|
Report Date : |
24.01.2014 |
IDENTIFICATION DETAILS
|
Name : |
PACIFIC OVERSEAS TEXTILES MACAO COMMERCIAL OFFSHORE LIMITED |
|
|
|
|
Registered Office : |
Em Macau, Avenida Da Praia Grande No. 815, Centro Commercial Talento
A13 |
|
|
|
|
Country : |
Macau |
|
|
|
|
Financials (as on) : |
31.03.2013 |
|
|
|
|
Date of Incorporation : |
13.12.2002 |
|
|
|
|
Reg. No.: |
SO 16311 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of textile and providing files handling
service for its group |
|
|
|
|
No. of Employees : |
About 5 Employees |
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, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Macau |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
MACAU - ECONOMIC OVERVIEW
Since opening up its locally-controlled casino industry to foreign
competition in 2001, Macau has attracted tens of billions of dollars in foreign
investment, transforming the territory into one of the world's largest gaming
centers. Macau's gaming and tourism businesses were fueled by China''s decision
to relax travel restrictions on Chinese citizens wishing to visit Macau. By
2006, Macau''s gaming revenue surpassed that of the Las Vegas strip, and
gaming-related taxes accounted for more than 70% of total government revenue.
Macau''s economy slowed dramatically in 2009 as a result of the global economic
slowdown, but strong growth resumed in 2010-11, largely on the back of tourism
from mainland China and the gaming sectors. In 2012, this city of 582,000
hosted nearly 28 million visitors. Almost 60% came from mainland China.
Macau''s traditional manufacturing industry has slowed greatly since the
termination of the Multi-Fiber Agreement in 2005. China is Macau''s second
largest goods export market, behind Hong Kong, and followed by the United
States. In 2012, exports were less than US$1 billion, while gaming receipts
were US$38 billion, a 13.5% increase over 2011. Macau''s economy expanded by
10% in 2012; although impressive, it was a slower growth rate than in previous
years. Macau continues to face the challenges of managing its growing casino
industry, money-laundering, and the need to diversify the economy away from
heavy dependence on gaming revenues. Macau''s currency, the pataca, is closely
tied to the Hong Kong dollar, which is also freely accepted in the territory.
|
Source
: CIA |
|
PACIFIC OVERSEAS
TEXTILES MACAO COMMERCIAL OFFSHORE LIMITED |
|
|
Company Name (in
Portuguese): |
Pacific Overseas
Texteis Comercial Offshore De Macau Limitada |
|
Supplied Name: |
|
|
Trading Address: |
Em Macau, Avenida Da Praia
Grande No. 815, Centro Commercial Talento A13 |
|
Supplied
Address: |
|
|
Telephone
Number: |
|
|
Fax Number: |
Note: The exact name
and address are as above.
|
Registered Name: |
Pacific Overseas Textiles Macao Commercial Offshore Limited |
|
Registered Address: |
Em Macau, Avenida Da Praia Grande No. 815, Centro
Commercial Talento A13 |
|
Date of Registration: |
2002-12-13 |
|
Business Registered Number: |
SO 16311 |
|
Legal Form: |
Private Limited Liability Company |
|
Registered Capital: |
MOP 1,030,000 (USD 126,587) (As of 2014.01, 1 MOP = 0.1229 USD) |
|
Principal Activities: |
Trading of textile and providing files handling
service for its group |
|
Staff: |
About 5 Employees |
|
Listed at Stock Exchange: |
No |
|
Information Ended at: |
2014-1-6 |
Subject was incorporated on 2002-12-13 with registered number SO 16311 as Private Limited Liability Company in Macau.
