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MIRA
INFORM REPORT
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Report No. : |
510471 |
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Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
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Name : |
WINNITEX LIMITED |
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Registered Office : |
Unit
1-5, 6A & 7A, 36/F., Cable TV Tower, 9 Hoi Shing Road, Tsuen Wan,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
24.01.2003 |
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Com. Reg. No.: |
33466287 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of All kinds of
Cotton, Linen, Tencel, Polyester, Rayon, Lycra, Spandex And Their Blends, And
Cotton Yarn Dye Fabrics. |
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No. of Employees : |
25 |
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+ |
Low Risk |
Business dealings permissible with low
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.
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.
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Source
: CIA |
Company name and address
WINNITEX LIMITED
ADDRESS: Unit 1-5, 6A & 7A, 36/F., Cable TV
Tower, 9 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2416 1403
FAX: 852-2413
6019, 2417 9157
E-MAIL: winnitex@winnitex.com
sales@winnitex.com
tracy@winnitex.com
MANAGEMENT:
Managing Director: Mr. Wai Chi Kwong, Albert
SUMMARY
Incorporated on: 24th
January, 2003.
Organization:
Private Limited
Company.
Issued Share Capital: HK$1,000.00
Business Category: Textile Product Trader.
Group Turnover: US$150~200
million.
Employees:
25.
Group Employees: Over
3,000.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very
Good.
ADDRESS
Registered Head Office:-
Unit 1-5, 6A & 7A, 36/F., Cable TV Tower,
9 Hoi Shing Road, Tsuen Wan, New Territories, Hong Kong.
Godown:-
Unit A-D on 4/F. & 5/F. and Unit A &
D on 8/F., Fou Wah Industrial Building, 10-16 Pun Shan Street, Tsuen Wan, New
Territories, Hong Kong.
Shanghai Office:-
Suite 1603-1606, Tower 1, The North 106
Zhongjiang Road, Shanghai 200062, China.
[Tel: (86-021) 6341 0103; Fax: (86-021) 6341 0092]
China Factories:-
17 Ning Dong Road, Xiaoshan Economic
Technology Development Zone, Hangzhou, Zhejiang, China. [Postal Code: 311215]
[Tel: (86-571) 8283 1000; Fax: (86-571)
8283 1728]
[Operated by Zhejiang Hing Fung Weaving Dyeing & Printing Co. Ltd.]
313 Tang Gong Road, Shaoxing, Paojiang
Industrial Zone, Shaoxiang, Zhejiang, China.
[Postal Code: 312071]
[Tel: (86-575) 8803 9009; Fax: (86-575)
8803 9088]
[Operated by Zhejiang Qing Mao Weaving Dyeing & Printing Co. Ltd.]
India Office:-
“Kalpataru”, First Floor, No. 4C 908, 9th B
Main, 4th Cross, 1st Block, H R B R Layout, Kalyan Nagar, Bangalore
560043, India.
[Tel: 91-80-2542 3557; Fax: 91-80-2542 3559]
Holding Company:-
Winnitex Holdings Ltd., British Virgin
Islands.
Affiliated Companies:-
Winnitex Group of Companies
Chestin Ltd., Hong Kong.
Hing Fung Printing & Dyeing Factory Ltd.,
Hong Kong.
Hing Fung Wo Finance Co. Ltd., Hong Kong.
JNA Enterprises Co., Hong Kong.
Kinto Investments Ltd., Hong Kong.
Winnitex (Macao Commercial Offshore) Ltd.,
Macau.
Winnitex China Holdings Ltd., Hong Kong.
Winnitex Investment Co. Ltd., Hong Kong.
Winnitex Properties Ltd., Hong Kong.
Zhejiang Hing Fung Weaving Dyeing &
Printing Co. Ltd., China.
Zhejiang Qing Mao Weaving Dyeing &
Printing Co. Ltd, China.
etc.
