MIRA INFORM REPORT

 

 

Report No. :

350377

Report Date :

04.12.2015

 

IDENTIFICATION DETAILS

 

Name :

LOKS TEXTILE MACHINERY COMPANY

 

 

Registered Office :

Flat F, 4/F, PH.1, Superluck IND. CTR., 45-53 Sha Tsui Road, Tsuen Wan N.T.

 

 

Country :

Hongkong

 

 

Date of Incorporation :

18.11.2002

 

 

Com. Reg. No.:

33212349

 

 

Legal Form :

Sole Proprietorship

 

 

Line of Business :

Manufacturing and Sale of Textile Finishing Machinery.

 

 

No. of Employees :

Not Available

 

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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, 2015

 

Country Name

Previous Rating

(31.12.2014)

Current Rating

(31.03.2015)

Hongkong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

HONGKONG - 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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.

 

Source : CIA

 

Contact Points

 

Company Name (in English):

Loks Textile Machinery Company

Supplied Name:

Loks Textile Mechinary Company

Trading Address:

Flat F, 4/F, PH.1, Superluck IND. CTR., 45-53 Sha Tsui Road, Tsuen Wan N.T. Hong Kong

Supplied Address:

Flat F 4 /f Ph.1 SuperLuck, CTR, 45-53 SHA TSUI Road, WAN, Hongkong

Note: The exact name and address are as above.

 

 

Company Identification Details

 

Registered Name:

Loks Textile Machinery Company

Registered Address:

Flat F, 4/F, PH.1, Superluck IND. CTR., 45-53 Sha Tsui Road, Tsuen Wan N.T. Hong Kong

Telephone Number:

+852-2498-4397

Fax Number:

+852-2498-5443

Date of Registration:

2002-11-18

Business Registration No.:

33212349

Registered Capital:

N/A

Legal Form:

Sole Proprietorship

SITC Code:

72474 - Machinery for washing, cleaning, working, processing textile yarn and fabric or made-up textile articles etc. (No.)

Principal Activities:

Manufacturing and sale of textile finishing machinery.

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

--

Notes: It is not required registered capital for the company of Sole Proprietorship Company. Subject declined to disclose its staff number, and from other source we can’t obtain the information, either.

 

 

History

 

Subject was incorporated on 2002-11-18 with Business Registration No. 33212349 as Sole Proprietorship Company in Hong Kong.

 

 

Corporate Structure

 

Factories

1

Address:

Bai He Han, 4th Lane, Dongping Development Zone, Xizhou Village, Xintang Town, Zengcheng Dist., Guangzhou City, Guangdong Province, China

Tel:

+86-20-8289-7705

Fax:

+86-20-8289-7706

2

Address:

No. 15, 5th Street, Hangzhou Economic & Technological Development Area, Hangzhou City, Zhejiang Province, China

Tel:

+86-571-8684-2885/8684-2886

Fax:

+86-571-8691-2206

Note: The above information is from public files.

 

 

Owner

 

Detailed Information of owner:

Name:

Lok, Yat Tou

Registered Address:

Flat D, 25/F, Tower 12A 8 Laguna Verde Hunghom KL Hong Kong

Position:

Owner

ID Number:

H4245522

Date of Appointment:

2002-11-18

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Flat F, 4/F, PH.1, Superluck IND. CTR., 45-53 Sha Tsui Road, Tsuen Wan N.T. Hong Kong

 

Premises Information

 

Office address:

Address:

Workshop F on 4/F & Portion of Flat Roof Adjacent Thereto Superluck Industrial Centre (Phase I) Nos.45-53 Sha Tsui Road Tsuen Wan N.T.

Owners:

LOK YAT TOU   Joint Tenant

YU CHI FAN     Joint Tenant

Memorial Number:

06011301520050

Date of Instrument:

2001-10-29

Date of Registration:

2006-1-13

Consideration Value:

HKD 408,000.00

 

Production Information

 

Subject is engaged in manufacturing of textile finishing machinery.   

It is introduced that subject has factories in Guangzhou City and Hangzhou City of Mainland China for production.

 

Purchase Information

 

The components and raw material for production are mostly purchased in domestic market.

 

Sales Information

 

Subject is engaged in sale of textile finishing machinery.   

Subject’s sales regions include domestic and overseas market.

Subject’s major customers are manufacturers of textile (jean), etc.

 

Major products

Types

Products

Open-width drift, Dyeing, seal and after sorting equipment

LMC151 rapid cloth sword mercerizing machine

PDB131 dyeing grounding machine

LPD301 steamed washing machines

LWD201 grey machine

LSO351 stereotyped machine

LSM501 advance classes machine

BWD401 ROPE DYEING RANGE

LSM40 Sizing machine

Pulp dyeing combination machine and cowboy cloth after sorting equipment

LDS401 dyeing & sizing machine

LSWS901 cowboy cloth after sorting machines

LSS361 La-fu machine

Medium and small prototype

 

PWDS650 Thermosol dyeing printer

LPM601 a small rolling car version machine

LPS601 a small steamer version machine

LPS-1000 steamed machines

Cloth packaging machinery

LBR701 perching machine

LIR701 Perching on roll machine

Mercerizing alkali waste recycling equipment

LSM101 Singeing machine

LWD201 Washing machine

LMC151 Clip mercerizing machine

LMR151 Roller mercerizing

LSM501 Rubber shrinking machine

LSG351 Heat-setting stenter

LSC801 Vertcal sanding machine

LSG351Heat-setting stenter

LSC801 Vertcal sanding machine

Rotary kiln heat recovery device

LHE580 Mercerizing spent Jianhuishou equipment

 

 

 

Settlements

 

Purchase

 

Domestic Purchase

Products

Raw material, etc.

