MIRA INFORM REPORT

 

 

Report No. :

322595

Report Date :

21.05.2015

 

IDENTIFICATION DETAILS

 

Name :

GDTEX HONGKONG LIMITED

 

 

Registered Office :

Unit 1001, 10F, New Mandarin Plaza, Tower B, 14 Science Museum Road, Tsimshatsui, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

06.12.2006

 

 

Com. Reg. No.:

1051642

 

 

Legal Form :

Private Limited Liability Company

 

 

Line of Business :

Providing of financial files handling services

 

 

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 Risk

 

A2

Moderate Low Risk

 

B1

Moderate Risk

B2

Moderate High Risk

 

C1

High Risk

C2

Very High Risk

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 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.

 

Source : CIA

 

Contact Points

 

Company Name:

Gdtex Hongkong Limited

Supplied Name:

GDTEX HONGKONG LIMITED

Trading Address:

Unit 1001, 10F, New Mandarin Plaza, Tower B, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong

Supplied Address:

Room 1001, 10/F, Tower B, Mew Mandarin Plaza, 14 science Museum Road, Tsimshatsui East

Note: The exact address is as above.

 

Credit Summary

 

Credit Opinion:

Business connections are permissible.

 

Company Identification Details

 

Registered Name:

Gdtex Hongkong Limited

Registered Address:

Unit 1001, 10F, New Mandarin Plaza, Tower B, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong

Telephone Number:

+852-2311-8813

Date of Registration:

2006-6-12

Registered Number:

1051642

Business Registration No.:

36843713

Paid-up Capital:

HKD 10,000 (USD 1,290) = 10,000 Shares@ HKD 1

(As of 2015.05, 1 HKD = 0.129 USD)

Legal Form:

Private Limited Liability Company

Principal Activities:

Providing of financial files handling services, etc.

Staff:

N/A

Listed at Stock Exchange:

No

Date of Last Annual Return:

2014-6-12

Notes: Subject declined to disclose the number of staff, and from other source we cannot obtain the information, either.

History

 

Subject was incorporated on 2006-6-12 with the registered number 1051642 as Private Limited Liability Company in Hong Kong.

 

Transfer of Shares:

 

2013-10-31

Transferred From

No. of Shares Transferred

Transferred To

Cheung Ying

1,000

Luo Jian

 

Corporate Structure

 

Related Company

Name:

Guangdong Textiles Imp. & Exp. Co., Ltd.

Address:

No. 168 Xiao Bei Road, Guangzhou, P. R. China

Tel:

+86-20-8355-8988

Website:

www.gdtex.com

Principal Activities:

Trading of apparel, etc. such as jeans, sweaters, swimwear, children and infant apparel, etc.

It is introduced that the company has its own retailing stores in Guangdong Province, the Mainland of China.

 

Group Offices

1

Name:

Shanghai Office

Address:

11E, 1800 Zhongshan Rd, West Shanghai, China 200235

Telephone:

+86-21-6440-0666

2

Name:

Cambodia Office

Address:

No. 66-69, National Road 4, Phum Bekchan, Khum Bekchan, Srok Ang Snoul, Kandal  Province, Kingdom of Cambodia

Telephone:

+855-2372-9966

3

Name:

Bangladesh Office

Address:

House No. 22 Road No.14 Sector Uttara Model Town, Dhaka, Bangladesh

Telephone:

+880-2895-4287

4

Name:

New York Office

Address:

Suite 1101, 214 W 39th St, New York USA

Telephone:

+212-944-4607

 

Shareholders

 

Name

Subscription Shares

Proportion of Investment (%)

Ling Fangcai

9,000

90%

Luo Jian

1,000

10%

Total

10,000

100%

 

Major Shareholder Information:

1

Name:

Ling Fangcai

Address:

Room 302, 35 Tong Zheng Lane, Yuexiu Dist., Guangzhou, China

2

Name:

Luo Jian

Address:

Rm. 1204, No. 2 of 81, Xian Lie Zhong Lu, Yuexiu Dist., Guangzhou, China

 

Former Shareholders Information:

Name:

Cheng Ying

Address:

Flat B, 12F, Passkon Court, 79 Kimberley Rd., Kowloon, Hong Kong

 

Management Information

 

Core Management

 

Detailed Information of Directors:

1

Name:

Luo Jian

Address:

