MIRA INFORM REPORT
|
Report No. : |
309160 |
|
Report Date : |
10.03.2015 |
IDENTIFICATION DETAILS
|
Name : |
A K TEXTILES COMPANY LIMITED |
|
|
|
|
Registered Office : |
Room 416, Eiitle Industrial Centre, 883 Cheung Sha Wan Road, Kowloon |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
15.10.1986 |
|
|
|
|
Com. Reg. No.: |
176406 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
Line of Business : |
Trading of Cloth |
|
|
|
|
No. of Employees : |
Not Available |
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): |
A K TEXTILES COMPANY LIMITED |
|
Supplied Name: |
K TEXTILE CO. LTD.,HONG KONG |
|
Trading Address: |
Room 416, Eiitle Industrial Centre, 883
Cheung Sha Wan Road, Kowloon, Hong Kong |
|
Supplied Address: |
ROOM: 416 EIITLE INDUSTRIAL CENTRE, 883 CHEUNG SHA WAN ROAD, KOWLOON,
HONG KONG |
Note: The exact name and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered Address: |
Room 416, Eiitle
Industrial Centre, 883 Cheung Sha Wan Road, Kowloon, Hong Kong |
|
Telephone Number: |
+852-2745-8882 |
|
Fax Number: |
+852-2307-0494 |
|
Date of Registration: |
1986-10-15 |
|
Registered Number: |
176406 |
|
Business Registration No.: |
10606828 |
|
Paid-up Capital: |
HKD 4,100,000 (USD 528,900) = 41,000 Shares@
HKD 100 (As of 2015.3, 1 HKD = 0.129 USD) |
|
Legal Form: |
Private Limited Liability Company |
|
SITC Code: |
69350--Cloth (including endless bands),
grill, netting and fencing, of iron or steel wire; expanded metal of iron or
steel (kg) |
|
Principal Activities: |
Trading of cloth, etc. |
|
Staff: |
N/A |
|
Listed at Stock Exchange: |
No |
|
Date of Last Annual Return: |
2014-10-15 |
Note: Subject declined to disclose the number
of staff, and from other source we cannot obtain the information, either.
History
Subject was incorporated on 1986-10-15 with
the registered number 176406 as Private Limited Liability Company in Hong Kong.
Corporate Structure
Subject did not register
any subsidiaries or branches, from other source we can not obtain the relevant
information, either.
Shareholders
|
Subscription Shares |
Proportion of Investment (%) |
|
|
Kam, Yuk |
6,300 |
15.37% |
|
Lam Kong Sang |
34,700 |
84.63% |
|
Total |
41,000 |
100% |
Major Shareholder Information:
|
1 |
|
|
Name: |
Kam, Yuk |
|
Address: |
Flat C, 3F, Block 1, Banyan Mansions, Whampoa
Garden, Kowloon, Hong Kong |
|
2 |
|
|
Name: |
Lam Kong Sang |
|
Address: |
Flat C, 3F, Block 1, Banyan Mansions,
Whampoa Garden, Kowloon, Hong Kong |
Management Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Lam Kong Sang |
|
Address: |
Flat C, 3F, Block 1, Banyan Mansions,
Whampoa Garden, Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
E480926 |
|
2 |
|
|
Name: |
Kam, Yuk |
|
Address: |
Flat C, 3F, Block 1, Banyan Mansions, Whampoa
Garden, Kowloon, Hong Kong |
|
Position: |
Director |
|
ID Number: |
E358290(A) |
|
3 |
|
|
Name: |
Tam & Wongs Nominee Limited |
|
Address: |
1F, Hang Lung House, 188 Queen’s Rd.,
Central, Hong Kong |
|
Position: |
Corporate Secretary |
|
Registered Number: |
187810 |
Operation Information
Offices & Factories
|
|
Office |
|
Address: |
Room 416, Eiitle Industrial Centre, 883
Cheung Sha Wan Road, Kowloon, Hong Kong |
Premises Information
Office address:
|
Address: |
Factory No.16 On 4/F Elite Industrial Centre
No.883 Cheung Sha Wan Road Kowloon |
|
Owners: |
Joy Plus Limited |
|
Memorial Number: |
14022102090062 Assignment |
|
Date of Instrument: |
2014-1-28 |
|
Date of Registration: |
2014-2-21 |
|
Consideration Value: |
HKD 6,900,000.00 (PT.) |
History of Premises Owners’
|
1 |
|
|
Memorial No.: |
14010300710042 |
|
Date of Instrument: |
2013-12-27 |
|
Date of Registration: |
2014-1-3 |
|
Nature: |
Agreement For Sale And Purchase |
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In Favor of: |
Joy Plus Limited |
|
Consideration: |
HKD 6,900,000.00 (PT.) |
|
2 |
|
|
Memorial No.: |
UB6277443 |
|
Date of Instrument: |
1995-4-26 |
|
Date of Registration: |
195-5-2 |
|
Nature: |
Agreement For Sale And Purchase |
|
In Favor of: |
Lam Kong Sang - Kam Yuk - (Joint Tenants) |
|
Consideration: |
HKD 4,230,000.00 (PT.) |
|
3 |
|
|
Memorial No.: |
UB3124234 |
|
Date of Instrument: |
1986-5-28 |
|
Date of Registration: |
1986-8-18 |
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Nature: |
Memorandum Of Alteration Of Undivided Shares |
|
In Favor of: |
-- |
|
Consideration: |
-- |
Note: PT. means part of.
