|
|
|
MIRA
INFORM REPORT
|
Report No. : |
509150 |
|
Report Date : |
19.05.2018 |
IDENTIFICATION DETAILS
|
Name : |
PACIFIC TEXTILES HOLDINGS LIMITED |
|
|
|
|
Registered Office : |
7/F., Block B,
Eastern Sea Industrial Building, 48-56 Tai Lin Pai Road, Kwai Chung, New
Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
01.03.2007 |
|
|
|
|
Com. Reg. No.: |
37696658 |
|
|
|
|
Legal Form : |
Limited Company. (Listed) |
|
|
|
|
Line of Business : |
Subject is engaged in Manufacturer, Wholesaler and Exporter of 100%
cotton fabric, stretch fabric, weft knit (dyed fabric, yarn dyed fabric and
printed fabric), warp knit (dyed fabric and printed fabric), yarn, and many
others. |
|
|
|
|
No. of Employees : |
4,919 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
|
MIRA’s Rating : |
A |
|
Credit Rating |
Explanation |
Rating Comments |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
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 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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 (CEPA), 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. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
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 Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie 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.
|
Source
: CIA |
Company name and address
PACIFIC TEXTILES HOLDINGS LIMITED
(Incorporated in Cayman Islands)
Address: 7/F.,
Block B, Eastern Sea Industrial Building,
48-56
Tai Lin Pai Road, Kwai Chung,
New
Territories, Hong Kong.
Company name and summery
PACIFIC
TEXTILES HOLDINGS LIMITED
ADDRESS : 7/F., Block B, Eastern Sea Industrial
Building, 48-56 Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong.
PHONE : 852-2424 8221, 2945 5588
FAX : 852-2420 7977, 2424 5788
E-MAIL : info@pacific-textiles.com
MANAGEMENT
Chairman & Chief Executive Director: Mr. Wan Wai Loi
SUMMARY
Incorporated on: 1st
March, 2007.
Organization:
Limited Company. (Listed)
(Registered Non-Hong Kong Company)
Capital: Authorised: HK$5,000,000.00
Issued & Paid Up: HK$1,446,423.00
Business Category: Trading
in textile products.
Group Revenue: HK$5,993,632,000 (Year ended 31-03-2017)
Group Employees: 4,919.
(As at 30-09-2017)
Main Dealing Bankers: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
COMPANY NAME AND ADDRESS
PACIFIC
TEXTILES HOLDINGS LIMITED
ADDRESS:
Registered Office:-
P.O. Box 309GT, Ugland House, South Church Street, George
Town, Grand Cayman, Cayman Islands.
Principal Place of Business in Hong Kong:-
7/F., Block B, Eastern Sea Industrial Building, 48-56 Tai
Lin Pai Road, Kwai Chung, New Territories, Hong Kong.
Warehouse:-
7/F., Block A, Eastern Sea Industrial Building, 29-39
Kwai Cheong Road, Kwai Chung, New Territories, Hong Kong.
[Tel: 2424 8604;
Fax: 2420 5884]
China Factory:-
Pacific (Panyu) Textiles Ltd.
Pacific Industrial City, Liu Chong Tong Xin Village, Wan
Qing Sha Town, Panyu, Guangzhou City, Guangdong Province, China.
[Tel: (86-20) 8494 8868;
Fax: (86-20) 8494 7915]
Overseas Offices:-
1. Pacific
Crystal Textiles Ltd.
Lai Vu Industrial Zone, Lai Vu Commune, Kim Thanh
District, Hai Duong Province, Vietnam.
2. Pacific
Overseas Textiles Macao Commercial Offshore Ltd.
Ac. Da Praia Grande 815, Edif Centro Comercial Talento,
13 Andar, Macao.
3. Teejay
Lanka Plc
Block D8-D14, C.V. Gooneratne Seethawaka International
Industrial Park, Avissawella, Sri Lanka.
[Tel: 94 (0) 74-279550;
Fax: 94 (0) 74-279595]
Affiliated Companies:-
Pacific Textiles Group of
Companies
Fast Right Group (HK) Ltd., Hong Kong.
Fast Right Group Ltd., British Virgin Islands.
Lehan Resources Ltd., British Virgin Islands.
Pacific GT Ltd., British Virgin Islands.
Pacific HK & China Holdings Ltd., British Virgin
Islands.
Pacific SPM Holdings Ltd., British Virgin Islands.
