MIRA INFORM REPORT

 

 

Report Date :

14.11.2013

 

IDENTIFICATION DETAILS

 

Name :

GRATEFUL TEXTILES CO. LTD.

 

 

Registered Office :

Flat B7, 11/F., Hong Kong Industrial Centre, 489-491 Castle Peak Road, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

05.02.1980

 

 

Com. Reg. No.:

06456128

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of All kinds of Piece Goods, fabrics

 

 

No. of Employees :

20

 

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

 

Company name

 

GRATEFUL TEXTILES CO. LTD.

 

 

ADDRESS

 

Flat B7, 11/F., Hong Kong Industrial Centre, 489-491 Castle Peak Road, Kowloon, Hong Kong.

 

PHONE:            852-2745 5222

 

FAX:                 852-2786 2691

 

E-MAIL:            sales@grateful.com.hk

 

 

MANAGEMENT

 

Managing Director:        Mr. Wilson Hsu

 

 

SUMMARY

 

Incorporated on:            5th February, 1980.

 

Organization:                 Private Limited Company.

 

Capital: Nominal:           HK$4,200,000.00

Issued:                         HK$4,200,000.00

 

Business Category:       Importer, Exporter and Wholesaler.

 

Employees:                  20.

 

Main Dealing Banker:     Bank of China (Hong Kong) Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

Company name

 

GRATEFUL TEXTILES CO. LTD.

 

 

ADDRESS

 

Registered Head Office:-

Flat B7, 11/F., Hong Kong Industrial Centre, 489-491 Castle Peak Road, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

06456128

 

 

COMPANY FILE NUMBER

 

 0078198

 

 

MANAGEMENT

 

Managing Director:  Mr. Wilson Hsu

 

 

CAPITAL

 

Nominal Share Capital: HK$4,200,000.00 (Divided into 42,000 shares of HK$100.00 each)

 

Issued Share Capital:     HK$4,200,000.00

 

 

SHAREHOLDERS

 

(As per registry dated 05-02-2013)

Name

 

No. of shares

Wilson HSU

 

31,500

CHAN Fung Yee, Carrie

 

6,300

HSU Shiu Tung, Kenrick

 

4,200

 

 

––––––

 

Total:

42,000

=====

 

 

DIRECTORS  

 

(As per registry dated 05-02-2013)

Name

(Nationality)

 

Address

HSU Shiu Tung, Kenrick

Flat E, 30/F., Tower 2, Sorrento, 1 Austin Road West, Tsimshatsui, Kowloon, Hong Kong.

 

Wilson HSU

Flat B, 15/F., Block 2, 2 & 3 Garden Terrace, 8A Old Peak Road, Hong Kong.

 

CHAN Fung Yee, Carrie

Flat A, 2/F., Block 2, Meridian Hill, 81 Broadcast Drive, Kowloon Tong, Kowloon, Hong Kong.

 

 

SECRETARY 

 

(As per registry dated 05-02-2013)

Name

Address

WU Yuk Lin

Flat H, 37/F., Block 12, Park Central, 9 Tong Tak Street, Tseung Kwan O, New Territories, Hong Kong.

 

HISTORY

 

The subject was incorporated on 5th February, 1980 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.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           All kinds of piecegoods, fabrics.

 

Employees:                  20.

 

Commodities Imported: Europe, China, other Asian countries, etc.

 

Markets:                        China, other Asian countries, Europe, North America, Australia, etc.

 

Terms/Sales:                  L/C, T/T, etc.

 

Terms/Buying:               L/C, D/P, O/A, etc.

 

 

MEMBERSHIP

 

The Chinese General Chamber of Commerce, Hong Kong.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$4,200,000.00 (Divided into 42,000 shares of HK$100.00 each)

 

Issued Share Capital:     HK$4,200,000.00

 

Mortgage or Charge:-

Date of Deed of Indemnity,
Charge Over Deposit and Set-Off : 11-01-2010

Amount:            All moneys in respect of general banking facilities

Property:          All the Company’s estate, right, title, claim, benefit and interest to and in the Deposit and all interest from time to time payable thereon and together with all title deeds or documents relating thereto
Particulars of the Deposit:
Deposit No.:     012-898-5-129412-1
Amount:            HK$4,000,000

Mortgagee:       Bank of China (Hong Kong) Ltd., Hong Kong.

 

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:                         Bank of China (Hong Kong) Ltd., Hong Kong.

 

Standing:                      Good.

 

 

GENERAL

 

Having issued 42,000 ordinary shares of HK$100.00 each, Grateful Textiles Co. Ltd. is jointly owned by Mr. Wilson Hsu, holding 75% interests; Ms. Chan Fung Yee, Carrie, holding 15%; Mr. Hsu Shiu Tung, Kenrick, 10%.  They are also directors of the subject.  The Hsu family are Taiwan by origin.

 

Incorporated in February 1980, the subject is trading in the following commodities:-

Clothing Accessories;

  • Jeans;
  • Labels for Garments;
  • Piecegoods ‑ Blended;
  • Piecegoods ‑ Synthetic;
  • Piecegoods ‑ Vegetable fibre; &
  • Piecegoods ‑ Woollen Woven.

The subject’s garments traded including men’s shirts, lady blouses, lady blouses, lady chequer shirts and tops

Commodities are imported from Europe, China, Taiwan, other Asian countries, etc.  Prime markets are China, other Asian countries, Europe, North America, Australia, etc.  Business is active.  Regular suppliers and customers have been maintained.

 

The subject’s business is chiefly handled by Mr. Wilson Hsu himself.

 

As the history of the subject is over 33 years in Hong Kong, on the whole, consider it good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.63.45

UK Pound

1

Rs.101.17

Euro

1

Rs.85.55

 

 

INFORMATION DETAILS

 

Report Prepared by :

SDA

 

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.