinning machines such as the imported water spliced automatic winders which have 13,000 wet spindles, Changzhou Tung Ga has been equipped with the other equipment such as looms. Its 200 weaving looms and equipment include Swiss BENNINGER warping machines and Italian VAMATEX wide looms. The annual production capacity of over 2,000 tons of grey, semi‑bleached and yarn dyed linen yarn, and more than 10 million meters of pure linen, linen/cotton, linen/rayon, linen/rayon/terylene and other kinds of blended fabric. The yarn is ranking from 3.5s to 30s (6nm～50nm). The fabric includes more than 100 famous and new varieties, for example greige, semi-bleached, yarn dyed, dyed, printing, jacquard, super wide fabric, home textile fabric, special functional fabric etc.. 80% of its main products are sold to Europe, American and Southeast Asia.
Changzhou Tung Ga is strong in assets and technology. And 15% of the employees are professional technicians taking positions in Science & Research Department, Manufacturing Department, Testing Department, and Trading Department, etc. The efficient inner cooperation among these departments provides all around technology support and high quality guarantee. The products have got ITS testing certificate and its reliable and stable quality has gained good reputation among our clients all over the world.
The subject’s products are marketed in China, exported to Australia, Europe, North America, Central & South America, Taiwan, Southeast Asia, etc. Business is rather active.
The annual sales turnover of the subject ranges from HK$1.5 to 2.0 billion. Making a small profit every year.
As the history of the subject is about eight years in Hong Kong, on the whole, consider it good for normal business engagements.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
28-01-2005 |
Instrument: Assignment of DC Proceeds re export bills restricted to other banks for negotiation/payment Property: By way of assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing proceeds payable or to be paid to the Customer under the Documentary Credits, all the Customer’s right, title and interest in the said Documentary Credits and the benefit of all powers and remedies for enforcing the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the Customer against documents submitted under a Documentary Credit, all monies and liabilities in any currency owing by the Customer to the Bank at any time, whether separately or jointly, actually or contingently, present or future, interest on all loans and advances and such monies and all expenses of the Bank in perfecting or enforcing the Assignment |
|
04-03-2008 |
Instrument: General Letter of Hypothecation Property: All goods, stocks, shares, warehouse or godown warrants, bills of lading, bills of exchange, overseas time deposits receipts, deposits or deposit receipts Mortgagee: Shanghai Commercial Bank Ltd., Hong Kong. |
To secure banking facilities |
|
04-03-2008 |
Instrument: Charge Over Securities Property: All stocks, shares, unit trusts, securities, bonds, notes, debentures, warrants and funds Mortgagee: Shanghai Commercial Bank Ltd., Hong Kong. |
To secure banking facilities |
|
04-03-2008 |
Instrument: Deed of Charge on Account and Set Off Property: Account number 334-82-09013-6, 334-24-01371-1 and 334-88-00063-5 Mortgagee: Shanghai Commercial Bank Ltd., Hong Kong. |
To secure banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.52.23 |
|
UK Pound |
1 |
Rs.81.55 |
|
Euro |
1 |
Rs.69.60 |
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.