MIRA INFORM REPORT
|
Report No. : |
305667 |
|
Report Date : |
05.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
ROOM TEXTILES CO., LIMITED |
|
|
|
|
Registered Office : |
Room 1002A, 10/F., Kowloon Plaza, No.485 Castle Peak Road, Lai Chi Kok, Kowloon |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
12.03.2005 |
|
|
|
|
Com. Reg. No.: |
955291 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of Fabrics. |
|
|
|
|
No. of Employees : |
About 5 |
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 – 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 |
Contact Points
|
Company Name (in Chinese): |
|
|
Company Name (in English): |
ROOM TEXTILES CO., LIMITED |
|
Supplied Name: |
ROOM TEX |
|
Trading Address: |
Room 1002A, 10/F., Kowloon Plaza, No.485 Castle Peak Road, Lai Chi
Kok, Kowloon, Hong Kong |
|
Supplied Address: |
UNIT 2A, 10/F, KOWLOON PLAZA, 485 CASTLE PEAK ROAD, KOWLOOON, HONGKONG |
Note: The complete name
and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Room 1002A, 10/F., Kowloon Plaza, No.485
Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong |
|
Telephone Number: |
+852-2741-8484 |
|
Fax Number: |
+852-2741-2929 |
|
Date of Registration: |
2005-3-12 |
|
Registered Number: |
955291 |
|
Business Registration No.: |
35411933 |
|
Registered Capital: |
HKD 10,000 (USD 1,290) (As of 2015.02, 1 HKD = 0.129 USD) |
|
Paid-up Capital: |
HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD 1 |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
65263--Other woven cotton fabrics, < 85% by weight of cotton, mixed
mainly with man-made fibers, denim, weighing > 200 g/sq m (kg) |
|
Principal Activities: |
Trading of fabrics, etc. |
|
Staff: |
About 5 Employees |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-3-12 |
History
Subject was incorporated on 2005-3-12 with the registered number 955291
as Private Limited Liability Company in Hong Kong.
Corporate Structure
Subsidiary
|
Name: |
Room Textiles (Shanghai) Trading Co., Ltd. (Translated) |
|
Address: |
Room 201, #16 West Building, No.140 Tianlin Road, Xuhui District,
Shanghai City, China |
|
Tel: |
+86-21 6073-7700 |
|
Fax: |
+86-21 6073-7576 |
|
Date of Registration: |
2007-6-11 |
|
Registered Number: |
310000400517639 |
|
Registered Capital: |
USD 50,000 |
|
Legal Form: |
Limited Liability Company |
|
Legal Representative: |
Chau Ming |
|
Proportion of Investment (%) |
100% |
Related Company
|
Name: |
Charm Asia Pacific Limited |
|
Address: |
Room 1002A, 10/F., Kowloon Plaza, No.485 Castle Peak Road, Lai Chi
Kok, Kowloon, Hong Kong |
|
Date of Registration: |
2009-12-3 |
|
Registered Number: |
1397929 |
Shareholder
|
Subscription
Shares |
Proportion of
Investment (%) |
|
|
Chau Ming |
10,000 |
100% |
|
Total |
10,000 |
100% |
Major Shareholder
Information:
|
Name: |
Chau Ming |
|
Address: |
Room 902, Block 282, No.99 Wan Ding Road, Minhang District, Shanghai
City, China |
Management Information
Core Management
Detailed Information
of Directors:
|
1 |
|
|
Name: |
Chau Ming |
|
Address: |
Room 902, Block 282, No.99 Wan Ding Road, Minhang District, Shanghai
City, China |
|
Position: |
Director |
|
ID Number: |
V021627(5) |
|
2 |
|
|
Name: |
Acctax Consultancy Limited |
|
Address: |
Room 1517, 15/F., Nan Fung Centre, No.264-298 Castle Peak Road, Tsuen
Wan, N.T., Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
459695 |
|
E-mail: |
|
Former Director:
|
Name: |
Chau Wai |
|
Address: |
Flat A, 9/F., Tower 2, Harbour Green, Tai Kok Tsui, Kowloon, Hong Kong |
|
ID Number: |
K420314(3) |
|
Date of Resignation: |
2014-10-29 |
Personnel Structure
|
Total Employees |
Operation Information
