|
Report Date : |
14.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
CENTRAL FABRICS
LTD. |
|
|
|
|
Registered Office : |
Lower G/F., Kong
Nam Industrial Building, 603-609 Castle Peak Road, Tsuen Wan, New Territories |
|
|
|
|
Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
23.07.2003 |
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|
|
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Com. Reg. No.: |
33781881 |
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|
|
|
Legal Form : |
Private Limited Company. |
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|
|
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Line of Business : |
Textile Product Trader. |
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|
|
|
No. of Employees |
396 |
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 |
|
Status : |
Satisfactory |
|
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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
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 has no tariffs on imported goods, and it levies excise
duties on only four commodities, whether imported or produced locally: 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, its continued reliance
on foreign trade and investment leaves it vulnerable to renewed global
financial market volatility or a slowdown in the global economy. 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 12% of total system
deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In 2013, Hong
Kong and China signed new agreements under the Closer Economic Partnership
Agreement, adopted in 2003 to forge closer ties between Hong Kong and the
mainland. The new measures, effective from January 2014, cover services and
trade facilitation, and will improve access to the mainland's service sector
for Hong Kong-based companies
|
Source
: CIA |
CENTRAL
FABRICS LTD.
ADDRESS:
Lower G/F., Kong Nam
Industrial Building, 603-609 Castle Peak Road, Tsuen Wan, New Territories, Hong
Kong.
PHONE: 853-2402 3456, 2413 1085
FAX: 853-2413 1085
E-MAIL: cfsales@centralfabrics.com
MANAGEMENT:
Managing
Director: Mr. Yung Wing Kay, Leo
Incorporated on: 23rd July, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Textile Product Trader.
Employees: 396. (Including associates in Hong Kong)
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
CENTRAL
FABRICS LTD.
ADDRESS:
Registered
Head Office:-
Lower G/F., Kong Nam
Industrial Building, 603-609 Castle Peak Road, Tsuen Wan, New Territories, Hong
Kong.
Holding
Company:-
Central Textiles
(HK) Ltd., Hong Kong. (Same address)
China
Associated Company:-
Central Fabrics
(Guangzhou) Ltd.
Room B, 7 /F.,
Tower West, Yinzheng Building, 338 Huanshi East Road, 510091 Guangzhou,
Guangdong Province, China.
[Tel: 86-20-8349 0363
Fax: 86-20-8349 0301
E-mail:
cfsales@centralfabrics.com]
Associated
Companies:-
Central Textiles (Weaving) Ltd., Hong Kong.
Central Textiles Knitting And Dyeing Ltd., Hong Kong.
Chung Charm Trading (HK) Ltd., Hong Kong.
Dai Chung Trading (Hong Kong) Ltd., Hong Kong.
Galaxy Commutech Ltd., Hong Kong.
Zhanjiang Chung Charm Textiles Ltd., China.
Zhanjiang Dai Chung Textiles Ltd., China.
33781881
0854456
Managing
Director: Mr. Yung Wing Kay, Leo
Contact
Person: Mr. Roy Yim Ho Wang
Nominal Share
Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1,000,000.00
(As
per registry dated 23-07-2013)
|
Name |
|
No.
of shares |
|
Central Textiles (HK) Ltd., Hong Kong. |
|
1,000,000 ======= |
(As
per registry dated 23-07-2013
|
Name (Nationality) |
Address |
|
WOO Pat Nie |
7 Purves Road, Jardine’s Lookout, Hong
Kong. |
|
YUNG Wing Kay |
Flat D, 8/F., Tower 5, The Regalia, King’s
Park Rise, Homantin, Kowloon, Hong Kong. |
|
CHI Woo Wha |
Flat B, 7/F., Block 3, Peridot Court,
17-1/2 Miles, Castle Peak Road, New Territories, Hong Kong. |
|
CHAN To Sang |
Flat B, 26/F., Block 5, New Jade Garden,
Chai Wan, Hong Kong. |
|
YEUNG Hoi Hung |
Flat A, 59/F., Tower 3, Vision City, 1 Yeung
Uk Road, Tsuen Wan, New Territories, Hong Kong. |
|
LAM Lap Wai |
Flat 09, 10/F., Block A, Kornhill, Quarry
Bay, Hong Kong. |
CHAN To Sang (As per registry dated 23-07-2013)
The
subject was incorporated on 23rd July, 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: Textile Product Trader.
Lines: 100% cotton yarn, cotton/spandex yarn, P/C 100% cotton woven fabric, knitted fabric, dyed yarn.
Trade Marks: Yarn - “GREAT JOY” & “GOLDEN FISH” brands.
Employees: 396. (Including associates in Hong Kong) 1,120. (China)
Materials Buying From:-
Raw cotton - US, Pakistan, East Africa, China, S. America & India.
Polyester filament - Japan.
Markets: Hong Kong, other Asian countries, UK, Europe, Canada, Australia, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: T/T, L/C, D/P, etc.
|
Date |
GN
No. |
Particulars |
Amount |
|
31-12-2004 |
GN8446 |
Supply of shirting materials white and
light blue |
HK$5,580,000.00 |
|
27-05-2005 |
GN2517 |
Supply of blue polyester/rayon twill |
HK$2,035,000.00 |
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
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: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Central
Fabrics Ltd. is a wholly-owned subsidiary of Central Textiles (HK) Ltd.
