MIRA INFORM REPORT

 

 

Report Date :           

25.11.2011

 

IDENTIFICATION DETAILS

 

Correct Name :

NEWTIMES  (HK)  LTD.

 

 

Registered Office :

5/F., Block A, Hong Kong Industrial Centre, 489-491 Castle Peak Road, Cheung Sha Wan, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

21.07.2000

 

 

Com. Reg. No.:

31164465

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of garments

 

 

No. of Employees :

32 Persons

 

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

 

NEWTIMES  (HK)  LTD.

 

 

Company ADDRESS

 

5/F., Block A, Hong Kong Industrial Centre, 489-491 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.

PHONE:            2786 1111,  2371 5600

FAX:                 2785 6111,  2785 3333

E-MAIL:            enquiry@newtimesgroup.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Ling Chien Van, George

 

 

SUMMARY

 

Incorporated on:             21st July, 2000.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$1,000,000.00

Issued:              HK$1,000,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   32.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

Company aDDRESS

 

Registered Head Office:-

5/F., Block A, Hong Kong Industrial Centre, 489-491 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.

 

Branch Office:-

10/F., Kin Yip Plaza, 9 Cheung Yee Street, Cheung Sha Wan Kowloon, Hong Kong.

[Tel: 2197 7333;  Fax: 2454 3111]

 

Workshop:-

Unit 5AB, D3 & 9AB, Hong Kong Spinners Industrial Building, Phase 1 & 2, 601-603 Tai Nan West Street, Kowloon, Hong Kong.

[Tel: 2171 1111;  Fax: 2744 0100]

 

China Liaison Offices:-

 

Beijing Liaison Office
Room 9-11, 10/F., Lucky Tower, Block A, No. 3 North Dongsanhuan Road, Chaoyang District, Beijing 100027, China.
Tel:       (86-10) 8451 5555
Fax:      (86-10) 6461 7777

 

Shanghai Liaison Office
Unit 5-12, 21/F., New Town Centre, No. 83 Loushan Guan Road, Hongqiao, Shanghai Hongqiao Economic & Technological Development Zone, Shanghai 200336, China.
Tel:       (86-21) 6208 1111
Fax:      (86-21) 6208 3333, 6209 2222

 

Hangzhou Liaison Office
Room 1802, 18/F., Huilong Ge, 23 Daomao Lane, Hangzhou 310003, Zhejiang Province, China.
Tel:       (86-571) 8704 5555
Fax:      (86-571) 8724 8883

 

Guangzhou Liaison Office
Room 2101-2109, Office Tower, CITIC Plaza, Tian He North Road, Tian He District, Guangzhou 510620, Guangdong Province, China.
Tel:       (86-20) 8752 0818
Fax:      (86-20) 8752 0639, 8752 0828

 

Dongguan Liaison Office
3/F. & 4/F., Hao Feng Mansion, 1 The First Dong Xing Street, Changping Town, Dongguan City 523560, Guangdong Province, China.
Tel:       (86-769) 3899 9399
Fax:      (86-769) 3899 9308

 

Shantou Liaison Office
Block A, 16/F., North, International Commercial Building, 106 Jinsha Road East, Longhu District, Shantou City 515041, Guangdong Province, China.
Tel:       (86-574) 8179 333
Fax:      (86-574) 8486 122

Nanjing Liaison Office
Room 1204 & 1205, New Century Plaza, Block A, 288 Zhongshan East Road, Nanjing 210002, Jiangsu Province, China.
Tel:       (86-25) 6815 5095
Fax:      (86-25) 8465 0061

 

Holding Company:-

Newtimes Group Holdings Ltd., British Virgin Islands.

 

Associated Companies:-

Newtimes Group of Companies

·         Genexco Co. Ltd., China.

·         Newtimes (Taiwan) Ltd., Taiwan.

·         Newtimes America Inc., USA.

·         Newtimes Development Ltd., Hong Kong.

·         Newtimes Enterprises Ltd., Hong Kong.  [Dissolved]

·         Newtimes Far East Development (HK) Ltd., Hong Kong.

·         Newtimes Far East Development Ltd., Hong Kong.  [Dissolved]

·         Newtimes Human Resources Ltd., Hong Kong.

·         Newtimes Jones (HK) Ltd., Hong Kong.

·         Newtimes Jones Ltd., Hong Kong.  [Dissolved]

·         Newtimes Ltd., Hong Kong.

·         Newtimes Overseas Investments Ltd., British Virgin Islands.

·         Newtimes Worldwide (Taiwan) Ltd., Taiwan.

·         Pacificways Ltd., Hong Kong.

etc.

 

 

BUSINESS REGISTRATION NUMBER

 

31164465

 

 

COMPANY FILE NUMBER

 

0724730

 

 

MANAGEMENT

 

Managing Director:  Mr. Ling Chien Van, George

CAPITAL

 

Nominal Share Capital:   HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)

 

Issued Share Capital:     HK$1,000,000.00

 

 

SHAREHOLDERS

(As per registry dated 21-07-2011)

 

Name

 

No. of shares

Newtimes Group Holdings Ltd.

TrustNet Chambers, P.O. Box 3444, Road Town, Tortola, British Virgin Islands.

