|
Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
CHINA RESOURCES TEXTILES CO. LTD. |
|
|
|
|
Registered Office : |
44/F., China Resources Building, 26 Harbour Road, Wanchai |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
04.07.1979 |
|
|
|
|
Com. Reg. No.: |
06159976 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter, Distributor and Re-exporter of Cotton yarn and cloth; polyester/cotton yarn and cloth; spun rayon yarn and cloth; flax blended yarn and cloth; ramie and ramie blended yarn and cloth; acrylic; pure polyester and other chemical fibre blended yarn and cloth; various kinds of pure wool, wool chemical fibre blended piece goods; cotton made-up goods such as towels, napkins, handkerchief, blankets and other bed-clothing; woollen blankets; cotton, woollen, chemical fibre knitwear for men, ladies and children; various cotton, woollen, chemical fibre and other woven clothing for men, ladies and children. |
|
|
|
|
No. of Employees : |
50. (Excluding associates) |
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 |
CHINA RESOURCES
TEXTILES CO. LTD.
44/F., China Resources Building, 26 Harbour Road, Wanchai, Hong Kong.
(Formerly located at:
39/F., China Resources Building, 26 Harbour Road, Wanchai, Hong Kong.)
PHONE: 852-2593 8383, 2593 8111
FAX: 852-2827 5337,
2827 4211
E-MAIL: admin@crctex.com
info@crlintex.com
Managing Director: Mr. Zhou Bo
Incorporated on: 4th July, 1979.
Organization: Private Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Textiles
trading and investment holding.
Annual Sales Turnover: HK$6.5-7.0
billion.
Employees: 50. (Excluding associates)
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Very Good.
CHINA RESOURCES
TEXTILES CO. LTD.
Registered
Office:-
44/F., China Resources Building, 26 Harbour Road, Wanchai,
Hong Kong.
Shenzhen Office:-
10/F., China Resources Building, No. 5001 Shennan Dong Road, Shenzhen
Special Economic Zone, China.
[Tel.: 86-0755-8269 1999-3380
Fax: 86-0755-8269 1899 ]
Immediate Holding
Company:-
China Resources Textiles (Holdings) Co. Ltd., Hong Kong. (Same address)
Penultimate
Holding Company:-
China Resources (Holdings) Co. Ltd., Hong Kong.
Ultimate Holding
Company:-
China Resources National Corporation
5/F., China Resources Building, 16 Dong Hua Men Street, Beijing, China.
Associated
Companies:-
Alex & Stephen Ltd., Hong Kong.
Beijing Jing Hua Textiles Co. Ltd., China.
Callany Ltd., Hong Kong.
China Hua Yuan Co. Ltd., Hong Kong.
China Resources (Shenyang) Sanyo Compressor Co. Ltd., China.
China Resources Cestbon Beverage (Holdings) Co. Ltd., Hong Kong.
China Resources Capital Holdings Co. Ltd., Hong Kong.
China Resources Cement Holdings Ltd., Cayman Island/Hong Kong.
China Resources Chemicals Co. Ltd., Hong Kong.
China Resources Chenucaks Holdings Ltd., Hong Kong.
China Resources Construction (Holdings) Ltd., Hong Kong.
China Resources Gas Group Ltd., Bermude/Hong Kong.
China Resources Land Ltd., Cayman Island/Hong Kong.
China Resources Logistics (Pak Sik Enterprises) Ltd., Hong Kong.
China Resources Logistics (Shatin Cold Storage) Ltd., Hong Kong.
China Resources Logistics (Yuen Fat Wharf & Godown) Ltd., Hong Kong.
China Resources Microelectronics Ltd., Cayman Island/Hong Kong.
China Resources Ng Fung Hong Ltd., Hong Kong.
China Resources Pharmacentical Group Ltd., Hong Kong.
China Resources Power Holdings Co. Ltd., Hong Kong.
China Resources Textile Materials Co. Ltd., Hong Kong.
China Resources Vanguard (Hong Kong) Co. Ltd., Hong Kong.
China Resources Vanguard Co. Ltd., China.
China Resources Yantai Nylon Co. Ltd., China.
Chinese Arts & Crafts (H.K.) Ltd., Hong Kong.
