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Report Date : |
20.11.2013 |
IDENTIFICATION DETAILS
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Name : |
T.F.H.
TEXTILE (H.K.) LTD. |
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Registered Office : |
Flat 28, 15/F., Metro Centre, Phase II, 21 Lam Hing Street, Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.07.2011 |
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Com. Reg. No.: |
58812635 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of fabrics |
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No. of Employees : |
11. (Including associates) |
RATING & COMMENTS
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MIRAs Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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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 |
T.F.H. TEXTILE (H.K.) LTD.
Flat 28, 15/F., Metro Centre, Phase II, 21 Lam Hing Street, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2756 2881
FAX: 852-2756 2510
Managing Director: Mr. Cheng Hon Lung
Incorporated on: 28th July, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Fabric Trader.
Employees: 11. (Including associates)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat 28, 15/F., Metro Centre, Phase II, 21 Lam Hing Street, Kowloon Bay, Kowloon, Hong Kong.
Associated
Companies:- (Same address)
T.F.H. Investment Ltd., Hong Kong.
T.F.H. Textile Co. Ltd., Hong Kong. [Dissolved]
T.F.H. Trading Co. Ltd., Hong Kong. [Business name: Tai Fung Hong]
58812635
1646240
Managing Director: Mr. Cheng Hon Lung
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry
dated 28-07-2012)
|
Name |
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No.
of shares |
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CHAN Pik
Ngor, Betty |
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80,000 |
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CHENG Hon Lung |
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20,000 |
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Total: |
100,000 ====== |
(As per registry
dated 28-07-2012)
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Name (Nationality) |
Address |
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CHAN Pik Ngor,
Betty |
Flat C, 23/F., Tower 1, The
Waterfront, 1 Austin Road West, Tsimshatsui, Kowloon, Hong Kong. |
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CHENG Hon Lung |
Flat C, 23/F., Tower 1, The Waterfront,
1 Austin Road West, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry
dated 28-07-2012)
|
Name |
Address |
Co.
No. |
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Precise Secretarial & Accountancy Service Ltd. |
Flat A-B, 8/F., Ngan House, 210
Des Voeux Road Central, Hong Kong. |
0145682 |
The subject was incorporated on 28th July, 2011 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 and Exporter.
Lines: All kinds of fabrics,
Employees: 11. (Including associates)
Commodities Imported: China, UK, other European countries, etc.
Markets: China, other Asian countries, Middle East, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Profit or Loss: Too early to offer an opinion.
Condition: Business is under development.
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: Normal.
Having issued 100,000 ordinary shares of HK$1.00 each, T.F.H. Textile (H.K.) Ltd. is jointly owned by Ms. Chan Pik Ngor, Betty, holding 80% interests; and Mr. Cheng Hon Lung, holding 20%. They are also directors of the subject. Being Hong Kong merchants, Chan and Cheng is a couple.
The subject was newly
set up in July 2011. However, it has had
four associated companies located at its operating address:-
· T.F.H. Investment Ltd.
T.F.H. Textile Co. Ltd.
[TFHTCL] - [Dissolved]
T.F.H. Trading Ltd.
Tai Fung Hong
Of the above-mentioned firms, TFHTCL was incorporated on 15th April, 1988. The history of this firm was the longest. However, it has been dissolved by deregistration since 28th September, 2012.
Your given phone and fax number belong to the subject.
The subject is trading in all kinds of grey cloth cotton or woven. Commodities are imported from Europe, China, the other Asian countries, etc. Prime markets are China, the other Asian countries, the Middle East, North America, etc. Regular customers and suppliers have been maintained. Overall business is steady.
The history of the subject in Hong Kong is just over a year.
On the whole, since the history of the subject is short, consider it good for normal business engagements on L/C basis.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.56 |
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UK Pound |
1 |
Rs.100.77 |
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Euro |
1 |
Rs.84.71 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 SCs 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.