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Report Date : |
04.05.2012 |
IDENTIFICATION DETAILS
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Name : |
COMTEXTILE (H.K.) LTD. |
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Registered Office : |
Flat P, 11/F., Kaiser Estate, Phase III, |
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Country : |
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Date of Incorporation : |
30.10.1984 |
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Com. Reg. No.: |
09323910 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Piecegoods, Garments, Etc. |
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No. of Employees : |
30 |
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 : |
Usually Correct |
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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 (31.12.2011) |
Current Rating (31.03.2012) |
|
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 |
COMTEXTILE (H.K.)
LTD.
Flat P, 11/F., Kaiser Estate, Phase III, 11 Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.
PHONE:2751 8622
FAX: 2751 8655
Managing Director: Mr. Babita
Sunil Mahtani
Incorporated on : 30th October, 1984
Organization : Private Limited Company.
Capital: Nominal : HK$5,000,000.00
Issued :
HK$1,000.00
Business Category : Garment
Trader
Group Turnover : US$800-820 million.
Employees : 30.
Main Dealing Banker : Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation : Good
Registered Head
Office:-
Flat P, 11/F., Kaiser Estate, Phase III, 11 Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.
Branch Offices:-
Bangladesh (Dhaka & Chittagong), China (Shanghai), Indonesia (Jakarta), Sri Lanka (Colombo), Vietnam (Ho Chi
Minh City), etc.
Business Name:-
Fashion Garments, Hong Kong. [BR
No. 09323910-001] (Same address)
Holding
Companies:-
Auto Apparel Ltd., Hong Kong.
Grace Choice International Ltd., Hong Kong.
Affiliated
Company:-
Community Textiles (Shenzhen) Corporation Ltd., China.
BUSINESS REGISTRATION
NUMBER
09323910
0143055
Managing Director: Mr. Babita
Sunil Mahtani
Contact Person: Mr. Wan Kam Tai
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000.00
(As per registry dated 30-10-2011)
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Name |
|
No. of shares |
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Auto Apparel Ltd., Hong Kong. |
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500 |
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Grace Choice International Ltd., Hong Kong. |
|
500 |
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––––– |
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Total: |
1,000 ==== |
(As per registry dated 30-10-2011)
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Name (Nationality) |
Address |
|
Babita Sunil MAHTANI |
Flat D, 14/F., Wing On Court, 24 Ho Man Tin Hill Road,
Kowloon, Hong Kong. |
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Anand SUBRAMANIAN |
Suite 1-1601, Harbourview Horizon All-Suite
Hotel, 21 Hung Lok Road, Hunghom Bay, Kowloon, Hong Kong. |
(As per registry dated 30-10-2011)
|
Name |
Address |
Co. No. |
|
Fansway Secretaries Ltd. |
Room 1009-1012, 10/F., K. Wah Centre, 191 Java Road, North Point,
Hong Kong |
0048960 |
The subject was incorporated on 30th October, 1984 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 and
Exporter.
Lines : Piecegoods,
garments, etc.
Employees : 30.
Commodities Imported : Taiwan,
China, South Korea, Vietnam, etc.
Markets :
US, Canada, Europe, Asian countries, etc.
Annual Turnover : US$800-820 million.
Terms/Sales : L/C or as per contracted.
Terms/Buying : As per contracted.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000.00
Mortgage or
Charge:-
Date of Charge Over Deposits – CD
2(89): 12-05-1994
Amount: To secure the payment or discharge of all moneys, obligations
and liabilities
Property: 1) By fixed charge: all the Company’s
rights in respect of US$ Saving Passbook Account No. 340-200-4056-3
2) By assignment:
all Deposits held with Standard Chartered Asia Ltd. or Standard Chartered Finance
Ltd.
Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered
Bank (Hong Kong) Ltd.]
Profit or Loss :
Making a small profit every year.
Condition : Keeping in an active and satisfactory manner.
Facilities : Making active use of general banking
facilities.
Payment : Met trade commitments as required.
Commercial Morality : Satisfactory.
Banker : Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Standing : Good.
Having issued 1,000 ordinary shares of HK$1.00 each, Comtextile (H.K.)
Ltd. was equally held by two firms: Community Textiles Corporation Ltd. [Community Textiles] and Auto Apparel Ltd.
[Auto Apparel], both were Hong Kong-registered firms. On 31st December, 2010,
Community Textiles transferred all its shares to Givemefine Co. Ltd. which
transferred to Grace Choice International Ltd. [Grace Choice], a Hong
Kong-registered firm, on 18th January,
2011. Now, the subject is equally held
by Auto Apparel and Grace Choice.
The subject is a 100% foreign-owned company specialized in garments
trading. It is actually equally owned by
LT Apparel Group which is a US‑based group, and Hirdaramani Group which
is a Sri Lank-based group. Community
Textiles represents the US partner while Auto Apparel represents the Sri Lank
partner.
LT Apparel Group is a family business founded in 1958 and is based in
New York, the United States.
Formerly LT Apparel Group was known as Lollylogs Ltd., name changed to
the present style in January 2007.
The Hirdaramani Group is a leading and pioneer apparel manufacturer and
exporter in Sri Lanka. This firm is
specialized in knitwear and woven garments.
The subject’s business name is Fashion Garments. Now, the subject has set up a representative
office in Ho Chi Minh City, Vietnam for seven years. The subject is responsible for sourcing
garments from China, Taiwan, South Korea and Vietnam and shipping the products
to North America, Europe and some of the Asian countries.
The subject has set up a branch in Shanghai known as Comtextile (H.K.)
Ltd. Shanghai Branch. In general the
branch is known as Comtextile Shanghai which belongs to the Comtex Group
controlled by the subject.
Comtextile Shanghai is engaged in designing and manufacturing all kinds
of apparels for children, men and ladies.
Most of the garments bear the following brand names: “French Toast” and “Healthtex”. Products are exported to some of the Asian
countries, Europe, Canada, and the United States. Comtextile Shanghai is also engaged in sourcing all
kinds materials from all suppliers in China and it is capable of developing any
type of Fabric/ACC. It manufactures all
type of garments for children, men, ladies and teenagers.
With a registered capital of US$2 million, Comtextile Shanghai has had
an annual sales turnover ranges from US$55 to 60 million. Overall business is active. Currently, there are about 100 employees in
Comtextile Shanghai.
Comtextile Shanghai is also engaged in sourcing garments, textiles and
accessories from China on behalf of the US and European companies. Comtextile Shanghai is also representing a
number of famous brands both in Europe and the United States.
The combined turnover of the entire group exceeded US$800 million. The combined fabric needs exceeded 210
million yards a year.
Besides Hong Kong and Shanghai, Comtex Group has had offices and
associates in New York, London, Bangladesh, Thailand, Vietnam, Sri Lanka,
Indonesia, India and Egypt.
The history of the subject in Hong Kong is over twenty-seven years and six months.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.23 |
|
|
1 |
Rs.86.14 |
|
Euro |
1 |
Rs.69.98 |
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 |
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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.