MIRA INFORM REPORT

 

 

Report Date :

09.12.2014

 

IDENTIFICATION DETAILS

 

Name :

HUA HSIA TEXTILES TRADING COMPANY

 

 

Registered Office :

Flat A & B, 7/F., Metropolitan Fty & Warehouse Bldg 30-32 Chai Wan Kok, Street, Tsuen Wan, N.T.

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

20.11.1986

 

 

Com. Reg. No.:

10635821

 

 

Legal Form :

Sole Proprietorship

 

 

LINE OF BUSINESS :

TRADING OF TEXTILE

 

 

No of Employees :

About 20

 

 

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

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 – September 30, 2014

 

Country Name

Previous Rating

(30.06.2014)

Current Rating

(30.09.2014)

Hong Kong

A1

A1

 

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

Contact Points

 

Company Name (in Chinese):

華夏紡織品貿易公司

Company Name (in English):

HUA HSIA TEXTILES TRADING COMPANY

Supplied Name:

HUA HSIA TEXTILES TRADING COMPANY

Trading Address:

Flat A & B, 7/F., Metropolitan Fty & Warehouse Bldg 30-32 Chai Wan Kok, Street, Tsuen Wan, N.T., Hong Kong

Supplied Address:

7/F Metropolitan & Warehouse Building, 30-32 CHAI WAN KOK STREET, HONG KONG

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

HUA HSIA TEXTILES TRADING COMPANY

Registered Address:

Flat A & B, 7/F., Metropolitan Fty & Warehouse Bldg 30-32 Chai Wan Kok, Street, Tsuen Wan, N.T., Hong Kong

Telephone Number:

+852-2407-2553/ 2406-8624

Fax Number:

+852-2406-7603

Date of Registration:

1986-11-20

Business Registration No.:

10635821

Registered Capital:

N/A

Legal Form:

Sole Proprietorship

SITC Code:

65263--Other woven cotton fabrics, < 85% by weight of cotton, mixed mainly with man-made fibers, denim, weighing > 200 g/sq m (kg)

Principal Activities:

Trading of textile

Staff:

About 20 Employees

Listed at Stock Exchange:

No

Date of Last Annual Return:

--

Note: It is not required for Sole Proprietorship to register capital in Hong Kong.

 

 

History

 

Subject was incorporated on 1986-11-20 with the business registration no. 10635821 as Sole Proprietorship in Hong Kong.

 

 

Corporate Structure

 

Subject did not introduce whether it has any subsidiaries or branches; from other source we cannot obtain the relevant information, either.

 

 

Owner

 

Name:

Lam Wing Hong

Address:

Flat 3808, Blk 38/F., Shing Chi House Tin Shing Crt., Tin Shui Wai, N.T., Hong Kong

ID Number:

C4194231

Incoming Date:

2003-1-1

 

Personnel Structure

 

Total Employees

About 20 Employees

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Flat A & B, 7/F., Metropolitan Fty & Warehouse Bldg 30-32 Chai Wan Kok, Street, Tsuen Wan, N.T., Hong Kong

 

Premises Information

 

Office address:

Address:

Flat A On 7th Floor, Metropolitan Factory and Warehouse, Building Nos.30-32 Chai Wan Kok Street, Tsuen Wan New Territories

Owners:

Cheery Weavers Limited

Memorial Number:

UB2312696

Remarks: Assignment

Date of Instrument:

1982-8-3

Date of Registration:

1982-9-17

Consideration Value:

HKD 1,536,590.22 (PT.)

 

History of Premises Owners’

 

1

Memorial No.:

UB8513282

Date of Instrument:

1996-9-13

Date of Registration:

2001-10-16

Nature:

Gazette notice no.4125 with occupation permit

2

Memorial No.:

UB6080126

Date of Instrument:

1994-7-13

Date of Registration:

1994-7-28

Nature:

Confirmatory deed

3

Memorial No.:

UB3238475

Date of Instrument:

1986-12-1

Date of Registration:

1986-12-18

Nature:

Supplemental deed of mutual covenant

Note: (PT.) means part of.

 

Production Information

 

·         Subject is a trader of textile without any production activities

 

Purchase Information

 

·         Subject purchases products from both home and abroad such as domestic market and other Asia countries.

 

Sales Information

 

·         Subject is engaged in sale of textile

·         Subject’s major products include piece goods, yarns and other fabrics

·         Subject’s sales region focuses on Asia market.

