|
Report Date : |
09.05.2013 |
IDENTIFICATION DETAILS
|
Name : |
Newtimes (HK) Ltd |
|
|
|
|
Registered Office : |
5/F., Block A, Hong Kong Industrial Centre, 489-491 Castle Peak Road,
Cheung Sha Wan, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
21.07.2000 |
|
|
|
|
Com. Reg. No.: |
31164465 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, exporter and wholesalers of all kinds of garments |
|
|
|
|
No. of Employees : |
32 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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
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
NEWTIMES
(HK) LTD.
ADDRESS: 5/F., Block A, Hong Kong Industrial
Centre, 489-491 Castle Peak Road, Cheung Sha
Wan, Kowloon, Hong Kong.
PHONE: 2786 1111, 2371 5600
FAX: 2785 6111, 2785 3333,
2745 1111
E-MAIL: enquiry@newtimesgroup.com
Managing
Director: Mr. Ling Chien Van, George
Incorporated on: 21st July, 2000.
Organization: Private Limited Company.
Capital: Nominal:HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 32.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
5/F., Block A,
Hong Kong Industrial Centre, 489-491 Castle Peak Road, Cheung Sha Wan, Kowloon,
Hong Kong.
Branch Office:-
10/F., Kin Yip
Plaza, 9 Cheung Yee Street, Cheung Sha Wan Kowloon, Hong Kong.
[Tel: 2197
7333; Fax: 2454 3111]
Workshop:-
Unit 5AB, D3 &
9AB, Hong Kong Spinners Industrial Building, Phase 1 & 2, 601-603 Tai Nan West
Street, Kowloon, Hong Kong.
[Tel: 2171
1111; Fax: 2744 0100]
China Liaison Offices:-
Beijing Liaison Office
Room 9-11, 10/F., Lucky Tower, Block A, No. 3 North Dongsanhuan Road, Chaoyang
District, Beijing 100027, China.
Tel:(86-10) 8451 5555
Fax:(86-10) 6461 7777
Shanghai Liaison Office
Unit 5-12, 21/F., New Town Centre, No. 83 Loushan Guan Road, Hongqiao, Shanghai
Hongqiao Economic & Technological Development Zone, Shanghai 200336, China.
Tel:(86-21) 6208 1111
Fax:(86-21) 6208 3333, 6209 2222
Hangzhou Liaison
Office
Room
1802, 18/F., Huilong Ge, 23 Daomao Lane, Hangzhou 310003, Zhejiang Province,
China.
Tel:(86-571) 8704 5555
Fax:(86-571) 8724 8883
Guangzhou Liaison Office
Room 2101-2109, Office Tower, CITIC Plaza, Tian He North Road, Tian He District,
Guangzhou 510620, Guangdong Province, China.
Tel:(86-20) 8752 0818
Fax:(86-20) 8752 0639, 8752 0828
Dongguan Liaison Office
3/F. & 4/F., Hao Feng Mansion, 1 The First Dong Xing Street,
Changping Town, Dongguan City 523560, Guangdong Province, China.
Tel:(86-769) 3899 9399
Fax:(86-769) 3899 9308
Shantou Liaison
Office
Block
A, 16/F., North, International Commercial Building, 106 Jinsha Road East,
Longhu District, Shantou City 515041, Guangdong Province, China.
Tel:(86-574) 8179 333
Fax:(86-574) 8486 122
Nanjing Liaison
Office
Room
1204 & 1205, New Century Plaza, Block A, 288 Zhongshan East Road, Nanjing
210002, Jiangsu Province, China.
Tel:(86-25) 6815 5095
Fax:(86-25) 8465 0061
Holding Company:-
Newtimes Group
Holdings Ltd., British Virgin Islands.
Associated Companies:-
Newtimes Group of
Companies
Genexco
Development Ltd., Hong Kong.
Maxglory
Development Co. Ltd., Thailand.
Maxglory
Development Ltd., Hong Kong.
Newtimes (Taiwan)
Ltd., Taiwan.
Newtimes America
Inc., USA.
Newtimes Development
Ltd., Hong Kong.
Newtimes
Enterprises Ltd., Hong Kong. [Dissolved]
Newtimes Far East
Development (HK) Ltd., Hong Kong.
Newtimes Far East
Development Ltd., Hong Kong. [Dissolved]
Newtimes Group
Pvt. Ltd., India.
Newtimes Human
Resources Ltd., Hong Kong.
Newtimes
Inspection Services Ltd., Hong Kong.
Newtimes Jones
(HK) Ltd., Hong Kong.
Newtimes Jones
Ltd., Hong Kong. [Dissolved]
Newtimes Ltd.,
Hong Kong.
Newtimes Ltd.,
Philippines.
Newtimes Overseas
Investments Ltd., British Virgin Islands.
Newtimes Worldwide
(Taiwan) Ltd., Taiwan.
Pacificways Ltd.,
Hong Kong.
etc.
