|
Report Date : |
01.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
TALENT WEAVING
DYEING & PRINTING
LTD. |
|
|
|
|
Formerly Known as: |
Talent Textiles Ltd |
|
|
|
|
Registered Office : |
7/F., Wing Ming Industrial Centre, 15 Cheung Yue
Street, Lai Chi Kok, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
23.03.2005 |
|
|
|
|
Com. Reg. No.: |
35506770 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of piecegoods (Woven or blended), etc. |
|
|
|
|
No. of Employees : |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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 |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
TALENT WEAVING
DYEING & PRINTING
LTD.
7/F., Wing Ming
Industrial Centre, 15 Cheung Yue Street, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 2262 5842
FAX: 3580 8268
Managing
Director: Mr. Chau
Kwai Cheong
Incorporated on: 23rd March, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 25.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
7/F., Wing Ming
Industrial Centre, 15 Cheung Yue Street, Lai Chi Kok, Kowloon, Hong Kong.
Holding Company:-
Union Joyce Ltd.,
Hong Kong.
Associated
Companies:
Ming Yuen Textiles
Ltd., Hong Kong.
Talent Weaving
Dyeing & Printing (HK) Ltd., Hong Kong.
Zhangjiagang Talent Weaving
Dyeing & Printing Ltd., China.
35506770
0958171
Managing
Director: Mr. Chau
Kwai Cheong
Contact
Person: Mr. Yung Sum
Nominal Share
Capital: HK$5,000,000.00 (Divided into5,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$5,000,000.00
(As per registry dated 23-03-2012)
|
Name |
|
No.
of shares |
|
Union
Joyce Ltd., Hong Kong. |
|
4,000,000 |
|
Billion Lead Investment Ltd., Hong Kong. |
|
1,000,000 |
|
|
|
–––––––– |
|
|
Total: |
5,000,000 ======= |
(As per registry dated 23-03-2012)
|
Name (Nationality) |
Address |
|
YIU Fung Kuen |
7/F., Wing Ming Industrial Centre, 15
Cheung Yue Street, Lai Chi Kok,
Kowloon, Hong Kong. |
|
CHAU Kwai Cheong |
7/F., Wing Ming Industrial Centre, 15 Cheung
Yue Street, Lai Chi Kok, Kowloon, Hong Kong. |
YIU Fung Kuen (As per registry dated 23-03-2012)
The
subject was incorporated on 23rd March, 2005 as a private limited liability company
under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Talent Textiles Ltd., name changed
to the present style on 9th April, 2005.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of piecegoods (Woven or blended), etc.
Employees: 25.
Commodities Imported: China, other Asian countries, etc.
Markets: China, other Asian countries, Europe, North America, Scandinavia, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
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.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
CITIC Bank International Ltd., Hong Kong.
Standing: Normal.
Having
issued 5 million ordinary shares of HK$1.00 each, Talent Weaving Dyeing &
Printing Ltd. is jointly owned by two Hong Kong-registered firms: Union Joyce
Ltd., holding 80% interests, and Billion Lead Investment Ltd., holding 20%.
The
directors of the subject Ms. Yiu Fung
Kuen and Mr. Chau Kwai Cheong are Hong Kong
merchants.
The
subject is trading in the following products:-
·
Piecegoods ‑
Vegetable Fibre (Woven);
·
Piecegoods ‑
Blended (Woven); &
·
Piecegoods ‑
Synthetic (Woven).
Products
are exported to Eastern Europe, North America, Scandinavia, Western Europe,
etc. Business is normal.
The
subject has had a main associated company in China known as Zhangjiagang
Talent Weaving Dyeing & Printing Ltd. [Zhangjiagang
Talent].
Established
in 2005, Zhangjiagang Talent is specialized in
producing Yarn Dyed Woven fabric, such as poplin, twill, dobby, seersucker,
crepe, etc. Equipped with imported
machines, completed quality control system and well-trained workers, Zhangjiagang Talent is able to produce products in conformity
with local and international middle-high standards.
Since
2006, Zhangjiagang Talent’s customers have been
coming from worldwide countries, among which 70% from the United States, and
30% from Europe.
It
is are also looking for new buyers both in China and abroad. With professional teams in R&D,
production, quality control & sales, Zhangjiagang
Talent believes it can provide customers with improving services for more
buyers than today.
Covering
an area of 186,500 sq.m. and with a total investment
of US$29.8 million, Zhangjiagang Talent is also owned
by Mr. Chau Kwai Cheong. Most of its
production lines were imported from Belgium, Germany, and Italy. It also has been equipped with 200 air
blowing weaving machines imported from abroad.
300 more weaving machines will be installed in the years ahead. At present, the annual production capacity of
Zhangjiagang Talent is about 20 million metres of coloured woven fabrics,
and will be increased to 45 million metres in the
immediate future.
Zhangjiagang Talent will further
diversify its business to garment manufacturing in future and developing its
own trade marks.
The
main functions of the subject are raw materials sourcing, products marketing,
payments settling for its associated factory in China.
The
subject is able to make a small profit every year.
As
the history of the subject is over seven years and five months in
Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
28-04-2010 |
Instrument: Deed of Indemnity, Charge 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(s) and all interest from time to time payable thereon and together
with all title deeds or documents relating thereto. Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
All monies in respect of general banking facilities granted to Ming
Yuen Textiles Ltd. |
|
28-04-2010 |
Instrument: Deed of Indemnity, Charge 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(s) and all interest from time to time payable thereon and together
with all title deeds or documents relating thereto. Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong. |
All monies in respect of general banking facilities granted to Talent
Weaving Dyeing & Printing Ltd. |
|
06-05-2010 |
Instrument: Charge on Cash Deposit(s) Property: The Chargor, a beneficial owner, charges and agrees to charge
to the Bank by way of first fixed charge: Mortgagee: CITIC Ka Wah
Bank Ltd., Hong Kong. [Now known
as CITIC Bank International Ltd.] |
As a continuing security for the Secured Liabilities. |
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.77 |
|
UK Pound |
1 |
Rs.81.57 |
|
Euro |
1 |
Rs.70.68 |
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 |
|
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 |
|
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 |
|
26-40 |
B |
Capability to overcome financial difficulties
seems comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be
exercised |
Credit not
recommended |
|
---- |
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.