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Report Date : |
18.09.2013 |
IDENTIFICATION DETAILS
|
Name : |
DURAFIL RESEARCH AND
MANUFACTURING GROUP LTD |
|
|
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Registered Office : |
Flat 21A, 4/F, Block A, Sheung Shui Plaza, 3 Ka Fu Close, Sheung Shui,
New Territories |
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Country : |
Hong Kong. |
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Date of Incorporation : |
03.10.1991 |
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Com. Reg. No.: |
14986848 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer
& Trader of Sewing thread, Yarns |
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No. of Employees : |
8. (Including associates) |
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 |
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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) |
|
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 |
DURAFIL RESEARCH
AND MANUFACTURING GROUP
LTD.
ADDRESS: Flat 21A, 4/F, Block A, Sheung Shui
Plaza, 3 Ka Fu Close, Sheung Shui, New Territories, Hong Kong.
PHONE: 852-2363 1952, 852-2668 1286
FAX: 852-2365 6459
E-MAIL: john.ting@durafil.com
Managing
Director: Mr. Ting Yun Chung, John
Incorporated
on: 3rd October, 1991.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000.00
Issued: HK$2.00
Business Category: Yarn & Thread Manufacturer &
Trader.
Employees: 8. (Including associates)
Main Dealing
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered
Head Office:-
Flat 21A, 4/F,
Block A, Sheung Shui Plaza, 3 Ka Fu Close, Sheung Shui, New Territories, Hong
Kong.
Caballo Living Co.
Ltd., Hong Kong. (Same address)
Delta Line (Asia)
Ltd., Hong Kong. (Same address)
Durafil Group
Ltd., China.
etc.
14986848
0328234
Managing
Director: Mr. Ting Yun Chung, John
Nominal Share
Capital: HK$1,000.00 (Divided into 1,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2.00
(As
per registry dated 03-10-2012)
|
Name |
|
No.
of shares |
|
TING
Yun Chung, John |
|
1 |
|
TING Yu Chung, Maurice |
|
1 |
|
|
|
– |
|
|
Total: |
2 = |
(As
per registry dated 03-10-2012)
|
Name (Nationality) |
Address |
|
TING Yun Chung,
John |
A21, 4/F., Block A, Sheung Shui Plaza, 3
Ka Fu Close, Sheung Shui, New Territories, Hong Kong. |
|
WAN Wai Hing |
A21, 4/F., Block A, Sheung Shui Plaza, 3 Ka
Fu Close, Sheung Shui, New Territories, Hong Kong. |
|
TING Yu Chung,
Maurice |
A21, 4/F., Block A, Sheung Shui Plaza, 3
Ka Fu Close, Sheung Shui, New Territories, Hong Kong. |
TING Yun Chung,
John (As per registry dated 03-10-2012)
The
subject was incorporated on 3rd October, 1991 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Durafil Textiles Ltd., name
changed to the present style on 2nd March, 1995.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Manufacturer
& Trader.
Lines: Sewing
thread, Yarns, etc.
Employees: 8. (Including associates)
Commodities
Imported: China, etc.
Markets: China, other Asian
countries, Europe, North America, etc.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share
Capital: HK$1,000.00 (Divided
into 1,000 shares of HK$1.00 each)
Issued Share
Capital: HK$2.00
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 required.
Commercial
Morality: Satisfactory.
Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having
issued just two ordinary shares of HK$1.00 each, Durafil Research And
Manufacturing Group Ltd. is jointly owned by Mr. Ting Yun Chung, John and Mr.
Ting Yu Chung, Maurice. Both of whom are
Hong Kong merchants. The two
shareholders and Ms. Wan Wai Hing are the directors of the subject.
The
subject is trading in the following commodities: sewing threads, yarns,
etc. It belongs to the Durafil Group.
Headquartered
in China, the Group has a total spinning capacity of over 150,000 spindles and having
190 professionals and 2,300 skilled workers in 4 wholly owned spinning
mills.
The
mills of the Group have been equipped with machinery and equipment imported
from Rieter, Switzerland and Schlafhorst and Volkmann (TFO) Germany. The Group is significant in supplying Spun
Polyester Sewing Yarn, Poly-Poly Corespun, Poly-Cotton Corespun sewing yarns,
Bag Closing Thread, Water Soluble Thread, Antistatic/Conductive Thread, Thermal
Bonding/Sealing/Binding Thread, Shrinking Thread, Fire Retardant Thread, etc.
The
Group’s Specialty Technical Yarns Division provides customers with the
following products: Kermel, Tejin Conex, Protex-M, Vectran, Nylon 66, etc.
Products
are marketed in China, exported to the other Asian countries, Europe, the
United States, South America, etc.
Business is rather active.
According
to the Group, its flagship company is Durafil Spinning Mills. Since its first spinning mill was set up in
Hong Kong 1965, and subsequently expansions have been made in China since the
1980s, the Group has evolved into a technologically advanced spinning company
in Asia.
Through
partnership with European leading sewing thread groups, the Durafil Group has
got the latest technical know-how in producing its products.
Durafil
Group has internalised TQM and TPM and has been accredited ISO 9001-2000
by BVQI.
The
Group also has won a certification from TESTEX, Switzerland, declaring its
products free from harmful substances according to the OKO-TEX standard 100.
The
subject has got two associated companies located at the same address, namely,
Delta Line (Asia) Ltd. and Caballo Living Co. Ltd. Both of these two firms are Hong
Kong-registered and owned by the Ting family.
As
the history of the subject is about 22 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.63.37 |
|
UK Pound |
1 |
Rs.100.85 |
|
Euro |
1 |
Rs.84.59 |
INFORMATION DETAILS
|
Report
Prepared by : |
NLM |
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.