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Report Date : |
04.09.2014 |
IDENTIFICATION DETAILS
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Name : |
TUNG GA LINEN & COTTON MILLS LTD. |
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Registered Office : |
Unit 602, 6/F., Tower 3, Phase 1, Enterprise Square, 9 Sheung Yuet
Road, Kowloon Bay, Kowloon |
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Country : |
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Date of Incorporation : |
15.12.2003 |
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Com. Reg. No.: |
34144496 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Flax fibres/linen yarns, linen fabrics,
linen/rayon/cotton, dyed yarns, printed and bleached fabrics |
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No of Employees : |
14 [Including Associates] |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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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 – June 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
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.
|
Source
: CIA |
TUNG GA LINEN
& COTTON MILLS LTD.
ADDRESS: Unit 602, 6/F., Tower 3,
Phase 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2755
1138, 2331 2103
FAX: 852-2753
5220, 2796 0508
E-MAIL: info@tungga.com.hk
tungga@hkstar.com
MANAGEMENT:
Managing Director: Mr. Wong Man
Incorporated on: 15th December, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Fabric
and Yarn Trader.
Group Annual Turnover: HK$1.5~2.0 billion.
Employees: 14. (Including associates)
Main Dealing Banker: The
Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TUNG GA LINEN
& COTTON MILLS
LTD.
Registered Head
Office:-
Unit 602, 6/F., Tower 3, Phase 1, Enterprise Square, 9 Sheung Yuet Road,
Kowloon Bay, Kowloon, Hong Kong.
Associated
Companies:-
Tung Ga International Investment Ltd., Hong Kong.
Tung Ga Linen & Cotton (HK) Ltd., Hong Kong.
Tung Ga Linen & Cotton Ltd., Hong Kong. [Dissolved]
Tung Ga Linen & Cotton Ltd. (Changzhou) Co. Ltd.
Weitang Industrial Park, 213033 Changzhou City, Jiangsu Province, China.
[Tel: 86-519-8577 9651
Fax: 86-519-8577 7891
E-mail: sale03@tungga.com.cn]
34144496
0875426
Managing Director: Mr. Wong Man
Director & Contact Person: Ms.
Wong Yim, Mable
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 15-12-2013)
|
Name |
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No. of shares |
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WONG Man |
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1 |
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NGAI Ching Wai |
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1 |
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–– |
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Total: |
2 = |
(As per registry dated 15-12-2013)
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Name (Nationality) |
Address |
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NGAI Ching Wai |
House 2, Deerhill Bay, Deerhill Avenue, Tai Po, New Territories, Hong
Kong. |
|
WONG Man |
House 2, Deerhill Bay, Deerhill Avenue, Tai Po, New Territories, Hong
Kong. |
|
WONG Yim |
Flat 2B, Block 13, Site 11, Whampoa Garden, Hunghom, Kowloon, Hong
Kong. |
NGAI Ching Wai (As per registry
dated 15-12-2013)
The subject was incorporated on 15th December, 2003 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Tung Ga Linen
& Cotton Trading Ltd., name changed to the present style on 15th November,
2004.
Formerly the subject was located at Suite 1, 36/F., Skyline Tower, 39
Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong, moved to the present address
with effect from 21st February, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Flax
fibres/linen yarns, linen fabrics, linen/rayon/cotton, dyed yarns, printed and
bleached fabrics
Employees: 14. (Including associates)
Materials/Commodities: Imports raw
materials from European countries, some of the Asian countries and finished
products from China.
Markets: Australia,
China, Europe, North America, Central & South America, Taiwan, Southeast
Asia, etc.
Group Annual Turnover: HK$1.5~2.0
billion.
Terms/Sales: Advanced T/T, L/C or
as per contracted.
Terms/Buying: L/C, T/T, D/P
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small
profit every year.
Condition: Keeping in a
satisfactory manner.
Facilities: Making 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: Very Good.
Having issued 2 ordinary shares of HK$1.00 each, Tung Ga Linen &
Cotton Mills Ltd. is equally owned by Mr. Wong Man and Ms. Ngai Ching Wai. They are Hong Kong merchants and seem to be a
couple.
The subject moved to the present address in February 2011.
The subject imports grey fabrics and yarns from Europe, some of the
Asian countries and re-exports to China for further processing. Finished products are exported to foreign
markets. The subject is a member of the
Tung Ga Group.
