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Report No. : |
306533 |
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Report Date : |
05.02.2015 |
IDENTIFICATION DETAILS
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Name : |
GRATEFUL
TEXTILES CO. LTD. |
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|
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Registered Office : |
Flat B7, 11/F., Hong Kong Industrial Centre, 489-491 Castle Peak Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.02.1980 |
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Com. Reg. No.: |
06456128 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of
piecegoods, fabrics |
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No. of Employees : |
18 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Moderate |
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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 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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
|
Source
: CIA |
GRATEFUL
TEXTILES CO. LTD.
ADDRESS:
Flat B7, 11/F.,
Hong Kong Industrial Centre, 489-491 Castle Peak Road, Kowloon, Hong Kong.
PHONE: 852-2745 5222
FAX: 852-2786 2691
E-MAIL: sales@grateful.com.hk
MANAGEMENT:
Managing
Director: Mr. Wilson Hsu
Incorporated on: 5th February, 1980.
Organization: Private Limited Company.
Capital: Nominal: HK$4,200,000.00
Issued: HK$4,200,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 18.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
GRATEFUL
TEXTILES CO. LTD.
ADDRESS:
Registered
Head Office:-
Flat B7, 11/F.,
Hong Kong Industrial Centre, 489-491 Castle Peak Road, Kowloon, Hong Kong.
06456128
0078198
Managing
Director: Mr. Wilson Hsu
Nominal Share
Capital: HK$4,200,000.00 (Divided into 42,000 shares of HK$100.00 each)
Issued Share
Capital: HK$4,200,000.00
(As
per registry dated 05-02-2014)
|
Name |
|
No.
of shares |
|
Wilson
HSU |
|
31,500 |
|
CHAN
Fung Yee, Carrie |
|
6,300 |
|
HSU Shiu Tung, Kenrick |
|
4,200 |
|
|
|
–––––– |
|
|
Total: |
42,000 ===== |
(As
per registry dated 05-02-2014)
|
Name (Nationality) |
Address |
|
HSU Shiu Tung,
Kenrick |
Flat E, 30/F., Tower 2, Sorrento, 1 Austin
Road West, Tsimshatsui, Kowloon, Hong Kong. |
|
Wilson HSU |
Flat B, 15/F., Block 2, 2 & 3 Garden
Terrace, 8A Old Peak Road, Hong Kong. |
|
CHAN Fung Yee,
Carrie |
Flat A, 2/F., Block 2, Meridian Hill, 81 Broadcast
Drive, Kowloon Tong, Kowloon, Hong Kong. |
(As
per registry dated 05-02-2014)
|
Name |
Address |
|
WU Yuk Lin |
Flat H, 37/F., Block 12, Park Central, 9 Tong Tak Street, Tseung Kwan
O, New Territories, Hong Kong. |
The
subject was incorporated on 5th February, 1980 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, Exporter and Wholesaler.
Lines: All kinds of piecegoods, fabrics.
Employees: 18.
Commodities Imported: Europe, China, other Asian countries, etc.
Markets: China, other Asian countries, Europe, North America, Australia, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
MEMBERSHIP: The
Chinese General Chamber of Commerce, Hong Kong.
Nominal Share Capital: HK$4,200,000.00 (Divided into 42,000 shares of HK$100.00 each)
Issued Share Capital: HK$4,200,000.00
Mortgage or Charge:-
Date of Deed of
Indemnity,
Charge Over Deposit and Set-Off : 11-01-2010
Amount: All moneys in respect of general banking facilities
Property: All the Company’s estate, right, title,
claim, 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 relating
thereto
Particulars of the Deposit:
Deposit No.: 012-898-5-129412-1
Amount: HK$4,000,000
Mortgagee: Bank of China (Hong Kong) Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Having
issued 42,000 ordinary shares of HK$100.00 each, Grateful Textiles Co. Ltd. is
jointly owned by Mr. Wilson Hsu, holding 75% interests; Ms. Chan Fung Yee,
Carrie, holding 15%; Mr. Hsu Shiu Tung, Kenrick, 10%. They are also directors of the subject. The Hsu family are Taiwan by origin. Now they have become Hong Kong citizens.
Incorporated
in February 1980, the subject is trading in the following commodities:-
·
Clothing Accessories;
·
Jeans;
·
Labels for Garments;
·
Piecegoods ‑ Blended;
·
Piecegoods – Synthetic, such as T/C;
·
Piecegoods ‑ Vegetable fibre; &
·
Piecegoods ‑ Woollen Woven.
The
subject’s garments traded including men’s shirts, lady blouses, lady blouses,
lady chequer shirts and tops.
Commodities
are imported from Europe, China, Taiwan, Bangladesh, Cambodia, other Asian
countries, etc. Prime markets are China,
the other Asian countries, Europe, North America, Australia, Egypt, etc. Business is active. Regular suppliers and customers have been
maintained.
The
subject is a member of The Chinese General Chamber of Commerce, Hong Kong.
The
subject’s business is chiefly handled by Mr. Wilson Hsu himself.
As
the history of the subject is over 34 years in Hong Kong, on the whole,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.68 |
|
|
1 |
Rs.93.53 |
|
Euro |
1 |
Rs.70.75 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
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 |
|
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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 |
|
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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 |
|
|
<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.