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Report Date : |
25.03.2013 |
IDENTIFICATION DETAILS
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Name : |
CENTRAL
FABRICS LTD. |
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Registered Office : |
Lower G/F., Kong Nam Industrial Building, 603-609 Castle
Peak Road, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.07.2003 |
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Com. Reg. No.: |
33781881 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Textile Product trader of 100% cotton yarn, cotton/spandex yarn, P/C 100% cotton woven fabric, knitted fabric, dyed yarn |
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No. of Employees : |
330 |
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 : |
Regular |
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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) |
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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.
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Source : CIA |
CENTRAL FABRICS
LTD.
Lower G/F., Kong Nam Industrial Building, 603-609 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 2402 3456
FAX: 2413 1085
Managing Director: Mr. Yung Wing Kay
Incorporated on: 23rd July, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Textile Product trader.
Employees: 330.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Lower G/F., Kong Nam Industrial Building, 603-609 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
Holding Company:
Central Textiles (HK) Ltd., Hong Kong.
Associated
Companies:-
Central Textiles (Weaving) Ltd., Hong Kong.
Central Textiles Knitting And Dyeing Ltd., Hong Kong.
Chung Charm Trading (HK) Ltd., Hong Kong.
Dai Chung Trading (Hong Kong) Ltd., Hong Kong.
Galaxy Commutech Ltd., Hong Kong.
33781881
0854456
Managing Director: Mr. Yung Wing Kay
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry
dated 23-07-2012)
|
Name |
|
No.
of shares |
|
Central
Textiles (HK) Ltd., Hong Kong. |
|
999,999 |
|
YUNG Wing Kay |
|
1 |
|
|
|
–––––––– |
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Total: |
1,000,000 ======= |
(As per registry
dated 23-07-2012)
|
Name (Nationality) |
Address |
|
WOO Pat Nie |
7 Purves Road, Jardine’s
Lookout, Hong Kong. |
|
YUNG Wing Kay |
Flat D, 8/F., Tower 5, The
Regalia, King’s Park Rise, Homantin, Kowloon, Hong Kong. |
|
CHI Woo Wha |
Flat B, 7/F., Block 3, Peridot
Court, 17-1/2 Miles, Castle Peak Road, New Territories, Hong Kong. |
|
CHAN To Sang |
Flat B, 26/F., Block 5, New
Jade Garden, Chai Wan, Hong Kong. |
|
YEUNG Hoi Hung |
Flat A, 59/F., Tower 3, Vision
City, 1 Yeung Uk Road, Tsuen Wan, New Territories, Hong Kong. |
|
LAM Lap Wai |
Flat 09, 10/F., Block A,
Kornhill, Quarry Bay, Hong Kong. |
(As per registry
dated 23-07-2012)
CHAN To Sang
The subject was incorporated on 23rd July, 2003 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: Textile Product trader.
Lines: 100% cotton yarn, cotton/spandex yarn, P/C 100% cotton woven fabric, knitted fabric,
dyed yarn.
Trade Marks:-
Yarn - “GREAT JOY” & “GOLDEN FISH” brands.
Employees: 330.
Materials Buying
From:-
Raw cotton - US, Pakistan, East Africa, PRC, S. America & India.
Polyester filament - Japan.
Markets: Hong Kong, U.K., Europe, Canada, Australia & Asia.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
GOVERNMENT
CONTRACTS AWARDED IN THE PAST:
Date GN
No. Particulars Amount
31-12-2004 GN8446 Supply of shirting materials white and light blue HK$5,580,000.00
27-05-2005 GN2517 Supply of blue polyester/rayon twill HK$2,035,000.00
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Is making use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Central Fabrics Ltd. is a wholly-owned subsidiary of Central Textiles (HK) Ltd. [Central Textiles] which is a Hong Kong-based firm located at the same address.
The subject is a member of the Central Textiles Group. Central Textiles was set up in 1953. Its factories are located in Tsuen Wan and Yuen Long. The total floor area is about 150,000 sq.m. The Group in Hong Kong has about 330 employees.
The subject is engaged in manufacturing high-quality denim.
It was founded in 2003. Being one of the Lycra-accredited fabric mills, the subject offers customers with a wide range of denim and piece-dyed woven fabrics.
The subject has been making better use of the resources and reducing its impact to the environment to minimum. Under the collaboration with Hong Kong Polytechnic University, the subject has developed ESTex - a breakthrough spinning technology that delivers extra soft yarn and fabrics.
In 2007, the subject was one of the first mills employing process improvement tools - Six Sigma, in its operation. By implementing a comprehensive monitoring system in the production process, it makes a positive progress in minimizing the production loss as well as the defective ratio.
In November 2008, the subject was supported Control Union to be the pilot company for the initial trial audit, and were announced to be the first mill in Asia being certified under Global Recycled Standard (GRS) in March 2009.
The subject has been providing versatile innovative fabrics including X-Fit (bi-stretch T-400) & XLA stretch fabrics, functional fabrics and organic cotton denim fabrics. Its monthly capacity - around 2 million yards, enables it to meet the various demands from the designer, brands and end-buyers.
In 2012, the Group became the first textile mill globally to receive an independently assessed score using the Higg Index, a sustainability scoring system developed by the Sustainable Apparel Coalition (SAC), which is a global industry body with membership from major global brands including Nike, Levi’s, Puma, Esprit, VF and support from over 30% of the textile and apparel trade worldwide. The development of the Index has received input from the global community in the industry and has been in the works for many years. Higg Index aims to be the global standard upon which sustainability for suppliers, brands and products are measured based on a unified metric.
The Group was also instrumental in developing the world first recycled fashion line for Esprit which was launched in May 2012. By fully supporting EcoChic Design Award which was organized by NGO Redress, the winner of EcoChic Design Award designed a recycled pre-consumer textile waste capsule collection for retail in Hong Kong, and the subject provided all the recycled denim for the fashion line.
The subject is trading in the following products: yarns, piecegoods & textiles (piece dyed fabric/greige fabric (stretch or non-stretch), piece dyed fabric/greige fabric (stretch or non-stretch); obtained “Certificate of HK origin, CEPA”), denim - cotton, woven (stretch or non-stretch, stretch or non stretch; obtained “Certificate of HK origin, CEPA”, OEM), piecegoods - blended (piece dyed fabric/greige fabric (stretch or non-stretch), piece dyed fabric/greige fabric (stretch or non-stretch)), denim - cotton blended, woven (stretch or non-stretch, stretch or non-stretch; obtained “Certificate of HK origin, CEPA”, OEM), etc.
The subject’s products are exported to China, Japan, Korea, North America, Southeast Asia, Western Europe, etc.
The annual sales turnover of the subject is very significant. Making a profit every year.
As the history of the subject is over nine years and eight months in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.34 |
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UK Pound |
1 |
Rs.82.56 |
|
Euro |
1 |
Rs.70.10 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.