Chung Fu Hong Ltd., Hong Kong.
Chung Kong Luen Livestock Co. Ltd., Hong Kong.
CRE (Nominees) Ltd., Hong Kong.
CRE Finance (Hong Kong) Ltd., Hong Kong.
CRE Properties (Hong Kong) Ltd., Hong Kong.
CRE Property (Argyle Centre) Ltd., Hong Kong.
CRE Property (Nan Fung Centre) Ltd., Hong Kong.
CRE Property (Silvercord) Ltd., Hong Kong.
Guang Yuan Textile Co. Ltd., Hong Kong.
Hsin Hung Textiles Ltd., Hong Kong.
Multi - Sources Development Ltd., Hong Kong.
Ng Fung Frozen Meats & Aquatic Products Co. Ltd., Hong Kong.
Ng Fung Slaughterhouse (Hong Kong) Co. Ltd.,
Hong Kong.
Perfect Youth Co. Ltd., Hong Kong.
[Dissolved]
Rich Resources Co. Ltd., Hong Kong.
Ting Key Investment Ltd., Hong Kong.
Worldfaith Properties Ltd., Hong Kong.
etc.
06159976
0071036
Managing Director: Mr. Zhou Bo
Director & General Manager:
Mr. Xiang Ming
Contact Person: Ms. Wu
Nominal Share Capital: HK$5,000,000.00
(Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 04-07-2013)
|
Name |
|
No. of shares |
|
China Resources Textiles (Holdings) Co. Ltd., Hong Kong. |
|
5,000,000 ======= |
(As per registry dated 04-07-2013)
|
Name (Nationality) |
Address |
|
XIANG Ming |
Room 821, 10 Main Road, Zhifu District, Yantai, Shandong, China. |
|
ZHOU Bo |
Flat C, 60/F., Tower 6, The Palazzo, 28 Lok King Street, Fo Tan, New
Territories, Hong Kong. |
|
DI Hui (Chinese) |
Room A, 11/F., Ming Yuen Mansion (Stage 3), 18 Peacock Road, North
Point, Hong Kong. |
(As per registry dated 04-07-2013)
|
Name |
Address |
|
Ankana LIVASIRI |
Flat 1204, 12/F., Block B, Villa Lotto, 18 Broadwood Road, Happy
Vallely, Hong Kong. |
The subject was incorporated on 4th July, 1979 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Boutsrema Trading Ltd.,
name changed to the present style on 4th January, 1980.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter, Distributor and
Re-exporter.
Lines: Cotton yarn and
cloth; polyester/cotton yarn and cloth; spun rayon yarn and cloth; flax blended
yarn and cloth; ramie and ramie blended yarn and cloth; acrylic; pure polyester
and other chemical fibre blended yarn and cloth; various kinds of pure wool, wool
chemical fibre blended piece goods; cotton made-up goods such as towels,
napkins, handkerchief, blankets and other bed-clothing; woollen blankets;
cotton, woollen, chemical fibre knitwear for men, ladies and children; various
cotton, woollen, chemical fibre and other woven clothing for men, ladies and
children.
Employees: 50. (Excluding associates)
Commodities Imported:-
Fabrics China.
Textile fabrics China, USA, Australia,
Japan and South Korea.
Yarn China.
Knitted and woven clothing China.
Markets: Hong Kong, Japan, Korea, Thailand,
etc.
