|
Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
HONG KONG INDUSTRIAL SERVICES LTD. |
|
|
|
|
Registered Office : |
Unit D, 25/F., CDW Building, 382-392 Castle Peak Road, Tsuen Wan,
New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
22.02.1964 |
|
|
|
|
Com. Reg. No.: |
01641027 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter; Transhipment Agent of Textile machineries and
spare parts, cotton textiles, raw materials and chemicals. |
|
|
|
|
No of Employees : |
10 |
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 |
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 |
HONG KONG
INDUSTRIAL SERVICES LTD.
ADDRESS: Unit D, 25/F., CDW Building, 382-392 Castle
Peak Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2417 9119,
2498 0331
FAX: 852-2411 6908
Managing Director: Mrs. Lau Lin
Yang Yang
Incorporated on: 22nd February, 1964.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Importer
and Exporter; Transhipment Agent.
Employees: 10.
Main Dealing Banker: Standard
Chartered Bank, Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
Unit D, 25/F., CDW Building, 382-392 Castle Peak Road, Tsuen Wan,
New Territories, Hong Kong.
Factories: In Nigeria.
Associated companies:-
Advancetex International Pty. Ltd., Australia.
Akosombo Textiles Ltd., China.
Asia Television Ltd., Hong Kong.
Castle Industries LLC, USA.
Castle Industries Ltd., UK.
CDP Textiles Ltd., British Virgin Islands.
CDW Textile Testing (Hong Kong) Co. Ltd., Hong Kong.
CDW Textiles Ltd., British Virgin Islands.
CDW Textiles Ltd., Hong Kong.
[Dissolved]
Cha Textiles Ltd., Hong Kong.
China Dyeing Holdings Ltd., Hong Kong.
China Dyeing Works Ltd., Hong Kong.
Connaught Trade & Finance Ltd., Hong Kong.
Cosmo Hong Kong Ltd., Hong Kong.
Cosmo Textile Co. Ltd., China.
Cosmopolitan Textile Co. Ltd., UK.
Cosmostar Ltd., Cayman Islands.
CTC Asia (Hong Kong) Ltd., Hong Kong.
CTC USA LLC, US.
Dong Tai Mingly Textiles Ltd., China.
Fiber Innovation Technology Inc., USA.
Filament Fiber Technologies Inc., USA.
Funtua Textiles Ltd., Nigeria.
Fybagrate Ltd., UK.
Globe Tec Nonwovens Inc., USA.
Hai Xin Textile Co. Ltd., China.
Haining Textile Allied Industry Co. Ltd., China.
Haining Xin Gao Fibers Ltd., China.
Haining Xin Hai Xin Textile Co. Ltd., China.
Haining Xin Neng Fibers & Non-Wovens Ltd., China.
Hangzhou Yimian Ltd., China.
Hanison Construction Holdings Ltd., Cayman Islands/Hong Kong.
HDK Industries Inc., USA.
HKR International Ltd., Cayman Islands/Hong Kong.
Hongkong Hi-Tec Enterprises Ltd., Hong Kong.
Jadestar Holding Ltd., Hong Kong.
Keentex Co. Ltd., Hong Kong.
Ledatec Ltd., UK.
Manx Inc., US.
Mingly Corporation, Cayman Islands/Hong Kong.
Mingly Textiles (Changzhou) Ltd., China.
Mountain Star Ltd., Hong Kong.
P. T. Cosmo Indonesia, Indonesia.
Qualitex Textiles Ltd., Nigeria.
Rich Trade International Ltd., British Virgin Islands.
Subliprint Far East Ltd., Hong Kong.
United Nigeria Textiles Plc, Nigeria.
Zamfara Textile Industries Ltd., Nigeria.
etc.
01641027
0009777
Managing Director: Mrs. Lau Lin
Yang Yang
Nominal Share Capital: HK$10,000,000.00
(Divided into 1,000,000 shares of HK$10.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 22-02-2014)
|
Name |
|
No. of shares |
|
WONG Chi Chong |
|
999,994 |
|
NG Oi Kwan |
|
4 |
|
WONG Chi Keung |
|
2 |
|
|
|
–––––––– |
|
|
Total: |
1,000,000 ======= |
(As per registry dated 26-02-2014)
|
Name (Nationality) |
Address |
|
LAU LIN Yang Yang |
Flat B, 12/F., Block 4, 16 La Salle Road, Kowloon, Hong Kong. |
|
WONG Chi Fong (Chinese) |
Flat 3601, 36/F., Block P, Allway Gardens, 6 On Yat Street, Tsuen Wan,
New Territories, Hong Kong. |
|
WONG Shui Man, Linda |
Flat D, 19/F., Hove Court, Perth Garden, 7 Perth Street, Homantin,
Kowloon, Hong Kong. |
LAU LIN Yang Yang (As per
registry dated 26-02-2014)
The subject was incorporated on 22nd February, 1964 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 and
Exporter; Transhipment Agent.
Lines: Textile
machineries and spare parts, cotton textiles, raw materials and chemicals.
Employees: 10.
Commodities Imported:-
Textile machinery – Japan, Germany and US.
Machinery parts – Japan and Germany.
Chemicals – Japan and Europe.
Cotton yarn – Hong Kong, China, South Korea and Taiwan.
Market: West Africa
(Nigeria).
Terms/Sales: T/T, L/C, etc.
Terms/Buying: L/C or as per
contracted.
