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Report Date : |
11.12.2012 |
IDENTIFICATION DETAILS
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Name : |
MCKENSON TEXTILES LTD. |
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Registered Office : |
Room 901, 9/F., One Midtown, 11 Hoi Shing Road, Tsuen Wan,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.01.1981 |
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Reg. No.: |
07028336 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of All kinds of fabrics for garment
manufacturing |
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No. of Employees : |
12 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.
|
Source : CIA |
MCKENSON TEXTILES
LTD.
ADDRESS
Room 901, 9/F., One Midtown, 11 Hoi Shing Road, Tsuen Wan,
New Territories, Hong Kong.
PHONE: 2786 3491
FAX: 2786 4020
Managing Director: Mr. Kwan Man
Chiu, Frankie
Incorporated on: 20th January, 1981.
Organization: Private Limited Company.
Capital: Nominal: HK$200,000.00
Issued: HK$200,000.00
Business Category: Textile
Product Trader.
Employees: 12.
Main Dealing Banker: Shanghai
Commercial Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
MCKENSON TEXTILES
LTD.
Business Office:-
Room 901, 9/F., One Midtown, 11 Hoi Shing Road, Tsuen Wan,
New Territories, Hong Kong.
China Office:-
McKenson Textiles Ltd. Shanghai Office
Room 3002, Fuhai Commercial Service Centre, 1318 Sichuan North Road,
200080 Shanghai, China.
[Tel: 82-21-6364 2866; Fax:
82-21-6307 0565]
07028336
0092364
Managing Director: Mr. Kwan Man
Chiu, Frankie
Contact Person: Ms. Monica Tsang
Nominal Share Capital: HK$200,000.00 (Divided into 2,000 shares of
HK$100.00 each)
Issued Share Capital: HK$200,000.00
(As per registry dated 20-01-2012)
|
Name |
|
No. of shares |
|
KWAN Man Chiu |
|
1,000 |
|
WONG Mei Fun |
|
1,000 |
|
|
|
––––– |
|
|
Total: |
2,000 ==== |
(As per registry dated 01-12-2012)
|
Name (Nationality) |
Address |
|
WONG Mei Fun |
Flat E, 2/F., Hop Hing Industrial Building, 704 Castle Peak Road,
Kowloon, Hong Kong. |
|
KWAN Man Chiu |
Flat E, 2/F., Hop Hing Industrial Building, 704 Castle Peak Road,
Kowloon, Hong Kong. |
KWAN Man Chiu (As per registry dated
20-01-2012)
The subject was incorporated on 20th January, 1981 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Flat E, 2/F., Hop Hing Industrial
Building, 704 Castle Peak Road, Kowloon, Hong Kong, moved to the present
address in mid-2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of fabrics for garment manufacturing.
Employees: 12.
Commodities Imported: China, other
Asian countries, etc.
Markets: Other
Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$200,000.00 (Divided into 2,000 shares of
HK$100.00 each)
Issued Share Capital: HK$200,000.00
Mortgage or Charge (Since 2006):
(See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Is
making use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Shanghai Commercial Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
Citibank, N.A., Hong Kong.
Standing: Normal.
Mckenson Textiles Ltd. is equally-owned by Mr. Kwan Man Chiu and
Ms. Wong Mei Fun. The subject has
issued 2,000 ordinary shares of HK$100.00 each while each of the shareholders
holds 1,000 shares.
The subject is trading in all kinds of fabrics including cotton,
polyester, polyester/cotton, polyester/viscose, nylon, linen and ramie with
different finishing.
The subject also trades in garments, it carries the following products: Men’s
Golf Shorts, Men’s V-Neck Wesh Tee, Men’s Short Pants, Men’s Gold Fashion Polo
Shirts, Men’s Cotton Shirts, Ladies’ Casual Wear, Men’s Jackets, Children’s
Wear, Blouses, Coats, Denim Garments, Dresses & Skirts, Shirts, etc.
Products are chiefly sourced from China.
Prime markets are Japan, the other Asian countries, Europe, North
America, etc. Business is normal.
The subject has set up an office in Shanghai, China which is responsible
for commodities sourcing.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong. For instance, it is going to take part in
“Hong Kong Fashion Week for Spring/Summer” which will be held in Hong Kong
Convention and Exhibition Centre, Wanchai, Hong Kong during the period of 14th
to 17th January, 2013. Its booth number
will be 1D‑B15.
The subject’s business is chiefly handled by the two shareholders. The contact person Ms. Monica Tsang is the
Merchandising Manager of the subject.
The subject is able to make a small profit every year.
As the history of the subject is over 31 years and ten months in Hong
Kong, on the whole, consider it good for normal business engagements.
(Since 2006)
|
Date |
Particulars |
Amount |
|
22-05-2006 |
Instrument: Mortgage Property: 143/21,386th parts or shares of and in Kwai Chung Town Lot No. 405
(Flat B of 7/F. of Tower 6 and Car Parking Spaces Nos. 97 & 98 on Lower
G/F. of Regency Park, 3 Wah King Hill Road, Kwai Chung, New Territories,
Hong Kong.) Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
To secure “all monies” in respect of general banking facilities |
|
11-04-2011 |
Instrument: Deposit Deed Property: By way of first fixed charge and as a continuing security for the
Obligations, the Company charges and assigns absolutely all its rights, title
to and interest in the Accounts and all Deposits from time to time n the
Accounts and/or comprising the Accounts maintained with Citibank N.A., any
branch and/or Citibank (Hong Kong) Ltd. Mortgagee: Citibank N.A.,
Hong Kong Branch. |
All moneys |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
|
|
1 |
Rs.87.89 |
|
Euro |
1 |
Rs.70.13 |
INFORMATION DETAILS
|
Report
Prepared by : |
SDA |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.