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Report No. : |
343293 |
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Report Date : |
06.10.2015 |
IDENTIFICATION DETAILS
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Name : |
PROSPERITY TEXTILE (H.K.) LTD |
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Registered Office : |
Flat G & H, 21/F., Superluck Industrial Centre, Phase 2, 57 Sha Tsui Road, Tsuen Wan, New Territories |
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Country : |
Hongkong |
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Date of Incorporation : |
21.04.2004 |
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Com. Reg. No.: |
34493190 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
The subject produces mainly medium and premium denim, casual fabrics. |
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No. of Employees : |
25 |
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) |
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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 12.5% 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.
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Source
: CIA |
PROSPERITY
TEXTILE (H.K.) LTD
ADDRESS: Flat G & H, 21/F.,
Superluck Industrial Centre, Phase 2, 57 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-3188
0716
FAX: 852-2374
4858
E-MAIL: mail@prosperity-textile.com
vincent@prosperity-textile.com
Managing Director:
Ms. Wong On Kei, Angel
Incorporated on: 21st April, 2004.
Organization: Private Limited Company.
Issued Share Capital: HK$100.00
Business Category: Fabric
and garment Trader.
Employees: 25.
Main Dealing Banker: DBS
Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Flat G & H, 21/F., Superluck Industrial Centre, Phase
2, 57 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong.
Associated
Companies:-
Beijing Weaving Factory Co. Ltd., China.
Guangzhou Prosperity Textile Co. Ltd., China.
Prosperity Textile (USA) Inc., U.S.
Prosperity Textile Bangladesh, Bangladesh.
Shaoguan Shunchang Weaving Factory Co. Ltd., China.
34493190
0896355
Managing Director:
Ms. Wong On Kei,
Angel
HK$100.00
(As per registry dated 21-04-2015)
|
Name |
Occupation |
No. of shares |
|
GU Xiang |
Merchant |
55 |
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WONG On Kei, Angel |
Merchant |
45 |
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––– |
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Total: |
100 === |
(As per registry dated 21-04-2015)
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Name (Nationality) |
Address |
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WONG On Kei, Angel |
Block G & H, 21/F., Super luck Industrial Centre,
Phase 2, 57 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong. |
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GU Xiang |
Room 1009, International Bank Centre, No. 191 Dong Feng
XI Road, Guangzhou, China. |
(As per registry dated 21-04-2015)
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Name |
Address |
Co. No. |
|
K.M.L. Consultants Ltd. |
Room 1704, 17/F., Omega Plaza, 32 Dundas Street,
Kowloon, Hong Kong. |
0489836 |
The subject was
incorporated on 21st April, 2004 as a private limited liability company under
the Hong Kong Companies Ordinance.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Fabric
and garment Trader.
Lines: All
kinds of denim products.
Brand Names: Redenim, Silent Scream.
Employees: 25.
Commodities Imported: China,
other Asian countries, etc.
Markets: Southeast
Asia, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Issued Share Capital: HK$100.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of
general banking facilities.
Payment: So far so good.
Commercial Morality:
Good.
Bankers:-
DBS Bank (Hong Kong)
Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 100
ordinary shares of HK$1.00 each, Prosperity Textile (H.K.) Ltd. is jointly
owned by Mr. Gu Xiang, holding 55% interests; Ms. Wong On Kei, Angel,
holding 45%. They are also directors of
the subject. The former is a China
merchant and currently residing in Guangzhou, Guangdong Province, China. Wong On Kei, Angel is a Hong Kong
businesswoman. She is also managing
director of the subject.
The predecessor or
associate of the subject was established in 1995 with production base in
Shaoguan, Guangdong Province, China. As
a large denim manufacturer in the north of Guangdong Province, the subject
produces mainly medium and premium denim, casual fabrics, with an annual
production capacity of 60 million yards.
The subject’s factory
has been equipped with advanced production equipment, strict quality control
system, robust product development capability.
Its production lines were imported from Germany, Italy, Japan, the
United States, etc. It has set up the
following main mill, plant and workshops:
·
Denim Mill
·
Warping Workshop
·
Dyeing Plant
·
Rope Dyeing Workshop
The subject has set
up sales networks in many of the foreign countries.
In 2008, the subject
officially launched its own brand REDENIM. The annual sales capacity of REDENIM
fabric over 35 million yards.
Its new production
base, located in the new Industrial Zone of Shaoguan, commenced operation in
2009. This factory covers an area of
about 150 acres.
According to the
subject, its marketing head office is in Guangzhou, China while branch offices
are in Shanghai, Zhengzhou of China, and the United States.
The subject’s joint
venture factories Shaoguan Shunchang Weaving Factory Co. Ltd. and Beijing Weaving
Factory Co. Ltd. were put into operation in 1998.
The subject also
sells its products online. Most of the
online products are ladies’ garments bearing the brand name Silent Scream. This brand name was developed in 2011.
In 2012, the subject has
set up a one-stop service shop located at 82 Xingang West Road, Guangzhou,
Guangdong, China. This shop is also a
flagship store of the subject.
Now, the subject has
set up offices in New York, Shanghai, Zhengzhou of China.
According to the
subject, its customers are in over fifty countries of the world. The followings are some of the significant
customers:-
Levis, Peep Jeans, Tough, Guess, Polo, Esprit, etc.
The Group has got the
following awards:
1.
Guangdong Province’s Top 500 Manufacturing
Enterprises
2.
Innovative Pilot Enterprise of Internet and
Industry Integration
3.
Fabrics China Appraisal Partner Enterprise
4.
The 23rd Fabrics China Appraisal Entry
Enterprise
Besides, the subject
has been awarded certifications from international authorities, like ISO 9001,
Oeko-Tex® 100, Whitelist Qualification, etc.
The Group has about
400 employees in China. Annual sales
turnover is significant.
As the history of the
subject is over eleven years and five months in Hong Kong, on the whole,
consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
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29-09-2008 |
Instrument: Security Over Deposits with the Bank Property: Initially HK$1,000,000 or equivalent and all monies whether
now or hereafter standing to the credit of the company’s deposit with the
Bank under deposit No. 178-486858 & whatever currency it may subsequently
be denominated in, any renewal of such deposit & the interest thereon
together with any further moneys in any deposit account with the Bank at any
of its offices Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities
owing at any time plus interest and all expenses |
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15-07-2010 |
Instrument: Charge on Cash Deposit to secure
Liabilities of the Depositor Property: 1) By way
of first fixed charge & agreement to charge: the Deposit & all right, title and interest of the
company whatsoever, present & future, thereto and therein, together with any
certificates of deposit or other instruments or securities evidencing title,
or otherwise relating, thereto & any account to which the same is
credited 2) Any sum
standing to the credit of any one or more of the company with the Bank
whosesoever situate Mortgagee: DBS Bank (Hong Kong) Ltd.,
Hong Kong. |
All sums of money and liabilities whether actual or
contingent |
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18-10-2011 |
Instrument: Assignment of Life Insurance Property: (1) All the
Assignor’s claims under the Insurance: Insurance Policy No: 28002616-50 Name of Insurance Co.: HSBC Life (International) Ltd. Name of the Insured: Gi Xiang Assignor / Policy Owner: Prosperity Textile (H.K.) Ltd. (2) All the
Assignor’s claims against the issuer of the Policy Mortgagee: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong. |
Secured Monies |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.65.29 |
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|
1 |
Rs.99.31 |
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Euro |
1 |
Rs.73.39 |
INFORMATION DETAILS
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Analysis Done by
: |
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.