Nominal Share Capital: HK$10,000,000.00
(Divided into 1,000,000 shares of HK$10.00 each)
Issued Share Capital: HK$10,000,000.00
Alternation of Capital:-
|
12-05-1964 |
paid up |
HK$ 1,000.00 |
|
31-07-1964 |
paid up |
HK$ 9,000.00 |
|
25-11-1966 |
paid up |
HK$ 990,000.00 |
|
21-08-1979 |
paid up |
HK$ 9,000,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$ 10,000,000.00 ============== |
Increases of Nominal Capital:-
|
From |
HK$ 10,000.00 |
to |
HK$ 1,000,000.00 |
on |
25-10-1966 |
|
From |
HK$1,000,000.00 |
to |
HK$10,000,000.00 |
on |
21-08-1979 |
Profit & Loss: Business
is profitable.
Condition: Business is normal.
Facilities: Making active use of general
banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
Standard Chartered Bank, Hong Kong Branch.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Shanghai Commercial Bank Ltd., Hong Kong.
Overseas Trust Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
Banking:-
One bank source reports the subject have maintained a well conducted
account with them for many years.
Another bank source reveals the subject has maintained an active and
properly conducted account with them since August 1964. Banking facilities extended. Experienced and capable directorate.
Standing: Very Good.
Hong Kong Industrial Services Ltd. was founded in 1964 as a member of
the CDW Group which is chiefly owned by Mr. Cha Chi Ming who is a Hong Kong
merchant.
Founded in 1949, the CDW Group has been one of Asia’s leading woven
fabric, dyeing and printing organization and has established extensive business
relationships, both locally and internationally. It is closely tied with companies in textile
operations in China, Africa and the United Kingdom. The first member of the group was known as
China Dyeing Works Ltd. [CDW].
The subject is a transhipment agent of machines and materials on behalf
of CDW Group’s textile interests in Nigeria operating under the names of United
Nigerian Textiles Ltd., Zemfara Textile Industries Ltd., etc.
CDW, established in Hong Kong in 1949, has grown to become one of Asia’s
leading dyeing and printing fabric suppliers.
The main products of the CDW Group are the followings: Cotton,
polyester/cotton, linen, cotton/ silk, rayon, lycra, T400, and their blended,
lurex, tencel, compact yarn, bamboo, coolmax, warmtex, plain weave, twill,
satin, dobby, velvet, corduroy, moleskin, stretch, yarn dye, seersucker,
apparel fabrics and bed linen.
The following firms are some of the Group’s main customers: Calvin
Klein, Banana Republic, J. Crew, JCPenney, Jones New York, Gerry Weber, Van
Heusen, Vans, EXPRESS, Wrangler, Calvin Klein Jeans, Lee, Timberland, Tommy
Hilfiger, Perry Ellis, Polo Ralph Lauren, Esprit, SAMOON, Your M&S, L.L.Bean,
Gymboree, We Fit Your Life, Limited Too, Nautica, Ann Taylor, Abercrombie &
Fitch, Liz Claiborne Inc., etc.
Now, the Group has set up associated companies in Nigeria, Ghana, Benin,
the United States, Congo, Togo, Cote d’Ivoire, Burkina Fasso, China, the United
Kingdom, etc.
The subject is in fact a part of The Cha Textiles Group. The Group principally is engaged in
traditional woven textile business and non-woven industrial products. To keep abreast with the latest technology,
the Group has expanded into synthetic fibre and yarn, digital printing,
thermoplastic polyurethane chips, spandex filament and tape production. It has consequently built a global network
with operations in Hong Kong, China, West Africa, Europe and the United
States. In addition to textiles and
apparel markets, the Group is also involved in different segments.
Certain companies of the Cha Group are publicly listed while most
operate collectively as privately-held members of the Cha Group.
The Cha Textiles Group can be categorized into several divisions:-
The subject is fully supported by The Cha Textiles Group. Annual sales turnover is significant.
The Cha Group has over 300 employees in Hong Kong.
The history of the subject in Hong Kong is over 50 years and seven
months.
On the whole, consider it good for normal business engagements.
Property information of
directors:-
1. Property Location: Flat 2 on 21/F. (Block B) and Car
Parking Space No. 194 & Roof, Villa Monte Rosa, 41A Stubbs Road, Hong Kong.
Owner: Cheung Tat Sang
Date of Purchase: 15-10-1968
Purchased Price: HK$144,000
Incumbrances:-
|
Date of Mortgage |
Amount Consideration |
Mortgagee |
Nature |
|
04-10-1974 |
HK$350,000 |
Belgian Bank, Hong Kong Branch.
[Now known as Fortis Bank Asia HK] |
Mortgage to secure banking facilities |
|
18-04-1975 |
HK$ 80,000 |
- ditto - |
Further charge |
|
25-04-1977 |
HK$170,000 |
- ditto - |
Second further charge |
|
19-03-1987 |
- |
- ditto - |
Deed of variation of legal charge |
|
28-04-1990 |
- |
- ditto - |
Deed of variation and legal further charge |
2. Property Location: Flat F on 11/F. of Block 2, Skyline Mansion,
51 Conduit Road, Hong Kong.
Owner: Chen Ping Yu & Chen Yih
Wen Tsung
Date of Purchase: 04-03-1975
Purchased Price: HK$172,000 pt.
Incumbrances: No mortgage record
registered against the property.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.48 |
|
|
1 |
Rs.98.24 |
|
Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
SMN |
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.