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Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
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Name : |
WINNITEX LTD. |
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Registered Office : |
Unit 1-5, 6A & 7A, 36/F., Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.01.2003 |
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Com. Reg. No.: |
33466287 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of cotton, linen, tencel, polyester, rayon, lycra, spandex and their blends, and cotton yarn dye fabrics. |
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No. of Employees : |
3,000 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
|
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
WINNITEX LTD.
ADDRESS: Unit 1-5, 6A & 7A, 36/F., Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2416 1403
FAX: 852-2413 6019, 2417 9157
E-MAIL: winnitex@winnitex.com
sales@winnitex.com
tracy@winnitex.com
President & Chief Executive Officer: Mr. Wai Tien Ching
Incorporated on: 24th January, 2003.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$1,000.00
Business Category: Textile Product Trader.
Group Turnover: US$150~155 million.
Group Employees: Over 3,000.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very Good.
Registered Head
Office:-
Unit 1-5, 6A & 7A, 36/F., Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
Godown:-
Unit A-D on 4/F. & 5/F. and Unit A & D on 8/F., Fou Wah Industrial Building, 10-16 Pun Shan Street, Tsuen Wan, New Territories, Hong Kong.
Shanghai Office:-
Room 1709-1710, Haitong Securities Tower, 689 Guangdong Road, Shanghai, China.
[Tel: (86-021) 6341 0102; Fax: (86-021) 6341 0083]
China Factories:-
17 Ning Dong Road, Xiaoshan Economic Technology Development Zone, Hangzhou, Zhejiang, China. [Postal Code: 311215]
[Tel: (86-571) 8283 1000; Fax: (86-571)
8283 1728]
[Operated by Zhejiang Hing Fung Weaving, Dyeing & Printing Co. Ltd.]
313 Tang Gong Road, Shaoxing, Paojiang Industrial Zone, Shaoxiang, Zhejiang, China. [Postal Code: 312071]
[Tel: (86-575) 8803 9009; Fax: (86-575)
8803 9088]
[Operated by Zhejiang Qing Mao Weaving, Dyeing & Printing Co. Ltd.]
India Office:-
“Kalpataru”, First Floor, No. 4C 908, 9th B Main, 4th Cross, 1st Block, H R B R Layout, Kalyan Nagar, Bangalore 560043, India.
[Tel: 91-80-2542 3557; Fax: 91-80-2542 3559]
Holding Company:-
Winnitex Holdings Ltd., British Virgin Islands.
Winnitex Group of Companies
Chestin Ltd., Hong Kong.
Hing Fung Printing & Dyeing Factory Ltd., Hong Kong.
Hing Fung Wo Finance Co. Ltd., Hong Kong.
JNA Enterprises Co., Hong Kong.
Kinto Investments Ltd., Hong Kong.
Winnitex (Macao Commercial Offshore) Ltd., Macau.
Winnitex China Holdings Ltd., Hong Kong.
Winnitex Investment Co. Ltd., Hong Kong.
Winnitex Properties Ltd., Hong Kong.
Zhejiang Hing Fung Weaving Dyeing & Printing Co. Ltd., China.
Zhejiang Qing Mao Weaving Dyeing & Printing Co. Ltd, China.
etc.
33466287
0831225
President & Chief Executive Officer: Mr. Wai Tien Ching
Contact Person: Ms. Mabel Yeung
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
(As per registry dated 24-01-2013)
|
Name |
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No. of shares |
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WAI Tien Ching |
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1 |
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Winnitex Holdings Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. |
|
999 |
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|
––––– |
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Total: |
1,000 ==== |
(As per registry dated 24-01-2013)
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Name (Nationality) |
Address |
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WAI Tien Ching (Chinese) [Father] |
Unit B, 3/F., Flora Villa, 1 Marigold Road, Yau Yat Chuen, Kowloon, Hong Kong. |
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WAI Chi Wah, Nelson (British) [Son] |
Flat A, 61/F., Tower 7, The Palazzo, 28 Lok King Street, Shatin, New Territories, Hong Kong. |
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WAI Chi Kwok, Jacob (British) [Son] |
Flat A, 49/F., Highcliff, 41D Stubbs Road, Wanchai, Hong Kong. |
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WAI Chi Kwong, Albert (British) [Son] |
8 Hampshire Road, Kowloon Tong, Kowloon, Hong Kong. |
(As per registry dated 24-01-2013)
|
Name |
Address |
Co. No. |
|
Tricor Strath Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0004873 |
The subject was incorporated on 24th January, 2003 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 cotton, linen, tencel, polyester, rayon, lycra, spandex and their blends, and cotton yarn dye fabrics.