 

99,999

Newtimes Human Resources Ltd., Hong Kong.

 

1

 

 

–––––––

 

Total:

100,000

======

 

 

DIRECTORS

(As per registry dated 21-07-2011)

 

Name

(Nationality)

 

Address

LEUNG Shui Yung

A87, Maple Garden, 80 Castle Peak Road, Yuen Long, New Territories, Hong Kong.

 

WU Ni Na

Flat C, 11/F., 62 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong.

 

LING Chien Van, George

51 Kadoorie Avenue, Ho Man Tin, Kowloon, Hong Kong.

 

 

SECRETARY

(As per registry dated 21-07-2011)

 

Name

Address

CHOW Yee Mei

5/F., Block A, Hong Kong Industrial Centre, 489-491 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.

 

HISTORY

 

The subject was incorporated on 21st July, 2000 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, Exporter and Wholesaler.

 

Lines:                           All kinds of garments.

 

Employees:                   32.

 

Commodities Imported:   Imports fabrics from Europe and finished products from China and other Asian countries.

 

Markets:                       US, Europe and Japan.

 

Terms/Sales:                 L/C, T/T, etc.

 

Terms/Buying:               L/C or as per contracted.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)

 

Issued Share Capital:     HK$1,000,000.00

 

Profit or Loss:                Made profits in the past years.

 

Condition:                      Keeping in an active state.

 

Facilities:                      Making active use of general banking facilities.

 

Payment:                      Met trade commitments on time.

 

Commercial Morality:     Satisfactory.

 

Bankers:-

·         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

·         Bank of America N.A., Hong Kong Branch.

 

Standing:  Normal.

 

GENERAL

 

Incorporated in July 2000, Newtimes (HK) Ltd. is a wholly-owned subsidiary of Newtimes Group Holdings Ltd. which is a BVI-registered firm.

The subject is a garment trader.  It is trading in the following commodities:-

·         Suits and Jackets – Men’s

·         Suits and Jackets – Women’s

·         Children’s Wear

·         Blouses

·         Jeans

·         Dresses and Skirts

·         Shirts

·         Trousers

·         Slacks

·         Cardigan, Sweater and Pullover

·         Knitted Garments

·         Tee and Sweat Shirts

·         Sweaters

·         Denim Products

·         Career and Casual Wear

·         Home Textiles

·         Home Bath Products

·         Home Decorations

The subject is one of the members of the Newtimes Group which includes the following main companies apart from the subject:-

Newtimes (Taiwan) Ltd., Taiwan

Newtimes Development Ltd.

Newtimes Enterprises Ltd.  [Dissolved]

Newtimes Far East Development (HK) Ltd.

Newtimes Far East Development Ltd.  [Dissolved]

Newtimes Group Holdings Ltd., British Virgin Islands

Newtimes Human Resources Ltd.

Newtimes Jones (HK) Ltd.

Newtimes Jones Ltd.  [Dissolved]

Newtimes Ltd.

Newtimes Overseas Investments Ltd., British Virgin Islands

Newtimes Worldwide (Taiwan) Ltd., Taiwan

Pacificways Ltd.

The Newtimes Group was established by Mr. George Ling in 1971 with offices in Hong Kong and Taiwan.  Over the past 40 years, the Group has become a professionally garment trader in Asia and the Middle East.  Today, the Group has maintained liaison offices in Beijing, Shanghai, Hangzhou, Guangzhou, Dongguan, Shantou and Nanjing of China; Taipei of Taiwan; Bangkok of Thailand; Manila of the Philippines; Cambodia; Jordan; New Delhi, Banglore and Chennai of India; Colombo of Sri Lanka; Jakarta of Indonesia; New York and Seattle of the United States; Ho Chi Minh of Vietnam; Dhaka of Bangladesh; Cairo of Egypt; and Seoul of South Korea.  According to the Group, it has had 20 offices and 22 quality assurance hubs in Asia, Indian sub-continent and the Middle East.

During the initial years, the business of the Group was involved in exporting sundry products made in Hong Kong, Taiwan and China.  Prime markets were South and Central America.

The Group grew substantially when it has become the buying agent for a number of garment traders in the United States.  Now, the Group has been one of the world’s largest apparel and household product suppliers for large corporations in the United States, Europe and Japan.

In addition, the Newtimes Group is also engaged in garments designing, raw materials sourcing, etc.  Currently, the Group has about 1,500 persons throughout Asia.

Located at the operating office of the subject, the core member of the Group Newtimes Ltd. [Newtimes] was incorporated in 1983.  Newtimes is trading in textiles and garments.  It mainly exports garments to the United States and Canada while the garments are manufactured by its associated factories in China and other Asian countries.

After 1983, more and more firms have been set up by the Group.  The subject was established in July 2000 in order to share the workload of Newtimes.  It is also responsible for providing affiliated factories in Asia with raw materials such as fabrics which are imported from Europe.  The annual sales turnover of the Group is rather significant.

The directors of the subject Ms. Wu Ni Na and Ms. Leung Shui Yung are also the directors of Newtimes.

The history of the subject in Hong Kong is over eleven years and four months.  On the whole, in view of the subject’s background and parentage, considered it good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.25

UK Pound

1

Rs.81.23

Euro

1

Rs.69.83

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.