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Report Date : |
16.10.2012 |
IDENTIFICATION DETAILS
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Name : |
WELLWISE
TEXTILE LTD. |
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Registered Office : |
9/F., Well Tech Centre, 9 Pat Tat Street, San Po Kong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.09.2003 |
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Com. Reg. No.: |
33897010 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of woven fabrics. etc. |
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No. of Employees : |
20. (Including
associates) |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
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.
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Source : CIA |
WELLWISE TEXTILE LTD.
9/F., Well Tech Centre, 9 Pat Tat Street, San Po Kong, Kowloon, Hong Kong.
PHONE: 2687 0113
FAX: 2687 2052
Managing Director: Mr. Young Ming Li
Incorporated on: 3rd September, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Fabric Trader.
Employees: 20. (Including associates)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
9/F., Well Tech Centre, 9 Pat Tat Street, San Po Kong, Kowloon, Hong Kong.
Associated
Companies:-
Wellwise China Ltd., Hong Kong. (Same address)
Wellwise Garment Ltd., Hong Kong.
33897010
0860349
Managing Director: Mr. Young Ming Li
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 03-09-2012)
|
Name |
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No. of shares |
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YOUNG Ming Li |
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5,500 |
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TSE Chi Chiu, Terry |
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4,500 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry
dated 03-09-2012)
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Name (Nationality) |
Address |
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TSE Chi Chiu, Terry |
Room C, 17/F., Block 16, The Cairnhill, 108 Route Twisk, Tsuen Wan, New Territories, Hong Kong. |
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YOUNG Ming Li |
Flat B, 25/F., Block 6, Julimount Garden, 1-5 Hin Tai Street, Shatin, New Territories, Hong Kong. |
YOUNG Ming
Li (As per registry dated 03-09-2012)
The subject was incorporated on 3rd September, 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 woven fabrics. etc.
Employees: 20. (Including associates)
Commodities Imported: China, other Asian countries, etc.
Markets: Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, 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
Mortgage or Charge: (See attachment)
Profit or Loss: Profitable operation is recorded.
Condition: Business remains normal.
Facilities: Is making use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· Bank of China (Hong Kong) Ltd., Hong Kong.
Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Wellwise Textile Ltd. is jointly owned by Mr. Young Ming Li holding 55% interests, and Mr. Tse Chi Chiu, Terry, holding 45%. Being Hong Kong merchants, they are also directors of the subject.
The subject is
trading in the following commodities:-
· Piecegoods - Vegetable Fibre
Piecegoods
- Blended
Piecegoods
- Woollen, Woven,
Brocade
- Silk, Woven
PE/PP/Nylon
- Woven
The subject has had an associated company Wellwise Garment Ltd., Ltd. located at the same building.
Wellwise Garment has had its factories in Guangdong and Zhejiang Province, China. Products are exported to the United States, Europe, etc.
The subject is a fashion manufacturer. It is focusing on contemporary line which can handle both cut & sewn knit and woven items. Its main customers are Laundry, Robert Rodriguez, Nanette Lepore, Vince, Seven For All Man Kind, Rock & Republic, Sachi + Babi, Alice + Olivia, Nicole Miller, Sand, IKKS, Lewinger, Robbi & Nikki, Ali Ro, etc.
The subject is able to make a small profit every year.
As the history of the subject is over nine years and a month in Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
09-01-2008 |
Instrument: Deed of Indemnity, Chrge Over Deposit(s) and Set-Off (the “Deed”) Property: All the company’s estate, right, title, claim, benefit and interest to and in the Deposit and all interest from time to time payable thereon and together with all title deeds or documents relating thereto. The Third Schedule Particulars of the Deposit: Deposit No.: 012-692-5-039925-8 Amount: HK$500,000.00 Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities granted to Wellwise Textile Ltd. |
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18-04-2008 |
Instrument: Tripartite Legal Charge/Mortgage Property: 103/101,963rd parts or shares of and in Tsuen Wan Town Lot No. 395 (Flat D on 12/F. of Block 10, The Cairnhill, 108 Route Twisk, Tsuen Wan, New Territories, Hong Kong.) Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
All moneys |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.12 |
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UK Pound |
1 |
Rs.85.15 |
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Euro |
1 |
Rs.68.60 |
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 |
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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 |
---- |
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.