Office Floor Space: 25,712 sq.m. – shares with associates.
Group Employees: Over 3,000.
Commodities
Bought from: Bought in Hong Kong, from China, Pakistan, Europe, etc.
Markets: Hong Kong, other Asian countries, US, Canada and Europe.
Group Turnover: US$150~155 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
Federation of Hong Kong Industries, Hong Kong. [Member No. A5074]
Hong Kong Productivity Council, Hong Kong.
The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKW0247]
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000.00
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 required.
Commercial Morality: Very Good.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Incorporated in January 2003, Winnitex Ltd. is a wholly-owned subsidiary of Winnitex Holdings Ltd. which is a BVI-registered firm.
The subject is a member of the Winnitex Group which is an integrated textiles group specialized in weaving, dyeing and finishing of cotton, linen, corduroy, woven, yarn-dyed and other cotton/blended fabrics. The subject is the flagship company of the Group’s fabric business.
The history of the Winnitex Group dates back to 1964 when the President of the Group Mr. Wai Tien Ching founded the first member of Winnitex Group which is Hing Fung Printing & Dyeing Factory Ltd. [Hing Fung]. Hing Fung is a Hong Kong-registered firm. Spurred by the rapid development of the textiles industry in Hong Kong during the 1980’s, Hing Fung grew from a small dyeing and finishing business into one of the most reputable dyeing factories in Hong Kong.
Now, the Winnitex Group has set up two main mills in China, namely, Zhejiang Hing Fung Printing & Dyeing Factory Ltd. [Hing Fung] and Zhejiang Qing Mao Weaving, Dyeing & Printing Co. Ltd. [Qing Mao]. Both firms are in Zhejiang Province, China. Qing Mao was set up in China in 2002.
Now, the legal representative of Qing Mao is Wai Chi Kwok, Jacob.
The Winnitex Group took a major step in 1978 and established Hing Mou Textiles Ltd. which was the first weaving mill of the Group. But this business was dissolved on 11th January, 2002.
Another milestone was laid in 1989 when Hing Fung was upgraded into a continuous dyeing mill. The land site (approximately 20,000 sq.ft.) where the old dyeing and finishing plant had situated, was redeveloped into a 3-storey production facility with a total floor area of 60,000 sq.ft. This redevelopment has brought the Group’s total production floor area to 150,000 sq.ft.
In 1994, the Winnitex Group made an investment of US$30 million to set up a 100%-owned and is also the Group’s first weaving and dyeing plant in Zhejiang Province, China, known as Zhejiang Hing Fung Weaving, Dyeing & Printing Co. Ltd. In April 2000, this plant got the ISO 9002 certification.
Hing Fung has been one of the 500 largest enterprises in China. During the years of 2008 and 2012, the sales of Hing Fung had been RMB3.6 billion Yuan. Total tax paid to the Chinese Government amounted to RMB190 million Yuan.
In 2003, the Group set up Fouhang (Shanghai) International Trading Ltd. which has become the Group’s trading arm in China. This firm is one of the main buying offices of the Group.
