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Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
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Name : |
ROOM
TEXTILES CO. LTD. |
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Registered Office : |
c/o Charm Asia Pacific Ltd., Unit 1002A, 10/F., Kowloon Plaza, 485 Castle Peak Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.03.2005 |
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Com. Reg. No.: |
35411933 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garments and fabrics, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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 |
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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.
|
Source : CIA |
ROOM TEXTILES CO. LTD.
c/o Charm Asia Pacific Ltd.
Unit 1002A, 10/F., Kowloon Plaza, 485 Castle Peak Road, Kowloon, Hong Kong.
PHONE: 2959 3088
FAX: 2741 2929
Managing Director: Mr. Chau Ming
Incorporated on: 12th March, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Charm Asia Pacific Ltd.
Unit 1002A, 10/F., Kowloon Plaza, 485 Castle Peak Road, Kowloon, Hong Kong.
Associated
Company:-
Room (Shanghai) Import & Export Co. Ltd.
Room 201, West Tower, 16 Yuejie Chuangyi Park, 140 Tianlin Road, Xuhui District, 200032 Shanghai, China.
[Tel: 86-21-6073 7700/863 Fax: 86-21-6073 7576]
Affiliated
Companies:-
Charm Asia Pacific Ltd., Hong Kong. [Same address]
Stitchphile International Ltd., Hong Kong.
35411933
0955291
Managing Director: Mr. Chau Ming
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 12-03-2012)
|
Name |
|
No. of shares |
|
CHAU Ming |
|
10,000 ===== |
(As per registry
dated 12-03-2012)
|
Name (Nationality) |
Address |
|
CHAU Ming |
Room 902, Block 282, 99 Wan Ding Road, Ming Hang District, Shanghai 202211, China. |
(As per registry
dated 12-03-2012)
|
Name |
Address |
Co.
No. |
|
Acctax Consultancy Ltd. |
Room 1517, 15/F., Nan Fung Centre No. 264‑298 Castle Peak Road Tsuen Wan, New Territories, Hong Kong. |
0459695 |
The subject was incorporated on 12th March, 2005 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 Wholesaler.
Lines: All kinds of garments and fabrics, etc.
Employees: Nil.
Commodities Imported: China, etc.
Markets: Japan, other Asian countries, 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: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
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: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Room Textiles Co. Ltd. is wholly owned by Mr. Chau Ming who is a Hong Kong merchant. He is also the only director of the subject. Currently he is residing in Shanghai, China.
The subject does not have its own operating office. Its registered office is in a garment trader located at “Unit 102A, 10/F., Kowloon Plaza, 485 Castle Peak Road, Hong Kong” known as “Charm Asia Pacific Ltd.” [Charm Asia] which is handling its correspondences and documents.
The subject has no employees in Hong Kong. It has had a main associated company known as Room (Shanghai) Import & Export Co. Ltd. [Shanghai Room] which is a garment and fabric trader.
The subject and Shanghai Room are engaged in the same lines of business.
The production base of Shanghai Room is in Chang Jiang River Delta. In 2003, Shanghai Room moved its head office to Shanghai.
The followings are
the main products of Shanghai Room:-
l Cotton, linen, silk, nylon, polyester, organic bamboo,
etc.
l Woven fabric, sorted in pattern includes solid, print,
y/d, and kinds of finishing, like wrinkle free, Teflon, coating, etc.
According to Shanghai Room, it has established long term business ties with a number of foreign customers. Its prime markets are the other Asian countries, Europe and North America, etc.
The annual sales turnover of Shanghai Room has been steadily increasing. Its sales turnover increases by 15% to 20% annually. In 2007, its sales amounted to US$14 million. Now, its sales turnover ranges from US$15 to 20 million.
The legal representative of Shanghai Room is also Chau Ming.
Charm Asia is also a garment trader. Having about 8 employees in Hong Kong, Charm Asia is a business partner of the subject.
Charm Asia is trading in Ladies shirts, T-shirts, Sweat Shirts, Sportswear, etc. Its products have been exported to North America, Scandinavia, Eastern and Western Europe, etc.
The subject’s business in Hong Kong is not active. History in Hong Kong is over seven years.
On the whole, since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.07 |
|
UK Pound |
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
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.