MIRA INFORM REPORT

 

 

Report Date :

16.08.2012

 

IDENTIFICATION DETAILS

 

Name :

GRATEFUL TEXTILES CO.  LTD.

 

 

Registered Office :

Flat B7, 11/F., Hong Kong Industrial Centre, 489-491 Castle Peak Road, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

05.02.1980

 

 

Com. Reg. No.:

06456128

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of all kinds of piecegoods, fabrics, etc.

 

 

No. of Employees :

18

 

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 – March 31st, 2012

 

Country Name

Previous Rating

(31.12.2011)

Current Rating

(31.03.2012)

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 and address

 

GRATEFUL  TEXTILES  CO.  LTD.

 

 

ADDRESS:       Flat B7, 11/F., Hong Kong Industrial Centre, 489-491 Castle Peak Road, Kowloon, Hong Kong.

 

PHONE:            2745 5222

 

FAX:                 2786 2691

 

E-MAIL:                        sales@grateful.com.hk

 

 

MANAGEMENT

 

Managing Director:  Mr. Wilson Hsu

 

 

SUMMARY

 

Incorporated on:             5th February, 1980.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$4,200,000.00

Issued:              HK$4,200,000.00

 

Business Category:        Importer, Exporter and Wholesaler.

 

Employees:                   18.

 

Main Dealing Banker:     Bank of China (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

ADDRESS

 

Registered Head Office:-

Flat B7, 11/F., Hong Kong Industrial Centre, 489-491 Castle Peak Road, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER 

 

06456128

 

 

COMPANY FILE NUMBER 

 

0078198

 

 

MANAGEMENT

 

Managing Director:  Mr. Wilson Hsu

 

 

CAPITAL

 

Nominal Share Capital: HK$4,200,000.00 (Divided into 42,000 shares of HK$100.00 each)

 

Issued Share Capital: HK$4,200,000.00

 

 

SHAREHOLDERS

(As per registry dated 05-02-2012)

 

Name

 

No. of shares

Wilson HSU

 

31,500

CHAN Fung Yee, Carrie

 

6,300

HSU Shiu Tung, Kenrick

 

4,200

 

 

––––––

 

Total:

42,000

=====

 

 

DIRECTORS

(As per registry dated 05-02-2012)

 

Name

(Nationality)

 

Address

HSU Shiu Tung Kenrick

Flat E, 30/F., Tower 2, Sorrento, 1 Austin Road West, Tsimshatsui, Kowloon, Hong Kong.

 

Wilson HSU

Flat B, 15/F., Block 2, 2 & 3 Garden Terrace, 8A Old Peak Road, Hong Kong.

 

CHAN Fung Yee, Carrie

Flat A, 2/F., Block 2, Meridian Hill, 81 Broadcast Drive, Kowloon Tong, Kowloon, Hong Kong.

 

 

SECRETARY

(As per registry dated 05-02-2012)

 

Name

Address

WU Yuk Lin

Flat H, 37/F., Block 12, Park Central, 9 Tong Tak Street, Tseung Kwan O, New Territories, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 5th February, 1980 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 piecegoods, fabrics, etc.

 

Employees:                   18.

 

Commodities Imported:   Europe, China, other Asian countries, etc.

 

Markets:                       China, other Asian countries, Europe, North America, Australia, etc.

 

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

 

Terms/Buying:               L/C, D/P, O/A, etc.

 

MEMBERSHIP

 

The Chinese General Chamber of Commerce, Hong Kong.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$4,200,000.00 (Divided into 42,000 shares of HK$100.00 each)

 

Issued Share Capital:     HK$4,200,000.00

 

Mortgage or Charge:-

Date of Deed of Indemnity,
Charge Over Deposit and Set-Off:  11-01-2010

Amount:            All moneys in respect of general banking facilities

Property:           All the Company’s estate, right, title, claim, benefit and interest to and in the Deposit and all interest from time to time payable thereon and together with all title deeds or documents relating thereto
Particulars of the Deposit:
Deposit No.:      012-898-5-129412-1
Amount:            HK$4,000,000

Mortgagee:        Bank of China (Hong Kong) Ltd., Hong Kong.

 

Profit or Loss:                Making a small profit every year.

 

Condition:                       Keeping in a satisfactory manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                       Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Bank of China (Hong Kong) Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

Having issued 42,000 ordinary shares of HK$100.00 each, Grateful Textiles Co. Ltd. is jointly owned by Mr. Wilson Hsu , holding 75% interests; Ms. Chan Fung Yee, Carrie, holding 15%; Mr. Hsu Shiu Tung, Kenrick, 10%.  They are also directors of the subject.

The subject is trading in the following commodities:-

·         Piecegoods ‑ Vegetable fibre;

·         Piecegoods ‑ Blended;

·         Piecegoods ‑ Woollen Woven;

·         Piecegoods ‑ Synthetic;

·         Clothing Accessories;

·         Jeans; &

·         Labels for Garments.

Commodities are imported from Europe, China, other Asian countries, etc.  Prime markets are China, other Asian countries, Europe, North America, Australia, etc.  Business is active.  Regular suppliers and customers have been maintained.  Business is rather active and steady.

The subject’s business is chiefly handled by Mr. Wilson Hsu himself.

As the history of the subject is over 32 years in Hong Kong, on the whole, consider it good for normal business engagements.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.55.64

UK Pound

1

Rs.87.31

Euro

1

Rs.68.81

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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.