MIRA INFORM REPORT
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Report Date : |
14.03.2011 |
IDENTIFICATION DETAILS
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Name : |
WINNITEX
LTD. |
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Registered Office : |
Unit 1-5, 6A & 7A, 36/F., Cable TV Tower, 9 Hoi Shing
Road, Tsuen Wan, New Territories |
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Country : |
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Date of Incorporation : |
24.01.2003 |
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Com. Reg. No.: |
33466287 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of cotton, linen, tencel, polyester, rayon, lycra, spandex and their blends, and cotton yarn dye fabrics |
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 : |
Regular |
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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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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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 |
Company name
WINNITEX LTD.
Company ADDRESS
Unit 1-5, 6A & 7A, 36/F., Cable TV Tower,
9 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 2416 1403
FAX: 2413
6019, 2417 9157
E-MAIL: winnitex@winnitex.com
MANAGEMENT
President & Chief Executive Officer: Mr. Wai Tien Ching
SUMMARY
Incorporated on: 24th January, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,000.00
Business Category: Textile Product Trader.
Group Turnover: US$150~155 million.
Group Employees: Over 3,000.
Main Dealing Banker: The Hongkong & Shanghai
Banking Corp. Ltd.,
Banking Relation: Good.
Company ADDRESS
Registered Head
Office:-
Unit 1-5, 6A & 7A, 36/F., Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
Godown:-
Unit A-D on 4/F. & 5/F. and Unit A & D on 8/F.,
Shanghai Office:-
Room 1709-1710,
[Tel: (86-021) 6341 0102; Fax: (86-021) 6341 0083]
[Tel: (86-571) 8283 1000; Fax: (86-571)
8283 1728]
[Operated by
[Tel: (86-575) 8803 9009; Fax: (86-575)
8803 9088]
[Operated by
“Kalpataru”, First Floor,
No. 4C 908, 9th B Main, 4th Cross, 1st Block, H R B R Layout, Kalyan
Nagar,
[Tel: 91-80-2542 3557; Fax: 91-80-2542 3559]
Holding Company:-
Winnitex Holdings Ltd.,
Affiliated
Companies:-
Winnitex Group of Companies
Chestin Ltd.,
Fouhang (
Hing Fung Printing & Dyeing Factory Ltd., Hong Kong.
Hing Fung Wo Finance Co. Ltd.,
Hing Mou Textiles Ltd.,
Hing Wo Dyeing Factory Ltd., Hong Kong. [Dissolved on 23-07-1999]
JNA Enterprises Co.,
Kinto Investments Ltd.,
Triple Harbour International Ltd.,
Winnitex Investment Co. Ltd.,
Winnitex Properties Ltd.,
Y.F. Knitting & Silk-Dyeing Ltd.,
etc.
BUSINESS REGISTRATION NUMBER
33466287
COMPANY FILE NUMBER
0831225
MANAGEMENT
President & Chief Executive Officer: Mr. Wai Tien Ching
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
SHAREHOLDERS
(As per registry dated 24-01-2011)
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Name |
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No. of shares |
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WAI Tien Ching |
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1 |
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Winnitex Holdings Ltd. |
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999 |
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––––– |
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Total: |
1,000 ==== |
DIRECTORS
(As per registry dated 24-01-2011)
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Name (Nationality) |
Address |
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WAI Tien Ching (Chinese) [Father] |
Unit B, 3/F., Flora Villa, |
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WAI Chi Wah, Nelson (British) [Son] |
Unit A, 61/F., Tower 7, The Palazzo, 28 Lok King Street, Shatin,
New Territories, Hong Kong. |
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WAI Chi Kwok, Jacob (British) [Son] |
Flat A, 49/F., Highcliff, |
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WAI Chi Kwong, Albert (British)
[Son] |
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SECRETARY
(As per registry dated 24-01-2011)
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Name |
Address |
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Tricor Strath Ltd. |
Level 28, |
0004873 |
HISTORY
The subject was incorporated
on 24th January, 2003 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.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of cotton, linen, tencel, polyester, rayon, lycra, spandex and their
blends, and cotton yarn dye fabrics.
