MIRA INFORM REPORT
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Report Date : |
28.09.2011 |
IDENTIFICATION DETAILS
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Name : |
CHINA
DYEING HOLDINGS LTD. |
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Registered Office : |
Unit B, 25/F. & Unit A, 26/F., CDW Building, 388 Castle Peak Road, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.08.1974 |
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Com. Reg. No.: |
04701591 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Dyeing, Printing and Finishing of Great varieties of viscose
rayon, cotton, ramie, linen, polyester and their blends in numerous,
finishings such as microsand, telfon, easy care, raised and brushed |
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 : |
Usually 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 – March 31st, 2011
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
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
CHINA DYEING HOLDINGS
LTD.
Company ADDRESS
Unit B, 25/F. & Unit A, 26/F., CDW Building, 388 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 2476 9779, 3796 4800
FAX: 2412 1562
E-MAIL: info@chinadye.com
MANAGEMENT
Managing Director: Mrs. Wong Cha May Lung, Madeline
SUMMARY
Incorporated on: 16th August, 1974.
Organization: Private Limited Company.
Capital: Nominal: HK$100,100.00
Issued: HK$100,100.00
Business Category: Textile Dyeing and Printing.
Employees: 20. (Including associate)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
COMPANY ADDRESS
Registered Head Office:-
Unit B, 25/F. & Unit A, 26/F., CDW Building, 388 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
Dyeing Mill:-
Yuen Long Industrial Estate, 50-68 Wang Lok Street, Yuen Long, New Territories, Hong Kong.
Other Offices:
New York and Shanghai.
Immediate Holding Company:-
CDP Ltd., British Virgin Islands.
Ultimate Holding Company:-
CDW International Ltd., Cayman Islands.
Associated Companies:-
· Asia Television Ltd., Hong Kong.
· Castle Industries LLC, USA.
· Castle Industries Ltd., UK.
· CDP Textiles Ltd., British Virgin Islands/Hong Kong.
· CDW Textile Testing (Hong Kong) Co. Ltd., Hong Kong.
· CDW Textiles Ltd., British Virgin Islands.
· CDW Textiles Ltd., Hong Kong. [Dissolved]
· Cha Textiles Ltd., Hong Kong.
· China Dyeing Works Ltd., Hong Kong.
· Connaught Trade & Finance Ltd., Hong Kong.
· Cosmo Textile Co. Ltd., China.
· Cosmopolitan Textile Co. Ltd., UK.
· CTC Asia (Hong Kong) Ltd., Hong Kong.
· Fiber Innovation Technology Inc., USA.
· Filament Fiber Technologies Inc., USA.
· Funtua Textiles Ltd., Nigeria.
· Fybagrate Ltd., UK.
· Globe Tec Nonwovens Inc., USA.
· Hai Xin Textile Co. Ltd., China.
· Haining Textile Allied Industry Co. Ltd., China.
· Haining Xin Gao Fibers Ltd., China.
· Hanison Construction Holdings Ltd., Cayman Islands/Hong Kong.
· HDK Industries Inc., USA.
· HKR International Ltd., Cayman Islands/Hong Kong.
· Hong Kong Industrial Services Ltd., Hong Kong.
· Hongkong Hi-Tec Enterprises Ltd., Hong Kong.
· Keentex Co. Ltd., Hong Kong.
· Ledatec Ltd., UK.
· Mingly Corporation, Cayman Islands/Hong Kong.
· Mingly Textiles (Changzhou) Ltd., China.
· Qualitex Textiles Ltd., Nigeria.
· Rich Trade International Ltd., British Virgin Islands.
· Subliprint Far East Ltd., Hong Kong.
· United Nigeria Textiles Plc, Nigeria.
· Xin Hai Xin Textile Co. Ltd., China.
· Zamfara Textile Industries Ltd., Nigeria.