Now, the Group is
trading in the following products:-
COTTON SPUN YARNS, Open End - Carded
COTTON SPUN YARNS, Ring Spun - Carded
COTTON SPUN YARNS, Ring Spun - Combed
COTTON WOVEN FABRICS, 100% COTTON WOVEN FABRICS - (Bottom Weight)
COTTON WOVEN FABRICS, Corduroy (Bottomweight) - (Bottom Weight)
COTTON WOVEN FABRICS, Dobbies (Topweight) - (Top Weight)
COTTON WOVEN FABRICS, Doublecloth ( Bottomweight) - (Bottom Weight)
COTTON WOVEN FABRICS, Doublecloth (Topweight) - (Top Weight)
COTTON WOVEN FABRICS, Drills ( Bottomweight) - (Bottom Weight)
COTTON WOVEN FABRICS, Herringbone ( Bottomweight) - (Bottom Weight)
COTTON WOVEN FABRICS, Herringbone (Topweight) - (Top Weight)
COTTON WOVEN FABRICS, Oxfords (Bottomweight) - (Bottom Weight)
COTTON WOVEN FABRICS, Oxfords (Topweight) - (Top Weight)
COTTON WOVEN FABRICS, Poplin ( Bottomweight) - (Bottom Weight)
COTTON WOVEN FABRICS, Poplin (Topweight) - (Top Weight)
COTTON WOVEN FABRICS, Sateens (Topweight) - (Top Weight)
COTTON WOVEN FABRICS, Sheeting ( Bottomweight) - (Bottom Weight)
COTTON WOVEN FABRICS, Special Purpose Fabrics - (Bottom Weight)
COTTON WOVEN FABRICS, Terry ( Bottomweight) - (Bottom Weight)
COTTON WOVEN FABRICS, Twill - (Bottom Weight)
In 2005, the Group set up representative offices in New York and Tokyo.
In the past years, the Winnitex Group has spent millions of dollars in developing environment friendly products, and setting up equipment and facilities which are also energy and materials saved.
The subject’s fabrics are made from fine yarns imported from Pakistan, India, Taiwan and China. The Group also produces different types of materials including 100% cotton, linen, tencel, polyester, rayon, lycra, spandex, etc. It also produces 100% cotton dyed fabric too.
Currently the Group is able to produce fabrics that weigh from 4 oz. to 14 oz. This range covers those fabrics for manufacturing men’s shirts, dresses, pants, denim skirts and outer jackets. The Group produces corduroy, dobby, twills, canvas, herringbone, sheeting, bedford cord, poplin, sateen, matting, ottoman, rib-stop and many other materials as well.
In 2006, the Group commenced in manufacturing all kinds of uniforms.
The Group is a certified AZO-Free company according to Oeko-Tex Standard 100. It is also compliant with the ordinances of Hong Kong’s Environmental Protection Department and China’s Government Authorities on Environmental Practices and is scrutinized by them yearly.
The Group established a new laboratory in June 2009. The new laboratory is equipped with advanced equipment imported from foreign countries. Those equipment and devices include DUMA nitrogen testing equipment, X-Ray phosphorous determination equipment, Govmark Flame resistance test equipment. The laboratory has passed the accreditation test with customers and it is being certified by several customer brands, like “Polo”, “Uniglo”, etc. The Group also has got the Marks and Spencer laboratory accreditation.
According to the subject, the Group’s monthly dyeing capacity is 10 million metres with products ranging from shirts, trousers, formal wear, casual wear, outerwear, colour denim and different kinds of uniforms.
In recent years, the Group has set up an office in Macau known as Winnitex (Macao Commercial Offshore) Ltd. which is a Macau-registered firm.
Now, the Winnitex Group has had over 3,000 employees in Hong Kong, New York, Tokyo, Shanghai, Shaoxing, Hangzhou, Shenzhen Special Economic Zone, Macau and India. Annual sales turnover of the Group ranges from US$150 to 155 million, making a small profit every year.
The subject has about 25 employees in Hong Kong.
The history of the subject in Hong Kong is over ten years while the history of the Group is over forty-eight years.
The President of the Group is Wai Tien Ching. In the immediate future, the business of the Group will be passed to his son Mr. Wai Chi Kwok, Jacob. Wai Tien Ching will retire because of aged.
On the whole, in view of the parentage and background of the subject, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.