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Report Date : |
05.12.2012 |
IDENTIFICATION DETAILS
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Name : |
TAT FUNG TEXTILE CO. LTD. |
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Registered Office : |
Unit A, 5/F., |
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Country : |
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Date of Incorporation : |
20.04.2010 |
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Reg. No.: |
52128317 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of All kinds of denim fabrics, etc |
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No. of Employees : |
20 |
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 : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source : CIA |
TAT FUNG TEXTILE
CO. LTD.
Unit A, 5/F., Leroy Plaza, 15 Cheung Shun Street, Cheung Sha Wan,
Kowloon, Hong Kong.
PHONE: 3759 5833, 3759 5804
FAX: 3755 4085
Managing Director: Mr. Cheung Chung
Man
Incorporated on: 20th April, 2010.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 20.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TAT FUNG TEXTILE
CO. LTD.
Registered Head
Office:-
Unit A, 5/F., Leroy Plaza, 15 Cheung Shun Street, Cheung Sha Wan,
Kowloon, Hong Kong.
Associated
Companies:-
Kaiping Panther Textiles Holding Co. Ltd.
No. 21, Mei Hua Road, Xin Mei Industrial Development Zone, Shagang Area,
Kaiping, Guangdong Province, China.
[Tel: 86-750-2267666 Fax:
86-750-2291506]
Kaiping Tat Fung Textile Spinning Printing, Dyeing and Garment Co. Ltd.
No. 38, Mei Hua Road, Xin Mei Industrial Development Zone, Shagang Area,
Kaiping, Guangdong Province, China.
[Tel: 86-750-2257143 Fax:
86-750-2291506]
Panther Textiles Holding Co. Ltd., Hong Kong.
52128317
1445723
Managing Director: Mr. Cheung
Chung Man
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 20-04-2012)
|
Name |
|
No. of shares |
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CHEUNG Chung Man |
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7,500 |
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CHAN Lai Ying |
|
1,500 |
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LAI Chi Chuen |
|
1,000 |
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––––– |
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Total: |
10,000 ===== |
(As per registry dated 20-04-2012)
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Name (Nationality) |
Address |
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CHAN Lai Ying |
Room 1, 16/F., Block A, Luk Yeung Sun Chuen, Tsuen Wan, New
Territories, Hong Kong. |
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LAI Chi Chuen |
Flat C, 6/F., Block 2, Mountain Shore, 8 Yuk Tai Street, Ma Oh Shan,
New Territories, Hong Kong. |
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CHEUNG Chung Man |
A, Supreme House, 13-15 Lancashire Road, Kowloon, Hong Kong. |
(As per registry dated 20-04-2012)
|
Name |
Address |
Co. No. |
|
Solutions Secretarial Ltd. |
Room 605, 6/F., Hip Kwan Commercial Building, 38 Pitt Street,
Yaumatei, Kowloon, Hong Kong. |
0709433 |
The subject was incorporated on 20th April, 2010 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.
Activities: Importer,
Exporter and Manufacturer.
Lines: All
kinds of denim fabrics, etc.
Employees: 20.
Commodities Imported: China, etc.
Markets: Africa,
Australasia, Central & South America, China, Eastern Europe, Japan, Korea,
Middle East, North America, Other Asian Countries, Scandinavia, Southeast Asia,
Taiwan, Western Europe, etc.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C,
D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Too
early to offer an opinion.
Condition: Business
is under development.
Facilities: Making
fairly 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.
Having issued 10,000 ordinary shares of HK$1.00 each, Tat Fung Textile
Co. Ltd. is jointly owned by Mr. Cheung Chung Man, holding 75% interests;
Ms. Chan Lai Ying, holding 15%; Mr. Lai Chi Chuen, 10%. Being Hong Kong merchants, they are also
directors of the subject.
The subject is a denim and other fabrics trader. It has had two associated companies in China
known as Kaiping Panther Textiles Holding Co. Ltd. [Panther] and Kaiping Tat
Fung Textile Spinning, Printing, Dyeing and Garment Co. Ltd. [Kaiping Tat Fung]
which are in Kaiping, Guangdong Province, China.
Panther is jointly set up by Mr. Chow Kwai Cheong and Mr. Cheung Chung
Man. Chow is the director of Panther
Textiles Holding Co. Ltd., a Hong Kong-registered firm, and Kaiping Tat
Fung.
The total investment of Kaiping Tat Fung would be HK$120 million.
Panther includes a number of workshop in Kaiping, Guangdong Province,
China. Kaiping Tat Fung is located at
the net door of Panther.
Kaiping Tat Fung is manufacturing the following products:-
Denim - Cotton, Woven, Denim - Cotton Blended, Woven, Denim Garments,
etc.
Kaiping Tat Fung is a member of Panther.
The total employees of Panther is about 800. Most of its machinery and equipment are imported
from Germany.
The followings are the business scope of Panther:-
·
Cotton Yarn Production and Marketing
·
Denim Production and Marketing
·
Dyed Fabrics Processing
·
Printed Fabrics Processing
·
Garment Processing and Manufacturing
The subject’s products are exported to Africa, Australasia, Central
& South America, China, Eastern Europe, Japan, South Korea, the Middle
East, North America, Scandinavia, Southeast Asia, Taiwan, other Asian
countries, Western Europe, etc.
The business of the subject are chiefly handled by the three
shareholders. History in Hong Kong is
just over two years.
On the whole, since the history of the subject is short, consider it
good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.94 |
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|
1 |
Rs.88.42 |
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Euro |
1 |
Rs.71.71 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
RATING EXPLANATIONS
|
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 |
-- |
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.