Pacific SPM Investment Ltd., Hong Kong.
Pacific Textiles Ltd., Hong Kong.
Pacific Textiles Overseas Holdings Ltd., British Virgin
Islands.
Pacific Textured Jersey Holdings Ltd., British Virgin
Islands.
PCGT Ltd., Hong Kong.
Product Champion Ltd., British Virgin Islands.
Solid Ally International Ltd., British Virgin Islands.
South Shining Ltd., British Virgin Islands.
SPM Automotive Textile Co. Ltd., China.
Teejay Ltd., Sri Lanka.
etc.
BUSINESS REGISTRATION NUMBER: 37696658
COMPANY FILE NUMBER:
F0015147
MANAGEMENT
Chairman & Chief Executive Director: Mr. Wan Wai Loi
AUTHORIZED REPRESENTATIVES IN HONG KONG:
|
Name (Nationality) |
Address |
|
WAN Wai Loi |
7/F., Block B, Eastern Sea Industrial Building, 48-56
Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong. |
|
CHAN Sau Yee |
7/F., Block B, Eastern Sea Industrial Building, 48-56
Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong. |
CAPITAL
Authorised Share Capital: HK$5,000,000.00
Issued & Paid Up Capital: HK$1,446,423.00
DIRECTORS
(As per registry dated 01-03-2018)
|
Name (Nationality) |
Address |
|
LAU Yiu Tong |
Room 7C & 8C, Tower 1, One Beacon Hill, 1 Beacon
Hill Road, Kowloon, Hong Kong. |
|
TOU Kit Vai |
Flat A, 4/F., 97 Broadway Street, Mei Foo Sun Chuen,
Kowloon, Hong Kong. |
|
Toshiya ISHII |
Suite E-2230, Harbourfront Horizon All-Suite Hotel,
8 Hung Luen Road, Hunghom Bay, Kowloon, Hong Kong. |
|
TSANG Kang Po |
No. 53, Hong Lok Road West, Hong Lok Yuen, Tai Po, New
Territories, Hong Kong. |
|
CHAN Yue Kwong, Michael |
House B6, Flamingo Garden, Fei Ngo Shan Road, Kowloon,
Hong Kong. |
|
NG Ching Wah |
Room B, 21/F., Tower 5, Dynasty Court, 23 Old Peak
Road, Hong Kong. |
|
SZE Kwok Wing, Nigel |
Flat 1B, 135 Tai Hang Road, Jardines Lookout,
Hong Kong. |
|
CHOI Kin Chung |
House D7, Marina Cove, 380 Hiram’s Highway,
Sai Kung, New Territories, Hong Kong. |
|
WAN Wai Loi |
Unit B, 13/F., Block 1 Peridot Court, Tai Lam, Tuen
Mun, New Territories, Hong Kong. |
SECRETARY
(As per registry dated 01-03-2018)
|
Name |
Address |
|
CHAN Sau Yee |
Room 7, Block B, Eastern Sea Industrial Building, 48-56
Tai Lin Pai Road, Kwai Chung, New Territories, Hong Kong. |
HISTORY
The subject was
incorporated in the Cayman Islands as a
limited company. It has established a
principal place of business in Hong Kong and was registered on 1st March,
2007 as a Registered Non Hong Kong company.
Apart from these, neither material change nor amendment
has been ever traced and noted.
OPERATIONS
Activities: Manufacturer,
Wholesaler and Exporter.
Lines: 100% cotton fabric, stretch fabric,
weft knit (dyed fabric, yarn dyed fabric and printed fabric), warp knit (dyed
fabric and printed fabric), yarn, and many others.
Trade Mark: “HYDRO-TECH” brand.
Office Floor Space:
60,000 sq.m. in Hong Kong.
Factory Site Area:
335,000 sq.m. in Panyu.
Group Employees: 4,919. (As at 30-09-2017)
Facilities Equipped:-
Knitting Factory
Circular Knitting Machine
Collar and Cuff Knitting Machine
Dyeing Factory
3,000 Lbs Jet Dyeing Machine
pH Measurement
Sueding Machine
Tensionless Dryer
Printing Factory
17-Colour Flat Screen Printing Machine
8-Colour Rotary Screen Printing Machine
Computer Aided Design [CAD]
Steamer
Raw Materials: Imports
cotton yarn “40s” from Indonesia, Pakistan, etc.