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
|
Date |
GN No. |
Particulars |
Amount |
|
31-07-1998 |
GN3754 |
Supply of khaki/green blended twill |
HK$2,795,000 |
|
31-07-1998 |
GN3754 |
Supply of towelling white |
HK$1,881,000 |
|
31-07-1998 |
GN3754 |
Supply of drill cotton, heavy weight |
HK$1,003,400 |
|
30-10-1998 |
GN5305 |
Supply of 100% wool worsted barathea, navy blue to Government Supplies
Dept. |
HK$19,200,000 |
|
29-01-1999 |
GN528 |
Supply of unbleached cotton calico |
HK$4,620,000 |
|
26-02-1999 |
GN998 |
Supply of dyed sheeting, cotton |
HK$1,634,800 |
|
25-06-1999 |
GN3588 |
Supply of cotton drills |
HK$619,500 |
|
29-10-1999 |
GN6691 |
Supply of towelling white |
HK$2,050,000 |
|
26-11-1999 |
GN7301 |
Supply of 100% wool worsted barathea, navy blue to Government Supplies
Dept. Unallocated Stock |
HK$15,744,000 |
|
31-03-2000 |
GN2057 |
Supply of cotton drills |
HK$2,860,080 |
|
28-04-2000 |
GN2672 |
Supply of cotton calico, semi-bleached |
HK$1,281,840 |
|
27-10-2000 |
GN7091 |
Supply of white cleaning rags, French polishing |
HK$1,377,759 |
|
27-04-2001 |
GN2747 |
Supply of white bed sheeting |
HK$2,211,000 |
|
28-09-2001 |
GN6104 |
Supply of cotton drills |
HK$466,200 |
|
22-02-2002 |
GN1199 |
Supply of twill, polyester/cotton, with checked pattern |
HK$952,000 |
|
26-04-2002 |
GN2588 |
Supply of cotton calico, unbleached |
HK$1,053,000 |
|
26-04-2002 |
GN2588 |
Supply of white bed sheeting |
HK$1,282,500 |
|
31-05-2002 |
GN3324 |
Supply of cotton drills |
HK$828,600 |
|
31-05-2002 |
GN3324 |
Supply of cotton white calico and cotton dyed sheeting |
HK$1,393,320 |
|
30-08-2002 |
GN5402 |
Supply of white cleaning rags, French polishing |
HK$1,549,800 |
|
25-10-2002 |
GN6858 |
Supply of barathea, worsted, navy blue |
HK$1,640,000 |
|
28-03-2003 |
GN2209 |
Supply of semi-bleached cotton calico |
HK$1,296,000 |
|
27-08-2004 |
GN5669 |
Supply of cotton calico |
HK$1,607,647 |
|
30-09-2004 |
GN6432 |
Supply of coverlet qualited ward |
HK$1,543,200 |
|
28-04-2006 |
GN2700 |
Supply of twill polyester/cotton with checked pattern |
HK$3,396,000 |
|
29-01-2010 |
GN604 |
Supply of polyester/cotton twill with checked pattern |
HK$2,664,000 |
|
28-01-2011 |
GN804 |
Supply of shirting material in assorted colours |
RMB4,000,260 |
|
30-06-2011 |
GN4208 |
Supply of dark bluepolyester/cotton twill |
RMB2,997,600 |
|
30-03-2012 |
GN2200 |
Supply of white calico |
HK$7,917,000 |
|
27-04-2012 |
GN2938 |
Supply of dark green twill |
HK$2,212,800 |
|
26-10-2012 |
GN7045 |
Supply of cotton drill in assorted colours |
HK$2,495,000 |
|
28-12-2012 |
GN8358 |
Supply of unbleached calico |
HK$7,168,000 |
The Chinese General Chamber of Commerce, Hong Kong.
Nominal Share Capital: HK$5,000,000.00
(Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$5,000,000.00 |
on |
02-02-1980 |
Alternation of Issued Capital:-
|
04-07-1979 |
paid up |
HK$ 2.00 |
|
04-01-1980 |
paid up |
HK$4,999,998.00 |
|
|
|
|
|
Total: |
paid up |
HK$5,000,000.00 ============== |
Group Profit Attributable to Shareholders (including continuing and
discontinued operations):-
|
Period |
CRE Group |
Textile Division |
|
Year ended 31-12-2005 |
HK$2,220 million |
HK$ 81 million |
|
Year ended 31-12-2006 |
HK$2,776 million |
HK$ 61 million |
|
Year ended 31-12-2007 |
HK$4,961 million |
HK$144 million |
|
Year ended 31-12-2008 |
HK$2,322 million |
HK$ 74 million |
Profit & Loss: Making small profit every year.
Condition: Business is active and good.
Facilities: Actively using general
banking facilities.
Payment: Reliable.
Commercial Morality: Good.
Bankers:-
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Bank of Communications, Hong Kong
Branch.
Chiyu Banking Corporation Ltd.,
Hong Kong.
