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Report Date : |
21.12.2012 |
IDENTIFICATION DETAILS
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Name : |
NEW
FOCUS TEXTILES LTD. |
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Registered Office : |
3/F., East Wing, CNT Group Building, 822 Lai Chi Kok Road, Cheung Sha Wan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.07.2007 |
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Com. Reg. No.: |
38224200 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
subject is a
fabric and yarn trader |
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No. of Employees : |
20 employees |
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 |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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 |
NEW FOCUS TEXTILES LTD.
3/F., East Wing, CNT Group Building, 822 Lai Chi Kok Road, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 2581 3677
FAX: 2581 3299
E-MAIL: info@newfocustex.com
Managing Director: Mr. Yu Chi Wan, Philip
Incorporated on: 27th July, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 20.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
3/F., East Wing, CNT Group Building, 822 Lai Chi Kok Road, Cheung Sha Wan, Kowloon, Hong Kong.
38224200
1153619
Managing Director: Mr. Yu Chi Wan, Philip
Contact Person: Ms. Bonnie Lai
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 27-07-2012)
|
Name |
|
No. of shares |
|
YU Chi Wai, Philip |
|
9,000 |
|
LEW Mei Ling |
|
800 |
|
CHU Kin Ming |
|
200 |
|
|
|
––––– |
|
|
Total: |
10,000 ===== |
(As per registry
dated 27-07-2012)
|
Name (Nationality) |
Address |
|
LEW Mei Ling |
Flat B, 33/F., Tower 2, Metro Town, King Long Road, Tiu Keng Ling, Tseung Kwan O, New Territories, Hong Kong. |
|
YU Chi Wai, Philip |
House 6, Villa Monticello, 12 Chuk Kok D.D. 231, Lot No. 14, Sai Kung, New Territories, Hong Kong. |
(As per registry
dated 27-07-2012)
|
Name |
Address |
|
LUI Yuen Ming |
Room 1508, 15/F., Hing Yip Commercial Centre, 272‑284 Des Voeux Road Central, Hong Kong. |
The subject was incorporated on 27th July, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 12-16, 41/F., Metroplaza Tower 1, 223 Hing Fong Road, Kwai Chung, New Territories, Hong Kong, has moved to the present address in recent months.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Piecegoods - Vegetable Fibre, Piecegoods - Blended, Piecegoods - Woollen, Piecegoods
- Silk, Piecegoods - Synthetic, Yarns, etc.
Employees: 20.
Commodities Imported: Europe, China, other Asian countries, etc.
Markets: Australasia, Central & South America, China, Eastern Europe, Japan, South 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$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or
Charge:-
Date of Security Over Deposits with the Bank: 02-10-2007
Amount: To secure all monies in respect of banking facilities owing at any time plus interest and all
expenses
Property: Initially HK$4,000,000 - & all monies whether now or hereafter standing to credit of the
Company Deposit with the Bank under deposit No. 808-321608 & whatever currency it may subsequently be denominated in, any renewal of such deposit & the interest thereon together with any further moneys in any deposit account with the Bank at any of its offices
Mortgagee: The Hongkong & Shanghai Banking Corp. 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: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, New Focus Textiles Ltd. is jointly owned by Yu Chi Wai, Philip, holding 90% interests; Ms. Lew Mei Ling, holding 8%; Mr. Chu Kin Ming, 2%. All the shareholders are Hong Kong merchants. The former two are also directors of the subject.
The subject is a fabric and yarn trader. It is chiefly owned by Philip Yu who has been engaged in the line of business for over twenty years.
The subject is
trading in the following commodities:-
Piecegoods - Vegetable Fibre, Piecegoods - Blended, Piecegoods - Woollen, Piecegoods - Silk, Piecegoods - Synthetic, Woven Fabrics for Garments, Yarns, etc.
Commodities are sourced from Europe, China, other Asian countries, etc.
The subject is specialized in XLA, Coolmax, T400, Lycra, etc. Commodities are marketed in Hong Kong, exported to the United States, the United Kingdom, Italy, Germany, Spain, Asian countries, etc. Business is normal.
The subject has had an associated company in Foshan City, Guangdong Province, China. Another associated company is in Xiamen Special Economic Zone, China. These two offices are responsible for product sourcing.
The subject is under experienced management.
As the history of the subject is about five 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.54.84 |
|
UK Pound |
1 |
Rs.89.11 |
|
Euro |
1 |
Rs.72.47 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.