|
Subscription
Amount |
Proportion of
Investment (%) |
|
|
1,030,000 |
100% |
|
|
Total |
1,030,000 |
100% |
Major Shareholder Information:
|
Pacific Textiles
Overseas Holdings Ltd. |
|
|
Registered
Address: |
P.O.Box 957,
Road Town, Tortola, British Virgin Islands |
Parent Company
|
Pacific Textiles
Overseas Holdings Ltd. |
|
|
Registered
Address: |
P.O.Box 957,
Road Town, Tortola, British Virgin Islands |
|
Listed at Stock Exchange: |
Yes; Stock Code: 1382 |
|
Principal Bankers: |
BNP Paribas, Hong Kong Branch Citibank N.A. DBS Bank (Hong Kong) Ltd. Hang Seng Bank Ltd. The Hongkong and Shanghai Banking Corp. Ltd. Standard Chartered Bank (Hong Kong) Ltd. |
Major Related Companies
|
1 |
|
|
Name: |
Pacific (Panyu) Textiles Ltd. |
|
Address: |
Liu Chong Tong Xin County, Wan Qing Sha Town, Nansha, Guangzhou City,
Guangdong Province, PRC |
|
Tel: |
+86-20-8494 8868 |
|
Fax: |
+86- 20-8494 7915 |
|
2 |
|
|
Name: |
Textured Jersey Lanka (Pvt) Ltd. |
|
Address: |
Block D8-D14, C.V. Gooneratne Seethawaka International Industrial
Park, Avissawella, Sri Lanka |
|
Tel: |
+94-74-279550 |
|
Fax: |
+94-74-279595 |
Core Management
Board of Directors:
|
1 |
|
|
Name: |
Zhao Qizhi |
|
Address: |
No.2 Beiyuan Road, Xiao Biao, Chang-an Town, Dongguan City, Guangdong
Province, China |
|
Position: |
Director |
|
Gender: |
Male |
|
Marital Status: |
Married |
|
2 |
|
|
Name: |
Wang Sijie |
|
Address: |
Room 402, Unit 3, Bldg 23, Dongya Park, No.88 Luojia Village, Qinghe
East Road, Panyu District, Guangzhou City, Guangdong Province, China |
|
Position: |
Director |
|
Gender: |
Male |
|
Marital Status: |
Married |
|
3 |
|
|
Name: |
Gao Jinhua |
|
Address: |
Room 602, Unit 4, Bldg 5, the 4th Street, Hejing 2nd District,
Shawan Town, Panyu District, Guangzhou City, Guangdong Province, China |
|
Position: |
Director |
|
Gender: |
Male |
|
Marital Status: |
Married |
Personnel
Structure
|
Total Employees |
Offices &
Factories
|
|
Office |
|
Address: |
Em Macau, Avenida Da
Praia Grande No. 815, Centro Commercial Talento A13 |
Premises
Information
Office address:
|
Address: |
Em Macau, Avenida Da Praia Grande No. 815, Centro
Commercial Talento A13 |
|
Owners: |
Sociedade De Investimento Predial Mz, Limitada |
|
Matriz: |
71238 |
|
Nature: |
Urban |
|
Duration: |
-- |
Production
Information
Subject is a trader of textile products, etc without any production
activities, etc.
It is introduced that subject’s group has factories in Mainland China
and Sri Lanka for production.
Purchase
Information
Subject purchases products mainly from its related company in Mainland
China.
Sales Information
Subject is engaged in sale of textile products, etc.
It is introduced that subject also provides files handling service for
its group companies, etc.
Subject’s sales regions include domestic market, Southeast Asia, Europe
and America, etc.
Subject’s major customers are garment manufacturer, etc.
Purchase
Domestic Purchase
|
Products |
Textile products, etc |
|
Terms |
Interior Settlement, T/T, etc |
Import
Subject has little import.
Sales
Domestic Markets
|
Product |
|
|
Terms |
Cash, T/T, etc |
Export
|
Product |
Textile products, etc |
|
Terms |
L/C, T/T, etc |
Subject has no
obligations to disclose its financial statements to the third party according
to the relevant policy in Macao and the only source from which we can obtain
the information is the subject itself.
Subject’ relevant staff declined to disclose
its financials citing the grounds of company’s confidentiality; from other
source we can not obtain the relevant information, either.
We found the consolidated financial
information of subject’s parent company (Pacific Textiles Overseas Holdings Ltd.) from public files for reference.
Consolidated Balance Sheet
Unit: HKD/000
|
|
2013-3-31 |
2012-3-31 |
|
ASSETS |
|
|
|
Non-current assets |
|
|
|
Leasehold land and land use rights |
55,282 |
55,800 |
|
Property, plant and equipment |
1,103,591 |
1,175,611 |
|
Interests in associates |
171,771 |
162,789 |
|
Interests in jointly controlled entities |
38,133 |
87,767 |
|
Deferred income tax assets |
2,300 |
6,000 |
|
Available-for-sale financial assets |
1,781 |
1,801 |
|
|
1,372,858 |
1,489,768 |
|
Current assets |
|
|
|
Inventories |
993,747 |
903,186 |
|
Trade and bills receivables |
952,662 |
926,677 |
|
Deposits, prepayments and other receivables |
71,082 |
70,054 |
|
Amounts due from associates |
89,355 |
73,747 |
|
