MIRA
INFORM REPORT
|
Report Date : |
23.11.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHIP TAK WEAVING FACTORY LTD. |
|
|
|
|
Registered Office : |
Chip Tak Weaving Factory Building, 105-113 Ta Chuen Ping Street,
Kwai Chung, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
19.07.1962 |
|
|
|
|
Com. Reg. No.: |
01421255 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Denim Manufacturer & Trader of All kinds of denim. |
|
|
|
|
No. of Employees : |
20 |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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
CHIP
TAK WEAVING FACTORY LTD.
ADDRESS
Chip Tak Weaving Factory Building, 105-113 Ta
Chuen Ping Street, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2427 6111
FAX: 852-2420 0448
E-MAIL: lausaunam@chiptak.com
MANAGEMENT
Managing Director: Mr.
Lau, Lee Hok, Thomas
SUMMARY
Incorporated on: 19th
July, 1962.
Organization: Private
Limited Company.
Capital: Nominal: HK$15,000,000.00
Issued: HK$141,090.00
Business Category: Denim Manufacturer & Trader.
Employees:
20.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Company name
CHIP
TAK WEAVING FACTORY LTD.
ADDRESS
Registered
Head Office:-
Chip Tak Weaving Factory Building, 105-113
Ta Chuen Ping Street, Kwai Chung, New Territories, Hong Kong.
Holding
Company:-
Quality Denim Ltd., British Virgin Islands.
Subsidiary
Company:-
Concept Studio Ltd., Hong Kong. (Same address)
Associated
Companies:-
Chip Tak Investments Ltd., Hong Kong.
Chip Tak Textiles (Taishan) Co. Ltd.
Chip Tak Industrial Park, Shalan, Haian Town,
529300 Taishan City, Guangdong Province, China.
[Tel: 0750-5382011, Fax: 0750-5382 062
E-mail: 2574652284@qq.com]
BUSINESS REGISTRATION NUMBEr
01421255
COMPANY FILE NUMBER
0007859
MANAGEMENT
Managing Director: Mr. Lau Lee Hok, Thomas
Contact Person: Mr. Lau Chor Hee
CAPITAL
Nominal Share Capital: HK$15,000,000.00
(Divided into 90 Class A shares and 141,000 Class B shares of HK$100.00 each)
Issued Share Capital: HK$141,090.00
SHAREHOLDERS
(As per registry dated 19-07-2013)
|
Name |
|
No.
of shares |
|
|
|
|
Class A |
Class B |
|
LAU Lee Hok, Thomas |
|
1 |
25,637 |
|
LAU Lee Tung |
|
|
25,636 |
|
LAU Lee Cheung |
|
|
89,727 |
|
Quality Denim Ltd. P.O. Box 957, Road Town, Tortolia, British
Virgin Islands. |
|
89 |
|
|
|
|
|
|
|
|
Total: |
90 == |
141,000 ====== |
DIRECTORS
(As per registry dated 19-07-2013)
|
Name (Nationality) |
Address |
|
LAU Lee Tung |
4 Magnolia Road, Yau Yat Chuen, Kowloon,
Hong Kong. |
|
LAU Lee Cheung |
4 Magnolia Road, Yau Yat Chuen, Kowloon,
Hong Kong. |
|
LAU Wendy Yee |
Flat A, 3/F., 9 Marigold Road, Yau Yat
Chuen, Kowloon, Hong Kong. |
|
LAU Wayne Kin |
Flat D, 3/F., 9 Marigold Road, Yau Yat
Chuen, Kowloon, Hong Kong. |
|
Wilson LAU |
Flat C, 3/F., 9 Marigold Road, Yau Yat
Chuen, Kowloon, Hong Kong. 0 |
|
LAU Lee Hok, Thomas |
4 Magnolia Road, Yau Yat Chuen, Kowloon,
Hong Kong. |
SECRETARY
LAU Lee Hok, Thomas (As per registry dated 19-07-2013)
HISTORY
The subject was incorporated on 19th July,
1962 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: Denim
Manufacturer & Trader.
Lines: All
kinds of denim.
Employees: 20.
Commodities Imported: China, other Asian countries, etc.
Markets: North
America, Southeast Asia, Western Europe, Middle East, etc.
Terms/Sales:
L/C, Advanced 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$15,000,000.00
(Divided into 90 Class A shares and 141,000 Class B shares of HK$100.00 each)
Issued Share Capital: HK$141,090.00
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 contracted.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank, Hong Kong
Branch.
[Business transferred to Standard Chartered Bank (Hong Kong) Ltd.]
Standing:
Very Good.
GENERAL
Chip Tak Weaving Factory Ltd. is chiefly owned by the Lau family. It is a denim manufacturer and trader.
The subject has had a subsidiary company Concept Studio Ltd. located at
the same building.
The subject is located at Chip Tak Weaving Factory Building which is
owned by it.
Concept Studio is a garment designer, manufacturer and trader. It is one of the suppliers for Levi Strauss
& Co. in Hong Kong.
The subject is a significant weaver and fabric trader in Hong Kong. Business had been flourished in the 60s and
70s. It is engaged in manufacturing and
wholesaling the following fabrics: chambray, denim 100% cotton, dobby,
herringbone, plain weave fancies, shirting oxford, twill, etc.
The subject had a factory in at Longgang District, Shenzhen Special
Economic Zone, China. The Shenzhen factory
was known as Chip Tak Textiles (Shenzhen) Co. Ltd. [Shenzhen Chip Tak]. Shenzhen Chip Tak was set up in July
1990. Now, it has moved to Taishan,
Guangdong Province, China and changed name to Chip Tak Textiles (Taishan) Co.
Ltd. [Taishan Chip Tak]. Taishan Chip
Tak was set up in April 2005.
Most of the machinery and equipment of Taishan Chip Tak were imported
from Germany, Italy, Belgium, Switzerland and Japan. The factory is able to integrate all the
procedures under a roof such as dyeing, scouring, finishing and weaving, etc.
Taishan Chip Tak has got ISO 9000 and ISO 14000 certification. The factory of Taishan Chip Tak covers an
area of 350,000 sq.m. Its annual
production capacity is about 60 million yards of denim.
The contact persons of Taishan Chip Tak are a Mr. Tang and a Ms. Huang,
both are Chinese.
The products of Taishan Chip Tak are exported to North America,
Southeast Asia, Western Europe, the Middle East, etc. as well as marketed in
China. Raw materials are imported from
Asian countries and Europe. Overall
business is satisfactory.
The annual sales turnover of the subject is significant. Business is profitable. No derogatory data have been heard.
The subject operates from a self-owned office.
As the history of the subject is over 51 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.63.02 |
|
|
1 |
Rs.102.04 |
|
Euro |
1 |
Rs.84.92 |
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 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.