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Report Date : |
02.05.2014 |
IDENTIFICATION DETAILS
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Name : |
BONDEX INTERNATIONAL TEXTILES LTD. |
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Registered Office : |
Room 3101-3112, 31/F., 1 Hung To Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.11.2004 |
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Com. Reg. No.: |
36032174 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Yarns, Fabrics, Garments, Textile Products |
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No. of Employees : |
35. (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 : |
Good |
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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
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
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Source
: CIA |
BONDEX
INTERNATIONAL TEXTILES LTD.
ADDRESS: Room 3101-3112,
31/F., 1 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2334
6771, 3188 8600, 3188 8603
FAX: 852-2765
7469, 3188 4180
E-MAIL: hr@bondex-hk.com
info@bondex-group.com
Managing Director: Mr. Chu Siu Kwan
Incorporated on: 12th November, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Textile
Product Trader.
Employees: 35. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very Good.
BONDEX
INTERNATIONAL TEXTILES LTD.
Registered Head
Office:-
Room 3101-3112, 31/F., 1 Hung To Road, Kwun Tong, Kowloon,
Hong Kong.
Holding Company:-
Bondex Group Ltd., British Virgin Islands.
China Joint
Ventures:-
Fujian Kartex Textile Co. Ltd., China.
Shandong Jiada Textile Co. Ltd., China.
Associated
Companies:-
Bestex Dyeing & Finishing (China) Ltd., Hong Kong.
Bondex (Macao Commercial Offshore) Ltd., Macau.
Bondex Apparel Ltd., Hong Kong.
Bondex Electronics Ltd., Hong Kong.
Bondex International (HK) Ltd., Hong Kong.
Bondex IT Solution Ltd., Hong Kong.
[Dissolved]
Bondex Secretarial Service Ltd., Hong Kong. [Dissolved]
Fujian Kartex Textile Co. Ltd., China.
Goldon International Ltd., Hong Kong.
New Bond Textiles Ltd., Hong Kong.
Shandong Jiada Textile Co. Ltd., China.
Vatas Ltd., Hong Kong.
36032174
0933626
Managing Director: Mr. Chu Siu
Kwan
Nominal Share Capital: HK$2,000,000.00
(Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
(As per registry dated 12-11-2013)
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Name |
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No. of shares |
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Bondex Group Ltd. P. O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
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2,000,000 ======= |
(As per registry dated 12-11-2013)
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Name (Nationality) |
Address |
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LEE Ting Kwan, Alvin |
40/F., Block 5, Aqua Marine, 8 Sham Shing Road, Cheung Sha Wan,
Kowloon, Hong Kong. |
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YIH Tien Hsiang, Baldwin |
Flat A, 69/F., Tower 7, The Hermitage, 1 Hoi Wang Road, Tai Kok Tsui,
Kowloon, Hong Kong. |
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YIH Kwe Sun |
Flat F, 8/F., Block 5, Willow Mansions, 120 Baker Street, Site 3,
Whampoa Garden , Hunghom, Kowloon, Hong Kong. |
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CHU Siu Cheong |
Unit C, Level 16, Tower 17, Laguna Grande, 8 Laguna Verde Avenue,
Phase 4, Laguna Verde, Hunghom, Kowloon, Hong Kong. |
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CHU Siu Kwan |
Flat C, 1/F., Block 5, Deerhill Bay, 4699 Tai Po Road, Taipo, New
Territories, Hong Kong. |
(As per registry dated 12-11-2013)
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Name |
Address |
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LEE Chuen Wan |
Flat A, 7/F., Block 9, Beverly Villas, 16 La Salle Road, Kowloon, Hong
Kong. |
The subject was incorporated on 12th November, 2004 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: Textile
Product Trader.
Lines: Yarns,
Fabrics, Garments, Textile Products
Employees: 35. (Including associates)
Commodities
Imported: Imports raw materials from
European countries, some of the Asian countries and finished products from
China.
Markets: Southeast
Asia, Europe, North America, South America
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P
Nominal Share Capital: HK$2,000,000.00
(Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
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: Good.
Having issued 2 million ordinary shares of HK$1.00 each, Bondex
International Textiles Ltd. is a wholly owned subsidiary of Bondex Group Ltd. which
is a BVI-registered company.
The subject in fact is a member of the Bondex Group of Companies
[Bondex/Group]. It has had a main
associated company located at the same address known as Bondex International
(HK) Ltd. [BIHK].
BIHK is engaged in spinning, weaving, dyeing printing and finishing.
In 2001, Bondex and Chartkar International Ltd. [Chartkar], a Hong
Kong-registered company, set up a Sino-foreign joint venture known as Fujian
Kartex Textile Co. Ltd. [Fujian Kartex].
Fujian Kartex has other China investors.
Currently, this company has about 2,600 employees while 150 of them are
technicians. The total assets of Fujian
Kartex are RMB500 million Yuan. It has
been equipped with 310 shuttleless weaving looms and spinning equipment. All the textile machinery and looms are
imported from Switzerland, Germany, Japan, Belgium, Italy,
The annual production capacity of Fujian Kartex is 15,000 tonnes of
Modal and Tencel yarns, 26 million metres of Modal and Tencel fabrics. Products are exported to the United States,
Japan, South Korea, Southeast Asia, Taiwan, Annual net profit ranges from US20
to 25 million. Overall business is
active.
In 2004, the two companies jointly set up another joint venture known as
Shandong Jiada Textile Co. Ltd. [Jiada] which is in Jining Hi-New-Tech
Development Zone, Shandong Province, China.
The total investment of Jiada was US$96 million. Its annual production capacity is 50 million
yards of dyed and finished fabrics. The
annual output is about US$400 million, total profit is about US$20 to 25
million. Dyeing and printing equipment
were imported from Japan, Germany, Italy and Holland, Products are marketed in
China, exported to Japan, the United States and the European Union
The subject is responsible marketing the products of Jiada and Fujian
Kartex.
The annual sales turnover of the Bondex Group is very significant. History in Hong Kong is over nine years.
On the whole, consider the subject good for normal business engagements.
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Date |
Particulars |
Amount |
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03-05-2013 |
Instrument: Assignment of DC Proceeds Property: By way of assignment or agreement to assign in each case as beneficial
owner. All monies in any currency
representing proceeds payable or to be paid to the Customer under the Documentary
Credits, all the Customer’s right, title, benrfit and interest in the said
Documentary Credits the benefit of all powers and remedies for enforcing the
Documentary Credits and any payment made pursuant to the contract for sale of
goods in connection with which the Doucmentary Credit is issued Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the
Customer against documents submitted under a Documentary Credit, all monies and
liabilities in any currency owing by the Customer to the Bank at any time,
whether separately or jointly, actually or contingently, present or future,
interest on all loans and advances and such monies and all expenses of the
Bank in perfecting or enforcing the Assignment |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.34 |
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1 |
Rs.101.45 |
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Euro |
1 |
Rs.83.31 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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.