|
Report Date : |
08.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
NEWTIMES (HK) LTD. |
|
|
|
|
Registered Office : |
5/F., Block A, Hong Kong Industrial Centre, 489-491 Castle
Peak Road, Cheung Sha Wan, Kowloon, |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
21.07.2000 |
|
|
|
|
Com. Reg. No.: |
31164465 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of all kinds of garments |
|
|
|
|
No. of Employees |
32 |
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 |
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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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 |
NEWTIMES (HK)
LTD.
ADDRESS: 5/F., Block A, Hong Kong Industrial Centre, 489-491 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 852-2786 1111, 2371 5600, 2371 5688
FAX: 852-2785 6111, 2785 3333, 2745 1111
E-MAIL: enquiry@newtimesgroup.com
michaeltsai@newtimesgroup.com
Managing Director: Mr. Ling Chien Van, George
Incorporated on: 21st July, 2000.
Organization: Private Limited Company.
Capital: Nominal:HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 32.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
5/F., Block A, Hong Kong Industrial Centre, 489-491 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong.
Branch Office:-
10/F., Kin Yip Plaza, 9 Cheung Yee Street, Cheung Sha Wan Kowloon, Hong Kong.
[Tel: 852-2197 7333, Fax: 852-2454 3111]
Workshop:-
Unit 5AB, D3 & 9AB, Hong Kong Spinners Industrial Building, Phase 1 & 2, 601-603 Tai Nan West Street, Kowloon, Hong Kong.
[Tel: 852-2171 1111, Fax: 852-2744 0100]
China Liaison
Offices:-
Beijing Liaison Office
Room 9-11, 10/F., Lucky Tower, Block A, No. 3 North Dongsanhuan Road, Chaoyang
District, Beijing 100027, China.
Tel: (86-10) 8451 5555
Fax: (86-10) 6461 7777
Shanghai Liaison Office
Unit 5-12, 21/F., New Town Centre, No. 83 Loushan Guan Road, Hongqiao, Shanghai
Hongqiao Economic & Technological Development Zone, Shanghai 200336, China.
Tel: (86-21) 6208 1111
Fax: (86-21) 6208 3333, 6209 2222
Hangzhou Liaison Office
Room 1802, 18/F., Huilong Ge, 23 Daomao Lane, Hangzhou 310003, Zhejiang
Province, China.
Tel: (86-571) 8704 5555
Fax: (86-571) 8724 8883
Guangzhou Liaison Office
Room 2101-2109, Office Tower, CITIC Plaza, Tian He North Road, Tian He
District, Guangzhou 510620, Guangdong Province, China.
Tel: (86-20) 8752 0818
Fax: (86-20) 8752 0639, 8752 0828
Dongguan Liaison Office
3/F. & 4/F., Hao Feng Mansion, 1 The First Dong Xing Street,
Changping Town, Dongguan City 523560, Guangdong Province, China.
Tel: (86-769) 3899 9399
Fax: (86-769) 3899 9308
Shantou Liaison Office
Block A, 16/F., North, International Commercial Building, 106 Jinsha
Road East, Longhu District, Shantou City 515041, Guangdong Province, China.
Tel: (86-574) 8179 333
Fax: (86-574) 8486 122
Nanjing Liaison Office
Room 1204 & 1205, New Century Plaza, Block A, 288 Zhongshan East
Road, Nanjing 210002, Jiangsu Province, China.
Tel: (86-25) 6815 5095
Fax: (86-25) 8465 0061
Holding Company:-
Newtimes Group Holdings Ltd., British Virgin Islands.
Associated
Companies:-
Newtimes Group of
Companies
Genexco Development Ltd., Hong Kong.
Maxglory Development Co. Ltd., Thailand.
Maxglory Development Ltd., Hong Kong.
Newtimes (Taiwan) Ltd., Taiwan.
Newtimes America Inc., US.
Newtimes Development Ltd., Hong Kong.
Newtimes Enterprises Ltd., Hong Kong. [Dissolved]
Newtimes Far East Development (HK) Ltd., Hong Kong.
Newtimes Far East Development Ltd., Hong Kong. [Dissolved]
Newtimes Group Pvt. Ltd., India.
Newtimes Human Resources Ltd., Hong Kong.
Newtimes Inspection Services Ltd., Hong Kong.
Newtimes Jones (HK) Ltd., Hong Kong.
Newtimes Jones Ltd., Hong Kong. [Dissolved]
Newtimes Ltd., Hong Kong.
Newtimes Ltd., Philippines.
Newtimes Overseas Investments Ltd., British Virgin Islands.
Newtimes Worldwide (Taiwan) Ltd., Taiwan.
Pacificways Ltd., Hong Kong.
etc.