Nanyang Commercial Bank Ltd.,
Hong Kong.
The Bank of
Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Standing: Very good.
China Resources Textiles Co. Ltd. [CRT], incorporated in Hong Kong in
July 1979, was previously a direct wholly-owned subsidiary of China Resources
(Holdings) Co. Ltd. [CRH], a significant Hong Kong-based firm backed by Chinese
Government. CRT has become a
wholly-owned subsidiary of China Resources Light Industries & Textiles
(Holdings) Co. Ltd. [CRLITH] which was incorporated in Hong Kong in
September 1997. CRLITH is a wholly-owned
subsidiary of China Resources Enterprise Ltd. [CRE] which is a listed firm in
Hong Kong. However, on 10th March,
2005, CRLITH changed name to China Resources Textiles (Holdings) Co. Ltd.
[CRTH]. Now, CRTH is not a directory
subsidiary of CRE.
CRT and most of its associated companies are located at China Resources
Building, in Wanchai, Hong Kong, which is owned by CRH.
Currently, CRT is trading in fabrics, man-made fibres, yarns and
garments. Man-made fibres, bearing the
brand name TENCEL, are imported from the United Kingdom. Fabrics, yarns and garments are chiefly
sourced from China. Prime markets are Hong
Kong, South Korea, Japan, Thailand, etc.
CRT, had been the textile department of China Resources Co. since 1954,
was founded in 1979.
Since 1993, CRT and its subsidiaries have set up joint ventures engaged
in diversified economy including real estate, tourism, recreations, etc.
Since 1998, CRT has been awarded contracts in supplying of cotton drills
and other textiles to the Hong Kong SAR Government Departments.
Now, CRT has a total capital of HK$6.6 billion and it annual turnover
ranges from HK$6.5 to 7.0 billion. It
has 16 mills in China. Two of them are
dyeing and printing mills and with 15 dyeing and printing production lines,
with an annual production capacity for 140 million meters. It has got the advanced production machine
MBK, STOCK, GOLLER, MONFORTS, etc. It is
able to produce fine quality fabric in 100% cotton and polyester/cotton with
specific function.
The followings are the main products of CRT:-
100%COTTON 20/20 60/60 44 OR57/58
100%COTTON 30/30 68/68 44 OR57/58
100%COTTON 40/40 120/60 44 OR57/58
100%COTTON 50/50 144/80 44 OR57/58
100%COTTON 60/60 90/88 55
100%COTTON 80/80 90/88 55
100%COTTON 20/20 108/58 44 OR57/58
100%COTTON 20/16 128/60 44 OR57/58
T/C 45/45 110/76 45 OR57/58
T/C 45/45 133/72 45 OR57/58
T/C 45/2*45/2 100/55 45 OR57/58
T/C 20/16 120/60 44 OR57/58
T/C 16/12 108/56 44 OR57/58
CRTH is one of Chinas leading textile manufacturers and
distributors. It wholly owns or partly
owns 16 Mainland companies which form a comprehensive import, export and sales network
with customers worldwide.
In 2003, CRTH acquired a 51% stake in a Shenzhen-listed company, which
is later renamed China Resources Jinhua Co. Ltd. [CR Jinhua]. CR Jinhua provides CRTH with a platform for
further development through Chinas capital market. CRTH currently owns over one million
spindles, 14,600 looms and 13 printing and dyeing lines. Its annual production capacity is up to
100,000 metric tonnes of yarn, 10 million pieces of clothing, 260 million
metres of grey fabric and 130 million metres of finished fabric.
Listed on The Stock Exchange of Hong Kong Ltd. bearing stock code 0291,
CRE is one of the constituent stocks of the Hang Seng Index and the Hang Seng
London Reference Index. This company
also trades as an ADR (Stock Code: CHNRY) and is listed on SEAQ International
of the London Stock Exchange. CRE is a
conglomerate with principal activities in retail, food, beverages and textile
products. Other businesses include
property investment, petroleum and related products distribution, investments,
etc.
The subject is fully supported by CRE.
Founded in 1949, CRH is the Hong Kong agent for most large firms in
China which have close relationships with the Chinese Government.
On the whole, in view of CRTs background, history and parentage,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
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.