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MIRA INFORM REPORT
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Report No. : |
501932 |
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Report Date : |
10.04.2018 |
IDENTIFICATION DETAILS
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Name : |
NOVETEX TEXTILES LIMITED |
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Registered Office : |
12/F., Novel Industrial
Building, 850-870 Lai Chi Kok Road, Cheung Sha Wan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.01.2008 |
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Com. Reg. No.: |
50199859 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of yarn |
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No. of Employees : |
35 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source : CIA |
Note
The subject belongs to Novel Group which occupies G/F., 1/F., 2/F. –
7/F. and 12/F. of the building.
Company
name and address
NOVETEX TEXTILES
LIMITED
ADDRESS: 12/F., Novel Industrial
Building, 850-870 Lai Chi Kok Road, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 852-2371 8888
FAX: 852-2310 1841
MANAGEMENT
Managing
Director: Ms. Chao Wei Ting, Ronna
SUMMARY
Incorporated on: 29th
January, 2008.
Organization: Private
Limited Company.
Issued Share Capital: HK$1.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 35.
Main Dealing Banker: United Overseas Bank Ltd., Hong Kong
Branch.
Banking
Relation: Good.
ADDRESS
Registered Head
Office:-
12/F., Novel
Industrial Building, 850-870 Lai Chi Kok Road, Cheung Sha Wan, Kowloon, Hong
Kong.
Holding Company:-
Novetex Holdings
Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Novel Enterprises
Ltd., Hong Kong.
Shanghai Office:-
Room 2404, Huaihai China
Building, No. 885, Renming Road, Huangpu District, Shanghai, China.
[Tel: (86) 21 5308
7775; Fax: (86) 21 5308 7705]
Main Factory:-
Zhuhai Lewaunion
Spinning Knitting & Dyeing Co. Ltd., China.
Associated
companies:-
Argos Overseas Ltd.,
Ireland.
Artwell Systems Ltd.,
Hong Kong. [Dissolved]
Asprey & Garrard,
U.K.
Blossom Asia Ltd.,
Hong Kong.
Country Eagle
Knitting Co. Ltd., Hong Kong.
[Dissolved]
First Eagle Knitters
Ltd., Hong Kong. [Dissolved]
Gracedon Knitters
Ltd., Hong Kong.
Greatwind Ltd., Hong
Kong. [Dissolved]
H. Nolasco E
Companhia Lda, Macau.
Halem Ltd., Hong
Kong.
Honest Eagle Knitters
Ltd., Hong Kong.
ICL-Rampage Ltd.,
Hong Kong.
Iconix China Ltd.,
Hong Kong.
K.P. Chao Investment
Ltd., Hong Kong. [Dissolved]
K.P. Chao Ltd., Hong
Kong.
Katanic Investment
S.A., Panama.
Kin Chak Ltd., Hong
Kong. [Dissolved]
Koon Fung Knitters
Ltd., Hong Kong.
KPC Yarn Ltd., Hong
Kong.
Kwok Kent Ltd., Hong
Kong. [Dissolved]
Lam Dao Ltd., Hong
Kong. [Dissolved]
Luis Chou & Co.
Ltd., Hong Kong. [Dissolved]
Macau Silk Products
Ltd., Macau.
Macau Textile Ltd.,
Macau.
Madras Knitwear Ltd.,
India.
Max Glory Co. Ltd.,
Hong Kong.
Million York Ltd.,
Hong Kong.
NDP Trading Ltd.,
Hong Kong.
Newton Trading Ltd.,
Ireland.
Ningbo Lightex
Worsted Mills Ltd., China.
NNL Fabrics Ltd.,
Hong Kong.
Novel (China)
Investments Ltd., Hong Kong.
Novel Apparel (BVI)
Ltd., British Virgin Islands.
Novel Denim (HK)
Ltd., Hong Kong. [Dissolved]
Novel Denim Holdings
Ltd., British Virgin Islands.