Production Information
Subject is engaged in trading of cloth, etc.
without any production activities.
It is introduced that subject has cooperate
factories in the Mainland of China.
Purchase Information
Subject mainly purchases its products in the
Mainland of China.
Sales Information
Subject is engaged in sale of cloth, etc.
The major products of the subject are cotton
fabric, corduroy fabric, linen fabric, linen cotton fabric, etc.
It is introduced that subject can provide
custom services for customers.
Subject’s mainly sales regions are domestic
market, Asian Countries, Europe, America, etc.
The major customers of the subject are
manufacturers of garments, etc.
Settlements
Purchase
Domestic Purchase (the Mainland of China)
|
Products |
Cloth |
|
Payment Terms |
T/T, Cash |
Import
Subject has little import.
Domestic Markets
|
Product |
Cloth |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Cloth |
|
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
|
1 |
|
|
Company Name: |
A K Textiles Co Limited |
|
Instrument of Creating Mortgage: |
Charge over assets by borrower |
|
Date of Creating Mortgage: |
2012-1-31 |
|
Amount Secured: |
All monies, obligations and liabilities,
absolute or contingent, primary or collateral, joint or several, which now
are or at any time hereafter may become due or be due, owing or incurred from
or by the Company to the Bank, or for which the Company may be or become
liable to the Bank on any account or in any manner whatever, provided that
the total amount recoverable from the Company in respect of such monies,
obligations and liabilities is unlimited |
|
Name of Mortgagee: |
Fubon Bank (Hong Kong) Limited and/or Fubon
Credit (Hong Kong) Limited (together or either, the “Bank”) |
|
Address of Mortgagee: |
No.38 Des Voeux Road, Central, Hong Kong |
|
Description of Property Mortgaged: |
The Company as the sole beneficial owners)
hereby:- (a) Mortgage,
charge and pledge and agree to mortgage, charge and pledge in favour of the
Bank by way of a first fixed charge all my/our present and future rights,
benefits, title and interest in and to the Deposits and/or the Securities
(together, the “Changed Assets”} and/or (b) Assign
and agree to assign absolutely to the Bank all my/our present and future
rights, benefits, title and interest in and to the |
|
2 |
|
|
Company Name: |
A K Textiles Co Limited (the “Company”) |
|
Instrument of Creating Mortgage: |
Deposit Deed |
|
Date of Creating Mortgage: |
2010-8-24 |
|
Amount Secured: |
All moneys now or at any time in the future
owing by the Company (the Principal(s),,)(whether alone or jointly with any
other person(s)) to Citibank, N.A. or any Affiliate) under any banking, derivative,
foreign exchange, trade, margin, guarantee or other facility or facilities or
any account and all other liabilities (whether actual or contingent, present
or future, as principal or surety or in some other capacity) (collectively,
the “Facilities), including, any and all the obligations of the Company and
the Principal(s) under any Facilities pre-existing" prior to the date of
execution of this Deed (the “Obligations”). “Affiliate” any affiliate(s) which Citibank,
N.A. and the Company agree from time to time to treat as an "Affiliate”
under the Deposit Deed. |
|
Name of Mortgagee: |
Citibank, N. A. |
|
Address of Mortgagee: |
21/F, Tower 1 & 2, The Gateway, Harbour
City, Tsimshatsui Kowloon, Hong Kong |
|
Description of Property Mortgaged: |
By way of a first fixed charge and as a
continuing security for the Obligations, the Company charges and assigns
absolutely all its rights, title to and interest in the Accounts and all
Deposits from time to time in the Accounts and/or comprising the Accounts
maintained with Citibank, N.A., Hong Kong Branch and/or Citibank (Hong Kong)
Limited. |
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 |
Ms. Jin |
|
Department: |
Sales Department |
Industry Information
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
Switzerland |
38 |
263 |
126 |
402 |
|
Germany |
1,133 |
132 |
6,655 |
1,517 |
|
253 |
50 |
18,852 |
1,436 |
|
|
Japan |
1,142 |
912 |
5,876 |
4,671 |
|
Korea |
19,584 |
140 |
39,948 |
289 |
|
Malaysia |
108 |
61 |
817 |
436 |
|
Taiwan |
41,689 |
1,222 |
247,408 |
5,773 |
|
USA |
2 |
4 |
676 |
1,018 |
|
The Mainland of China |
992,260 |
7,562 |
6,071,910 |
41,770 |
|
Exports |
||||
|
Guam |
1,200 |
14 |
28,930 |
352 |
|
Macau |
54,290 |
326 |
248,050 |
1,534 |
|
The Mainland of China |
-- |
-- |
360 |
2 |
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
Address: Room 416, Eiitle
Industrial Centre, 883 Cheung Sha Wan Road, Kowloon, Hong Kong
Eiitle Industrial Centre, 883 Cheung Sha Wan
Road, Kowloon, Hong Kong
Room 416, Eiitle Industrial Centre, 883 Cheung
Sha Wan Road, Kowloon, Hong Kong
Room 416, Eiitle Industrial Centre, 883 Cheung
Sha Wan Road, Kowloon, Hong Kong
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.62 |
|
|
1 |
Rs.94.39 |
|
Euro |
1 |
Rs.67.96 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
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.