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Report No. : |
342549 |
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Report Date : |
30.09.2015 |
IDENTIFICATION DETAILS
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Name : |
TAT FUNG TEXTILE CO. LTD. |
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Registered Office : |
Unit E – H, 22/F., Kingsford Industrial Building, Phase 2, 26-32 Kwai Hei Street, Kwai Chung, New Territories |
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Country : |
Hong Kong
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Date of Incorporation : |
20.04.2010 |
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Com. Reg. No.: |
52128317 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of All kinds of Denim Fabrics. |
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No. of Employees : |
26 |
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
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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 |
(Formerly located at:
Unit A, 5/F., Leroy Plaza,
15 Cheung Shun Street, Cheung Sha Wan,
Kowloon, Hong Kong.)
TAT FUNG TEXTILE
CO. LTD.
ADDRESS: Unit E – H, 22/F., Kingsford Industrial
Building, Phase 2, 26-32 Kwai Hei Street, Kwai Chung, New Territories, Hong
Kong.
PHONE: 852-3759 5833, 3759 5804,
3759 5808, 3759 5809
FAX: 852-3755 4085
E-MAIL: shadow.chan@tatfung-tex.com
matthew.lai@tatfung-tex.com
MANAGEMENT:
Managing Director: Mr. Cheung
Chung Man
Incorporated on: 20th April, 2010.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 26.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TAT FUNG
TEXTILE CO. LTD.
Registered Head
Office:-
Unit E – H, 22/F., Kingsford Industrial Building, Phase 2, 26-32 Kwai
Hei Street, Kwai Chung, New Territories, Hong Kong.
Associated
Companies:-
Kaiping Panther Textiles Co. Ltd.
No. 21, Mei Hua Road, Xin Mei Industrial Development Zone, Shagang Area,
Kaiping, Guangdong Province, China.
[Tel: 86-750-2267666, Fax:
86-750-2291506]
Kaiping Tat Fung Textile Spinning Printing, Dyeing and Garment Co. Ltd.
No. 38, Mei Hua Road, Xin Mei Industrial Development Zone, Shagang Area,
Kaiping, Guangdong Province, China.
[Tel: 86-750-2257143, Fax:
86-750-2291506]
East Dragon Industries Ltd., Hong Kong.
Hansom Development Ltd., Hong Kong.
Kaiping Panther Hing Fu Textiles Co. Ltd., China.
Kaiping Panther Textiles No. 2 Co. Ltd., China.
Panther Hing Fu Textiles Holding Ltd., Hong Kong.
Panther Textiles Holding Co. Ltd., Hong Kong.
52128317
1445723
Managing Director: Mr. Cheung
Chung Man
Contact Person: Mr. Matthew Lai
Chi Chuen
HK$10,000.00
(As per registry dated 20-04-2015)
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Name |
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No. of shares |
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CHEUNG Chung Man |
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7,500 |
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CHAN Lai Ying |
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1,500 |
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LAI Chi Chuen |
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1,000 |
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––––– |
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Total: |
10,000 ===== |
(As per registry dated 20-04-2015)
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Name (Nationality) |
Address |
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LAI Chi Chuen |
Flat C, 19/F., Tower 3, Festival City Phase 3, North Court, 1 Mei Tin
Road, Tai Wai, New Territories, Hong Kong. |
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CHAN Lai Ying |
Room 1601, 16/F., Block A, Luk Yeung Sun Chuen, Tsuen Wan, New
Territories, Hong Kong. |
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CHEUNG Chung Yiu |
16 Hampshire Road, Kowloon Tong, Kowloon, Hong Kong. |
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WONG Yik Kin |
Flat A & B, 3/F., Maravilla, 7 Marigold Road, Yau Yat Chuen,
Kowloon, Hong Kong. |
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CHEUNG Chung Ping |
18 Hampshire Road, Kowloon Tong, Kowloon, Hong Kong. |
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CHEUNG Chung Man |
Flat A & B, 3/F., Maravilla, 7 Marigold Road, Yau Yat Chuen,
Kowloon, Hong Kong. |
(As per registry dated 20-04-2015)
|
Name |
Address |
Co. No. |
|
Solutions Secretarial Ltd. |
Room 605, 6/F., Hip Kwan Commercial Building, 38 Pitt Street, Yaumatei,
Kowloon, Hong Kong. |
0709433 |
The subject was incorporated on 20th April, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at ‘Unit A, 5/F., Leroy Plaza, 15
Cheung Shun Street, Cheung Sha Wan, Kowloon, Hong Kong’, moved to the present
address in April 2015.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: All
kinds of denim fabrics.
