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Report Date : |
05.12.2014 |
IDENTIFICATION DETAILS
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Name : |
ARETEX TEXTILES LTD. |
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Registered Office : |
Room 2808, 28/F., Nanyang Plaza, 57 Hung To Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
09.09.2011 |
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Com. Reg. No.: |
58989892 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
IMPORTER,
EXPORTER AND WHOLESALER OF FABRICS, TEXTILE PRODUCTS, PIECEGOODS |
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No of Employees : |
10 (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 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 |
(Formerly located at: Room 304, 3/F., Laford Centre, 838 Lai Chi Kok
Road, Kowloon, Hong Kong)
ARETEX TEXTILES
LTD.
ADDRESS: Room 2808, 28/F., Nanyang
Plaza, 57 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2242
6308
FAX: 852-2242
6968
Managing Director: Mr. Fu Ka Fai
Incorporated on: 9th September, 2011.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 10. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 2808, 28/F., Nanyang Plaza, 57 Hung To Road, Kwun Tong, Kowloon,
Hong Kong.
Associated Companies:-
Able Billion Enterprises Ltd., Hong Kong.
Able Billion Sourcing & Design Ltd., Hong Kong.
Able Billion Textiles Enterprises Ltd., Hong Kong.
Able Billion Textiles Ltd., Hong Kong.
58989892
1663865
Managing Director: Mr. Fu Ka Fai
Contact Person: Ms. Catherine Fu
HK$10,000.00
(As per registry dated 09-09-2014)
|
Name |
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No. of shares |
|
FU Ka Fai |
|
10,000 ===== |
(As per registry dated 09-09-2014)
|
Name (Nationality) |
Address |
|
FU Ka Fai |
House 66, The Giverny, Lot 1184 in DD217, Sai Kung, New Territories,
Hong Kong. |
(As per registry dated 09-09-2014)
|
Name |
Address |
|
FU Ka Kai |
Flat 1, 7/F., Block G, Golden Lion Garden, Tai Wai, Shatin, New
Territories, Hong Kong. |
The subject was incorporated on 9th September, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 304, 3/F., Laford Centre, 838
Lai Chi Kok Road, Kowloon, Hong Kong, moved to the present address in October
2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Fabrics,
textile products, piecegoods
Employees: 10. (Including associates)
Commodities Imported: China, other
Asian countries, Europe, etc.
Markets: Asian
countries, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, pre-payment, etc.
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Kept a balance account in 2013.
Condition: Business is improving.
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: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Aretex Textiles Ltd.
is wholly owned by Mr. Fu Ka Fai who is a Hong Kong merchant. He is also the only director of the subject.
The subject is a textile product trader.
It is trading in the following commodities: Piecegoods - Blended,
Piecegoods – Synthetic, etc.
Prime markets are Africa, Australasia, Central & South America,
China, Eastern Europe, Japan, South Korea, the Middle East, North America,
other Asian Countries, Scandinavia, Southeast Asia, Taiwan, Western Europe,
etc.
The subject has the following associated companies located at the same
address:-
All the companies are registered in Hong Kong and operated by the Fu
family.
The subject’s business is chiefly handled by Fu Ka Fai himself. History in Hong Kong is just over three years
and two months.
As the history of the subject is not long enough in Hong Kong, on the
whole, consider it good for normal business engagements in small credit amounts
or in L/C basis.
|
Date |
Description of Instrument |
Mortgagee |
|
30-10-2012 |
Mortgage |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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30-10-2012 |
Rent Assignment |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
12-09-2014 |
Assignment of DC Proceeds |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
|
28-10-2014 |
Charge Over Secuities and Deposits with the
Bank |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.88 |
|
|
1 |
Rs.97.02 |
|
Euro |
1 |
Rs.76.13 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
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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 |
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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 |
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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.