BUSINESS REGISTRATION NUMBER
04701591
COMPANY FILE NUMBER
0039801
MANAGEMENT
Managing Director: Mrs. Wong Cha May Lung, Madeline
CAPITAL
Nominal Share Capital: HK$100,100.00 (Divided into 100,100 shares of HK$1.00 each)
Issued Share Capital: HK$100,100.00
SHAREHOLDER
(As per registry
dated 16-08-2011)
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Name |
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No. of shares |
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CDP Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. |
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100,100 ====== |
DIRECTORS
(As per registry
dated 16-08-2011)
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Name (Nationality) |
Address |
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INN Sou Yung, Teddy |
Flat 2, 19/F., Block B, Wilshire Tower, 200 Tin Hau Temple Road, North Point, Hong Kong. |
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LEUNG Tang |
Flat B, 21/F., Block 4, Rhine Garden, 38 Castle Peak Road, Sham Tseng, New Territories, Hong Kong. |
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PEI Yao Chung |
Flat D, 29/F., Block 3, Victoria Centre, 15 Watson Road, Hong Kong. |
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WONG CHA May Lung, Madeline |
Flat 2, 7/F., Block C, DB Plaza, 8 Plaza Lane, Discovery Bay, Hong Kong. |
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WONG Chi Keung |
Apartment 1, 9/F., 134 Argyle Street, Kowloon, Hong Kong. |
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WONG Yue Shing |
Flat A, 7/F., Hannover Court, 87 Waterloo Road, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 16-08-2011)
|
Name |
Address |
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TONG Man Yi, Amy |
Room 3307, King Yuet House, King Nga Court, Tai Po, New Territories, Hong Kong. |
HISTORY
The subject was incorporated on 16th August, 1974 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Rosenhealth Ltd., name changed to the present style on 9th October, 1987.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Dyeing, Printing and Finishing.
Lines: Great varieties of viscose rayon, cotton, ramie, linen, polyester and their blends in
numerous, finishings such as microsand, telfon, easy care, raised and brushed.
Employees: 20. (Including associate)
Markets: Hong Kong, USA, Japan, North & South America, Europe and Southeast Asia.
Terms/Sales: L/C, T/T or D/P.
Terms/Buying: As per contracted.
MEMBERSHIP
· Federation of Hong Kong Industries, Hong Kong. [Member No. A3559]
· Hong Kong Productivity Council, Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$100,100.00 (Divided into 100,100 shares of HK$1.00 each)
Issued Share Capital: HK$100,100.00
Alternation of Capital:-
|
16-08-1974 |
paid up |
HK$ 2.00 |
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15-05-1978 |
paid up |
HK$ 2,498.00 |
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27-12-1985 |
paid up |
HK$ 7,500.00 |
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05-12-2000 |
paid up |
HK$ 90,000.00 |
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30-07-2003 |
paid up |
HK$ 100.00 |
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––––––––––––– |
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Total: |
paid up |
HK$ 100,100.00 ============ |
Increases of Nominal Capital:-
|
From |
HK$ 10,000.00 |
to |
HK$100,000.00 |
on |
24-11-2000 |
|
From |
HK$100,000.00 |
to |
HK$100,100.00 |
on |
15-07-2003 |
Indebtedness: HK$36,913,475.47
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 16-08-2011)
Mortgage or Charge: (See attachment)
Profit or Loss: Operation is profitable.
Condition: Keeping in a normal state.
Facilities: Making rather active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Good.
Bankers:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Shanghai Commercial Bank Ltd., Hong Kong.
Standing: Good.
GENERAL
China Dyeing Holdings Ltd. is a wholly-owned subsidiary of CDP Ltd. which is a BVI-registered firm.
The associate of the subject China Dyeing Works Ltd. [CDW], established in Hong Kong in 1949, has grown to become one of Asia’s leading dyeing and printing fabric suppliers. The subject is one of the main operating companies of CDW.
With the headquarters in Hong Kong, the subject has now extended its presence to the United States and China. It has offices in New York, Shanghai, Zhejiang, Jiangsu, Shandong and the Pearl River Delta in China. The subject is one of the most dynamic and progressive global textile suppliers.
In 1993, the subject’s 48,000 sq.m. Yuen Long factory was opened. It was based on the most up-to-date technology and included the largest floor area ever constructed in Hong Kong for a single manufacturing company. Liaison office in Shanghai was opened in the same year.
The subject established New York liaison office in 2005. In 2010, its cotton farm and ginning mill in Xinjiang started production. A new dyeing and printing mill located in Chongqing is due to start production in 2011.
