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Report No. : |
324893 |
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Report Date : |
03.06.2015 |
IDENTIFICATION DETAILS
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Name : |
NANO-TEX ASIA LTD. |
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Registered Office : |
Room 1001-1007, 10/F., Wah Yiu Industrial Centre, 30-32 Au Pui Wan Street, Fo Tan, Shatin, New Territories |
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Country : |
Hongkong |
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Date of Incorporation : |
28.02.2006 |
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Com. Reg. No.: |
36488262 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Chemicals for Textile Products. |
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No. of Employees : |
30 |
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
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Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
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% 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.
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Source
: CIA |
NANO-TEX ASIA
LTD.
ADDRESS: Room 1001-1007, 10/F., Wah
Yiu Industrial Centre, 30-32 Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong.
PHONE: 852-3579
6788
FAX: 852-3579
6721
Managing Director:
Mr. Chen Qihong
Incorporated on: 28th February, 2006.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 30.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1001-1007, 10/F., Wah Yiu Industrial Centre, 30-32
Au Pui Wan Street, Fo Tan, Shatin, New Territories, Hong Kong.
Holding Company:-
NTI Acquisition LLC, US.
Ultimate Holding
Company:-
Crypton Inc., US.
36488262
1027062
Managing Director:
Mr. Chen Qihong
Contact Person:
Ms. Cherry Sin
HK$10,000.00
(As per registry
dated 28-02-2015)
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Name |
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No. of shares |
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NTI Acquisition LLC 35800 Woodward Avenue, Suite 201, Blommfield Hills, M1
48304, U.S. |
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10,000 ===== |
(As per registry dated
28-02-2015)
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Name (Nationality) |
Address |
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Lance Andrew KEZIAH |
351 Lake Park Drive, Birmingham, MI 48009, U.S.A. |
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Craig Alan RUBIN |
1470 Sodon Court, Bloomfield Hills, Michigan, U.S.A. |
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Randy RUBIN |
1470 Sodon Court, Bloomfield Hills, Michigan, U.S.A. |
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CHEN Qihong |
Flat C, 13/F., Block 6, Whampoa Garden , Site 5, 7 Tak
Fung Street, Kowloon, Hong Kong. |
(As per registry
dated 28-02-2015)
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Name |
Address |
Co. No. |
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China H.K. Management Ltd. |
Unit 202, 2/F., Malaysia Building, 50 Gloucester Road,
Wanchai, Hong Kong. |
0839275 |
The subject was incorporated on 28th February, 2006 as a
private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of
Enormous Vortex Ltd., name changed to the present style on 22nd March, 2006.
Formerly the subject was located at Room 2708-2710,
27/F., Prosperity Centre, 25 Chong Yip Street, Kwun Tong, Kowloon, Hong Kong,
moved to the present address with effect from 27th March, 2010.
Apart from these, neither material change nor amendment
has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Chemicals
for textile products.
Employees: 30.
Commodities Imported: US,
Europe, India, etc.
Markets: Worldwide
countries.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$10,000.00
Profit or Loss: Made
small profits every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Nano-Tex Asia Ltd. is
a wholly-owned subsidiary of NTI Acquisition LLC which is a US-based firm. The subject’s ultimate holding company is
Crypton Inc. which is also a US-based company.
The subject, a
textile technology company, provides nanotechnology-based textile enhancements
to the apparel, commercial, and residential interiors markets. It offers Resists Spills, a spill resistant
fabric enhancement for various fibres, including cotton, synthetics, wool,
silk, rayon, and polypropylene that repels a range of liquids; and Coolest
Comfort, a quick‑absorbing fabric enhancement that provides superior
wicking properties, which pulls perspiration away from the body and dries it
quickly to keep the body cool and comfortable.
It also offers Resists Static, which lets fabric repel lint, dust, and
pet hair that normally clings due to static attraction; Dry Inside, a
performance cotton that moves moisture away from the skin and isolates it on
the outer surface; and All Conditions Fleece that repels water and resists
static for the life of the garment. The
treated garments offer “cool comfort”.
In addition, the
subject offers Resists Spills and Releases Stains, a stain release combined
with stain repellency. Its fabrics are
used in various products, including trousers, active wear, uniform, shirting,
and business attire for men, women, and children.
Nano-Tex was founded
in 1998 and is headquartered in Oakland, California. It has operations in the United States, Asia,
and Europe. Nano-Tex is a former
subsidiary of Burlington Industries Inc.
It is a member of the American Association of Textile Chemists and
Colorists.
To date, more than 80
textile mills worldwide are utilizing Nano-Tex treatments in products sold by
more than 100 leading apparel and interior furnishings brands.
Products with
Nano-Tex enhancements are sold throughout North America, Asia and Europe.
Crypton Inc.
[Crypton] has acquired NANO-‐TEX®, announced
Randy Rubin, Chairman of The Crypton Companies.
NANO-‐TEX is a textile
technology company whose performance finishes have enhanced leading consumer
brands such as GAP, TARGET, MAIDENFORM, BASS PRO SHOPS, NORDSTROM, LAND’S END,
FISHER-‐PRICE, etc.
NANO-‐TEX now is
headquartered at The Crypton Companies in Bloomfield Hills, Michigan but
maintains sales operations in the US, Asia, India and Europe. In addition, the company will keep
distribution centres in Hong Kong which is the subject, Belgium, Mainland
China, and the U.S. The technical
transfer capabilities, provided from China and India, will be on-‐going ensuring the
continuity and expansion of the company’s global business.
Crypton manufactures
and distributes upholstery fabrics.
Crypton provides carpets, leather products, wall fabric panels, and
mattress fabrics. It also offers leather
and vinyl cleaners, restorers, pet stain removal products, and outdoor
furniture cleaners. It also provides
disinfectants and deodorizers, extractors, upholstery stain remover kits,
fuller upholstery brushes, foaming outdoor furniture cleaner kits, and white
board cleaners. Its products are used to
remove stains, such as iodine, marker, lipstick, and food and beverage stains,
and blood and grass stains.
Crypton serves
hotels, hospitals, and nursing homes, as well as retail, automotive, and
military lodging facilities in the United States and internationally. It offers its products online and through distributors.
Crypton, was formerly known as Hi-Tex Inc.
It was founded in 1993 and is based in Bloomfield Hills, Michigan.
On the whole, in view
of the background and parentage of the subject, consider it good for normal
business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.83 |
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1 |
Rs.97.10 |
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Euro |
1 |
Rs.69.74 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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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 |
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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 |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
NB |
New Business |
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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.