MIRA INFORM REPORT

 

 

Report Date :

24.11.2011

 

IDENTIFICATION DETAILS

 

Name :

FRONTLINE  CLOTHING  (INDIA)  LTD.

 

 

Registered Office :

6/F., Manley Tower, 828 Chung Sha Wan Road, Cheung Sha Wan, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

20.04.2009

 

 

Com. Reg. No.:

50581602

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer and Exporter of all kinds of garments.

 

 

No. of Employees :

30  (Including holding company)

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory

 

 

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 – September 30, 2011

 

Country Name

Previous Rating

(30.06.2011)

Current Rating

(30.09.2011)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name and address

 

FRONTLINE  CLOTHING  (INDIA)  LTD.

 

 

ADDRESS:       6/F., Manley Tower, 828 Chung Sha Wan Road, Cheung Sha Wan, Kowloon, Hong Kong.

 

PHONE:            2959 5495

 

FAX:                 2959 5400

 

E-MAIL:                        roel@frontline.com.hk

 

 

MANAGEMENT

 

Chairman:  Mr. Roel Vossen

 

 

SUMMARY

 

Incorporated on:             20th April, 2009.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:              HK$100.00

 

Business Category:        Garment Trader.

 

Employees:                   30.  (Including holding company)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Satisfactory.

ADDRESS

 

Registered Head Office:-

6/F., Manley Tower, 828 Chung Sha Wan Road, Cheung Sha Wan, Kowloon, Hong Kong.

 

Holding Company:-

Frontline Clothing Ltd., Hong Kong.  (Same address)

 

Associated Company:-

Frontline Clothing (Shanghai) Ltd., China.

 

 

BUSINESS REGISTRATION NUMBER

 

50581602

 

 

COMPANY FILE NUMBER

 

 1333314

 

 

MANAGEMENT

 

Chairman:  Mr. Roel Vossen

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$100.00

 

 

SHAREHOLDERS

(As per registry dated 20-04-2011)

 

Name

 

No. of shares

Frontline Clothing Ltd.,  Hong Kong.

 

70

Suri Ritu

 

30

 

 

–––

 

Total:

100

===

 

DIRECTOR    

(As per registry dated 01-08-2011)

 

Name

Address

Co. No.

Frontline Clothing Ltd.

6/F., Manley Tower, 828 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon, Hong Kong.

0454868

 

 

SECRETARY

(As per registry dated 20-04-2011)

 

Name

Address

LAU Sau Fong

6/F., Manley Tower, 828 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 20th April, 2009 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 garments.

 

Employees:                   30.  (Including holding company)

 

Materials/Commodities:  Imports raw materials from European countries, some of the Asian countries and finished products from China.

 

Markets:                       India, other Asian countries, Europe, Middle East, North America, etc.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$100.00

 

Profit or Loss:                Making a small profit in 2010.

 

Condition:                      Keeping in a satisfactory manner.

 

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.

 

 

GENERAL

 

Having issued 100 ordinary shares of HK$1.00 each, Frontline Clothing (India) Ltd. is jointly owned by Frontline Clothing Ltd. [FCL], a Hong Kong-registered firm located at the same operating office holding 70% interest, and Mr. Suri Ritu who is an Indian holding 30%.  The subject and FCL are engaged in the same lines of business.

FCL was established in January 1994 in Hong Kong.  Its premier business is the development and manufacturing of ladies, men’s and children’s wear.  Products are exported to major retail chains all over the world.  FCL is engaged in fabrics, materials sourcing, production planning and management.  FCL is specialized in casual wears, denim wears, and fancy/fashion items.

In January 2001, FCL officially opened Frontline Clothing (Shanghai) Ltd. which is its wholly owned China company.  Its head office space in Hong Kong covers and area of 30,000 sq.ft. in order to cope with the future expansion.

FCL has about 300 people in Hong Kong, Paris, Milan, Shanghai and Shenzhen Special Economic Zone, China.  In 2008, FCL shipped over 9 million garments, which all were manufactured in its associated factories in China, Macau, Cambodia, Bangladesh and India.

In 2006, FCL set up a joint venture with its China partner in Anhui Province, China.  In 2009, it set up another joint venture in Guangdong Province, China.  These two joint ventures employ over 1,000 employees.

The subject and FCL are trading in the following commodities:-

Jacket – Men (Excluding Ski-Jacket) (From China, Indonesia, Malaysia, Vietnam and Thailand. Cambodia)

Suit – Men (From China)

·         Jacket – Ladies (Excluding Ski-Jacket) (From China, Indonesia, Malaysia, Thailand and Vietnam)

·         Suit – Ladies (From China)

·         Children’s Wear (From China, Indonesia, Malaysia and Vietnam, Cambodia)

·         Blouses (From China, Indonesia, Malaysia and Vietnam)

·         Jeans (Vietnam, China, Cambodia)

·         Dresses and Skirts (From China, Indonesia, Malaysia, Vietnam)

·         Shirts (From China, Indonesia, Malaysia, Vietnam, Cambodia)

·         Trousers (From China, Indonesia, Malaysia, Vietnam)

·         Slacks (From China, Indonesia, Malaysia, Vietnam)

The subject exports its products to India, other Asian countries, Europe, the Middle East, North America, etc.  However, India is the prime market.

Currently, the subject’s shareholder Suri Ritu is operating a garment in India which is a garment wholesaler.

The history of the subject in Hong Kong is just over two years and seven months.  Business is handled by Mr. Roel Vossen who is the Chairman and Managing Director of FCL.

On the whole, consider it good for normal business engagements in moderate credit amounts.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.52.10

UK Pound

1

Rs.81.30

Euro

1

Rs.70.07

 

 

RATING EXPLANATIONS

 

RATING

STATUS

 

 

PROPOSED CREDIT LINE

>86

Aaa

Possesses an extremely sound financial base with the strongest capability for timely payment of interest and principal sums

 

Unlimited

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

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

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

 

Satisfactory

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

 

Small

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

<10

C

Absolute credit risk exists. Caution needed to be exercised

 

 

Credit not recommended

--

NB

                                       New Business

 

--

 

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%)

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.