BUSINESS REGISTRATION NUMBER
33466287
COMPANY FILE NUMBER
0831225
MANAGEMENT
Managing Director: Mr. Wai Chi Kwong, Albert
Contact Person: Ms. Mabel Yeung
ISSUED SHARE CAPITAL
HK$1,000.00
SHAREHOLDERS
(As per registry dated 24-01-2018)
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Name |
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No. of shares |
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WAI Tien Ching |
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1 |
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Winnitex Holdings Ltd. The Office of Tricor Services (BVI) Ltd. P.O. Box 3340, Road Town, Tortola, British
Virgin Islands. |
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999 |
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––––– |
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Total: |
1,000 ==== |
DIRECTORS
(As per registry dated 24-01-2018)
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Name (Nationality) |
Address |
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WAI Chi Kwok, Jacob (British) [Son] |
Flat C, 2/F., Tower 1A, The Austin, 8 Wui
Cheung Road, Kowloon, Hong Kong. |
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WAI Chi Kwong, Albert (British)
[Son] |
8 Hampshire Road, Kowloon Tong, Kowloon,
Hong Kong. |
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WAI Chi Wah, Nelson |
Flat A, 61/F., Tower 7, The Palazzo, 28 Lok
King Street, Shatin, New Territories, Hong Kong. |
SECRETARY
(As per registry dated 24-01-2018)
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Name |
Address |
Co. No. |
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Tricor Strath Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road
East, Hong Kong. |
0004873 |
HISTORY
The subject was incorporated on 24th January,
2003 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.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds
of cotton, linen, tencel, polyester, rayon, lycra, spandex and their blends,
and cotton yarn dye fabrics.
Office Floor Space: 25,712
sq.m. – shares with associates.
Group Employees: Over
3,000.
Commodities Bought from: Hong Kong, China, Pakistan, India,
Europe, etc.
Markets: Hong Kong, other Asian
countries, US, Canada and Europe.
Group Turnover: US$150~200
million.
Terms/Sales:
L/C,
T/T, etc.
Terms/Buying:
Various
terms.
MEMBERSHIP
Federation of Hong Kong Industries,
Hong Kong. [Member No. A5074]
Hong Kong Productivity Council,
Hong Kong.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKW0247]
FINANCIAL INFORMATION
Issued Share Capital: HK$1,000.00
Profit or Loss: Making profits in
past years.
Condition: Business is active.
Facilities: Making active use of general banking
facilities.
Payment:
Regular.
Commercial Morality: Very
Good.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Very Good.
GENERAL
Incorporated in January 2003, Winnitex Limited is almost a
wholly-owned subsidiary of Winnitex Holdings Ltd. which is a BVI-registered
firm.
The subject is a member of the Winnitex Group which is an
integrated textiles group specialized in integrated spinning, advanced weaving,
dyeing and finishing of cotton, linen, corduroy, woven, yarn-dyed and other
cotton/blended fabrics. The subject is
the flagship company of the Group’s fabric business.
The history of the Winnitex Group dates back to 1964 when the
President of the Group Mr. Wai Tien Ching founded the first member of Winnitex
Group which is Hing Fung Printing & Dyeing Factory Ltd. [Hing Fung].
Hing Fung is a Hong Kong-registered firm. Spurred by the rapid development of the
textiles industry in Hong Kong during the 1980’s, Hing Fung grew from a
small dyeing and finishing business into one of the reputable dyeing factories
in Hong Kong.
Now, the business of the Winnitex Group is handled by Mr. Wai Tien
Ching’s sons, namely, Wai Chi Kwok, Jacob, Wai Chi Kwong, Albert and Wai Chi Wah, Nelson.
The Winnitex Group has set up two main mills in China, namely,
Zhejiang Hing Fung Printing & Dyeing Factory Ltd. [Hing Fung] and Zhejiang
Qing Mao Weaving, Dyeing & Printing Co. Ltd. [Qing Mao]. Both firms are in Zhejiang Province, China. Qing Mao was set up in China in 2002. The legal representative of Qing Mao is Wai
Chi Kwok, Jacob. He is also president of
the Group.
In 1978, the Winnitex Group established Hing Mou Textiles Ltd.
which was the first weaving mill of the Group.
But this company was dissolved on 11th January, 2002.
