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Report Date : |
17.10.2014 |
IDENTIFICATION DETAILS
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Name : |
TEXBANK LTD. |
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Formerly Known As : |
UNITEDTEX LTD |
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Registered Office : |
Unit 1308-1310, 13/F., COL Tower, Wharf T&T Square, 123 Hoi Bun Road, Kwun Tong, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.02.1986 |
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Com. Reg. No.: |
10171502 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of men’s,
women’s and children’s wear. |
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No. of Employees : |
20 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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Source
: CIA |
TEXBANK LTD.
ADDRESS: Unit 1308-1310, 13/F., COL Tower, Wharf T&T Square, 123 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2757 3992
FAX: 852-2305 1186
E-MAIL: sonia-law@texbank.com.hk
Managing Director: Mr. Lu Jingtao
Incorporated on: 21st February, 1986.
Organization: Private Limited Company.
Capital: Nominal:HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Textile Product Trader.
Annual Turnover: HK$250-280 million. (Including associates)
Employees: 20. (Including associates in Hong Kong)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Unit 1501-1506, 15/F., Tins Enterprises Centre, 777 Lai Chi Kok Road, Cheung Sha Wan, Kowloon, Hong Kong.
Affiliated
Companies:-
Suzhou Unitedtex Apparel Co. Ltd., China.
Suzhou Unitedtex Enterprise Ltd., China.
Suzhou Zhenxiong Silk Co. Ltd., China.
Texplus Ltd., Hong Kong. (Same address)
Unitedtex (Huai’an) Garment Manufacturing Co. Ltd., China.
Unitedtex Ltd., Hong Kong. (Same address)
Xuzhou Unitedtex Apparel Co. Ltd., China.
10171502
0165547
Managing Director: Mr. Lu Jingtao
Nominal Share Capital: HK$1,000,000.00 (Divided into 100 shares of HK$10,000.00 each)
Issued Share Capital: HK$1,000,000.00
SHAREHOLDERS: (As per registry dated 21-02-2014)
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Name |
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No. of shares |
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LU Jingtao |
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55 |
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KIM Sang Pyo |
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10 |
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Trade Master Co. Ltd. Room 51, 5/F., Britannia House, Jalan Cator Bandar Seri Begawan BS 8811, Negara Brunei, Darussalam. |
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25 |
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[to be continued] |
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[continued] |
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Source Master Co. Ltd. Room 51, 5/F., Britannia House, Jalan Cator Bandar Seri Begawan BS 8811, Negara Brunei, Darussalam. |
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10 |
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––– |
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Total: |
100 === |
DIRECTORS: (As per registry dated 21-02-2014)
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Name (Nationality) |
Address |
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KIM Sang Pyo |
Flat B, 11/F., Begonia Mansion, 8 Taikoo Wan Road, Taikoo Shing, Hong Kong. |
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WONG Yim Kan |
House 4, Greenary Villas, 2/10 Ma Ying Path, Shatin, New Territories, Hong Kong. |
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LU Jingtao |
House 4, Greenary Villas, 2/10 Ma Ying Path, Shatin, New Territories, Hong Kong. |
SECRETARY: WONG Yim Kan (As per registry dated
21-02-2014)
The subject was incorporated on 21st February, 1986 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Hongkong Yuet Chau Textile Silk Co. Ltd., name changed to Unitedtex Ltd. on 3rd June, 2002 and further changed to the present style on 12th April, 2011.
Formerly the subject was located at Unit 1002, 10/F., Tins Enterprises Centre, 777 Lai Chi Kok Road, Cheung Sha Wan, Kowloon, Hong Kong, moved to Unit 1501-1506, 15/F. of the same building in July 2007.
The subject moved to the present address in June 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of men’s, women’s and children’s wear.
Employees: 20. (Including associates in Hong Kong)
3,000. (China)
Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished products from China.
Markets: South Korea, Europe, North America, Southeast Asia, etc.
Annual Turnover: HK$250-280 million. (Including associates)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
Nominal Share Capital: HK$1,000,000.00 (Divided into 100 shares of HK$10,000.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active state.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
Citibank N.A., Hong Kong Branch.
