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Report No. : |
328104 |
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Report Date : |
23.06.2015 |
IDENTIFICATION DETAILS
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Name : |
JG TEXTILE LTD. |
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Registered Office : |
25/F., Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
14.03.2012 |
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Com. Reg. No.: |
59521271 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Textile Materials & Textile Products |
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No. of Employees : |
90 |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
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 12.5% 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 |
JG TEXTILE LTD.
ADDRESS: 25/F., Saxon Tower, 7 Cheung
Shun Street, Lai Chi Kok, Kowloon,
Hong Kong.
PHONE: 852-3693 2300
FAX: 852-3693 2380
MANAGEMENT:
Managing Director: Mr. Liu Chi
Kin, Dennis
Incorporated on: 14th March, 2012.
Organization: Private Limited
Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 90.
Main Dealing Banker: The
Hong Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
JG TEXTILE
LTD.
Registered Head
Office:-
25/F., Saxon Tower, 7 Cheung Shun Street, Lai Chi Kok, Kowloon, Hong Kong.
Holding Company:-
Fu King Industrial Co. Ltd, Hong Kong.
59521271
1716684
Managing Director: Mr. Liu Chi
Kin, Dennis
Contact Person: Ms. Angela Sze
HK$10,000.00
(As per registry dated 14-03-2015)
|
Name |
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No. of shares |
|
Fu King Industrial Co. Ltd., Hong Kong. |
|
9,000 |
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Hung Ming Industries Ltd., Hong Kong. |
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1,000 |
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|
––––– |
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Total: |
10,000 ===== |
(As per registry dated 14-03-2015)
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Name (Nationality) |
Address |
|
CHAN Kin Keung |
Room 1505-1508, 15/F., Rightful Centre, 15 Tak Hing Street, Hong Kong. |
|
LIU Chi Kin, Dennis |
12/F., 34 Hillwood Road, Tsimshatsui, Kowloon, Hong Kong. |
|
WONG Chio Fai |
Room 1505-1508, 15/F., Rightful Centre, 15 Tak Hing Street, Hong Kong. |
(As per registry dated 14-03-2015)
|
Name |
Address |
Co. No. |
|
Young World Corporation Ltd. |
5/F., Dah Sing Life Building, 99-105 Des Voeux Road, Central, Hong
Kong. |
0691137 |
The subject was incorporated on 14th March, 2012 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Win Wish (HK)
Ltd., name changed to the present style on 31st July, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Textile materials, textile products.
Brand Name: JG Textile.
Employees: 90.
Commodities Imported: China,
other Asian countries.
Markets: Europe, US, Asian Countries.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$10,000.00
Profit or Loss: Made
a very small profit in 2014.
Condition: Keeping
in an active state.
Facilities: Making rather
active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hong Kong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, JG Textile Ltd. is
jointly owned by two Hong Kong-registered companies, namely, Fu King Industrial
Co. Ltd., holding 90% interests, and Hung Ming Industries Ltd., holding just
10%.
The subject is trading in apparel and home textile products. Its associated factory is in Zhuhai Special Economic
Zone, China.
In Hong Kong, the subject has about 90 employees. There are about 1,000 workers and 70 quality
controllers from different production facilities in its China plant.
The subject is specialized in interlining, cotton and stretch cotton
denims, light weight polyester fabrics, fusible nonwoven, knit and woven
interlinings while it also provide sales services for home textiles,
eco-friendly shopping bags, trims, and other solid dyed and printed textile
materials.
The subject’s monthly production capacity is:-
·
10 million yards of denims,
·
5 million yards of polyester fabrics,
·
15 million yards of fusible interlinings,
·
2 million yards of fibre fills and needle punches.
Most of the products bear the brand name of JG Textile.
The principal customers are the following companies: Marks &
Spencer, Next, Ann Taylor, Bernard Chaus, Replay, Hugo Boss, Gap, John
Varvatos, Elie Tahari, Perry Ellis.
Products are exported to Asian countries, Europe, North America.
According to the subject, it has set up sales and technical services
network in the following cities:-
The subject has got Oeko-Tex and ISO 9001 certifications.
The business of the subject is chiefly handled by the directors of the
subject. History in Hong Kong is just
over three years and three months.
On the whole, consider the subject good for normal business engagements
in small credit amounts for the time being.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.63.50 |
|
|
1 |
Rs.100.94 |
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Euro |
1 |
Rs.72.32 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
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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 |
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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.