In 1989, Hing Fung was upgraded into a continuous dyeing
mill. The site (approximately 20,000
sq.ft.) where the old dyeing and finishing plant had situated, was redeveloped
into a 3-storey production facility with a total floor area of 60,000
sq.ft. This redevelopment has brought
the Group’s total production floor area to 150,000 sq.ft.
In 2003, the Group set up Fouhang (Shanghai) International Trading
Ltd. which is the Group’s trading arm in China.
This firm is one of the main buying offices of the Group.
Now, the Group is trading in the following products:-
·
COTTON SPUN
YARNS, Open End - Carded
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COTTON SPUN
YARNS, Ring Spun - Carded
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COTTON SPUN
YARNS, Ring Spun - Combed
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COTTON WOVEN
FABRICS, 100% COTTON WOVEN FABRICS - (Bottom Weight)
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COTTON WOVEN
FABRICS, Corduroy (Bottom weight) - (Bottom Weight)
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COTTON WOVEN
FABRICS, Dobbies (Top weight) - (Top Weight)
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COTTON WOVEN
FABRICS, Doublecloth ( Bottomweight) - (Bottom Weight)
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COTTON WOVEN
FABRICS, Doublecloth (Topweight) - (Top Weight)
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COTTON WOVEN
FABRICS, Drills ( Bottomweight) - (Bottom Weight)
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COTTON WOVEN
FABRICS, Herringbone ( Bottomweight) - (Bottom Weight)
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COTTON WOVEN
FABRICS, Herringbone (Topweight) - (Top Weight)
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COTTON WOVEN
FABRICS, Oxfords (Bottomweight) - (Bottom Weight)
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COTTON WOVEN
FABRICS, Oxfords (Topweight) - (Top Weight)
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COTTON WOVEN
FABRICS, Poplin ( Bottomweight) - (Bottom Weight)
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COTTON WOVEN
FABRICS, Poplin (Topweight) - (Top Weight)
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COTTON WOVEN
FABRICS, Sateens (Topweight) - (Top Weight)
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COTTON WOVEN
FABRICS, Sheeting ( Bottomweight) - (Bottom Weight)
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COTTON WOVEN
FABRICS, Special Purpose Fabrics - (Bottom Weight)
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COTTON WOVEN
FABRICS, Terry ( Bottomweight) - (Bottom Weight)
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COTTON WOVEN
FABRICS, Twill - (Bottom Weight)
The subject’s fabrics are made from fine yarns imported from
Pakistan, India, Taiwan and China. The
Group also produces different types of materials including 100% cotton, linen,
tencel, polyester, rayon, Lycra, spandex, etc.
It also produces 100% cotton dyed fabric too.
Currently the Group is able to produce fabrics that weigh from 4
oz. to 14 oz. This range covers those
fabrics for manufacturing men’s shirts, dresses, pants, denim skirts and outer
jackets. The Group produces corduroy,
dobby, twills, canvas, herringbone, sheeting, bedford cord, poplin, sateen,
matting, ottoman, rib-stop and many other materials as well.
The Group is a certified AZO-Free company according to Oeko-Tex
Standard 100.
The Group also has got the Marks and Spencer laboratory
accreditation. Now. Marks and Spencer
has been one of the significant customers of the Group.
According to the subject, the Group’s monthly dyeing capacity is
10 million metres and with products ranging from shirts, trousers, formal wear,
casual wear, outerwear, colour denim and different kinds of uniforms.
Now, the Winnitex Group has had over 3,000 employees in Hong Kong,
New York, Tokyo, Shanghai, Shaoxing, Hangzhou, Shenzhen Special Economic
Zone, Macau and India. Annual sales
turnover of the Group ranges from US$150 to 200 million, making a small profit
every year. Overall business is active.
The subject has about 25 employees in Hong Kong.
The history of the subject in Hong Kong is over 15 years and four
months while the history of the Group is over fifty years.
On the whole, in view of the parentage and background of the
subject, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.26 |
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1 |
INR 91.22 |
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Euro |
1 |
INR 79.88 |
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HKD |
1 |
INR 8.58 |
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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DIV |
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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.