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Report Date : |
08.05.2014 |
IDENTIFICATION DETAILS
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Name : |
ABERDEEN TEXTILES |
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Registered Office : |
Unit 1902, 19/F., Marina House, 68 Hing Man Street,
Shaukeiwan
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Country : |
Hong Kong |
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Date of Incorporation : |
17.09.1991 |
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Com. Reg. No.: |
15080837-001-09 |
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Legal Form : |
Sole Ownership |
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Line of Business : |
engaged in trading Stockinet (For pack animal carcass/meat, For pack animal carcass/meat, OEM), Suit - Ladies, Dresses & Skirts, Sporting Knitwear (OEM), Suit‑Knitted, Dress & Skirt - Knitted (OEM), Tee & Sweat Shirts (OEM), Pyjamas (OEM), Cleaning Cloth (Cotton cleaning cloth include for auto use, Cotton cleaning cloth include for auto use, OEM) & Car Care Product (Car caring products Car caring products, OEM). |
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No of Employees : |
09 |
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 |
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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) |
|
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 |
ABERDEEN TEXTILES
(Operated by HOTRON INDUSTRIES LTD.)
Unit 1902, 19/F., Marina House, 68 Hing Man Street, Shaukeiwan, Hong Kong.
PHONE: 852-2552 8125-6
FAX: 852-2814 1846
E-MAIL: sales@aberdeentextiles.com
Manager: Mr. So Chi Lin
Establishment: 17th September, 1991.
Organization: Sole Ownership.
Capital: Not disclosed.
Business Category: Textile Product Trader.
Employees: 9.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Unit 1902, 19/F., Marina House, 68 Hing Man Street, Shaukeiwan, Hong Kong.
Branch
Company:- (Same address)
Pactek China, Hong Kong. [BR: 15080837-002-09]
Parent Company:-
Hotron Industries Ltd., Hong Kong. (Same address)
15080837-001-09
Manager: Mr. So Chi Lin
Hotron Industries Ltd., Hong Kong. (See attachment)
The subject was established on 17th September, 1991 as a sole ownership firm concern owned by Hotron Industries Ltd. under the Hong Kong Business Registration Regulations.
Last time, the subject was located at Room 1501, 15/F., Wah Hing Commercial Building, 283 Lockhart Road, Wan Chai, Hong Kong, moved to the present address in November 2012.
Apart from these, neither material change nor amendment has
been ever traced and noted.
Activities: Textile Product Trader.
Lines: Brushes, Brooms, Cleaning Cloth, Piecegoods, Vegetable Fibre, Winter wear & Stockinet
Employees: 9.
Commodities Imported: China, other Asian countries, etc.
Markets: Japan, other Asian countries, UK, other European countries, North America, Australia,
New Zealand, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Capital: Not disclosed.
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: Normal.
Aberdeen Textiles is operated by Hotron Industries Ltd. [Hotron] which is also located at the same address.
The subject is one of the trading arms of Hotron which was incorporated on 17th September, 1991. The subject commenced business on the same date.
The subject has set up a branch company known as Pactek China, a Hong Kong-registered company located at the same address.
According to the subject, it is trading in the following commodities:
Stockinet (For pack animal carcass/meat, For pack animal carcass/meat, OEM), Suit - Ladies, Dresses & Skirts, Sporting Knitwear (OEM), Suit‑Knitted, Dress & Skirt - Knitted (OEM), Tee & Sweat Shirts (OEM), Pyjamas (OEM), Cleaning Cloth (Cotton cleaning cloth include for auto use, Cotton cleaning cloth include for auto use, OEM) & Car Care Product (Car caring products Car caring products, OEM).
Most of the products bear the brand name Abtex.
Products are exported to Japan, the other Asian countries, the United Kingdom, the other European countries, North America, Australia, New Zealand, etc.
The subject also partners with overseas firms to explore China market and also partners with China firms to explore overseas market for auto accessories.
Its export channels are direct export from China or through Hong Kong as an intermediary.
Having issued 100 ordinary shares of HK$1.00 each, Hotron is jointly owned by Mr. So Chi Lin, holding 62% interests; Mr. Koo Kong Sang, holding 33%; and Mr. Tsui Chi Yin, 5%. They are also directors of Hotron while the first is also manager of the subject.
The business of the subject is normal. Annual sales turnover is very significant. History in Hong Kong is over 22 years.
On the whole, consider the subject good for normal business engagements.
HOTRON INDUSTRIES
LTD.
(Business name: ABERDEEN TEXTILES, PACTEK CHINA)
Unit 1902, 19/F., Marina House, 68 Hing Man Street, Shaukeiwan, Hong Kong.
15080837
0326159
17th September, 1991.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry
dated 17-09-2013)
|
Name |
|
No.
of shares |
|
SO Chi Lin |
|
62 |
|
KOO Kong
Sang |
|
33 |
|
TSUI Chi Yin |
|
5 |
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|
––– |
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Total: |
100 === |
(As per registry
dated 17-09-2013)
|
Name (Nationality) |
Address |
|
TSUI Chi Yin |
Flat B, 11/F., Block 3, Koway
Court, 111 Chai Wan Road, Chai Wan, Hong Kong. |
|
KOO Kong Sang |
Flat F, 19/F., Tower 6,
Lepoint, 8 King Ling Road, Tseung Kwan O, New Territories, Hong Kong. |
|
SO Chi Lin |
Flat 3, 13/F., Block 22, Heng
Fa Chuen, Hong Kong. |
TSUI Chi Yin (As per registry dated 17-09-2013)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.04 |
|
|
1 |
Rs.101.97 |
|
Euro |
1 |
Rs.83.58 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
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 |
|
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.