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Report Date : |
01.11.2012 |
IDENTIFICATION DETAILS
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Name : |
WINNITEX LTD. |
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Registered Office : |
Unit 1-5, 6A & 7A, 36/F., Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan, New Territories |
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Country : |
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Date of Incorporation : |
24.01.2003 |
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Com. Reg. No.: |
33466287 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of cotton, linen, tencel, polyester, rayon, lycra, spandex and their blends, and cotton yarn dye fabrics. |
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No. of Employees : |
Over 3,000. (Group) |
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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 Complainant |
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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
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Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
Source : CIA
WINNITEX LTD.
ADDRESS: Unit 1-5, 6A & 7A, 36/F., Cable TV
Tower,
PHONE: 2416 1403
FAX: 2413 6019, 2417 9157
E-MAIL: winnitex@winnitex.com
sales@winnitex.com
President & Chief Executive Officer:
Mr. Wai Tien Ching
Incorporated on: 24th
January, 2003.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1,000.00
Business Category: Textile Product Trader.
Group Turnover: US$150~155
million.
Group Employees: Over
3,000.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Good.
Registered Head Office:-
Unit 1-5, 6A & 7A, 36/F., Cable TV Tower, 9 Hoi Shing Road,
Tsuen Wan, New Territories, Hong Kong.
Godown:-
Unit A-D on 4/F. & 5/F. and Unit A & D on 8/F.,
Shanghai Office:-
Room 1709-1710,
[Tel: (86-021) 6341 0102; Fax:
(86-021) 6341 0083]
[Tel: (86-571) 8283 1000; Fax: (86-571)
8283 1728]
[Operated by
[Tel: (86-575) 8803 9009; Fax: (86-575)
8803 9088]
[Operated by
“Kalpataru”, First Floor, No. 4C 908, 9th B Main, 4th Cross, 1st Block,
H R B R Layout, Kalyan Nagar,
[Tel: 91-80-2542 3557; Fax:
91-80-2542 3559]
Holding Company:-
Winnitex Holdings Ltd.,
Associated/Affiliated Companies:-
Winnitex Group of Companies
Chestin Ltd.,
Hing Fung Printing & Dyeing Factory Ltd., Hong Kong.
Hing Fung Wo Finance Co. Ltd.,
JNA Enterprises Co.,
Kinto Investments Ltd.,
Winnitex (
Winnitex China Holdings Ltd.,
Winnitex Investment Co. Ltd.,
Winnitex Properties Ltd.,
etc.
33466287
0831225
President & Chief Executive Officer:
Mr. Wai Tien Ching
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000.00
(As per registry dated 24-01-2011)
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Name |
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No. of shares |
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WAI Tien Ching |
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1 |
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Winnitex Holdings Ltd. |
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999 |
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––––– |
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Total: |
1,000 ==== |
(As per registry dated 24-01-2011)
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Name (Nationality) |
Address |
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WAI Tien Ching (Chinese) [Father] |
Unit B, 3/F., Flora Villa, |
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WAI Chi Wah, Nelson (British) [Son] |
Unit A, 61/F., Tower 7, The Palazzo, 28 Lok King Street, Shatin,
New Territories, Hong Kong. |
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WAI Chi Kwok, Jacob (British) [Son] |
Flat A, 49/F., Highcliff, |
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WAI Chi Kwong, Albert (British) [Son] |
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(As per registry dated 24-01-2011)
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Name |
Address |
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Tricor Strath Ltd. |
Level 28, |
0004873 |
The subject was incorporated on 24th January, 2003 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: All
kinds of cotton, linen, tencel, polyester, rayon, lycra, spandex and their
blends, and cotton yarn dye fabrics.
Office Floor Space: 25,712
sq.m. – shares with associates.
Group Employees: Over
3,000.
Commodities Bought from:Bought in Hong Kong,
from
Markets: Hong
Kong, other Asian countries, US,
Group Turnover: US$150~155 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various
terms.
