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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
WINTEX AGENCY LTD. |
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Registered Office : |
Room 1105, 11/F., Hermes Commercial Centre, 4 Hillwood Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.10.1996 |
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Com. Reg. No.: |
20297449 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Re-exporter of all kinds of yarns, fabrics, Jacquard, etc. |
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No. of Employees : |
6. |
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 (31.03.2011) |
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.
Source
: CIA
WINTEX AGENCY
LTD.
ADDRESS: Room 1105, 11/F., Hermes Commercial
Centre, 4 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2411 5377, 2411 5926
FAX: 2415 4558
E-MAIL: wintex@wintexhk.com
wintexhk@hkstar.com
Managing Director: Ms. Tam Oi
Wah, Cathy
Incorporated on: 8th October, 1996.
Organization: Private
Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Textile Product Trader.
Employees: 6.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1105, 11/F., Hermes Commercial Centre, 4 Hillwood Road,
Tsimshatsui, Kowloon, Hong Kong.
Associated Company:
Wintex Global Ltd., Hong Kong.
(Same address)
20297449
0569161
Managing Director: Ms. Tam Oi
Wah, Cathy
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry dated 08-10-2012)
|
Name |
|
No. of shares |
|
TAM Oi Wah, Cathy |
|
2,000,000 ======== |
(As per registry dated 08-10-2012)
|
Name (Nationality) |
Address |
|
TAM Oi Wah, Cathy |
Room 1105, 11/F., Hermes Commercial Centre, 4 Hillwood Road,
Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 08-10-2012)
|
Name |
Address |
Co. No. |
|
Pansona Ltd. |
Room A, 19/F., Tung Hip Commercial Building, 248 Des Voeux Road
Central, Hong Kong. |
1451039 |
The subject was incorporated on 8th October, 1996 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 Re-exporter.
Lines: All
kinds of yarns, fabrics, Jacquard, etc.
Employees: 6.
Commodities Imported: Pakistan, China, Taiwan, South Korea, etc.
Markets: Europe,
China, North America, Central and South America, Australia, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: As per
contracted.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge (since 2010): (See attachment)
Profit or Loss: Operation is conducted on a profitable basis.
Condition: Maintained in an active condition.
Facilities:
Is making
active use of general banking facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Shanghai Commercial Bank Ltd.,
Hong Kong.
Public Bank (Hong Kong) Ltd.,
Hong Kong.
CITIC Bank International Ltd.,
Hong Kong.
Standing:
Good.
Having issued 2 million ordinary shares of HK$1.00 each, Wintex Agency
Ltd. is wholly owned by Ms. Cathy Tam Oi Wah who is a Hong Kong
businesswoman. She is also the only
director of the subject.
The subject is a yarn and fabric trader.
It had an associated company Luen Yick Tat Cotton yarn Co. Ltd. [Luen
Yick Tat] which was established on 8th October, 1976. However, this firm has been dissolved under
the mode of Compulsory Winding Up.
Now, the subject has had another associated company Wintex Global Ltd.,
a Hong Kong-registered firm located at the same address. Wintex Global and the subject are engaged in
the same lines of business.
Most of the subject’s cotton yarns have been imported from Pakistan and
the other Asia Pacific region.
The subject now has become one of the most experienced importers of
cotton yarns in the textile industry, as well as a significant local dealer.
The subject is supplying the following products: cotton yarn, mélange
yarn, combed mercerised, blended yarn, ply yarn, slub yarn, open-end spun yarn,
air jet spun yarn, dyed yarn, synthetics product, raw fabrics and finished
knitted fabrics, woven fabrics, etc.
Products are sold to worldwide end users.
The subject is carrying the following commodities: 100% cotton yarn,
carded slub yarn, combed cotton, gassed mercerised yarns, cone dyed yarn,
blended yarn, top dyed Melange yarn, open end spun yarn, air jet spun yarn,
polyester filament yarn, polyester chip, dyed yarn, single knitted fabrics,
double knitted fabrics, Jacquard, Spandex (Lycra), Stripe, etc.
The subject’s products are re-exported to Europe, China, other Asian
countries, North America, Central and South America, Australia, etc. Business is active.
The subject’s business is chiefly handled by Ms. Cathy Tam Oi Wah. Overall business has been steady as regular
clients and suppliers have been maintained.
The subject’s history in Hong Kong is over 16 years and three
months. Business is normal. It had a litigation filed with the Hong Kong
Court concerning a dishonoured cheque in 2007.
On the whole, consider the subject good for normal business engagements
in small credit amounts.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
12-09-2007 |
S40898 |
Da Plus A Interior Design Ltd. |
Wintex Agency Ltd. |
Dishonoured Cheque |
Not stated |
|
23-11-2007 |
S40898 |
Da Plus A Interior Design Ltd. |
Wintex Agency Ltd. |
Dishonoured Cheque |
Not stated |
Property information of
the company:-
1. Property Location: Office No. 3 on 14/F., Hermes Commercial
Centre,
4 Hillwood Road, Kowloon, Hong Kong.
Owner: Wintex Agency Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
29-06-2007 |
- |
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
Legal charge to secure general banking facilities |
2. Property Location: Flat B on 1/F., Man Hoi Mansion, 80-82
Cheung Sha Wan Road, Kowloon, Hong Kong.
Owner: Wintex Agency Ltd.
Date of Purchase: n.a.
Purchased Price: n.a.
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
22-08-2006 |
- |
Shanghai Commercial Bank Ltd., Hong Kong. |
Mortgage to secure general banking facilities |
(Since 2010)
|
Date |
Particulars |
Amount |
|
05-02-2010 |
Instrument: Mortgage Over Securities and Deposits Property: The Mortgagor, as beneficial owner: (a) mortgages and agrees
to mortgage to the Bank by way of first fixed mortgage the Mortgagor’s entire
right, title and interest in and to the Securities and the Related Rights;
and (b) charges and agrees to
charge by way of first fixed charge the Mortgagor’s entire right, title and
interest in and to the Deposit together with all rights and benefits accruing
to or arising in connection with the Deposit Mortgagee: CITIC Ka Wah Bank Ltd.,
Hong Kong. [Now known as CITIC
Bank International Ltd.] |
Secured liabilities |
|
30-04-2010 |
Instrument: Mortgage Property: 2/104th parts or shares of and in Section D of Kowloon Inland
Lot No. 1736, Section E of Kowloon Inland Lot No. 1736 and
Section F of Kowloon Inland Lot No. 1736 (Apartment B on 11/F. & Car
Park Spacing No. 12 on G/F. of Lung Man Building, 4,6 & 8 Ho Man Tin
Street, Kowloon, Hong Kong.) Mortgagee: Public Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of moneys |
|
30-04-2010 |
Instrument: Mortgage Property: 2/104th parts or shares of and in Section D of Kowloon Inland
Lot No. 1736, Section E of Kowloon Inland Lot No. 1736 and Section F
of Kowloon Inland Lot No. 1736 (Apartment A on 11/F. of Lung Man Building,
4,6 & 8 Ho Man Tin Street, Kowloon, Hong Kong.) Mortgagee: Shanghai Commercial Bank Ltd.,
Hong Kong. |
All sums of moneys |
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 : |
PRL |
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 |
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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.