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Report Date : |
06.05.2014 |
IDENTIFICATION DETAILS
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Name : |
BIGGER TEXTILE HOLDINGS
LTD. |
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Formerly Known as : |
New Shanghai Travel
Services Ltd. |
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Registered Office : |
Flat D, 6/F., Gemstar Tower, 23 Man Lok Street, Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.09.1998 |
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Com. Reg. No.: |
21967186 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
· Importer, Exporter and Manufacturer of all kinds of garments · Subject operates the complete textile and clothing production activities from fibre dyeing, combing, carding, knitting, and finishing to the finished garments. ·
subject
product ranges includes men’s, women’s, children’s and kids wear, jackets
& scarves |
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No of Employees : |
12 |
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
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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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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 |
BIGGER TEXTILE HOLDINGS LTD.
Flat D, 6/F., Gemstar Tower, 23 Man Lok Street, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2335 6555, 2335 6400
FAX: 852-2335 6500
E-MAIL: enquiry@bigger.com.hk
Managing Director: Mr. Wong Hoi To, Ivan
Incorporated on: 11th September, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$500,000.00
Business Category: Garment Trader.
Annual Turnover: US$15-20 million.
Employees: 12.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Flat D, 6/F., Gemstar Tower, 23 Man Lok Street, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Seaki International Holding Ltd., Hong Kong.
Associated
Companies:-
Bigger Investments Ltd., Hong Kong.
Seaka International Trading Co. Ltd., Hong Kong.
21967186
0654215
Managing Director: Mr. Wong Hoi To, Ivan
Contact Person: Ms. Grace Fung
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
(As per registry
dated 11-09-2013)
|
Name |
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No.
of shares |
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Seaki
International Holding Ltd., Hong Kong. |
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350,000 |
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WONG Hoi To |
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150,000 |
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––––––– |
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Total: |
500,000 ====== |
(As per registry
dated 11-09-2013)
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Name (Nationality) |
Address |
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NGAI Hiu Yee,
Shita |
Unit D, 6/F., Gemster Tower,
23 Man Lok Street, Hunghom, Kowloon, Hong Kong. |
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WONG Hoi To |
Unit D, 6/F., Gemster Tower, 23
Man Lok Street, Hunghom, Kowloon, Hong Kong. |
(As per registry
dated 11-09-2013)
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Name |
Address |
Co.
No. |
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JRC Secretarial Services Ltd. |
Room 705-706, 7/F., China Insurance Group Building, 141
Des Voeux Road Central, Hong Kong. |
0592438 |
The subject was incorporated on 11th September, 1998 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of New Shanghai Travel Services Ltd., name changed to the present style on 24th November, 2005.
Last time, the subject was located at Unit 711-717, 7/F., Tower A, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui East, Kowloon, Hong Kong, moved to the present address in April 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Manufacturer.
Lines: All kinds of garments
Employees: 12.
Commodities Imported: Imports raw materials from European countries, some of the Asian countries and finished
products from China.
Markets: Europe, North America, Japan, South Korea, other Asian countries, etc.
Annual Turnover: US$15-20 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$500,000.00 (Divided into 500,000 shares of HK$1.00 each)
Issued Share Capital: HK$500,000.00
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.
Bankers:-
· DBS Bank (Hong Kong) Ltd., Hong Kong.
· The Bank of East Asia Ltd., Hong Kong.
Standing: Normal.
Having issued 500,000 ordinary shares of HK$1.00 each, Bigger Textile Holdings Ltd. is jointly owned by Seaki International Holding Ltd., a Hong Kong-registered firm holding 70% interests; Mr. Wong Hoi To, holding 30%.
The subject is a garment trader and manufacturer. It operates the complete textile and clothing production activities from fibre dyeing, combing, carding, knitting, and finishing to the finished garments.
The fabric mill of the subject is a leading artificial fur production plant in North China (Jiashan). With an annual production capacity of 3,000,000 metres, the factory has a wide product range from normal knitted solid short pile, sherpa fleece, tip-top printed long pile hair, jacquard fabric to multi‑colour printed pile.
The factory has been equipped with its own fabric bonding machines which are doing the sponge bonding work. Its artificial fur knitted fabric and bonded items are both machine washable and dry cleanable.
Apart from producing artificial fur fabric, the subject has set up its garment factory since 1998. It produces high-end ready-made fashion wear especially artificial fur and bonded outerwear. Its woven sewing machines can produce all kind of woven outerwear such as denim, canvas, corduroy and PU items. In addition to fabrics and clothing, the subject also supplies exquisitely artificial fur related accessories and household products.
The subject’s products are men’s, women’s, children’s and kids wear, jackets & scarves. Products are exported to Europe, North America, Japan, South Korea, Taiwan, the other Asian countries, etc.
The subject’s fabric and garment factories have about 420 employees in total.
The annual sales turnover of the subject ranges from US$15 to 20 million. Business is profitable.
The subject had two associated companies located at its operating address, namely, Seaka International Trading Co. Ltd. [Seaka] and Bigger Investments Ltd., both are Hong Kong-registered companies. Seaka is trading in electric appliances, kitchen appliances, printing machinery & equipment.
Bigger Investments Ltd. is engaged in the same lines of business as the subject, more or less.
As the history of the subject is over fifteen years and in Hong Kong, on the whole, consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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03-03-2011 |
Instrument: Mortgage Over Stocks, Shares and other Securities and Charge
on Cash Deposits to secure Third Party Liabilities (“Deed”) Property: 1. By way of first fixed mortgage/charge and agreement to mortgage/charge: (i) all Securities as a continuing security to secure the due and punctual payment or discharge of the Liabilities; (ii) the Deposit and all right, title and interest; (iii) all shares, stock, warrants, units, debentures or other securities; and (iv) any other securities deposited or transferred of the Deed or otherwise, by the Company to the Bank, or its trustees or nominees, in substitution for or in addition to any Securities 2. By way of set-off: (i) combine, consolidate or merge all or any of the then existing accounts and (ii) set-off or transfer any sum standing to the credit of any one or more of such accounts 3. By way of trust: any form of encumbrance, guarantee or indemnity taken from the Customer or any other person, in respect of the Company’s liabilities under the Deed, without the Bank’s consent 4. By way of trust: the benefit of claims against the Customer or any other person in any dissolution or competition with creditors of the Customer or such other person Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money 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.60.05 |
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1 |
Rs.101.32 |
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Euro |
1 |
Rs.83.34 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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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 |
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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.