|
Report No. : |
351979 |
|
Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
WINNITEX LTD. |
|
|
|
|
Registered Office : |
Unit 1-5, 6A & 7A, 36/F., Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan, New Territories |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
24.01.2003 |
|
|
|
|
Com. Reg. No.: |
33466287 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and exporter of all kinds of cotton, linen, tencel, polyester,
rayon, lycra, spandex and their blends, and cotton yarn dye fabrics. |
|
|
|
|
No. of Employees : |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
WINNITEX
LTD.
ADDRESS: Unit 1-5, 6A & 7A, 36/F.,
Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan,
New Territories, Hong Kong.
PHONE: 852-2416
1403
FAX: 852-2413
6019, 2417 9157
E-MAIL: winnitex@winnitex.com
sales@winnitex.com
tracy@winnitex.com
Managing Director:
Mr. Wai Chi Kwong, Albert
Incorporated on: 24th January, 2003.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000.00
Business Category: Textile
Product Trader.
Group Turnover: US$150~155 million.
Employees: 25.
Group Employees: Over 3,000.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very
Good.
Registered Head Office:-
Unit 1-5, 6A & 7A, 36/F., Cable TV Tower, 9 Hoi Shing
Road, Tsuen Wan, New Territories, Hong Kong.
Godown:-
Unit A-D on 4/F. & 5/F. and Unit A & D on 8/F.,
Fou Wah Industrial Building, 10-16 Pun Shan Street, Tsuen Wan, New Territories,
Hong Kong.
Shanghai Office:-
Room 1709-1710, Haitong Securities Tower, 689 Guangdong
Road, Shanghai, China.
[Tel: (86-021) 6341 0103;
Fax: (86-021) 6341 0092]
China Factories:-
17 Ning Dong Road, Xiaoshan Economic Technology
Development Zone, Hangzhou, Zhejiang, China.
[Postal Code: 311215]
[Tel: (86-571) 8283 1000; Fax: (86-571)
8283 1728]
[Operated by Zhejiang Hing Fung Weaving Dyeing & Printing Co. Ltd.]
313 Tang Gong Road, Shaoxing, Paojiang Industrial Zone,
Shaoxiang, Zhejiang, China. [Postal
Code: 312071]
[Tel: (86-575) 8803 9009; Fax: (86-575)
8803 9088]
[Operated by Zhejiang Qing Mao Weaving Dyeing & Printing Co. Ltd.]
India Office:-
“Kalpataru”, First Floor, No. 4C 908, 9th B Main, 4th
Cross, 1st Block, H R B R Layout, Kalyan Nagar, Bangalore 560043, India.
[Tel: 91-80-2542 3557;
Fax: 91-80-2542 3559]
Holding Company:-
Winnitex Holdings Ltd., British Virgin Islands.
Associated/Affiliated Companies:-
Winnitex Group of Companies
Chestin Ltd., Hong Kong.
Hing Fung Printing & Dyeing Factory Ltd., Hong Kong.
Hing Fung Wo Finance Co. Ltd., Hong Kong.
JNA Enterprises Co., Hong Kong.
Kinto Investments Ltd., Hong Kong.
Winnitex (Macao Commercial Offshore) Ltd., Macau.
Winnitex China Holdings Ltd., Hong Kong.
Winnitex Investment Co. Ltd., Hong Kong.
Winnitex Properties Ltd., Hong Kong.
Zhejiang Hing Fung Weaving Dyeing & Printing Co.
Ltd., China.
Zhejiang Qing Mao Weaving Dyeing & Printing Co. Ltd,
China.
etc.