·         Subject’s major customers are garment manufacturers and retailers, etc.

 

 

Settlements

 

Purchase

 

Domestic Purchase

Products

Textile

Payment Terms

Cash, T/T, etc

 

Import

Products

Textile

Payment Terms

T/T, etc

 

Sales

 

Domestic Markets

Product

Textile

Selling Terms

Cash, T/T, etc

 

Export

Product

Textile

Selling Terms

T/T, etc

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.

 

 

Bankers

 

Name:

Industrial and Commercial Bank of China (Asia) Ltd

Address:

UBHKHKHH

Account No.:

072-957-530-000128

Note: The supplied SWIFT Code belongs to Industrial and Commercial Bank of China (Asia) Ltd. While subject declined to disclose its bank detail; the relevant information cannot be confirmed by any other sources.

 

 

Public

 

Mortgage Record

 

No mortgage record of subject was found.

 

 

Lawsuits

 

Up to now, no present or latent litigation of the subject has been found.

High Court Action:

Clear

High Court Baukufty Bankruptcy Proceedings:

Clear

High Court Commercial Action:

Clear

High Court Construction & Arbitration Proceedings:

Clear

High Court Companies Winding-Up:

Clear

 

 

Special Note

 

Interview Details

Department:

Sales Department

 

 

Industry Information

 

65263--Other woven cotton fabrics, < 85% by weight of cotton, mixed mainly with man-made fibers, denim, weighing > 200 g/sq m (kg)

Unit: HKD/000

 

2014.05

2014.01~2014.05

 

Quantity

Value

Quantity

Value

Imports

The Mainland of China

2,848,572

108,664

14,913,541

547,172

Spain

--

--

94

17

Italy

302

20

5,963

872

Japan

6,529

1,174

23,804

3,737

Thailand

--

--

216

21

Exports

Bengal

2,522

151

25,670

1,716

The Mainland of China

130,537

8,176

531,647

33,297

Germany

3,184

286

3,184

286

Philippines

34,158

1,808

105,063

5,672

Turkey

35

4

11,184

1,155

USA

64

9

64

9

 

External Trade Information:

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2011

3,764,596

65,662

3,271,592

3,337,253

+10.1

-427,343

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2013.03

340,857

5,073

286,638

291,711

+11.2

-49,146

2013.04

332,963

4,503

285,763

290,267

+9.0

-42,696

2013.05

335,809

4,818

286,724

291,542

-1.0

-44,267

2013.06

327,309

4,476

273,161

277,637

-0.2

-49,673

2013.07

342,565

4,783

300,630

305,413

+10.6

-37,152

2013.08

347,059

4,932

302,558

307,490

-1.3

-39,570

2013.09

359,841

4,395

313,436

317,830

+1.5

-42,010

2013.10

361,196

4,458

318,686

323,144

+8.8

-38,052

2013.11

370,104

4,587

320,935

325,522

+5.8

-44,581

2013.12

365,228

4,596

306,281

310,877

0.0

-54,351

2014.01

323,436

4,299

299,157

303,456

-0.4

-19,979

2014.02

266,587

3,276

209,638

212,914

-1.3

-53,673

2014.03

351,889

5,120

296,403

301,523

+3.4

-50,365

2014.04

340,972

4,867

280,816

285,682

-1.6

-55,290

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

Attachment

 

Metropolitan Fty & Warehouse Bldg 30-32 Chai Wan Kok, Street, Tsuen Wan, N.T., Hong Kong

-12754143491EF68A60

7/F., Metropolitan Fty & Warehouse Bldg 30-32 Chai Wan Kok, Street, Tsuen Wan, N.T., Hong Kong

-128150919749BAB4A6

 

Flat A & B, 7/F., Metropolitan Fty & Warehouse Bldg 30-32 Chai Wan Kok, Street, Tsuen Wan, N.T., Hong Kong

-1283999565750F25BE

Flat A & B, 7/F., Metropolitan Fty & Warehouse Bldg 30-32 Chai Wan Kok, Street, Tsuen Wan, N.T., Hong Kong

-12881283332AE8090B

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.93

UK Pound

1

Rs.96.37

Euro

1

Rs.76.10                                   

 

INFORMATION DETAILS

 

Analysis Done by :

SUB

 

 

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

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.