MIRA
INFORM REPORT
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Report Date : |
08.02.2012 |
IDENTIFICATION DETAILS
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Name : |
FEDERAL INDTEX CO. LTD. |
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Registered Office : |
Room 1610, 16/F., Nan Fung Centre, 264-298 Castle Peak Road,
Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.11.1987 |
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Com. Reg. No.: |
11437812 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of Yarn, machinery and equipment,
etc. |
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No. of Employees : |
8. |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
Company name
FEDERAL INDTEX CO. LTD.
Company ADDRESS
Room 1610, 16/F.,
Nan Fung Centre, 264-298 Castle Peak Road, Tsuen Wan, New Territories, Hong
Kong.
PHONE: 2498 1555, 2411 2500
FAX: 2413 6020
E-MAIL: info@fedtex.com.hk
MANAGEMENT
Managing
Director: Mr. Lam King Yee, Andrew
SUMMARY
Incorporated on : 27th November, 1987.
Organization : Private Limited Company.
Capital: Nominal : HK$3,000,000.00
Issued : HK$3,000,000.00
Business Category : Textile Machinery Trader.
Employees : 8.
Main Dealing Banker : DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation : Satisfactory.
Company name
FEDERAL INDTEX CO. LTD.
Company ADDRESS
Registered
Head Office:-
Room 1610, 16/F.,
Nan Fung Centre, 264-298 Castle Peak Road, Tsuen Wan, New Territories,
Hong Kong.
Affiliated
Companies:-
ITM World Group
Ltd., Hong Kong. (Same address)
ITM World Group,
Canada.
BUSINESS REGISTRATION NUMBER
11437812
COMPANY FILE NUMBER
0204752
MANAGEMENT
Managing
Director: Mr. Lam King Yee, Andrew
CAPITAL
Nominal Share
Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$3,000,000.00
SHAREHOLDERS
(As per registry dated 27-11-2011)
|
Name |
|
No.
of shares |
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LAM
King Yee |
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2,990,000 |
|
PANG Yau Fong |
|
10,000 |
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|
–––––––– |
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Total: |
3,000,000 ======= |
DIRECTORS
(As per registry dated 27-11-2011)
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Name (Nationality) |
Address |
|
LAM King Yee |
Flat B, 22/F., Block 1, 63 Mei Tin Road,
Peak One, To Fung Shan, Shatin, New Territories, Hong Kong. |
|
PANG Yau Fong |
Flat B, 22/F., Block 1, 63 Mei Tin Road, Peak
One, To Fung Shan, Shatin, New Territories, Hong Kong. |
SECRETARY
PANG Yau Fong (As per registry dated 27-11-2011)
HISTORY
The
subject was incorporated on 27th November, 1987 as a private limited liability company
under the Hong Kong Companies Ordinance.
The
subject moved to the present address in July 2006.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS:
Activities : Importer and Exporter.
Lines : Yarn, machinery and equipment, etc.
Employees : 8.
Commodities Imported : Imported from Germany, Italy, UK, Spain, US, Canada, etc.
Markets : China and Southeast Asia.
Terms/Sales : L/C, T/T, etc.
Terms/Buying : L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share
Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$3,000,000.00
Mortgage
or Charge (since 2007):-
Date of Assignment of Policy as Collateral Security: 18-08-2010
Amount : The Assignment is made and the Policy is to be held as collateral security for any and all liabilities of the Assignor to the Assignee
Property : All rights, title and interest of the Assignor in the Policy No. 60155685
Mortgagee : DBS Bank (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 : DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing : Normal.
GENERAL
Having
issued 3 million ordinary shares of HK$1.00 each, Federal Indtex Ltd. is
jointly owned by Mr. Lam King Yee, holding 99.7% interests; and Ms. Peng
Yau Fong, holding 0.3%. Lam and Peng are
also directors of the subject. They seem
to be a couple.
The
subject is trading in the following products:-
·
Yarn – Synthetic (Excluding Acrylic and Nylon)
(Spandex yarn)
·
Knitted Garments
·
Machinery – Textile and Garment (Knitting machine
include used from Western Europe)
·
Spare Part – Textile Machine (Knitting machine
parts)
·
Used Machinery (Knitting machine)
The
subject is specialized in buying and selling new and used machinery, especially
circular and flat knitting machines.
Most of the machinery and equipment are exported to India, China, other
Asian countries, Europe, South America, etc.
Business is rather active.
The
subject is a member of ITM World Group which is specialised in textile
machinery trading.
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in Hong Kong and other foreign large cities.
For
instance, it took part in the International Exhibition of Textile Machinery
Fair which was held in Barcelona, Spain in 2011
The
subject’s business is chiefly handled by Mr. Lam King Yee, Andrew. History in Hong Kong is over 24 years and two
months.
On the whole,
consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.91 |
|
|
1 |
Rs.77.30 |
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Euro |
1 |
Rs.64.11 |
RATING EXPLANATIONS
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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 |
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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.