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Report Date : |
23.06.2014 |
IDENTIFICATION DETAILS
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Name : |
SHOW WIN
INDUSTRIES LTD. |
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Registered Office : |
Flats D-E, 14/F., Block B, Marvel Industrial Building, 17-23 Kwai Fung Crescent, Kwai Chung, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.02.1987 |
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Com. Reg. No.: |
10851699 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
engaged in manufacturing
and exporting cotton/TC/polyester knitted fabrics (for sportswear and
underwear) |
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No of Employees : |
13. (Hong Kong) 250. (China) |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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.
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Source
: CIA |
SHOW WIN
INDUSTRIES LTD.
Flats D-E, 14/F., Block B, Marvel Industrial Building, 17-23 Kwai Fung Crescent, Kwai Chung, New Territories, Hong Kong.
PHONE: 852-2422 6008
FAX: 852-2420 3344
EMAIL: showwin@netvigator.com
Managing Director: Mr. Chung Tai Ho, Patrick
Incorporated on: 24th February, 1987.
Organization: Private Limited Company.
Capital: Nominal: HK$3,000,000.00
Issued: HK$3,000,000.00
Business Category: Knitted Fabric Manufacturer.
Employees: 13.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flats D-E, 14/F., Block B, Marvel Industrial Building, 17-23 Kwai Fung Crescent, Kwai Chung, New Territories, Hong Kong.
China Factory:-
Guangzhou Tongguang Knitted Fabric Manufacture Co. Ltd.
No. 15 Industrial District, Chebei, Dongpu Town, Tianhe District, Guangzhou, Guangdong Province, China.
[Tel: (86) 20-8230 1088; Fax: (86) 20-8230 1788]
Associated
Companies:-
Dongguan Tongguang Textile Co. Ltd., China.
Ease Industrial Ltd., Hong Kong. [Dissolved]
Tung Fat Knitting Factory Ltd., Hong Kong. (Same address)
10851699
0183624
Managing Director: Mr. Chung Tai Ho, Patrick
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
(As per registry
dated 24-02-2014)
|
Name |
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No. of shares |
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CHUNG Tai Ho, Patrick |
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2,940,000 |
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CHAK Yin King |
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60,000 |
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–––––––– |
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Total: |
3,000,000 ======= |
(As per registry
dated 24-02-2014)
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Name (Nationality) |
Address |
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CHUNG Tai Ho,
Patrick |
1/F., Block 2, Rosary Villas,
1-19 Lok Lam Road, Shatin, New Territories, Hong Kong. |
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CHAK Yin King |
1/F., Block 2, Rosary Villas,
1-19 Lok Lam Road, Shatin, New Territories, Hong Kong. |
CHAK Yin King (As per registry dated 24-02-2014)
The subject was incorporated on 24th February, 1987 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: Manufacturer and Exporter.
Lines: All kinds of cotton/TC/polyester knitted fabrics (sportwear and underwear).
Employees: 13. (Hong Kong)
250. (China)
Raw Materials: Mainly sourced from Hong Kong, China, other Asian countries, etc.
Markets: China, Middle East, Southeast Asia, etc.
Terms/Sales: L/C or T/T.
Terms/Buying: Various terms.
Federation of Hong Kong Industries, Hong Kong. [Member No. A7938]
Nominal Share Capital: HK$3,000,000.00 (Divided into 3,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$3,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit.
Condition: Keeping in a normal condition.
Facilities: Making active use of general banking facilities.
Payment: Met on time.
Commercial Morality: Satisfactory.
Bankers:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
· DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
Show Win Industries Ltd., incorporated on 24th February, 1987, is chiefly owned by Mr. Chung Tai Ho, Patrick, holding 98% interest. The other 2% is owned by Ms. Chak Yin King. Seemed to be a couple, both of Chung and Chak are directors of the subject. Chung was one of the directors of Ease Industrial Ltd., a Hong Kong-registered firm which has ceased business.
The subject is engaged in manufacturing and exporting cotton/TC/polyester knitted fabrics (for sportswear and underwear). It has had two main factories in China, namely, Guangzhou Tongguang Knitted Fabric Manufacture Co. Ltd. [Guangzhou Tongguang] and Dongguan Tongguang Textile Co. Ltd. [DTTCL]. The former is in Guangzhou City while the latter is in Dongguan City, Guangdong Province, China.
Established in 2000, DTTCL is engaged in manufacturing all kinds of knitted fabrics. It has about 140 employees.
Including the employees of Guangzhou Tongguang, there are about 250 employees in China.
Most of the subject’s products are marketed in China, exported to the Middle East, Southeast Asia, etc. Business is rather active.
According to the subject, its annual sales turnover is over HK$400 million which we consider too large.
As the history of the subject is about 25 years in Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
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22-08-1987 |
Instrument: Legal Charge Property: 71/6,611th parts or shares of and in Kwai Chung Town Lot No. 337 (Factory Unit D-H on 14/F. of Block B of Marvel Industrial Building, 17-23 Kwai Fung Crescent, Kwai Chung, New Territories, Hong Kong.) Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered
Bank (Hong Kong) Ltd.] |
To secure general banking facilities granted to Tung
Fat Knitting Factory Ltd. |
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12-12-1990 |
Instrument: Deed of Variation Property: 71/6,611th parts or shares of and in Kwai Chung Town Lot No. 337 (Factory Unit D-H on 14/F. of Block B of Marvel Industrial Building, 17-23 Kwai Fung Crescent, Kwai Chung, New Territories, Hong Kong.) Mortgagee: Standard Chartered Bank, Hong Kong Branch. [Business transferred to Standard Chartered
Bank (Hong Kong) Ltd.] |
To secure general banking facilities granted to Tung
Fat Knitting Factory Ltd. |
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10-07-2006 |
Instrument: Charge on Cash Deposit to secure Liabilities of the Depositor Property: 1) By way of first fixed charge and agreement to charge: the Deposit and all right, title and interest of the Company 2) By way of set-off: any sum standing to the credit of any one or more of the accounts of the Company with the Bank Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
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21-04-2010 |
Instrument: Mortgage Property: 11/569th parts or shares of and in New Kowloon Inland Lot No. 5096 (Unit A on 9/F. of Chiap King Industrial Building, 714 Prince Edward Road East & 114 King Fuk Street, Kowloon, Hong Kong.) Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All monies |
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03-09-2013 |
Instrument: Charge Over Deposits – CD 1 (11a) Property: 1) By fixed charges: all the Company’s rights in respect of the following: (i) the sum(s) deposited by the Company or for its benefits in the account(s) or as evidenced by deposit instrument(s) or other evidence of indebtedness specified in the schedule below, including renewals of such sums and (ii) all other sums in any currency from time to time standing to the credit of the Company or the credit of any other person for the Company’s benefit, on any account in the Company’s sole or joint names maintained with the Bank or any SCB Group Company including renewals of such sums, and all interest from time to time accruing or payable on the sums specified in (i) and (ii). 2) By assignment: all Deposits held with SCB Group Company. Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment or discharge of moneys,
obligations and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.28 |
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|
1 |
Rs.102.77 |
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Euro |
1 |
Rs.82.12 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.