Novel Denim Holdings
Ltd., British Virgin Islands.
Novel Dyeing &
Printing Mills Ltd., China.
Novel Fashion (H.K.)
Ltd., Hong Kong. [Dissolved]
Novel Finance (HK)
Ltd., Hong Kong.
Novel Garments
(Mauritius) Ltd., Mauritius.
Novel Holdings (BVI)
Ltd., British Virgin Islands.
Novel Information
Systems Ltd., Hong Kong. [Dissolved]
Novel International
Ltd., Hong Kong.
Novel Properties
Ltd., Hong Kong.
Novel Real Estate
(Macao) Ltd., Macau.
Novel Secretaries
Ltd., Hong Kong.
Novel Textiles Ltd.,
Macau.
Novel Woollen Spinners
(Macau) Ltd., Macau.
Novel Woollen
Spinning Mills Ltd., Hong Kong.
[Dissolved]
Noveland Textiles Ltd., Hong Kong.
[Formerly known as Novetex Spinners Ltd.]
Noveltex Trading
Ltd., Hong Kong.
Novetech Innovation
Ltd., Hong Kong.
Novetex Spinners Ltd.,
Hong Kong.
Oceanus Knitters
Ltd., Hong Kong.
Pepe Holdings Ltd.,
British Virgin Islands.
Pepe Jeans (HK) Ltd.,
Hong Kong.
Pepe Jeans London
Corporation, U.K.
Perfect Eagle
Knitters Ltd., Hong Kong.
Plunaka Ltd., Hong
Kong. [Dissolved]
Red Taps International
Ltd., Hong Kong.
Shanghai Novel Color
Picture Tube Corporation, China.
Shanghai Yong Tai
Real Estate Development Co. Ltd., China.
Silver Access Co.
Ltd., Hong Kong. [Dissolved]
Smart Trade
Investment Ltd., Hong Kong.
South Ocean Knitters
(Kowloon) Ltd., Hong Kong.
South Ocean Knitters
Holdings Ltd., British Virgin Islands.
South Ocean Knitters
Ltd., Hong Kong.
South Ocean Knitters
USA Inc., U.S.A.
Summit Industries
Ltd., Mauritius.
Summit Textiles Ltd.,
Mauritius.
Sunlight Knitters
Ltd., Hong Kong. [Dissolved]
Swanco Ltd., Hong
Kong.
Thakoon (HK) Ltd.,
Hong Kong.
Tommy Hilfiger
Corporation, U.S.A.
Union Honest
Industrial Ltd., Hong Kong. [Dissolved]
Union Textiles Ltd.,
Mauritius.
Vinsam Ltd., Channel
Islands.
Well Knit Apparels
Ltd., India.
Zhuhai Linlida Trade
Co. Ltd., China.
Zhuhai Novel Spinning
Knitting & Dyeing Co. Ltd., China.
Zhuhai Special
Economic Zone Novel Woollen Mills Ltd., China.
BUSINESS
REGISTRATION NUMBER
50199859
COMPANY
FILE NUMBER
1207999
MANAGEMENT
Managing Director: Ms.
Chao Wei Ting, Ronna
Contact Person: Mr.
Chan Wing On, Milton
ISSUED
SHARE CAPITAL
HK$1.00
SHAREHOLDER
(As per registry
dated 29-01-2018)
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Name |
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No. of share |
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Novetex Holdings
Ltd. Vistra Corporate Services
Centre, Wickhams Cay II, Road Town, Tortola, VG1110, British Virgin Islands. |
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1 = |
DIRECTORS
(As per registry
dated 29-01-2018)
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Name (Nationality) |
Address |
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CHAO Wei Ting,
Ronna |
7 Cornwall Street,
Kowloon Tong, Kowloon, Hong Kong. |
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LOK Tak Sing |
Flat E, 39/F.,
Block 7, Tseung Kwan O Plaza, 1 Tong Tak Street, Tseung Kwan O, New
Territories, Hong Kong. |
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CHAN Wing On |
Flat 633, 6/F., Lai Fu House, Lai Kok Estate, Sham Shui Po, Kowloon, Hong
Kong. |
SECRETARY
(As per registry dated
29-01-2018)
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Name |
Address |
Co. No. |
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Novel Secretaries
Ltd. |
12/F., Novel
Industrial Building, 850-870 Lai Chi Kok Road, Cheung Sha Wan, Kowloon, Hong
Kong. |
0073580 |
HISTORY
The subject was incorporated
on 29th January, 2008 as a private limited liability company under the Hong
Kong Companies Ordinance.