Rm. 1204, No. 2 of 81, Xian Lie Zhong Lu, Yuexiu Dist., Guangzhou, China

Position:

Director

ID Number:

441230197609137810

2

Name:

Ling Fangcai

Address:

Room 302, 35 Tong Zheng Lane, Yuexiu Dist., Guangzhou, China

Position:

Director

ID Number:

110102196305173051

3

Name:

Cheng Ying

Address:

Flat B, 12F, Passkon Court, 79 Kimberley Rd., Kowloon, Hong Kong

Position:

Director & Secretary

ID Number:

K938467(7)

 

 

Operation Information

 

Offices & Factories

 

 

Office

Address:

Unit 1001, 10F, New Mandarin Plaza, Tower B, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong

 

 

Premises Information

 

The subject is located at Unit 1001, 10F, New Mandarin Plaza, Tower B, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong. However, we cannot get any related registration information for this address in the official authorities.

 

Operation Information

 

l  Subject is engaged in providing of financial files handling services, etc.

l  It is introduced that subject only supplies services for its related companies in the Mainland of China.

l  It is introduced that if the customers purchased garments can contact its related company in the Mainland of China directly.

l  Subject’s related company is engaged in sale of garments such as jeans, sweaters, swimwear, children and infant apparel, etc.

l  Subject’s group has sales offices in the Mainland of China, Bangladesh and USA, etc.

l  It is introduced that subject’s group also has retailing stores.

 

Settlements

 

Subject declined to disclose the detail information of settlements, and it is introduced that the details of settlements are to be negotiated.

 

 

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:

Gdtex Hong Kong Limited (the “Customer”)

Instrument of Creating Mortgage:

Security Over Deposits With the Bank (Limited Company-Under Seal)

Date of Creating Mortgage:

2013-7-8

Amount Secured:

Amount secured - (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity，alone or jointly with any other person, (ii) interest on such monies (both before and after any demand or judgment)，to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge.

Name of Mortgagee:

The Hongkong and Shanghai Banking Corporation Limited

Address of Mortgagee:

HSBC Main Building No. 1 Queen’s Road Central Hong Kong

Description of Property Mortgaged:

A deposit with chargee in the amount of USD1,000,000.- under Deposit A/C No. 112-451703 whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices.

2

Company Name:

Gdtex Hong Kong Limited (the “Borrower”)

Instrument of Creating Mortgage:

Security over Deposit in respect of Obligations of the Depositor

Date of Creating Mortgage:

2010-6-3

Amount Secured:

All monies and liabilities, present or future, actual or contingent, which are now or shall at any time or times hereafter be or become due, owing, payable or incurred to the Chargee by the Borrower on any account whatsoever including without limitation actual or contingent liabilities arising from any loans, the negotiation, discounting, acceptance, endorsement, or collection by the Chargee of bills of exchange or from the issue or establishment by the Chargee of bonds, guarantees, indemnities, letters of credit and documentary credits, whether issued or established at the date of this security or at any future time, in favor of any third party or parties and liabilities arising directly or indirectly out of foreign exchange facilities afforded by the Chargee to the Borrower or out of foreign exchange transactions carried out by the Chargee or its agents on behalf of the Borrower (whether solely or jointly with any other person, firm or company and in whatsoever style, name or form, and whether as principal, surety or otherwise) and including interest thereon to the date of payment at such rates and upon such terms as may from time to time be payable by the Borrower and all interest, commission, costs, banking and other charges and expenses (including legal and other professional fees) in reasonable amounts which the Chargee may reasonably incur in enforcing or obtaining payment of the moneys due or liabilities owing to the Chargee from the Borrower, either alone or in conjunction as aforesaid, or attempting so to do, to the intent that the Chargee shall be afforded a full, complete and unlimited indemnity in respect thereof to the extent as permitted by the applicable law.

