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Report No. : |
344480 |
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Report Date : |
16.10.2015 |
IDENTIFICATION DETAILS
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Name : |
NEW BOND TEXTILES LTD. |
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Registered Office : |
Flat F, 16/F., King Palace Plaza, 55 King Yip Street, Kwun Tong, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
29.09.2008 |
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Com. Reg. No.: |
39856181 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Yarns, Fabrics, Garments, Textile Products. |
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No. of Employees : |
35 [Including Associates] |
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 : |
Slow but correct |
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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
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hong Kong |
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 |
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.
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Source
: CIA |
Address: Room 3101-3112, 31/F.,
1 Hung To Road,
Kwun Tong,
Kowloon,
Hong Kong.
(Operating Office)
And
Flat F, 16/F., King Palace Plaza,
55 King Yip Street, Kwun Tong,
Kowloon, Hong Kong.
(Registered
Office)
NEW BOND TEXTILES
LTD.
ADDRESS: Room 3101-3112, 31/F., 1
Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2334 6771, 3188 8600,
3188 8603
FAX: 852-2765
7469, 3188 4180
E-MAIL: hr@bondex-hk.com
info@bondex-group.com
MANAGEMENT:
Managing Director: Mr. Chu Siu
Cheong
Incorporated on: 29th September, 2008.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Textile
Product Trader.
Employees: 35. (Including associates)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
NEW BOND
TEXTILES LTD.
Registered
Office:-
Flat F, 16/F., King Palace Plaza, 55 King Yip Street, Kwun Tong,
Kowloon, Hong Kong.
Operating Office:-
Room 3101-3112, 31/F., 1 Hung To Road, Kwun Tong, Kowloon,
Hong Kong.
China Joint
Venture:-
Fujian Kartex Textile Co. Ltd., China.
Associated
Companies:-
Bestex Dyeing & Finishing (China) Ltd., Hong Kong.
Bondex (Macao Commercial Offshore) Ltd., Macau.
Bondex Apparel Ltd., Hong Kong.
Bondex Electronics Ltd., Hong Kong.
Bondex Group Ltd., British Virgin Islands.
Bondex International (HK) Ltd., Hong Kong.
Bondex International (USA) Ltd., US.
Bondex International Textiles Ltd., Hong Kong.
Bondex IT Solution Ltd., Hong Kong. [Dissolved]
Bondex Secretarial Service Ltd., Hong Kong. [Dissolved]
Fujian Kartex Textile Co. Ltd., China.
Goldon International Ltd., Hong Kong.
Shandong Kartex Textile Co. Ltd., China.
[Dissolved]
Shanghai Bondex Textile Ltd., China.
39856181
1276187
Managing Director: Mr. Chu Siu
Cheong
HK$1,000,000.00
(As per registry dated 29-09-2015)
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Name |
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No. of shares |
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CHU Siu Cheong |
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500,000 |
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YIH Kwe Sun |
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500,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
(As per registry dated 29-09-2015)
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Name (Nationality) |
Address |
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YIH Kwe Sun |
Unit A, 29/F., Tower 5, The Riverpark, 8 Che Kung Miu Road, Shatin,
New Territories, Hong Kong. |
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CHU Siu Cheong |
Unit C, Level 16, Tower 17, Laguna Grande, 8 Laguna Verde Avenue,
Phase 4, Laguna Verde, Hunghom, Kowloon, Hong Kong. |
(As per registry dated 29-09-2015)
|
Name |
Address |
Co. No. |
|
Smartlink Business Consultants Ltd. |
Flat B, 14/F., Wah Hing Commercial Centre, 383 Shanghai Street,
Yaumatei, Kowloon, Hong Kong. |
0732276 |
The subject was incorporated on 29th September, 2008 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: Textile
Product Trader.
Lines: Yarns,
Fabrics, Garments, Textile Products.
Employees: 35. (Including associates)
Commodities Imported: Imports raw
materials from European countries, some of the Asian countries and finished
products from
China.
Markets: Southeast
Asia, Europe, North America, South America.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge: (See attachment)
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: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Standing: Good.
Having issued 1 million ordinary shares of HK$1.00 each, New Bond
Textiles Ltd. [New Bond] is equally owned by Mr. Chu Siu Cheong and Mr. Yih Kwe
Sun, both of whom are Hong Kong merchants.
They are also directors of the subject.
The subject has had an associated company known as Bondex International
Textiles Ltd. [Bondex] located at the same address.
Mr. Chu Siu Cheong and Mr. Yih Kwe Sun are also directors of Bondex.
New Bond has been a supplier of woven fabrics to global fashion
powerhouses and mass market retail labels since 1979. New Bond is committed to delivering products
that satisfies even the most demanding and sophisticated customers around the
world.
Established in 1979, NewBond has invested in spinning, weaving, and
dyeing and finishing mills across different areas in China. It is engaged in research, development, and
production of a wide variety of woven fabrics (i.e. Rigid & stretch cotton,
CVC, T/C, cross blends of cotton with polyester, nylon, rayon, linen).
New Bond’s fabrics produced are up to international standards and
customer’s standards which includes AATCC, JIS, ISO.
The following companies are some of New Bond’s customers: J.CREW,
H&M, VICTORIA’S SECRET, ARMANI JEANS, G-STAR RAW, CLUB MONACO, EXPRESS,
L.L. Bean, NN TAYLOR, Bershka, Guess, Lacoste, Lands’ End, Levi’s, Lucky Brand,
macy’s, Banana Republic, OLD NAVY, TOMMY HILFIGER, tween brands, GAP, I.T.
In 2001, Bondex and Chartkar International Ltd. [Chartkar], a Hong
Kong-registered company, set up a Sino-foreign joint venture known as Fujian
Kartex Textile Co. Ltd. [Fujian Kartex].
Fujian Kartex has other China investors.
Currently, this company has about 2,600 employees while 150 of them are
technicians. The total assets of Fujian
Kartex are RMB500 million Yuan. It has
been equipped with 310 shuttleless weaving looms and spinning equipment. All the textile machinery and looms are
imported from Switzerland, Germany, Japan, Belgium, Italy.
The annual production capacity of Fujian Kartex is 15,000 tonnes of
Modal and Tencel yarns, 26 million metres of Modal and Tencel fabrics. Products are exported to the United States,
Japan, South Korea, Southeast Asia, Taiwan, etc. Annual net profit ranges from US20 to 25
million. Overall business is active.
The annual sales turnover of New Bond and Bondex are significant. The history of New Bond in Hong Kong is over
seven years.
On the whole, consider it good for normal business engagements.
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Date |
Description of
Instrument |
Mortgagee |
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13-01-2011 |
Security Over Deposit in respect of
Obligations of the Depositor |
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong. |
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05-03-2015 |
Charge Over Securities and Deposits with
the Bank (Limited Company) (Limited Amount) |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.82 |
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1 |
Rs.100.41 |
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Euro |
1 |
Rs.74.50 |
INFORMATION DETAILS
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Analysis Done by
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KIN |
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Report Prepared
by : |
TPT |
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.