The subject provides customers with bleaching, dyeing, printing and finishing of woven fabrics. Its main products are the followings: cotton, polyester/cotton, linen, cotton/ silk, rayon, lycra, T400, and their blended, lurex, tencel, compact yarn, bamboo, coolmax, warmtex, plain weave, twill, satin, dobby, velvet, corduroy, moleskin, stretch, yarn dye, seersucker, apparel fabrics and bed linen, etc.
The following firms are some of the subject’s main customers: Calvin Klein, Banana Republic, J. Crew, JCPenney, Jones New York, Gerry Weber, Van Heusen, Vans, EXPRESS, Wrangler, Calvin Klein Jeans, Lee, Timberland, Tommy Hilfiger, Perry Ellis, Polo, Ralph Lauren, Esprit, SAMOON, etc.
The subject is part of The Cha Textiles Group. The Group principally is engaged in traditional woven textile business and non-woven industrial products. To keep abreast with the latest technology, the Group has expanded into synthetic fibre and yarn, digital printing, thermoplastic polyurethane chips, spandex filament and tape production. It has consequently built a global network with operations in Hong Kong, China, West Africa, Europe and the United States. In addition to textiles and apparel markets, the Group is also involved in different segments.
Group growth has primarily been internal, but punctuated by occasional acquisitions, joint ventures and investments in areas where existing manufacturing capacity, management or trademarks would improve and hasten Group entry into a given market. Certain companies are publicly listed while most operate collectively as privately-held members of the Cha Group.
The Group has established a unique reservoir of skill and technology, with a depth of experienced management unmatched anywhere in the world. Over the past few decades, it has upgraded, made major reinvestments in machinery and efficiency initiatives, created management development and staff training programs and developed new products and markets.
The Cha Textiles Group can be categorized into several divisions:-
· Cha Group in Africa
· CDW International
· Cha Group in China
· Cha Technologies
The subject is fully supported by The Cha Textiles Group. Annual sales turnover is significant.
On the whole, consider the subject good for normal business engagements.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
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19-12-1991 |
Instrument: Mortgage of Shares Property: 1) By way of first legal mortgage, the Shares 2) By way of assignment, all the Mortgagor’s right, title, interest and benefit in and to the Assigned Monies Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
To secure the due and punctual payment of the Secured Indebtedness |
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09-01-1996 |
Instrument: Charge Over Equipment Property: a) By way of first fixed charge the Equipment b) By way of assignment the benefit of all policy or policies of insurance effected or to be effected in respect of the Equipment Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] |
To secure the due and punctual payment of the Secured Indebtedness |
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16-12-1996 |
Instrument: Insurance Assignment Property: Subsection 2 of Section E of Yuen Long Town Lot No. 313, Yuen Long, New Territories, Hong Kong. Mortgagee: Standard Chartered Bank, Hong Kong Branch [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] as agent for Shanghai Commercial Bank Ltd., Hong Kong. |
To secure the due and punctual payment of the Secured Indebtedness |
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16-12-1996 |
Instrument: Legal Charge and Debenture Property: Subsection 2 of Section E of Yuen Long Town Lot No. 313, Yuen Long, New Territories, Hong Kong. Mortgagee: Standard Chartered Bank, Hong Kong Branch [Business transferred to Standard Chartered Bank (Hong Kong) Ltd.] as agent for Shanghai Commercial Bank Ltd., Hong Kong. |
To secure the due and punctual payment of the Secured Indebtedness and the due and punctual observance and performance by the Borrower of all other obligations of the Borrower contained in the Loan Agreement dated 16-12-1996 to make available to the Borrower a loan facility of up to HK$172,000,000 |
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21-02-1997 |
Instrument: Subordination Deed Property: a) the Subordinated Indebtedness owing to each of the Subordinated Lenders b) the Subordinated Lenders shall not claim, request, demand, sue for, take or receive any money or other property c) if any monies or other property are received in respect of the Subordinated Indebtedness by or on behalf of the Subordinated Lenders d) if any Charge is created as security for the Subordinated Indebtedness Mortgagee: CDW International Ltd., Cayman Islands as agent for Subliprint Holdings Ltd., British Virgin Islands. |
All monies, obligations and liabilities of the Loan agreement dated 16-12-1996 to make available to the Borrower a loan facility of up to HK$172,000,000 |
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27-11-2000 |
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 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.49.18 |
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UK Pound |
1 |
Rs.76.65 |
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Euro |
1 |
Rs.66.63 |
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 |
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NB |
New Business |
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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.