[Central Textiles] which is a Hong Kong-based firm located at the same address.
The
subject is a member of the Central Textiles Group. Central Textiles was set up in 1953 in Hong
Kong. Its factories are located in Tsuen
Wan and Yuen Long. The total floor area
is about 150,000 sq.m. The Group in
Hong Kong has about 396 employees.
The
Group is a family business which is run by the third generation. Headquartered in Hong Kong, the Group has
been equipped with spinning, weaving and dyeing facilities.
Founded
in 2003, the subject is engaged in manufacturing high-quality denim.
Being
one of the Lycra-accredited fabric mills, the subject offers customers with a
wide range of denim and piece-dyed woven fabrics.
Under
the collaboration with Hong Kong Polytechnic University, the subject has
developed ESTex - a breakthrough spinning technology that delivers extra soft
yarn and fabrics.
In
2007, the subject was one of the first mills employing process improvement
tools - Six Sigma, in its operation. By
implementing a comprehensive monitoring system in the production process, it makes
a positive progress in minimizing the production loss as well as the defective
ratio.
In
November 2008, the subject was supported Control Union to be the pilot company
for the initial trial audit, and were announced to be the first mill in Asia
being certified under Global Recycled Standard (GRS) in March 2009.
In
2012, the Group became the first textile mill globally to receive an
independently assessed score using the Higg Index, a sustainability scoring
system developed by the Sustainable Apparel Coalition (SAC), which is a global
industry body with membership from major global brands including Nike, Levi’s,
Puma, Esprit, VF and support from over 30% of the textile and apparel trade
worldwide. The development of the Index
has received input from the global community in the industry and has been in
the works for many years. Higg Index
aims to be the global standard upon which sustainability for suppliers, brands
and products are measured based on a unified metric.
The
Group was also instrumental in developing the world first recycled fashion line
for Esprit which was launched in May 2012.
By fully supporting EcoChic Design Award which was organized by NGO
Redress, the winner of EcoChic Design Award designed a recycled pre-consumer
textile waste capsule collection for retail in Hong Kong, and the subject
provided all the recycled denim for the fashion line.
The
subject is trading in the following products:
Yarns,
piecegoods & textiles (piece dyed fabric/greige fabric (stretch or
non-stretch), piece dyed fabric/greige fabric (stretch or non-stretch);
obtained “Certificate of HK origin, CEPA”), denim - cotton, woven (stretch or
non-stretch, stretch or non‑stretch; obtained “Certificate of HK origin,
CEPA”, OEM), piecegoods - blended (piece dyed fabric/greige fabric (stretch or
non-stretch), piece dyed fabric/greige fabric (stretch or non-stretch)), denim
- cotton blended, woven (stretch or non-stretch, stretch or non-stretch;
obtained “Certificate of HK origin, CEPA”, OEM), etc.
The
subject is a LYCRA® accredited fabric mill, offering a wide range of
bottom-weight greige, denim and piece-dyed woven fabrics. Its innovative fabric products include X-Fit
(bi-stretch T-400 TM) items, extra soft denim using its own ESTex yarns,
technical denim (i.e. quick dry, thermal, lightweight, and anti-bacterial),
recycled denim and organic cotton denim.
Every
month, around 2.2 million yards of fabrics are produced by the Group.
The
subject’s products are exported to China, Japan, South Korea, North America,
Southeast Asia, Western Europe, etc. Its
main customers are Gap, Levi’s, Calvin Klein, Marks
& Spencer, Espirit, etc.
The
subject has set up an associated company Central Fabrics (Guangzhou) Ltd. which
is in Guangzhou, Guangdong Province, China.
Central Fabrics (Guangzhou) is trading in yarns, denim and dyed
fabrics. This company was set up in
2008.
Besides,
the subject has set up two factories in Zhanjiang City, Guangdong Province,
China. The two factories are:
·
Zhanjiang Chung Charm Textiles Ltd. [Chung Charm];
·
Zhanjiang Dai Chung Textiles Ltd. [Dai Chung].
Chung
Charm was set up by the subject in 1993.
It is the first China spinning mill in Zhanjiang City, Guangdong
Province, China.
Dai
Chung was set up in 2008. It is the
second spinning mill in Zhanjiang City.
In 2012, Dai Chung was recognized as a “Guangdong Province Clean
Production Organization”.
In
2012, the subject received the ‘2012 Hang Seng Pearl River Delta Environmental
Awards, Gold Award’ and received ISO14001 Environmental Management System
Certificate.
In
2013, the subject’s Chung Charm was recognized as a “Guangdong Province Clean
Production Organization”.
In
2013, the Group celebrated its 60 anniversary.
The
annual sales turnover of the subject is very significant, ranges from HK$1,200
to 1,250 million. Making a profit every
year.
The
Group has 396 employees in Hong Kong and 1,102 in China.
The
contact person of the subject Mr. Roy Yim Ho Wang is the Sales Manager of the
subject.
As
the history of the subject is over ten 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.60.27 |
|
|
1 |
Rs.101.09 |
|
Euro |
1 |
Rs.83.74 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUB |
|
|
|
|
Report Prepared
by : |
PDT |
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.