33466287
0831225
Managing Director:
Mr. Wai Chi Kwong, Albert
Contact Person:
Ms. Mabel Yeung
HK$1,000.00
(As per registry dated 24-01-2015)
|
Name |
|
No. of shares |
|
WAI Tien Ching |
|
1 |
|
Winnitex Holdings Ltd. P.O. Box 957, Offshore Incorporations Centre, Road
Town, Tortola, British Virgin Islands. |
|
999 |
|
|
|
––––– |
|
|
Total: |
1,000 ==== |
(As per registry dated 31-07-2015)
|
Name (Nationality) |
Address |
|
WAI Tien Ching (Chinese) [Father] |
Unit B, 3/F., Flora Villa, 1 Marigold Road, Yau Yat
Chuen, Kowloon, Hong Kong. |
|
WAI Chi Kwok, Jacob (British) [Son] |
Flat C, 2/F., Tower 1A, The Austin, 8 Wui Cheung Road,
Kowloon, Hong Kong. |
|
WAI Chi Kwong, Albert (British)
[Son] |
8 Hampshire Road, Kowloon Tong, Kowloon, Hong Kong. |
(As per registry dated 24-01-2015)
|
Name |
Address |
Co. No. |
|
Tricor Strath Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong
Kong. |
0004873 |
The subject was
incorporated on 24th January, 2003 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.
Lines: All kinds of cotton,
linen, tencel, polyester, rayon, lycra, spandex and their blends, and cotton yarn dye fabrics.
Office Floor Space:
25,712 sq.m. – shares with
associates.
Group Employees: Over 3,000.
Commodities Bought from: Hong Kong, China, Pakistan,
India, Europe, etc.
Markets: Hong
Kong, other Asian countries, US, Canada and Europe.
Group Turnover: US$150~155
million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: Various terms.
Federation of Hong Kong Industries, Hong Kong. [Member No. A5074]
Hong Kong Productivity Council, Hong Kong.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKW0247]
Issued Share Capital: HK$1,000.00
Profit or Loss: Operation
is profitable.
Condition: Business
is active.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Very Good.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Incorporated in
January 2003, Winnitex Ltd. is a wholly-owned subsidiary of Winnitex Holdings
Ltd. which is a BVI-registered firm.
The subject is a member
of the Winnitex Group which is an integrated textiles group specialized in
integrated spinning, advanced weaving, dyeing and finishing of cotton, linen,
corduroy, woven, yarn-dyed and other cotton/blended fabrics. The subject is the flagship company of the
Group’s fabric business.
The history of the
Winnitex Group dates back to 1964 when the President of the Group Mr. Wai Tien
Ching founded the first member of Winnitex Group which is Hing Fung Printing
& Dyeing Factory Ltd. [Hing Fung]. Hing
Fung is a Hong Kong-registered firm.
Spurred by the rapid development of the textiles industry in
Hong Kong during the 1980’s, Hing Fung grew from a small dyeing and
finishing business into one of the reputable dyeing factories in Hong Kong.
Now, the Winnitex
Group has set up two main mills in China, namely, Zhejiang Hing Fung Printing
& Dyeing Factory Ltd. [Hing Fung] and Zhejiang Qing Mao Weaving, Dyeing
& Printing Co. Ltd. [Qing Mao]. Both
firms are in Zhejiang Province, China.
Qing Mao was set up in China in 2002.
Hing Fung has become
one of the significant company in Hangzhou City, Zhejiang Province, China. It is located at ‘17 Ning Dong Road, Xiaoshan
Economic Technology Development Zone, Hangzhou, Zhejiang Province, China’.
Now, the legal
representative of Qing Mao is Wai Chi Kwok, Jacob. He is also president of the Group.
In 1978, the Winnitex
Group established Hing Mou Textiles Ltd. which was the first weaving mill of
the Group. But this business was
dissolved on 11th January, 2002.
In 1989, Hing Fung
was upgraded into a continuous dyeing mill.
The site (approximately 20,000 sq.ft.) where the old dyeing and
finishing plant had situated, was redeveloped into a 3-storey production
facility with a total floor area of 60,000 sq.ft. This redevelopment has brought the Group’s
total production floor area to 150,000 sq.ft.
In 1994, the Winnitex
Group made an investment of US$30 million to set up a 100%-owned and is also
the Group’s first weaving and dyeing plant in Zhejiang Province, China, known
as Hing Fung. In April 2000, this plant
got the ISO 9002 certification. Hing
Fung has been one of the 500 largest enterprises in China.
