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Report No. : |
317071 |
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Report Date : |
17.04.2015 |
IDENTIFICATION DETAILS
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Name : |
TEXBANK LTD. |
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Registered Office : |
Unit 2901-3, 29/F., Aitken Vanson Centre, 61 Hoi Yuen 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 : |
Subject is Importer, Exporter and Wholesaler of All kinds of men’s, women’s
and children’s wear |
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No. of Employee : |
20. (Including associates in Hong Kong) |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
|
Source : CIA |
TEXBANK LTD.
Unit 2901-3,
29/F., Aitken Vanson Centre, 61 Hoi Yuen 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.
Issued Share Capital: HK$1,000,000.00
Business Category: Textile Product Trader.
Annual Turnover: HK$250-300 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 2901-3,
29/F., Aitken Vanson Centre, 61 Hoi Yuen Road, Kwun Tong, Kowloon, Hong
Kong.
Associated Companies:-
Suzhou Gongda Silk
Co. Ltd., China.
Suzhou Texbank
Velvet Co. Ltd., China.
Suzhou Texcanon
Silk & Textile Co. Ltd., China.
Suzhou Tongzhi
Weaving & Silk Co. Ltd., China.
Suzhou Unitedtex Apparel
Co. Ltd., China.
Suzhou Unitedtex
Enterprise Ltd., China.
Suzhou Zhenhao
Garment Co. 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.
Xuzhou Zhenxiong
Garment Co. Ltd., China.
10171502
0165547
Managing
Director: Mr. Lu Jingtao
HK$1,000,000.00
(As
per registry dated 21-02-2015)
|
Name |
|
No.
of shares |
|
LU
Jingtao |
|
55 |
|
KIM
Sang Pyo |
|
10 |
|
Trade Master Co. Ltd. Room 51, 5/F., Britannia
House, Jalan Cator Bandar Seri Begawan BS 8811, Negara Brunei, Darussalam. |
|
25 |
|
[to be continued] |
||
|
[continued] |
||
|
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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Total: |
100 === |
(As
per registry dated 21-02-2015)
|
Name (Nationality) |
Address |
|
KIM Sang Pyo |
Flat B, 11/F., Begonia Mansion, 8 Taikoo Wan
Road, Taikoo Shing, Hong Kong. |
|
WONG Yim Kan |
House 4, Greenary Villas, 2/10 Ma Ying
Path, Shatin, New Territories, Hong Kong. |
|
LU Jingtao |
House 4, Greenary Villas, 2/10 Ma Ying
Path, Shatin, New Territories, Hong Kong. |
WONG Yim Kan (As
per registry dated 21-02-2015)
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 Unit 1308-1310, 13/F., COL Tower, Wharf T&T Square, 123
Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong in June 2012 and further to the
present address in late 2014.
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$250-300 million. (Including associates)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
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 condition.
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: Very 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:-
|
Product/Service |
Product/Service
Remarks |
|
Yarns,
Piecegoods and Textiles |
|
|
Piecegoods –
Synthetic |
Synthetic
and mixed from China and Korea (Exporter) Synthetic
and mixed from China and Korea (Importer) Synthetic
and mixed, OEM (Manufacturer) |
|
Piecegoods –
Silk |
Silk
and mixed from China and Korea (Exporter) Silk
and mixed from China and Korea (Importer) Silk
and mixed, OEM (Manufacturer) |
|
Garments (Men’s,
Women’s and Children’s) |
|
|
Dresses and
Skirts |
Woven
(Importer) Woven
(Exporter) Woven,
OEM (Manufacturer) |
|
Blouses |
Woven
(Importer) Woven
(Exporter) Woven,
OEM (Manufacturer) |
|
Suits and Jackets
– Women’s |
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Jacket – Ladies
(Excluding Ski-Jacket) |
Woven
(Exporter) Woven
(Importer) Woven,
OEM (Manufacturer) |
|
Knitwear |
|
|
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.
Besides
the above-mentioned factories, now the subject has more than 10 associated
companies in Hong Kong and China. Most
of the companies belong to the Unitedtex Group.
The
following brands are some of the main customers of the Group: Giorgio Armani,
Calvin Klein, Tommy Bahama, Marc Jacob, Ann Taylor, Banana Republic, etc.
Employing
about 5,000 persons, the Group’s factories cover 60,000 sq.m. in total, office
area is about 8,000 sq.m. in total.
Annual production capacity is over 9.6 million units of garments. The total revenue of the Group is over RMB 1
billion Yuan.
Prime
markets are South Korea, Europe and the United States.
The
annual sales turnover of the subject and its associates ranges from HK$250 to
300 million. Business is active. Making a small profit every year. History in Hong Kong is over twenty-nine
years.
On the whole,
consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
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. |
|
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. |
|
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. |
|
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.37 |
|
|
1 |
Rs.92.44 |
|
Euro |
1 |
Rs.66.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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 |
|
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.