Bank of China (Hong Kong) Ltd., Hong Kong
Standing: Good.
Having issued 100 ordinary shares of HK$10,000.00 each, Unitedtex Ltd. is jointly owned by two merchants and two Hong Kong-registered firms. The largest shareholder is Mr. Lu Jingtao who is holding 55% interest. He was a China merchant but now is a Hong Kong ID holder.
The subject is trading in garments and piecegoods.
Currently, the subject is manufacturing the following commodities and offering clients with the following services:-
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Product/Service |
Product/Service Remarks |
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Yarns, Piecegoods and Textiles |
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Piecegoods – Synthetic |
Synthetic and mixed from China and Korea (Exporter) Synthetic and mixed from China and Korea (Importer) Synthetic and mixed, OEM (Manufacturer) |
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Piecegoods – Silk |
Silk and mixed from China and Korea (Exporter) Silk and mixed from China and Korea (Importer) Silk and mixed, OEM (Manufacturer) |
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Garments (Men’s, Women’s and Children’s) |
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Dresses and Skirts |
Woven (Importer) Woven (Exporter) Woven, OEM (Manufacturer) |
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Blouses |
Woven (Importer) Woven (Exporter) Woven, OEM (Manufacturer) |
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Suits and Jackets – Women’s |
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Jacket – Ladies (Excluding Ski-Jacket) |
Woven (Exporter) Woven (Importer) Woven, OEM (Manufacturer) |
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Knitwear |
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Tee and Sweat Shirts |
Woven (Importer) Woven (Exporter) Woven, OEM (Manufacturer) |
The subject has got an associated factory in Suzhou City, Jiangsu Province, China known as Suzhou Unitedtex Apparel Co. Ltd. [Suzhou Unitedtex]. In recent years the subject has set up two more factories in China:
Suzhou Zhenxiong Silk Co. Ltd.
Xuzhou Unitedtex Apparel Co. Ltd.
Employing about 3,000 persons, the China factories are engaged in manufacturing the above-mentioned products. Annual production capacity is about 1.8 million units of garments. Prime markets are South Korea, Europe and the United States. Suzhou Unitedtex is chiefly administered by Mr. Qin Xiaoyang who is a China merchant.
The annual sales turnover of the subject and affiliates ranges from HK$250 to 280 million. Business is rather active. Making a small profit every year. History in Hong Kong is over twenty-eight years.
On the whole, consider the subject good for normal business engagements.
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Date |
Particulars |
Amount |
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25-08-2004 |
Instrument: Deposit Deed Property: By way of a first fixed charge and as a continuing security for the Obligations, the Company charges all the Company’s rights, title to and interest in all the Company’s accounts Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys now or at any time in the future owing by Unitedtex Ltd., Texbank Ltd. and Texplus Ltd. |
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01-11-2010 |
Instrument: Deposit Deed Property: By way of a first fixed charge and as a continuing security for the Obligations, the Company charges all the Company’s rights, title to and interest in all the Company’s accounts Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys now or at any time in the future owing by Unitedtex Ltd., Texbank Ltd. and Texplus Ltd. |
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13-10-2011 |
Instrument: Deed of Indemnity, Charge Over Deposit and Set-Off Property: All the Company’s estate, right, title, benefit and interest to and in the Deposit and all interest from time to time payable thereon and together with all title deeds or documents Deposit No.: 012-878-5-025971-0 Amount: CNY5,000,000 Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities granted to Texbank Ltd. |
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13-10-2011 |
Instrument: Deed of Indemnity, Charge Over Deposit and Set-Off Property: All the Company’s estate, right, title, benefit and interest to and in the Deposit and all interest from time to time payable thereon and together with all title deeds or documents Deposit No.: 012-878-5-025971-0 Amount: CNY5,000,000 Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong. |
All moneys in respect of general banking facilities granted to Unitedtex Ltd. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.48 |
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1 |
Rs.98.24 |
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Euro |
1 |
Rs.78.66 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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Report Prepared
by : |
NIS |
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.