31164465
0724730
Managing
Director: Mr. Ling Chien Van, George
Nominal Share Capital:
HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share
Capital: HK$1,000,000.00
(As
per registry dated 21-07-2012)
|
Name |
|
No.
of shares |
|
Newtimes Group Holdings Ltd. TrustNet Chambers,
P.O. Box 3444, Road Town, Tortola, British Virgin Islands. |
|
99,999 |
|
Newtimes Human Resources Ltd., Hong Kong. |
|
1 |
|
|
|
––––––– |
|
|
Total: |
100,000 ====== |
(As
per registry dated 21-07-2012)
|
Name (Nationality) |
Address |
|
LEUNG Shui Yung |
A87, Maple Garden, 80 Castle Peak Road,
Yuen Long, New Territories, Hong Kong. |
|
WU Ni Na |
Flat C, 11/F., 62 Broadway, Mei Foo Sun
Chuen, Kowloon, Hong Kong. |
|
LING Chien Van,
George |
51 Kadoorie Avenue, Ho Man Tin, Kowloon,
Hong Kong. |
(As
per registry dated 21-07-2012)
|
Name |
Address |
|
CHOW
Yee Mei |
5/F., Block A, Hong Kong Industrial Centre, 489-491 Castle Peak Road,
Cheung Sha Wan, Kowloon, Hong Kong. |
The
subject was incorporated on 21st July, 2000 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, Exporter and Wholesaler.
Lines: All kinds of garments.
Employees: 32.
Commodities Imported: Imports fabrics from Europe and finished products from China and other Asian countries.
Markets: US, Europe and Japan.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C or as per contracted.
The Federation of Hong
Kong Industries, Hong Kong.
[Membership No. A8555]
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Made profits in the past years.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of America N.A., Hong Kong Branch.
Standing: Good.
Incorporated
in July 2000, Newtimes (HK) Ltd. is a wholly-owned subsidiary of Newtimes Group
Holdings Ltd. which is a BVI-registered firm.
The
subject is a garment trader. It is
trading in the following commodities:-
·
Blouses;
·
Cardigan, Sweater and Pullover;
·
Career and Casual Wear;
·
Children’s Wear;
·
Denim Products;
·
Dresses and Skirts;
·
Home Bath Products;
·
Home Decorations;
·
Home Textiles;
·
Jeans;
·
Knitted Garments;
·
Shirts;
·
Slacks;
·
Suits and Jackets – Men’s;
·
Suits and Jackets – Women’s;
·
Sweaters;
·
Tee and Sweat Shirts; &
·
Trousers,
The subject is one of the members of the Newtimes Group which includes the following main companies apart from the subject:-
Newtimes
(Taiwan) Ltd., Taiwan
Newtimes
Development Ltd.
Newtimes
Enterprises Ltd. [Dissolved]
Newtimes
Far East Development (HK) Ltd.
Newtimes
Far East Development Ltd. [Dissolved]
Newtimes
Group Holdings Ltd., British Virgin Islands
Newtimes
Human Resources Ltd.
Newtimes
Jones (HK) Ltd.
Newtimes
Jones Ltd. [Dissolved]
Newtimes
Ltd.
Newtimes
Overseas Investments Ltd., British Virgin Islands
Newtimes
Worldwide (Taiwan) Ltd., Taiwan
Pacificways
Ltd.
The Newtimes Group was established by Mr. George Ling in 1971 with offices in Hong Kong and Taiwan. Over the past 41 years, the Group has become a professionally garment trader in Asia and the Middle East. Today, the Group has maintained liaison offices in Beijing, Shanghai, Hangzhou, Guangzhou, Dongguan, Shantou and Nanjing of China; Taipei of Taiwan; Bangkok of Thailand; Manila of the Philippines; Cambodia; Jordan; New Delhi, Banglore and Chennai of India; Colombo of Sri Lanka; Jakarta of Indonesia; New York and Seattle of the United States; Ho Chi Minh of Vietnam; Dhaka of Bangladesh; Cairo of Egypt; and Seoul of South Korea. According to the Group, it has had 20 offices and 22 quality assurance hubs in Asia, Indian sub-continent and the Middle East.
During the initial years, the business of the Group was just involved in exporting sundry products made in Hong Kong, Taiwan and China. Prime markets were South and Central America.
The Group grew substantially when it has become the buying agent for a number of garment traders in the United States. Now, the Group has been one of the world’s largest apparel and household product suppliers for large corporations in the United States, Europe and Japan.
In addition, the Newtimes Group is also engaged in garments designing, raw materials sourcing, etc. Currently, the Group has about 1,300 persons throughout Asia.
Located at the operating office of the subject, the core member of the Group Newtimes Ltd. [Newtimes] was incorporated in 1983. Newtimes is trading in textiles and garments. It mainly exports garments to the United States and Canada while the garments are manufactured by its associated factories in China and other Asian countries.
The Group’s India firm is known as Newtimes Group Pvt. Ltd. It is located at Haryana, India. Besides, the Group’s Philippine firm is known as Newtimes Ltd. It is also engaged in garments trading and manufacturing.
The Group today operates a network of 33 sourcing offices and quality assurance hubs in Asia, India and sub-continent and the United States.
After 1983, more and more firms have been set up by the Group. The subject was established in July 2000 in order to share the workload of Newtimes. It is also responsible for providing affiliated factories in Asia with raw materials such as fabrics which are imported from Europe. The Group’s business also includes product designing and packaging, raw material sourcing, manufacture planning and managing, shipping consolidation, etc.
The annual sales turnover of the Group is rather significant.
The directors of the subject Ms. Wu Ni Na and Ms. Leung Shui Yung are also the directors of Newtimes.
The history of the subject in Hong Kong is over twelve years. On the whole, in view of the subject’s background and parentage, considered it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.16 |
|
|
1 |
Rs.83.88 |
|
Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
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.