Payment Terms

T/T, Cash, etc.

 

Import

 

Subject has little import.

 

Sales

 

Domestic Markets

Product

Textile finishing machinery.   

Selling Terms

T/T, Cash, etc.

 

Export

Product

Textile finishing machinery.   

Selling Terms

L/C, T/T, etc.

 

 

Financial Information

 

The subject has no obligation to supply its financial statement to the third party according to the relevant policy in Hong Kong and the only source from which we can obtain the information is the subject itself.

 

Subject’s relevant staff rejected to disclose the financial information; from other sources we could not obtain such information, either.

 

 

Bankers

 

Subject declined to disclose its bank details; from other source we could not obtain the relevant information, either.

 

 

Public

 

Mortgage Record

No mortgage record of subject was found.

 

 

Lawsuits

 

Up to now, no present or latent litigation of the subject has been found.

High Court Action:

Clear

High Court Baukufty Bankruptcy Proceedings:

Clear

High Court Commercial Action:

Clear

High Court Construction & Arbitration Proceedings:

Clear

High Court Companies Winding-Up:

Clear

 

 

Special Note

 

Interview Details

Name

Mr. Le

Department:

Sales Department

 

 

Industry Information

 

72474 - Machinery for washing, cleaning, working, processing textile yarn and fabric or made-up textile articles etc. (No.)

 

Unit: HKD/000

 

2015.06

2015.01~2015.06

 

Quantity

Value

Quantity

Value

Imports

Germany

2

61

156

4,704

Italy

38

858

205

6,695

America

657

6,210

2,009

24,051

South Korea

489

305

1,798

2,079

Belgium

5

2,772

8

3,919

The Mainland of China

939

36,395

3,838

167,718

Exports

Bangladesh

228

3,658

1,233

23,380

Singapore

291

568

452

1,479

Mexico

3

1,083

4

2,442

Cambodia

157

1,804

589

3,809

India

57

935

472

7,406

Indonesia

230

1,310

1,225

7,629

The Mainland of China

74

30,033

1,372

89,389

 

 

External Trade Information:

 

External Merchandise Trade Aggregate Figures

Unit: HKD/ Million

 

Imports

Domestic Exports

Re-exports

Total exports

Year-on-year % change of Total exports

Merchandise trade balance

2012

3,912,163

58,830

3,375,516

3,434,346

+2.9

-477,817

2013

4,060,717

54,364

3,505,322

3,559,686

+3.6

-501,031

2014

4,219,046

55,283

3,617,468

3,672,751

+3.2

-546,295

2014.05

348,323

5,299

300,673

305,973

+4.9

-42,350

2014.06

352,316

4,802

304,409

309,211

+11.4

-43,105

2014.07

368,293

5,120

321,040

326,160

+6.8

-42,132

2014.08

358,750

5,289

321,937

327,225

+6.4

-31,525

2014.09

382,355

4,153

327,833

331,986

+4.5

-50,369

2014.10

381,569

4,392

327,335

331,727

+2.7

-49,842

2014.11

378,946

4,701

322,082

326,783

+0.4

-52,163

2014.12

372,007

4,050

308,705

312,755

+0.6

-59,253

2015.01

348,886

4,468

307,403

311,871

+2.8

-37,015

2015.02

264,220

2,919

225,418

228,337

+7.2

-35,884

2015.03

342,319

4,013

292,100

296,113

-1.8

-46,206

2015.04

331,108

4,202

287,742

291,944

+2.2

-39,164

2015.05

331,940

4,258

287,571

291,830

-4.6

-40,110

2015.06

345,302

4,158

295,361

299,518

-3.1

-45,783

 

*Total exports figures have been rounded to the nearest final digit after summing up the constituent trade figures.

 

 

Attachment

 

PH.1, Superluck IND. CTR., 45-53 Sha Tsui Road, Tsuen Wan N.T. Hong Kong

21192635377846E1(11-30-15-03-37)

 

 

 

 

Flat F, 4/F, PH.1, Superluck IND. CTR., 45-53 Sha Tsui Road, Tsuen Wan N.T. Hong Kong

11318008572761EA(11-30-15-03-13)

 

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.66.75

UK Pound

1

Rs.99.61

Euro

1

Rs.70.67

HKD

1

Rs.8.64

Note : Above are approximate rates obtained from sources believed to be correct

 

 

INFORMATION DETAILS

 

Analysis Done by :

KAS

 

 

Report Prepared by :

NIT

 

               


 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.