MIRA
INFORM REPORT
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Report Date : |
03.07.2013 |
IDENTIFICATION DETAILS
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Name : |
GDTEX HONGKONG LTD. |
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Registered Office : |
Unit 1001, 10/F., New Mandarin Plaza, Tower B, 14 Science Museum Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.06.2006 |
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Com. Reg. No.: |
36843713 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Silk products, garments, other textile products. |
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No. of Employees : |
8. (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 – March 31st, 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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
levies excise duties on only four commodities, namely: hard alcohol, tobacco,
hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of
total system deposits in Hong Kong by the end of 2012, an increase of 59% from
the previous 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 34.9 million in 2012,
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 2012 mainland Chinese companies constituted about 46.6% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit
expansion and tight housing supply conditions caused Hong Kong property prices
to rise rapidly and inflation to rise 4.1% in 2012. 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
Company name and address
GDTEX HONGKONG
LTD.
Address: Unit 1001,
10/F., New Mandarin Plaza, Tower B,
14 Science
Museum Road, Tsimshatsui,
Kowloon,
Hong Kong.
(Your enquiry given as:
GDTEX HONG KONG LIMITED.
and old address at:
Room 506, 5/F., Winfield Commercial Building,
6-8 Part Avenue, Tsimshatsui,
Kowloon, Hong Kong. )
PHONE: Not available
MANAGEMENT
Managing Director: Mr. Cheung
Ying
SUMMARY
Incorporated on: 12th
June, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
8. (Including associates)
Main Dealing Banker: CITIC Bank International Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit 1001, 10/F., New Mandarin Plaza, Tower B, 14 Science Museum Road,
Tsimshatsui, Kowloon, Hong Kong.
Associated Companies:-
Guangdong Silk-Tex Group Co. Ltd.
198 Dong Feng Road West, Guangzhou City, Guangdong Province, China. [Tel: 86-20-8333 7448, Fax: 86-20-8333 2995]
Guangdong Textiles Import & Export Co. Ltd., China.
BUSINESS REGISTRATION NUMBER
36843713
COMPANY FILE NUMBER
1051642
MANAGEMENT
Managing Director: Mr. Cheung
Ying
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDERS
(As per registry dated 12-06-2013)
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Name |
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No. of shares |
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LING Fangcai |
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9,000 |
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CHEUNG Ying |
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1,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 12-06-2013)
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Name (Nationality) |
Address |
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LING Fangcai |
Room 302, 35 Tong Zheng Lane, Yuexiu District, Guangzhou, China. |
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CHEUNG Ying |
Flat B, 12/F., Passkon Court, 79 Kimberley Road, Kowloon, Hong Kong. |
SECRETARY
(As per registry dated 12-06-2013)
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Name |
Address |
Co. No. |
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Rex & Rex Corporate Services Ltd. |
Unit 2103, 21/F., Office Tower, Langham Place, 8 Argyle Street,
Mongkok, Kowloon, Hong Kong. |
0326819 |
HISTORY
The subject was incorporated on 12th June, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
Last time, the subject was located at Room 506, 5/F., Winfield
Commercial Building, 6-8 Part Avenue, Tsimshatsui, Kowloon, Hong Kong, moved to
the present address in March 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Silk products, garments,
other textile products.
Employees: 8.
(Including associates)
Commodities Imported: China, etc.
Markets: Asian countries, Europe, North
America, Central & South America, etc.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, O/A, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
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:
CITIC Bank
International Ltd., Hong Kong.
Standing:
Good.
GENERAL
Having issued 10,000 ordinary shares of HK$1.00 each, GDTEX Hongkong
Ltd. is jointly owned by Mr. Ling Fangcai, holding 90% interests; and
Mr. Cheung Ying, holding 10%. They
are also directors of the subject.
The business of the subject is chiefly handled by Cheung Ying as most of
the time Ling Fangcai is in China.
The subject is trading in silk products, garments, other textile
products. Commodities are sourced from
China while the prime markets are Japan, the other Asian countries, Europe,
North America, Central & South America, etc. The subject has had the following two
significant China associated companies:-
Guangdong Silk-Tex Group Co. Ltd. [GSTG]
Guangdong Textiles Import & Export Co. Ltd. [GTIEC]
The above two firms are in Guangdong Province, China. LING Fangcai is also the President of
GTIEC. According to the subject GTIEC is
a member of GSTG.
GSTG has 91 subsidiaries and shareholding companies both in China and
Hong Kong. GSTG is a large-scale
enterprise group mainly engaged in the production and trading of cocoons, silk,
silk fabric, textile and garments, integrating agriculture, industry, commerce,
trade, scientific research and education.
Its annual import and export volume took the lead in the industry as one
of the top 200 biggest import and export enterprises in China.
At present, GSTG owns three reeling factories, sole investing or
shareholding, five garment manufactories, 2,500 plus units of production
facilities such as sewing machines, and over a hundred of joint-venture
factories.
GSTG has had the following foreign main customers: WAL-MARK, K-MARK,
JC-PENNY, H&M, etc.
GSTG is also engaged in the same lines of business. GSTG is trading in the following products:-
Silk and silk products, garments, native produce & animal
by-products, ceramic products, stationery & office equipment,
pharmaceuticals & health products.
The annual sales turnover of GSTG ranges from RMB270 to 300 million Yuan. Its commodities are exported to 180 countries
of the world. Overall business is
active.
The subject is fully supported by GSTG and GTIEC. History in Hong Kong is over seven years.
On the whole, consider the subject good for normal business engagements.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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12-05-2010 |
Instrument: Charge On Cash Deposit Property: The Chargor, as beneficial owner, charges and agrees to charge to the
Bank by way of first charge:- A) The Chargor’s entire
right, title & interest in and to the Deposit; and B) All right and benefits
accruing to or arising in connection with the Deposit Mortgagee: CITIC Bank International Ltd.,
Hong Kong. |
As a continuing security for the secured liabilities |
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07-05-2010 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner:- (A) Assigns and agrees to
assign absolutely to the Bank all the present and future rights, title,
interests and benefits of the Borrower in and to the following assets:- (i) Export Credits; (ii) Export Collection
Bills; (iii) Sales Contracts; (iv) Invoice Receivables; (v) Insurances; (vi) Trade Documents; and (vii) All claims, remedies
and proceeds in connection with any of the foregoing; and (B) Charges and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights, title, interests and benefits of the Borrower in and to the following
assets: (i) the Goods together with their proceeds; and (ii) the Deposit; and (C) Pledges & agrees
to pledge to the Bank the Pledged Goods and the Trade Documents which are now
or may in the future be in the Bank’s possession Mortgagee: CITIC Bank International Ltd.,
Hong Kong. |
As security for the payment of all secured liabilities |
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03-06-2010 |
Instrument: Security Over Deposit in respect of
Obligations of the Depositor Property: By way of first fixed charge to the Chargee the Account No.
702530008605 and all deposits from time to time therein which expression
includes all and every deposit and any currency into which such sums may from
time to time be converted, any renewal or substitution of such deposit and
all interest payable thereon and all the right, title, benefit and interest
whatsoever, present & future, of the Borrower together with all deposit
receipts in respect thereof, free from any lien, charge or encumbrance of any
kind, to the intent that such charge shall operate as a continuing security
over the Deposits to the Chargee until all such moneys, obligations &
liabilities have been paid or discharged. Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All monies & liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.59.41 |
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1 |
Rs.90.38 |
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Euro |
1 |
Rs.77.61 |
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.