Name of Mortgagee:

Industrial and Commercial Bank of China (Asia) Limited

Address of Mortgagee:

33rd Floor, ICBC Tower, 3 Garden Road, Central，Hong Kong

Description of Property Mortgaged:

By way of first fixed charge to the Chargee the account no.702530008605 (the “Account”） and all deposits from time to time therein (the “Deposits”）which expression includes all and every deposit and any currency into which such sums may from time to time be converted, any renewal or substitution of such deposits and all interest payable thereon (whether such deposits are maintained by the Chargee in the same account or credited to another existing account or an account opened for the purpose) and all the right, title, benefit and interest whatsoever, present and future, of the Borrower together with all deposit receipts in respect thereof (it being understood and agreed that the Deposits may from time to time hereafter be represented or evidenced by instruments of different dates ; and numbers), free from any lien, charge or encumbrance of any kind, to the intent that such charge shall operate as a continuing security over the Deposits to the Chargee until all | such moneys, obligations and liabilities have been paid or discharged. |

The Borrower has undertaken with the Chargee that the Borrower shall not mortgage, charge, pledge, or otherwise encumber or assign, transfer or otherwise deal with or grant or suffer to arise any third party rights over or against the whole or any part of the Account or the Deposits or purport so to do, except in the favor of the Chargee.

3

Company Name:

Gdtex Hong Kong Limited (the “Borrower”)

Instrument of Creating Mortgage:

Trade Finance Security Assignment (the “Assignment”)

Date of Creating Mortgage:

2010-5-7

Amount Secured:

As security for the payment of all Secured Liabilities.

"Secured Liabilities" means all or any money and liabilities which shall from time to time (and whether on or at any time

after demand) be due, owing or incurred in whatsoever manner to the Bank by the Borrower whether actually or

contingently, solely or jointly and whether as borrower or surety, including:

(i)         any       money owing, due or payable to the Bank in respect of any facility or financial accommodation (including hire

purchase, leasing and other credit arrangement) granted to the Borrower or at its request;

(ii)         any       money and liabilities of the Borrower to a third party which have been assigned or notated or otherwise

vested in the Bank;

(iii)        any       money and liabilities of any firm in which the Borrower may be partner or sole proprietor; and

(iv)        interest, discount, commission and (on a full indemnity basis) other lawful charges or expenses including all legal and other costs and expenses which the Bank may charge or incur in respect of any of these matters or for keeping any account of the Borrower.

Name of Mortgagee:

CITIC Bank International Limited (the "Bank”)

Address of Mortgagee:

232 Des Voeux Road Central Hong Kong

Description of Property Mortgaged:

It is contained in Clause 2 of the Assignment that:

The Borrower as beneficial owner:

(a) assigns and agrees to assign absolutely to the Bank all the present and future rights, title, interests and benefits of the Borrower in and to the following assets:

(i)         Export Credits;

(ii)         Export Collection Bills;

(Hi)       Sales Contracts;

(iv)        Invoice Receivables;

(v)        Insurances;

(vi)        Trade Documents; and

(vii)       all claims, remedies and proceeds in connection with any of the foregoing; and

 

(b)        charges and agrees to charge to the Bank by way of first fixed charge all the present and future rights, title, interests and benefits of the Borrower in and to the following assets

(i)         the Goods together with their proceeds; and

(ii)         the Deposit; and

(c)        Pledges and agrees to pledge to the Bank the Pledged Goods and the Trade Documents which are now or may in the future be in the Bank's possession.

4

Company Name:

Gdtex Hong Kong Limited (the “Chargor”)

Instrument of Creating Mortgage:

Charge on Cash Deposit(s) (the “Charge”)

Date of Creating Mortgage:

2010-5-12

Amount Secured:

As a continuing security for the Secured Liabilities.

Name of Mortgagee:

CITIC Bank International Limited (the “Bank”)

Address of Mortgagee:

232 Des Voeux Road Central Hong Kong

Description of Property Mortgaged:

It is contained in Clause 1 of the Charge that:

The Charger, as beneficial owner, charges and agrees to charge to the Bank by way of first fixed charge:-

(a)        the Charger’s entire right, title and interest (both present and future) in and to the Deposit; and

(b)        All rights and benefits accruing to or arising in connection with the Deposit.

 

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

Mr. Chan

 

Attachment

 

Address: Unit 1001, 10F, New Mandarin Plaza, Tower B, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong

 

New Mandarin Plaza, Tower B, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong

IMG_3

 

10F, New Mandarin Plaza, Tower B, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong

IMG_2

 

Unit 1001, 10F, New Mandarin Plaza, Tower B, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong

IMG_4

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs. 63.86

UK Pound

1

Rs. 98.88

Euro

1

Rs. 70.73

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

DPT

 

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%)

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.