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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
TUNG LEE TEXTILE LTD |
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Registered Office : |
Flat D, 5/F., Jing Ho Industrial Building, 78-84 Wang Lung Street,
Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
06.12.2005 |
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Com. Reg. No.: |
36281004 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Yarns, Fabrics, etc. |
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No. of Employees : |
8. (Including associate) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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Without Financials |
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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) |
|
Hong Kong |
A2 |
A2 |
|
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.
|
Source : CIA |
TUNG LEE TEXTILE
LTD
Flat D, 5/F., Jing Ho Industrial Building, 78-84 Wang Lung Street,
Tsuen Wan, New Territories, Hong Kong.
PHONE: 2408 9422
FAX: 2407 4341
Managing Director: Mr. Cheuk Wai
Hung
Incorporated on: 6th December, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 8. (Including associate)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TUNG LEE TEXTILE
LTD
Registered
Office:-
Room 906, 9/F., Unicorn TradeCentre, 127-131 Des Voeux Road Central,
Sheung Wan, Hong Kong.
Operating Office:-
Flat D, 5/F., Jing Ho Industrial Building, 78-84 Wang Lung Street,
Tsuen Wan, New Territories, Hong Kong.
Associated/Affiliated
Companies:-
Hing Lee Textile Fibres (Shenzhen) Co. Ltd., China.
Hing Lee Weaving Co. Ltd., China.
Lufeng Donghai Sun Hing Lee Textile Ltd., China.
Lufeng Hing Lee Textile Ltd., China.
Lufeng Xingtong Textile Co. Ltd., China.
Sun Hing Lee Textile Ltd., Hong Kong.
(Same address)
Sun Hing Lee Textile (Hong Kong) Ltd., Hong Kong.
Sun Hing Lee Holdings Textile Ltd., Hong Kong.
Lufeng Tung Lee Textile Ltd.
Fangpude, Jijianglan, Donghai Town, Lufeng City, Guangdong Province,
China.
[Tel: 86-660-8239 160, 8239 360]
36281004
1012079
Managing Director: Mr. Cheuk Wai Hung
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1.00
(As per registry dated 06-12-2012)
|
Name |
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No. of share |
|
CHEUK Wai Hung |
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1 = |
(As per registry dated 06-12-2012)
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Name (Nationality) |
Address |
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CHEUK Wai Hung |
Flat B, 11/F., Block 23, Hong Kong Garden, TLTL 60RP Lung Tang Road,
Tsing Lung Tau, New Territories, Hong Kong. |
(As per registry dated 06-12-2012)
|
Name |
Address |
Co. No. |
|
Samuel Secretaries Ltd. |
Room 906, 9/F., Unicorn Trade Centre, 127‑131 Des Voeux
Road Central, Sheung Wan, Hong Kong. |
0320677 |
The subject was incorporated on 6th December, 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: Yarns,
Fabrics, etc.
Employees: 8. (Including associate)
Commodities Imported: Asian
countries, etc.
Markets: China,
other Asian countries, 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$1.00
Profit or Loss: Making
a small profit in the past three years.
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: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
Having issued just one ordinary share of HK$1.00, Tung Lee Textile Ltd.
is wholly owned by Mr. Cheuk Wai Hung who is a Hong Kong merchant. He is also the only director of the subject.
Formerly the subject was owned by Mr. Chan Yui Fan. He transferred the single share to Cheuk on
7th March, 2012.
The subject is one of the approved foreign enterprises to import cotton
from abroad and re-export to China. Its
licence number is C110090015.
The subject is a yarn and fabric manufacturer and trader. It has had an associated factory in China
known as Lufeng Tung Lee Textile Ltd. [Lufeng Tung Lee].
Established on 19th November, 2010, Lufeng Tung Lee is engaged in yarn
spinning and fabrics weaving. With a
registered capital of RMB300 million Yuan, Lufeng Tung Lee has become one of
the significant textile enterprises in Shanwei City, Guangdong Province,
China. The director and legal
representative of Lufeng Tung Lee is also Mr. Cheuk Wai Hung.
The subject has had an associated company Sun Hing Lee Textile Ltd.
[SHL] located at the same address. The
director of SHL is also Cheuk Wai Hung.
Having issued 2 ordinary shares of HK$1.00 each, SHL is equally owned by
Mr. Cheuk Wai Hung and Mr. Cheuk Wai Keung.
Besides trading in cotton, SHL also trades in the following
commodities:-
The subject has had a number affiliated or associated companies in
Hong Kong and China. Most of the
affiliated or associated companies are set up by Mr. Cheuk Muk Sing who is the
father of SHL’s shareholders.
In 1988, Cheuk Muk Sing started his property development business in
Shanwei, Guangdong Province, China. In
2000, he set up Lufeng Hing Lee Textile Ltd. in Lufeng, Shantou, China. Now, Cheuk Muk Sing is also the director of
Lufeng Xingtong Textile Co. Ltd. which is a joint venture with an American
partner.
The subject’s other associated firms in China are the following:-
The subject is trading in the products of Lufeng Tung Lee. History in Hong Kong is over seven
years.
On the whole, in view of the background of the subject, consider it good
for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.32 |
|
|
1 |
Rs.84.60 |
|
Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
RATING EXPLANATIONS
|
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 |
|
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.