Derivative financial instruments |
3,579 |
5,381 |
|
Cash and bank balances |
1,793,360 |
1,893,223 |
|
|
3,903,785 |
3,872,268 |
|
Total assets |
5,276,643 |
5,362,036 |
|
EQUITY |
|
|
|
Equity attributable to equity holders of the Company |
|
|
|
Share capital |
1,443 |
1,433 |
|
Share premium |
1,434,970 |
1,372,763 |
|
Reserves |
2,529,432 |
2,580,495 |
|
|
3,965,845 |
3,954,691 |
|
Non-controlling interests |
6,434 |
7,286 |
|
Total equity |
3,972,279 |
3,961,977 |
|
LIABILITIES |
|
|
|
Non-current liabilities |
|
|
|
Borrowings |
47,545 |
47,490 |
|
Deferred income tax liabilities |
46,038 |
33,324 |
|
|
93,583 |
80,814 |
|
Current liabilities |
|
|
|
Trade and bills payables |
782,961 |
928,558 |
|
Accruals and other payables |
362,744 |
355,084 |
|
Amount due to an associate |
-- |
1,796 |
|
Derivative financial instruments |
2,570 |
2,962 |
|
Current income tax liabilities |
62,506 |
30,845 |
|
|
1,210,781 |
1,319,245 |
|
Total liabilities |
1,304,364 |
1,400,059 |
|
Total equity and liabilities |
5,276,643 |
5,362,036 |
|
Net current assets |
2,693,004 |
2,553,023 |
|
Total assets less current liabilities |
4,065,862 |
4,042,791 |
Consolidated Profit and Loss Account
|
|
2012-4-1~2013-3-31 |
2011-4-1~2012-3-31 |
|
Revenue |
6,649,206 |
6,419,952 |
|
Cost of sales |
-5,467,672 |
-5,321,172 |
|
Gross profit |
1,181,534 |
1,098,780 |
|
Other income and other gains/(losses) - net |
91,509 |
95,437 |
|
Distribution and selling expenses |
-55,827 |
-73,953 |
|
General and administrative expenses |
-148,317 |
-162,508 |
|
Operating profit |
1,068,899 |
957,756 |
|
Finance income |
15,300 |
9,829 |
|
Finance costs |
-- |
-704 |
|
Gain on disposal of a subsidiary |
-- |
233,420 |
|
Impairment of interests in an associate |
-- |
-155,297 |
|
Share of profits of associates |
26,911 |
15,956 |
|
Share of losses of jointly controlled entities |
-496 |
-9,073 |
|
Profit before income tax |
1,110,614 |
1,051,887 |
|
Income tax expense |
-186,301 |
-157,852 |
|
Profit for the year |
924,313 |
894,035 |
|
Profit attributable to: |
|
|
|
Equity holders of the Company |
925,165 |
893,053 |
|
Non-controlling interests |
-852 |
982 |
|
|
924,313 |
894,035 |
|
Earnings per share for profit attributable to equity holders of the
Company during the year |
|
|
|
--basic (HKD) |
0.64 |
0.62 |
|
--diluted (HKD) |
0.64 |
0.62 |
Consolidated Cash Flows
Unit: HKD/000
|
|
2012-4-1~2013-3-31 |
2011-4-1~2012-3-31 |
|
Cash flow from operating activities |
|
|
|
Cash generated from operations |
999,275 |
1,846,264 |
|
Interest paid |
-- |
-704 |
|
Hong Kong profits tax paid |
-83,607 |
-134,677 |
|
PRC income tax paid |
-55,243 |
-54,926 |
|
|
860,425 |
1,655,957 |
|
Cash flow from investing activities |
|
|
|
Purchases of property, plant and equipment |
-110,635 |
-124,016 |
|
Purchase of land use rights |
-2,131 |
-38,354 |
|
Proceeds from disposals of property, plant and equipment |
372 |
169 |
|
Proceeds from disposal of a subsidiary |
-- |
100,185 |
|
Dividends received from associates |
18,164 |
10,185 |
|
Repayment from a jointly controlled entity |
-- |
2,010 |
|
Refund of capital from a jointly controlled entity |
50,580 |
-- |
|
Acquisition of additional interests in jointly controlled entities |
-- |
-2,010 |
|
Redemption of structured deposit and bonds |
-- |
116,883 |
|
Interest income received |
13,842 |
9,829 |
|
|
-29,808 |
74,881 |
|
Cash flow from financing activities |
|
|
|
Contributions from non-controlling interests of subsidiaries |
-- |
5,105 |
|
Loan from a non-controlling interest of a subsidiary |
-- |
33,874 |
|
Exercise of share options |
52,719 |
756 |
|
Share repurchase |
-3,080 |
-- |
|
Proceeds from bank loans |
-- |
784 |
|
Repayment of bank loans |
-- |
-9,410 |
|
Dividends paid |
-1,005,321 |
-845,520 |
|
|
-955,682 |
-814,411 |
|
Net (decrease)/increase in cash and cash equivalents |
-125,065 |
916,427 |
|
Cash and cash equivalents at 1 April |
1,893,223 |
918,153 |
|
Currency translation differences |
25,202 |
58,643 |
|
Cash and cash equivalents at 31 March |
1,793,360 |
1,893,223 |
Subject declined to disclose its bank details; from other source we
cannot obtain the relevant information, either.
|
Name: |
Ms. Wang |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.99 |
|
|
1 |
Rs.102.67 |
|
Euro |
1 |
Rs.83.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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.