Offices & Factories
|
|
Office |
|
Address: |
Room 1002A, 10/F., Kowloon Plaza, No.485 Castle Peak Road, Lai Chi
Kok, Kowloon, Hong Kong |
Premises Information
Office address:
|
Address: |
Unit 2A on 10th Floor, Kowloon Plaza, No.485 Castle Peak Road,
Kowloon |
|
Owners: |
Tang Hon Wah |
|
Memorial Number: |
UB9314516 |
|
Date of Instrument: |
2004-8-7 |
|
Date of Registration: |
2004-9-2 |
|
Consideration Value: |
HKD 980,000.00 |
History of Premises Owners’
|
1 |
|
|
Memorial No.: |
UB9267808 |
|
Date of Instrument: |
2004-7-3 |
|
Date of Registration: |
2004-7-9 |
|
Nature: |
Agreement for sale and purchase Remarks: See assignment m/n 9314516 |
|
In Favor of: |
Tang Hon Wah |
|
Consideration: |
HKD 980,000.00 |
|
2 |
|
|
Memorial No.: |
UB5291719 |
|
Date of Instrument: |
1992-5-4 |
|
Date of Registration: |
1992-6-2 |
|
Nature: |
Agreement for sale and purchase with plan Remarks: Wong Tim Sau |
|
In Favor of: |
HKD 2,018,400.00 |
|
3 |
|
|
Memorial No.: |
UB5169496 |
|
Date of Instrument: |
1992-1-24 |
|
Date of Registration: |
1992-2-3 |
|
Nature: |
Mortgage to secure general banking facilities Remarks: The consideration is HKD 73,000,000 and all moneys discharged
vide mem.no.6766526 |
|
In Favor of: |
Shanghai Commercial Bank Limited |
|
Consideration: |
(PT.) |
Note: (PT.) means part of.
Production Information
Subject is a trader of fabrics, etc without any production activities.
Purchase Information
Subject purchases products mainly from Mainland China.
Sales Information
Subject is engaged in sale of fabrics, etc.
Subject’s major types of fabrics include cotton, linen, silk, nylon and
polyester and organic, etc.
The products are applied to manufacturing of garment and home textiles,
etc.
Subject’s sales regions include Asia, Europe and America, etc.
It is introduced that subject’s major customers are “DIESEL”, “DKNY”,
“Gap”, “Vans” and so on.
Settlements
Purchase
Domestic Purchase
|
Products |
Fabrics |
|
Payment Terms |
Cash, T/T |
Import
Subject has little import.
Sales
Domestic Markets
|
Product |
Fabrics |
|
Selling Terms |
Cash, T/T |
Export
|
Product |
Fabrics |
|
Selling Terms |
L/C, T/T |
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 |
Operator |
Industry Information
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
The Mainland of
China |
2,848,572 |
108,664 |
14,913,541 |
547,172 |
|
Spain |
-- |
-- |
94 |
17 |
|
Italy |
302 |
20 |
5,963 |
872 |
|
Japan |
6,529 |
1,174 |
23,804 |
3,737 |
|
Thailand |
-- |
-- |
216 |
21 |
|
Exports |
||||
|
Bengal |
2,522 |
151 |
25,670 |
1,716 |
|
The Mainland of
China |
130,537 |
8,176 |
531,647 |
33,297 |
|
Germany |
3,184 |
286 |
3,184 |
286 |
|
Philippines |
34,158 |
1,808 |
105,063 |
5,672 |
|
Turkey |
35 |
4 |
11,184 |
1,155 |
|
USA |
64 |
9 |
64 |
9 |
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 |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
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 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
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 |
*Total exports
figures have been rounded to the nearest final digit after summing up the constituent
trade figures.
Attachment
Kowloon Plaza, No.485 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong
10/F., Kowloon Plaza, No.485 Castle Peak Road, Lai Chi Kok, Kowloon,
Hong Kong
Room 1002A, 10/F., Kowloon Plaza, No.485 Castle Peak Road, Lai Chi Kok,
Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.68 |
|
|
1 |
Rs.93.53 |
|
Euro |
1 |
Rs.70.75 |
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 |
|
|
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.