The subject is
trading in the following products:-
·
Fabric - Linen & Ramie;
·
Yarn - Blended (Excluding Polyester/Cotton);
·
Dyed Fabric;
·
Jacquard;
·
Yarn Dyed Fabric;
·
Colour Woven Fabric; &
·
Wide Fabric with closed selvedge.
The subject now has got an associated factory in Changzhou City, Jiangsu
Province, China known as Tung Ga Linen & Cotton Ltd. (Changzhou) Co. Ltd.
[Changzhou Tung Ga]. Changzhou Tung Ga
is the solely-owned enterprise of Hong Kong Tung Ga Group in Chinese
Mainland. Changzhou Tung Ga is located
in Xinbei District, Changzhou City, Jiangsu Province, China. The site of the whole company and building
area are 180 acreages and 50,000 sq.m. respectively. The fixed assets of Changzhou Tung Ga are
RMB200 million Yuan. Changzhou Tung Ga
has about 1,000 employees. It is one of
the leading linen enterprises in China.
Its export revenue greatly surpasses other enterprises of the same
profession across China and has become a significant firm in Yangtze River
Economic Delta.
Having been equipped with the latest equipment, and thousands of
advanced spinning machines such as the imported water spliced automatic winders
which have 13,000 wet spindles, Changzhou Tung Ga has been equipped with the
other equipment such as looms. Its 200
weaving looms and equipment include Swiss BENNINGER warping machines and
Italian VAMATEX wide looms. The annual
production capacity of over 2,000 tons of grey, semi‑bleached and yarn
dyed linen yarn, and more than 10 million meters of pure linen, linen/cotton,
linen/rayon, linen/rayon/terylene and other kinds of blended fabric. The yarn is ranking from 3.5s to 30s (6nm～50nm). The fabric includes more than 100 famous and
new varieties, for example greige, semi-bleached, yarn dyed, dyed, printing,
jacquard, super wide fabric, home textile fabric, special functional fabric
etc.. 80% of its main products are sold
to Europe, American and Southeast Asia.
Changzhou Tung Ga is strong in assets and technology. 15% of the employees are professional
technicians taking positions in Science & Research Department,
Manufacturing Department, Testing Department, and Trading Department, etc. The efficient inner cooperation among these
departments provides all around technology support and high quality
guarantee. The products have got ITS
testing certificate and its reliable and stable quality has gained good
reputation among our clients all over the world.
The contact person of Changzhou Tung Ga is Ms. Wang who is a Chinese.
The subject’s products are marketed in China, exported to Africa,
Australasia, Central & South America, China, Eastern Europe, Japan, South
Korea, the Middle East, North America, Other Asian Countries, Scandinavia,
Southeast Asia, Taiwan, Western Europe, etc.
The subject’s sales offices are in South Korea, Japan, India, Southeast
Asia, and Europe.
The annual sales turnover of the group ranges from HK$1.5 to 2.0
billion. Business is active and making a
small profit every year although its profit margin is usually low.
As the history of the subject is over ten years and eight months in
Hong Kong, on the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
28-01-2005 |
Instrument: Assignment of DC Proceeds re export
bills restricted to other banks for negotiation/payment 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 and interest in the said Documentary Credits
and the benefit of all powers and remedies for enforcing the Documentary
Credits 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 |
|
04-03-2008 |
Instrument: General Letter of Hypothecation Property: All goods, stocks, shares, warehouse or godown warrants, bills of
lading, bills of exchange, overseas time deposits receipts, deposits or
deposit receipts Mortgagee: Shanghai Commercial Bank Ltd.,
Hong Kong. |
To secure banking facilities |
|
04-03-2008 |
Instrument: Charge Over Securities Property: All stocks, shares, unit trusts, securities, bonds, notes, debentures,
warrants and funds Mortgagee: Shanghai Commercial Bank Ltd.,
Hong Kong. |
To secure banking facilities |
|
04-03-2008 |
Instrument: Deed of Charge on Account and Set Off Property: Account number 334-82-09013-6, 334-24-01371-1 and 334-88-00063-5 Mortgagee: Shanghai Commercial Bank Ltd.,
Hong Kong. |
To secure banking facilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.54 |
|
|
1 |
Rs.99.73 |
|
Euro |
1 |
Rs.79.54 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
|
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 |
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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 |
|
<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.