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MIRA
INFORM REPORT
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Report No. : |
501133 |
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Report Date : |
29.03.2018 |
IDENTIFICATION DETAILS
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Name : |
TAT FUNG TEXTILE COMPANY LIMITED |
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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
(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 : |
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
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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 |
Company name and address
TAT FUNG
TEXTILE COMPANY LIMITED
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
SUMMARY
Incorporated on: 20th
April, 2010.
Organization:
Private Limited
Company.
Issued Share Capital: HK$1,000,000.00
Business Category: Importer, Exporter and Manufacturer.
Employees:
26.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Unit E – H, 22/F., Kingsford Industrial Building,
Phase 2, 26-32 Kwai Hei Street, Kwai Chung, New Territories, Hong Kong.
Holding Company:-
Panther Textiles Holding Co. Ltd.
Unit 10 & 11, 26/F., Wah Fat Industrial
Building, 10-14 Kung Yip 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.
BUSINESS REGISTRATION NUMBER
52128317
COMPANY FILE NUMBER
1445723
MANAGEMENT
Managing Director: Mr. Cheung Chung Man
Contact Person: Mr. Matthew Lai Chi Chuen
ISSUED SHARE CAPITAL
HK$1,000,000.00
SHAREHOLDERS
(As per registry dated 20-04-2017)
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Name |
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No. of shares |
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Panther Textiles Holding Co. Ltd., Hong
Kong. |
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712,500 |
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CHAN Lai Ying |
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142,500 |
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LAI Chi Chuen |
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95,000 |
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Tim Husemann |
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50,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
DIRECTORS
(As per registry dated 20-04-2017)
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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. |
SECRETARY
(As per registry dated 20-04-2017)
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Name |
Address |
Co. No. |
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Solutions Secretarial Ltd. |
Room 605, 6/F., Hip Kwan Commercial
Building, 38 Pitt Street, Yaumatei, Kowloon, Hong Kong. |
0709433 |
HISTORY
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.
OPERATIONS
Activities: Importer, Exporter and Manufacturer.
Lines: All kinds of denim
fabrics, etc.
Employees: 26.
Commodities Imported: China, other Asian countries, etc.
Markets: Africa, Australasia,
Central & South America, China, Eastern Europe, 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, etc.
FINANCIAL INFORMATION
Issued Share Capital: HK$1,000,000.00
Indebtedness: HK$9,619,000.00
(Total amount outstanding on all mortgages and charges as per last Annual
Return dated 20-04-2017)
Mortgage or charge: (See
attachment)
Profit or Loss: Made small
profits in past years.
Condition: Business is normal.
Facilities: Making active use of general banking
facilities.
Payment:
No
Complaints.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
GENERAL
Having issued one million ordinary shares of HK$1.00 each, Tat
Fung Textile Company Limited is a subsidiary company of Panther Textiles
Holding Co. Ltd. [Panther], a Hong Kong-registered company holding 71.25% of
the subject’s interests. Ms. Chan
Lai Ying, holding 14.25%; Mr. Lai Chi Chuen, 9.50%; Mr. Tim Husemann,
5.00%. Being Hong Kong merchants,
the second and third are also two of the directors of the subject.
The predecessor or associated company of the subject was founded
in 1986 by the Cheung family.
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. [Kaiping Panther] and
Kaiping Tat Fung Textile Spinning, Printing, Dyeing and Garment Co. Ltd.
[Kaiping Tat Fung] which are in Kaiping, Guangdong Province, China.
Kaiping Panther is jointly set up by Mr. Chow Kwai Cheong and Mr.
Cheung Chung Man.
Its brief information is as follow:
Name: Kaiping Tat Fung
Address: Block 24, 21
Meihua Road, Shuikou Town, Kaiping City, Guangdong Province, China.
Date of Incorporation: 26th
April, 2001.
Legal Status: Limited Liability Company (owned by natural
persons)
Registered Capital:
US$14.17 million
Duration: 26th April, 2001 to 25th April, 2026 (25 years)
United Social Credit Code:
914407007278798374
Registration No.:
44070040013868
Legal Representative: Mr.
Cheung Chung Man
Deputy General Manager: Mr.
Cheung Chung Yiu
Kaiping Tat Fung is a subsidiary company of the subject.
Kaiping Panther includes a number of workshop in Kaiping,
Guangdong Province, China. Kaiping Tat
Fung is located at the next door of Panther.
Panther is also engaged in garment manufacturing. Its sales network in China covers Zhongshan
City, Shunde, Guangzhou City, Zengcheng, etc.
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, etc.
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:-
1. Cotton Yarn Production and Marketing;
2. Denim Production and Marketing;
3. Dyed Fabrics Processing; &
4. Printed Fabrics Processing
5. Garment Processing and Manufacturing.
In recent years two more factories have been set up in Kaiping of
Guangdong Province, China:-
Kaiping Panther Textiles No. 2 Co. Ltd.
Kaiping Panther Hing Fu Textiles Co. Ltd.
Panther has grown to its current capacity of producing 72 million
yards of piece dye, 24 million yards of print, and 60 million yards of denim
annually - with a total of 156 million yards per year. It has provided customers from all over the
world with innovative and market driven denim, piece dye, and services from an
expanding global network of manufacturing platforms.
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, etc.
The business of the subject are chiefly handled by the Directors
of the subject. History in Hong Kong is
just over seven years and ten months.
The contact person of the subject Mr. Matthew Lai Chi Chuen.
On the whole, consider the subject good for normal business
engagements in moderate credit amounts.
MORTGAGE OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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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 |
INR 65.04 |
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1 |
INR 92.28 |
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Euro |
1 |
INR 80.62 |
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HKD |
1 |
INR 8.30 |
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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NIS |
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Report Prepared
by : |
TRU |
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.