Office Floor Space: 25,712 sq.m. – shares with affiliates.
Group Employees: Over 3,000.
Commodities Bought from: Bought in Hong Kong, from
Markets: Hong Kong,
other Asian countries,
Group Turnover: US$150~155 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: On various terms.
MEMBERSHIP
·
Federation of
·
Hong Kong Productivity Council,
·
The Hong Kong General Chamber of Commerce,
[Membership No. HKW0247]
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
Profit or Loss: Made profits in the past years.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Good.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Standing: Good.
GENERAL
Incorporated in January 2003,
Winnitex Ltd. is a wholly-owned subsidiary of Winnitex Holdings Ltd. which is a
BVI-registered firm.
The subject is a member of
the Winnitex Group which is an integrated textiles group specialized in
weaving, dyeing and finishing of cotton, linen, corduroy, woven, yarn-dyed and
other cotton/blended fabrics. The
subject is the flagship of the Group’s fabric business.
The history of the Winnitex
Group dates back to 1964 when the President of the Group Mr. Wai Tien Ching
founded the first member of Winnitex Group which is Hing Fung Printing &
Dyeing Factory Ltd. [Hing Fung] which is a Hong Kong-registered firm. Spurred by the rapid development of the
textiles industry in Hong Kong during the 1980’s, Hing Fung grew from a
small dyeing and finishing business into one of the most reputable dyeing
factories in Hong Kong.
Now, the Winnitex Group has
set up two main mills in
The Winnitex Group took a
major step in 1978 and established Hing Mou Textiles Ltd. which was the first
weaving mill of the Group. But this
business was dissolved on 11th January, 2002.
Another milestone was laid
in 1989 when Hing Fung was upgraded into a continuous dyeing mill. The land site (approximately 20,000 sq.ft.)
where the old dyeing and finishing plant had situated, was redeveloped into a
3-storey production facility with a total floor area of 60,000 sq.ft. This redevelopment has brought the Group’s
total production floor area to 150,000 sq.ft.
In 1994, the Winnitex Group
made an investment of US$30 million to set up a 100%-owned and is also the
Group’s first weaving and dyeing plant in
In 2002, the Group made
another investment in the second weaving and dyeing mill, also in
In 2003, the Group set up
Fouhang (
In 2005, the Group set up
representative offices in
In the past years, the Winnitex
Group has spent millions of dollars in developing environment friendly
products, and setting up equipment and facilities which are also energy and
materials saved.
The subject’s fabrics are
made from fine yarns imported from
Currently the Group is able
to produce fabrics that weigh from 4 oz. to 14 oz. This range covers those fabrics for
manufacturing men’s shirts, dresses, pants, denim skirts and outer
jackets. The Group produces corduroy,
dobby, twills, canvas, herringbone, sheeting, bedford cord, poplin, sateen,
matting, ottoman, rib-stop and many other materials as well.
In 2006, the Group commenced
in manufacturing all kinds of uniforms.
The Group is a certified
AZO-Free company according to Oeko-Tex Standard 100. It is also compliant with the ordinances of
Hong Kong’s Environmental Protection Department and
The Group established a new
laboratory in June 2009. The new
laboratory is equipped with advanced equipment imported from foreign countries. Those equipment and devices include DUMA
nitrogen testing equipment, X-Ray phosphorous determination equipment, Govmark
Flame resistance test equipment. The
laboratory has passed the accreditation test with customers and it is being
certified by several customer brands, like “Polo”, “Uniglo”,
etc. The Group also has got the Marks
and Spencer laboratory accreditation.
According to the subject,
the Group’s monthly dyeing capacity is 10 million metres with products ranging from
shirts, trousers, formal wear, casual wear, outerwear, colour denim and
different kinds of uniforms.
Now, the Winnitex Group has
had over 3,000 employees in
The history of the subject
in
On the whole, in view of the
parentage and background of the subject, consider it good for normal business
engagements.
COURT CASES: None
per our.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.21 |
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1 |
Rs.72.55 |
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Euro |
1 |
Rs.62.43 |
RATING EXPLANATIONS
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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 |
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.