Originally the
subject was registered under the name of Fancy Max Holdings Ltd., name changed
to the present style on 22nd January, 2009.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and
Wholesaler.
Lines: All kinds of yarn,
etc.
Employees: 35.
Group Employees: 1,000.
Commodities Imported: China, other Asian countries, etc.
Markets: Africa, Australasia,
Central & South America, China, Eastern Europe, Hong Kong, Japan, Korea,
Middle East, North America, Other Asian Countries, Scandinavia, Southeast Asia,
Taiwan, Western Europe, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C,
T/T, D/P, O/A, etc.
FINANCIAL
INFORMATION
Issued Share Capital:
HK$1.00
Mortgage or Charge:-
Date: 03-08-2017
Description of
Instrument: Trade Finance
Security Assignment
Mortgagee: United Overseas Bank Ltd., Hong Kong
Branch.
Profit or Loss: Made small profits in past years.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
rather active use of general banking facilities.
Payment: Regular.
Commercial
Morality: Satisfactory.
Banker: United
Overseas Bank Ltd., Hong Kong Branch.
Standing: Very
Good.
GENERAL
Novetex Textiles
Limited [Novetex] is a wholly-owned subsidiary of Novetex Holdings Ltd. which
is a BVI-registered company.
The subject is
engaged in manufacturing all kinds of yarns.
Products are exported to Africa, Australasia, Central & South
America, China, Eastern Europe, Hong Kong, Japan, Korea, Middle East, North
America, Other Asian Countries, Scandinavia, Southeast Asia, Taiwan, Western
Europe, etc.
Business is active.
The subject is a part
of the Novel Group.
Novetex was
established in 1976 and has more than 1,000 employees. Novetex has developed to be one of the
world's largest single site yarn spinners.
As part of the Novel
Group, its headquarters are located in Hong Kong and its factory is in Zhuhai
Special Economic Zone, China. The
factory houses 4 spinning mills, a dyeing mill and 50 production lines
which have an annual production capacity of 9 million kilograms of high quality
yarn.
The Zhuhai factory is
known as Zhuhai Lewaunion Spinning Knitting & Dyeing Co. Ltd.
Novetex holds a large
stock service of colours in a diverse range of yarn blends and counts all
crafted from the world’s finest fibres.
It also offers a customize service for customers to use its facilities
to create their own unique yarns and colours to fulfil their specific needs.
Novetex was founded
by Mr. K.P. Chao, who is a renowned Hong Kong entrepreneur and textile industry
pioneer. The Company’s senior management
is led by Ms. Ronna Chao, Chairman and Mr. Milton Chan, CEO, all of whom are
veterans in the industry.
Novetex has set up an
office in Shanghai, China.
Today, the Novel
Group has diversified its business from textiles to electronics, computers,
electricity, food, scientific instrument, chemicals, civil aviation and
property investment and development. It
owns more than 50 enterprises in the United Kingdom, the United States, France,
Germany, Indonesia, Portugal, Mauritius, Japan, Macau, etc.
The history of the
subject in Hong Kong is over ten years and two months.
On the whole,
consider it good for normal credit requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.93 |
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1 |
INR 91.50 |
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Euro |
1 |
INR 79.69 |
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HKD |
1 |
INR 8.27 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on secured
terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.