Markets: Europe,
US, Hong Kong, China and other Asian countries.
Group Revenue:
HK$6,649,206,000
(Year ended 31-03-2013)
HK$7,423,481,000
(Year ended 31-03-2014)
HK$6,906,883,000
(Year ended 31-03-2015)
HK$6,927,614,000
(Year ended 31-03-2016)
HK$5,993,632,000
(Year ended 31-03-2017)
HK$3,026,930,000
(6 month ended 30-09-2016)
HK$3,008,306,000
(6 month ended 30-09-2017)
Terms/Sales: On
various terms.
Terms/Buying: L/C
or 30-90 days credit.
FINANCIAL INFORMATION
Authorised Share Capital: HK$5,000,000.00
Issued & Paid Up Capital: HK$1,446,423.00
Group
Profit Attributable to Shareholders:-
HK$
925,165,000 (Year ended
31-03-2013)
HK$1,116,802,000
(Year ended 31-03-2014)
HK$1,074,785,000
(Year ended 31-03-2015)
HK$1,125,530,000
(Year ended 31-03-2016)
HK$
975,573,000 (Year ended
31-03-2017)
HK$
455,406,000 (6 month ended
30-09-2016)
HK$
385,599,000 (6 month ended
30-09-2017)
Profit or Loss: Group business is profitable.
Condition: Business is active.
Facilities: Making active use of general
banking facilities.
Payment: No Complaints.
Commercial Morality:
Good.
Bankers: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
GENERAL
Pacific Textiles
Holdings Limited [PTH/Group/Company] was registered in Hong Kong on 1st March,
2007 as a ‘Registered non-Hong Kong company’.
PTH’s shares have
been listed on The Stock Exchange of Hong Kong Ltd. bearing stock code
1382 since 18th May, 2007. PTH is
an investment holding company of the Pacific Textiles Group.
PTH shares the office
with its subsidiary companies such as Pacific Textiles Ltd.
The Group is a large
enterprise engaged in manufacturing and exporting textile products under the
leadership of Mr. Paul Tsang Kang Po.
Its factory in China is known as Pacific (Panyu) Textiles Ltd. With a site area of 335,000 sq.m., the Panyu
factory consists of a large knitting plant, yarn dye plant, dyeing and
finishing plant, and a printing plant.
The factory area is also built with a private wharf for the
transportation of materials and products; an electricity power plant; as well
as a waste water treatment plant.
For the year ended
31st March, 2017, the Group has recorded lower revenue due to, including but
not limited to, the decrease of sales orders by the Group’s US customers,
especially the apparel retail section.
The Group has
recorded turnover of HK$5,993.6 million for the 2017 Financial Year, which
showed a decrease of 13.5% over previous year.
The Group’s sales volume decreased by 13.0% at 155.8 million pounds,
compared to 179.1 million pounds of the previous financial year.
Profit attributable
to equity holders amounted to HK$975.6 million (2016: HK$1,125.5 million).
The Group’s revenue
decreased by 0.6% to HK$3,008.3 million for the six months ended 30th
September, 2017 (2016: HK$3,026.9 million).
Driven by its increased sales of sportswear and PRC domestic market, the
sales volume of six months increased by 4.3% to 82.3 million pounds (2016: 78.9
million pounds). The Group’s average
selling price (“ASP”) decreased by 4.9% to HK$36.5 per pound (2016: HK$38.4 per
pound) due to the change of sales mix.
During the period
under review, net profit margin correspondingly decreased to 12.8% (2016:
15.0%). Net profit available to the
shareholders for the six months ended 30th September, 2017 decreased to
HK$385.6 million (2016: HK$455.4 million). Net profit available to the
shareholders for the six months ended 30th September, 2017 decreased by 15.3%.
The Group’s top five
customers and brand owners contributed 68.2% and 75.0% to total revenue versus
68.4% and 78% for the same period of previous year.
As at 30th September,
2017, the Group had 4,919 full-time employees (31st March, 2017: 5,267).
The business of the
Group is handled by its representatives in Hong Kong. History in Hong Kong is over eleven years and
two months.
On the whole,
consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 67.95 |
|
|
1 |
INR 91.87 |
|
Euro |
1 |
INR 80.27 |
|
HKD |
1 |
INR 8.66 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DNS |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
|
A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
|
A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
|
NB |
New Business |
No recommendation can be done due to
business in infancy stage |
|
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.