Employees: 26.
Commodities Imported: China, other
Asian countries.
Markets: Africa,
Australasia, Central & South America, China, Eastern Europe, Japan, Korea,
Middle East, North America, Other Asian
Countries, Scandinavia, Southeast Asia, Taiwan, Western Europe.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P.
Issued Share Capital: HK$10,000.00
Mortgage or charge: (See
attachment)
Profit or Loss: Made
small profits in 2014.
Condition: Business
keeps on improving.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Tat Fung Textile
Co. Ltd. is jointly owned by Mr. Cheung Chung Man, holding 75% interests;
Ms. Chan Lai Ying, holding 15%; Mr. Lai Chi Chuen, 10%. Being Hong Kong merchants, they are also
directors of the subject.
The subject is a denim and other fabrics trader. It has had two associated companies in China
known as Kaiping Panther Textiles Holding Co. Ltd. [Panther] and Kaiping Tat
Fung Textile Spinning, Printing, Dyeing and Garment Co. Ltd. [Kaiping Tat Fung]
which are in Kaiping, Guangdong Province, China.
Panther is jointly set up by Mr. Chow Kwai Cheong and Mr. Cheung Chung
Man. Chow is the director of Panther
Textiles Holding Co. Ltd., a Hong Kong-registered firm, and Kaiping Tat
Fung.
The total investment of Kaiping Tat Fung was about HK$120 million.
Panther includes a number of workshop in Kaiping, Guangdong Province,
China. Kaiping Tat Fung is located at
the net door of Panther. Panther is also
engaged in garment manufacturing. Its
sales network in China covers Zhongshan City, Shunde, Guangzhou City, Zengcheng.
According to Panther, most of its machinery and equipment are imported
from Germany and have been claimed to be “advanced”.
Panther has got the Oeko-Tex Standard 100 certification.
Kaiping Tat Fung is manufacturing the following products: Denim -
Cotton, Woven, Denim - Cotton Blended, Woven, Denim Garments.
Kaiping Tat Fung is a member of Panther.
The total employees of Panther is about 800. Most of its machinery and equipment are
imported from Germany. The followings
are the business scope of Panther:-
In recent years two more factories have been set up in Kaiping of
Guangdong Province, China:-
The subject’s products are exported to Africa, Australasia, Central
& South America, China, Eastern Europe, Japan, South Korea, the Middle
East, North America, Scandinavia, Southeast Asia, Taiwan, other Asian
countries, Western Europe.
The subject’s associated company East Dragon Industries Ltd. [East
Dragon] is a Hong Kong-registered company.
It is a woven wear manufacturer.
East Dragon trades in in denim and has got good reputation in the
apparel industry. In year 2001 it got
BELCORO certificate for quality assurance.
It provides clients with services from spinning to washing & also
producing various kinds of woven denim apparels for its customers.
Its main markets are for EU countries (Germany, Poland, France,
etc.). Its products are for ladies, men
& children which include tops & bottom wearing both in basic &
trendy styles.
The business of the subject are chiefly handled by the three
shareholders. History in Hong Kong is
just over five years and five months.
The contact person of the subject Mr. Matthew Lai Chi Chuen is a Hong
Kong merchant.
On the whole, consider it good for normal business engagements in
moderate credit amounts.
|
Date |
Description of
Instrument |
Mortgagee |
|
22-04-2014 |
Charge Over Securities and Deposits with
the Bank |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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28-11-2014 |
Mortgage |
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.66.18 |
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1 |
Rs.100.46 |
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Euro |
1 |
Rs.74.61 |
INFORMATION DETAILS
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Analysis Done by
: |
KAS |
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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.