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Report Date : |
26.02.2013 |
IDENTIFICATION DETAILS
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Name : |
CHIP TAK WEAVING FACTORY LTD. |
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Registered Office : |
Chip Tak Weaving Factory Building, 105-113 Ta Chuen Ping Street, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.07.1962 |
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Com. Reg. No.: |
01421255 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer & Trader of all kinds of denim, etc. |
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No. of Employees : |
20 |
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
CHIP TAK
WEAVING FACTORY LTD.
ADDRESS: Chip Tak Weaving Factory
Building, 105-113 Ta Chuen Ping Street, Kwai Chung, New Territories, Hong
Kong.
PHONE: 2427 6111
FAX: 2420
0448
E-MAIL: lausaunam@chiptak.com
Managing Director: Mr. Lau, Lee Hok, Thomas
Incorporated on: 19th
July, 1962.
Organization: Private
Limited Company.
Capital: Nominal: HK$15,000,000.00
Issued: HK$141,090.00
Business Category: Denim Manufacturer & Trader.
Employees: 20.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Chip Tak Weaving Factory Building, 105-113 Ta Chuen Ping Street, Kwai Chung,
New Territories, Hong Kong.
Holding Company:-
Quality Denim Ltd., British Virgin Islands.
Subsidiary Company:-
Concept Studio Ltd., Hong Kong.
(Same address)
Associated Companies:-
Chip Tak Investments Ltd., Hong Kong.
Chip Tak Textiles (Taishan) Co. Ltd., China.
Chip Tak Textiles (Shenzhen) Co. Ltd., China.
01421255
0007859
Managing Director: Mr. Lau, Lee
Hok, Thomas
Contact Person: Mr. Lau Chor Hee
Nominal Share Capital: HK$15,000,000.00 (Divided into 90 Class A shares
and 141,000 Class B shares of HK$100.00 each)
Issued Share Capital: HK$141,090.00
(As per registry dated 19-07-2012)
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Name |
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No. of shares |
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Class A |
Class B |
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LAU Lee Hok, Thomas |
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1 |
25,637 |
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LAU Lee Tung |
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25,636 |
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LAU Lee Cheung |
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89,727 |
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Quality Denim Ltd. P.O. Box 957, Road Town, Tortolia, British Virgin Islands. |
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89 |
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–– |
–––––– |
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Total: |
90 == |
141,000 ====== |
(As per registry dated 19-07-2012)
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Name (Nationality) |
Address |
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LAU Lee Tung |
4 Magnolia Road, Yau Yat Chuen, Kowloon, Hong Kong. |
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LAU Lee Cheung |
4 Magnolia Road, Yau Yat Chuen, Kowloon, Hong Kong. |
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LAU Wendy Yee |
Flat A, 3/F., 9 Marigold Road, Yau Yat Chuen, Kowloon, Hong Kong. |
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LAU Wayne Kin |
Flat D, 3/F., 9 Marigold Road, Yau Yat Chuen, Kowloon, Hong Kong. |
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Wilson LAU |
Flat C, 3/F., 9 Marigold Road, Yau Yat Chuen, Kowloon, Hong Kong. |
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LAU, Lee Hok, Thomas |
4 Magnolia Road, Yau Yat Chuen, Kowloon, Hong Kong. |
LAU Lee Hok, Thomas (As per
registry dated 19-07-2012)
The subject was incorporated on 19th July, 1962 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: Denim
Manufacturer & Trader.
Lines: All
kinds of denim, etc.
Employees: 20.
Commodities Imported: China, other Asian countries, etc.
Markets: North
America, Southeast Asia, Western Europe, Middle East, etc.
Terms/Sales: L/C, Advanced
T/T, etc.
Terms/Buying: L/C, D/P, O/A,
etc.
The Chinese General Chamber of Commerce,
Hong Kong.
Nominal Share Capital: HK$15,000,000.00
(Divided into 90 Class A shares and 141,000 Class B shares of HK$100.00 each)
Issued Share Capital: HK$141,090.00
Profit or Loss: Making a small profit every year.
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: Standard
Chartered Bank, Hong Kong Branch.
[Business transferred to Standard Chartered Bank (Hong Kong) Ltd.]
Standing:
Good.
Chip Tak Weaving Factory Ltd. is chiefly owned by the Lau family. It is a denim manufacturer and trader.
The subject has had a subsidiary company Concept Studio Ltd. located at
the same building.
The subject is located at Chip Tak Weaving Factory Building which is
owned by it.
Concept Studio is a garment designer, manufacturer and trader. It is one of the suppliers for Levi Strauss
& Co. in Hong Kong.
The subject is a significant weaver and fabric trader in Hong Kong. Business had been flourished in the 60’s and
70’s. It is manufacturing and
wholesaling the following fabrics: chambray, denim – 100% cotton, dobby,
herringbone, plain weave fancies, shirting – oxford, twill, etc.
The subject had a factory in at Longgang District, Shenzhen Special
Economic Zone, China. The Shenzhen
factory is known as Chip Tak Textiles (Shenzhen) Co. Ltd. [Shenzhen Chip
Tak]. Shenzhen Chip Tak was set up in
July 1990. It covers an area of about
66,600 sq.m. Including warehouse and
workers’ accommodation, the factory covers a total area of about 100,000 sq.m.
The annual production capacity of Shenzhen Chip Tak are the followings:-
·
Cotton Yarn: 2,000 tonnes;
·
Denim: 36
million yards; &
·
Dyed Yarn:
40 million yards.
Most of the machinery and equipment of Shenzhen Chip Tak were imported
from Germany, Italy, Belgium Switzerland and Japan. The factory is able to integrate all the
procedures under a roof such as dyeing, scouring, finishing and weaving, etc.
Shenzhen Chip Tak has got ISO 9000 and ISO 14000 certification.
The subject has had another factory in Taishan, Guangdong Province,
China.
The Taishan factory is known as Chip Tak Textiles (Taishan) Co. Ltd.
[Taishan Chip Tak]. Taishan Chip Tak
covers an area of 350,000 sq.m. Its
annual production capacity is about 60 million yards.
The products of the factories are exported to North America, Southeast
Asia, Western Europe, the Middle East, etc. as well as marketed in China. Raw materials are imported from Asian
countries and Europe. Overall business
is good.
The annual sales turnover of the subject is very significant. Business is profitable. No derogatory data have been heard.
The subject operates from a self-owned office.
As the history of the subject is over 50 years in Hong Kong, on the
whole, 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.54.04 |
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|
1 |
Rs.81.80 |
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Euro |
1 |
Rs.71.41 |
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.