Federation of
Hong Kong Productivity Council,
The Hong Kong General Chamber of Commerce,
[Membership No. HKW0247]
Nominal Share Capital: HK$10,000.00 (Divided into 10,000
shares of HK$1.00 each)
Issued Share Capital HK$1,000.00
Profit or Loss: Made profits in the past years.
Condition: Keeping
in an active condition.
Facilities: Making
active use of general banking facilities.
Payment:
Met
trade commitments on time.
Commercial Morality: Very
Good.
Banker:
The
Hongkong & Shanghai Banking Corp. Ltd.,
Standing:
Very
Good.
Incorporated in January 2003, Winnitex Ltd. is a wholly-owned subsidiary
of Winnitex Holdings Ltd. which is a BVI-registered firm.
The subject is a member of the Winnitex Group which is an integrated
textiles group specialized in weaving, dyeing and finishing of cotton, linen,
corduroy, woven, yarn-dyed and other cotton/blended fabrics. The subject is the flagship of the Group’s
fabric business.
The history of the Winnitex Group dates back to 1964 when the President
of the Group Mr. Wai Tien Ching founded the first member of Winnitex Group
which is Hing Fung Printing & Dyeing Factory Ltd. [Hing Fung] which is a
Hong Kong-registered firm. Spurred by
the rapid development of the textiles industry in Hong Kong during the
1980’s, Hing Fung grew from a small dyeing and finishing business into one of
the most reputable dyeing factories in Hong Kong.
Now, the Winnitex Group has set up two main mills in
The Winnitex Group took a major step in 1978 and established Hing Mou
Textiles Ltd. which was the first weaving mill of the Group. But this business was dissolved on 11th
January, 2002.
Another milestone was laid in 1989 when Hing Fung was upgraded into a
continuous dyeing mill. The land site
(approximately 20,000 sq.ft.) where the old dyeing and finishing plant had
situated, was redeveloped into a 3-storey production facility with a total
floor area of 60,000 sq.ft. This
redevelopment has brought the Group’s total production floor area to 150,000
sq.ft.
In 1994, the Winnitex Group made an investment of US$30 million to set
up a 100%-owned and is also the Group’s first weaving and dyeing plant in
In 2002, the Group made another investment in the second weaving and
dyeing mill, also in
In 2003, the Group set up Fouhang (
In 2005, the Group set up representative offices in
In the past years, the Winnitex Group has spent millions of dollars in
developing environment friendly products, and setting up equipment and
facilities which are also energy and materials saved.
The subject’s fabrics are made from fine yarns imported from
Currently the Group is able to produce fabrics that weigh from 4 oz. to
14 oz. This range covers those fabrics
for manufacturing men’s shirts, dresses, pants, denim skirts and outer jackets. The Group produces corduroy, dobby, twills,
canvas, herringbone, sheeting, bedford cord, poplin, sateen, matting, ottoman,
rib-stop and many other materials as well.
In 2006, the Group commenced in manufacturing all kinds of uniforms.
The Group is a certified AZO-Free company according to Oeko-Tex Standard
100. It is also compliant with the
ordinances of Hong Kong’s Environmental Protection Department and
The Group established a new laboratory in June 2009. The new laboratory is equipped with advanced
equipment imported from foreign countries.
Those equipment and devices include DUMA nitrogen testing equipment,
X-Ray phosphorous determination equipment, Govmark Flame resistance test
equipment. The laboratory has passed the
accreditation test with customers and it is being certified by several customer
brands, like “Polo”, “Uniglo”, etc. The Group also has got the Marks and Spencer
laboratory accreditation.
According to the subject, the Group’s monthly dyeing capacity is 10
million metres with products ranging from shirts, trousers, formal wear, casual
wear, outerwear, colour denim and different kinds of uniforms.
In recent years, the Group has set up an office in
Now, the Winnitex Group has had over 3,000 employees in
The subject has about 25 employees in
The history of the subject in
On the whole, in view of the parentage and background of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.12 |
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1 |
Rs.87.07 |
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Euro |
1 |
Rs.70.15 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.