31164465
0724730
Managing Director: Mr. Ling Chien Van, George
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS: (As per registry dated 21-07-2013)
|
Name |
|
No. of shares |
|
Newtimes Group Holdings Ltd. TrustNet Chambers, P.O. Box 3444, Road Town, Tortola, British Virgin Islands. |
|
99,999 |
|
Newtimes Human Resources Ltd., Hong Kong. |
|
1 |
|
|
|
––––––– |
|
|
Total: |
100,000 ====== |
DIRECTORS: (As per registry dated 14-03-2014)
|
Name (Nationality) |
Address |
|
LEUNG Shui Yung |
A87, Maple Garden, 80 Castle Peak Road, Yuen Long, New Territories, Hong Kong. |
|
WU Ni Na |
Flat C, 11/F., 62 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
|
LING Chien Van, George |
51 Kadoorie Avenue, Ho Man Tin, Kowloon, Hong Kong. |
|
LING Chi Wo, Teresa |
G/F., 43 Kadoorie Avenue, Ho Man Tin, Kowloon, Hong Kong. |
SECRETARY: (As per registry dated 21-07-2013)
|
Name |
Address |
|
CHOW Yee Mei |
5/F., Block A, Hong Kong Industrial Centre, 489‑491 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong Kong. |
The subject was incorporated on 21st July, 2000 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: Importer, Exporter and Wholesaler.
Lines: All kinds of garments.
Employees: 32.
Commodities Imported: Imports fabrics from Europe and finished products from China and other Asian countries.
Markets: US, Europe and Japan.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C or as per contracted.
MEMBERSHIP: The
Federation of Hong Kong Industries, Hong Kong.
[Membership No. A8555]
Nominal Share Capital: HK$1,000,000.00 (Divided into 100,000 shares of HK$10.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Made profits in the past years.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of America N.A., Hong Kong Branch.
Standing: Good.
Incorporated in July 2000, Newtimes (HK) Ltd. is a wholly-owned subsidiary of Newtimes Group Holdings Ltd. which is a BVI-registered firm.
Incorporated in July 2000, the subject is a garment trader. It is trading in the following commodities:-
Blouses;
Cardigan, Sweater and Pullover;
Career and Casual Wear;
Children’s Wear;
Denim Products;
Dresses and Skirts;
Home Bath Products;
Home Decorations;
Home Textiles;
Jeans;
Knitted Garments;
Shirts;
Slacks;
Suits and Jackets – Men’s;
Suits and Jackets – Women’s;
Sweaters;
Tee and Sweat Shirts; &
Trousers, etc.
The subject is one of the members of the Newtimes Group which includes the following main companies apart from the subject:-
Newtimes (Taiwan) Ltd., Taiwan
Newtimes Development Ltd., Hong Kong
Newtimes Far East Development (HK) Ltd., Hong Kong
Newtimes Group Holdings Ltd., British Virgin Islands
Newtimes Human Resources Ltd., Hong Kong
Newtimes Jones (HK) Ltd., Hong Kong
Newtimes Ltd., Hong Kong
Newtimes Overseas Investments Ltd., British Virgin Islands
Newtimes Worldwide (Taiwan) Ltd., Taiwan
Pacificways Ltd., Hong Kong
The Newtimes Group was established by Mr. George Ling in 1971 with offices in Hong Kong and Taiwan. Over the past 42 years, the Group has become a professionally garment trader in Asia and the Middle East. Today, the Group has maintained liaison offices in Beijing, Shanghai, Hangzhou, Guangzhou, Dongguan, Shantou SEZ and Nanjing of China; Taipei of Taiwan; Bangkok of Thailand; Manila of the Philippines; Cambodia; Jordan; New Delhi, Banglore and Chennai of India; Colombo of Sri Lanka; Jakarta of Indonesia; New York and Seattle of the United States; Ho Chi Minh of Vietnam; Dhaka of Bangladesh; Cairo of Egypt; and Seoul of South Korea. According to the Group, it has had 20 offices and 22 quality assurance hubs in Asia, Indian sub-continent and the Middle East.
During the initial years, the business of the Group was just involved in exporting sundry products made in Hong Kong, Taiwan and China. Prime markets were South and Central America. Now, the number of products handled by have increased substantially.
The Group grew substantially when it has become the buying agent for a number of garment traders in the United States. The Group has been one of the world’s largest apparel and household product suppliers for large corporations in the United States, Europe and Japan.
In addition, the Newtimes Group is also engaged in garments designing, raw materials sourcing, etc. Currently, the Group has about 1,300 persons throughout Asia.
Located at the operating office of the subject, the core member of the Group Newtimes Ltd. [Newtimes] was incorporated in 1983. Newtimes is trading in textiles and garments. It mainly exports garments to the United States and Canada while the garments are manufactured by its associated factories in China and other Asian countries.
The Group’s India firm is known as Newtimes Group Pvt. Ltd. It is located at Haryana, India. Besides, the Group’s Philippine firm is known as Newtimes Ltd. It is also engaged in garments trading and manufacturing.
The Group today operates a network of 33 sourcing offices and quality assurance hubs in Asia, India and sub-continent and the United States.
After 1983, more and more firms have been set up by the Group. The subject was established in July 2000 in order to share the workload of Newtimes. It is also responsible for providing affiliated factories in Asia with raw materials such as fabrics which are imported from Europe. The Group’s business also includes product designing and packaging, raw material sourcing, manufacture planning and managing, shipping consolidation, etc.
The annual sales turnover of the Group is rather significant. Business is profitable.
The directors of the subject Ms. Wu Ni Na and Ms. Leung Shui Yung are also the directors of Newtimes.
The subject’s new director Ms. Ling Chi Wo Teresa was appointed on 14th March, 2014.
As the history of the subject in Hong Kong is about fourteen years, on the whole, considered it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.102.78 |
|
Euro |
1 |
Rs.81.39 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIS |
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.