In 2003, the Group
set up Fouhang (Shanghai) International Trading Ltd. which is the Group’s
trading arm in China. This firm is one
of the main buying offices of the Group.
Now, the Group is
trading in the following products:-
· COTTON SPUN YARNS, Open End - Carded
· COTTON SPUN YARNS, Ring Spun - Carded
· COTTON SPUN YARNS, Ring Spun - Combed
· COTTON WOVEN FABRICS, 100% COTTON WOVEN FABRICS - (Bottom Weight)
· COTTON WOVEN FABRICS, Corduroy (Bottom weight) - (Bottom Weight)
· COTTON WOVEN FABRICS, Dobbies (Top weight) - (Top Weight)
· COTTON WOVEN FABRICS, Doublecloth ( Bottomweight) - (Bottom Weight)
· COTTON WOVEN FABRICS, Doublecloth (Topweight) - (Top Weight)
· COTTON WOVEN FABRICS, Drills ( Bottomweight) - (Bottom Weight)
· COTTON WOVEN FABRICS, Herringbone ( Bottomweight) - (Bottom Weight)
· COTTON WOVEN FABRICS, Herringbone (Topweight) - (Top Weight)
· COTTON WOVEN FABRICS, Oxfords (Bottomweight) - (Bottom Weight)
· COTTON WOVEN FABRICS, Oxfords (Topweight) - (Top Weight)
· COTTON WOVEN FABRICS, Poplin ( Bottomweight) - (Bottom Weight)
· COTTON WOVEN FABRICS, Poplin (Topweight) - (Top Weight)
· COTTON WOVEN FABRICS, Sateens (Topweight) - (Top Weight)
· COTTON WOVEN FABRICS, Sheeting ( Bottomweight) - (Bottom Weight)
· COTTON WOVEN FABRICS, Special Purpose Fabrics - (Bottom Weight)
· COTTON WOVEN FABRICS, Terry ( Bottomweight) - (Bottom Weight)
· COTTON WOVEN FABRICS, Twill - (Bottom Weight)
In 2005, the Group
set up representative offices in New York and Tokyo. Since then, the Group has been further
penetrated the Japan and the US markets.
The subject’s fabrics
are made from fine yarns imported from Pakistan, India, Taiwan and China. The Group also produces different types of
materials including 100% cotton, linen, tencel, polyester, rayon, lycra,
spandex, etc. It also produces 100%
cotton dyed fabric too.
Currently the Group
is able to produce fabrics that weigh from 4 oz. to 14 oz. This range covers those fabrics for
manufacturing men’s shirts, dresses, pants, denim skirts and outer
jackets. The Group produces corduroy,
dobby, twills, canvas, herringbone, sheeting, bedford cord, poplin, sateen,
matting, ottoman, rib-stop and many other materials as well.
The Group is a
certified AZO-Free company according to Oeko-Tex Standard 100.
The Group established
a new laboratory in June 2009 which has been well-equipped.
The Group also has
got the Marks and Spencer laboratory accreditation. Marks and Spencer has been one of the
significant customers of the Group.
According to the
subject, the Group’s monthly dyeing capacity is 10 million metres and with products
ranging from shirts, trousers, formal wear, casual wear, outerwear, colour
denim and different kinds of uniforms.
In recent years, the
Group has set up an office in Macau known as Winnitex (Macao Commercial
Offshore) Ltd. which is a Macau-registered firm. The Macau company is responsible for
exporting products for the Group.
Now, the Winnitex
Group has had over 3,000 employees in Hong Kong, New York, Tokyo,
Shanghai, Shaoxing, Hangzhou, Shenzhen Special Economic Zone, Macau and
India. Annual sales turnover of the
Group ranges from US$150 to 155 million, making a small profit every year. Overall business is active.
The subject has about
25 employees in Hong Kong.
The history of the
subject in Hong Kong is over twelve years and ten months while the history of
the Group is over fifty years.
On the whole, in view
of the parentage and background of the subject, consider it good for normal
business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.75 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.70.67 |
|
HKD |
1 |
Rs.8.61 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.