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Report Date : |
13.12.2013 |
IDENTIFICATION DETAILS
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Name : |
INDIGO LIVING LTD. |
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Registered Office : |
Unit 1202-04, Level 12, Cyberport 2, |
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Country : |
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Date of Incorporation : |
11.11.1986 |
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Com. Reg. No.: |
10737558 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Interior Decoration of all kinds of furniture, furnishings |
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No. of Employees : |
100 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 re-exports, is about four times GDP. Hong Kong levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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 34.9 million in 2012, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source
: CIA |
INDIGO LIVING LTD.
ADDRESS: Unit 1202-04, Level 12,
Cyberport 2, 100 Cyberport Road, Hong Kong.
PHONE: 852-2552 3500
FAX: 852-2522 3505
E-MAIL: wholesale@indigo-living.com
franchising@indigo-living.com
Managing Director: Mr. John Warren
McLennan
Incorporated on: 11th November, 1986.
Organization: Private
Limited Company.
Capital: Nominal: HK$23,000,000
Issued: HK$22,900,000
Business Category: Interior
Decoration.
Employees: 100.
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
INDIGO LIVING LTD.
Registered Head
Office:-
Unit 1202-04, Level 12, Cyberport 2, 100 Cyberport Road, Hong Kong.
Holding Company:-
Pacific Legend Development Ltd., Hong Kong. (Same address)
Associated
Company:-
Indigo Living LLC
Office 120, Third Floor, Oasis Centre, Sheikh Zayed Road,
(near Second Interchange), P.O. Box 282425, Dubai, UAE.
[Tel: 971-4-339 7705; Fax:
971-4-339 7704]
10737558
0177875
Managing Director: Mr. John Warren McLennan
Contact Person: Mr. Jacko Wong
Nominal Share Capital: HK$23,000,000
(Divided into 23,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$22,900,000
(As per registry dated 11-11-2012)
|
Name |
Occupation |
No. of shares |
|
Pacific Legend Development Ltd., Hong Kong. |
Corporation |
22,900,000 ======== |
(As per registry dated 11-11-2012)
|
Name (Nationality) |
Address |
|
John Warren McLennan |
Flat 50, 1/F., Block 3, Middleton Towers, 140 Pokfulam Road, Hong
Kong. |
|
MOK Lai Yin, Fiona |
Flat RD, 19/F., Tower 5, Le Prestige, Lohas Park, Tseung Kwon, O,
New Territories, Hong Kong. |
|
Tracy Ann FITZPATRICK |
1/F., 88B Pokfulam Road, Pro Fu Lam, Hong Kong. |
John Warren McLennan
(As per registry dated 11-11-2012)
The subject was incorporated on 11th November, 1986 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Wide Dragon
Industries Ltd. The name was
subsequently changed to Lim Mei Carpet Manufacturing Co. Ltd. on 3rd April,
1987; changed to Lim Mei Manufacturing Co. Ltd. on 13th Februrary, 1996;
changed to Options Home Furnishings Ltd. in 5th August, 2002 and further
to the present style on 4th October, 2004.
Formerly the subject was located at Suite 1813-1816, 18/F., Horizon
Plaza, 2 Lee Wing Street, Ap Lei Chau, Hong Kong, moved to the present
address with effect from 13th May, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Interior
Decoration.
Lines: All
kinds of furniture, furnishings
Employees: 100.
Commodities Imported: Europe
Markets: Hong
Kong, other Asian countries
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$23,000,000
(Divided into 23,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$22,900,000
Mortgage or Charge: (See attachment)
Profit or Loss: Traded
at a profitable angle.
Condition: Business remains normal.
Facilities: Is making use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
Standing: Very Good.
Having issued 22.9 million ordinary shares of HK$1.00 each, Indigo
Living Ltd. is a wholly owned subsidiary of Pacific Legend Development Ltd.
which is a Hong Kong-registered firm located at the same operating office.
Established for over 25 years, the subject provides clients with high
quality of furnishing and accessories with innovative interior designs. It is engaged in the areas of retail, rental
and related projects. Now it is actively
seeking new wholesale clients.
Its experienced project team can offer a tailored service for any
project including interior design, sourcing and procurement of Furniture,
Furnishings and Equipment [FF&E], custom manufacturing, and full project
management and installation.
The subject has expanded its business substantially in recent
years. For instance, it moved to the
present address in May 2013. It has had
sales offices located at the following addresses:
·
Horizon Plaza, Ap Lei Chau Industrial Estate, Hong
Kong
·
Tower A, Regent Centre, Kwai Chung, New
Territories, Hong Kong
·
Prince Building, Central, Hong Kong
·
Repulse Bay Shopping Arcade, Repulse Bay, Hong Kong
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Ocean Terminal, Tsimshatsui, Kowloon, Hong Kong
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Grand Central Plaza Shopping Arcade, Sha Tin, New
Territories, Hong Kong
The subject is specialized in providing turnkey FF&E solutions for
the hospitality industry with a focus on hotels, restaurants, show flats,
casinos and serviced apartments.
The subject’s business territories not only cover Hong Kong, but also
other Asian countries. Besides, it also
has had a sales team in the Middle East.
Over the past years, the subject was engaged in the following projects:-
·
33 Cape Road residential showflat, Hong Kong
·
6 Celebrity Chef Restaurants at Marina Bay Sands,
Singapore
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Afya Restaurant - Traders Hotel, Abu Dhabi
·
Aralias luxury apartment, Gurgaon, India
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Bar Azul -Four Seasons Hotel, Macau
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Belcanção Restaurant -Four Seasons Hotel, Macau
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Dubai Marriott Harbour Hotel & Suites, Dubai
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Emirates Management Crew Quarters, Dubai
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Four Seasons Serviced Apartments mock up, Macau
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Greenlakes, Dubai
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Kowloon Waterfront, Hong Kong
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Lanson Place Jinlin Tiandi, Shanghai
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Lanson Place mock up, Rich Garden, Shanghai
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Links Golf Clubhouse, Yas Island, Abu Dhabi
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Marina Bay Sands Casino, Singapore
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Marina Bay Sands Lounge Portal, Singapore
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Movenpick Hotel and Residences Laguna Towers, Dubai
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NETs, Nanjing, China
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Paiza Club at Venetian, Macau
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Splash Restaurant -Four Seasons Hotel, Macau
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The Address Dubai Marina Hotel, Dubai
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The Address Dubai Marina Serviced Apartments, Dubai
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The Manhattan, Macau
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The Plaza Casino at Four Seasons, Macau
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The Repulse Bay, Hong Kong
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The Venetian - Paiza Mansions, Macau
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The Venetian -Four Seasons, Macau
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The Westin, Dubai
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Traders Hotel, Abu Dhabi
·
Zi Yat Heen Restaurant -Four Seasons Hotel, Macau
The subject also handled projects in India. Its associated company in the United Arab
Emirates is Indigo Living LLC. The
annual sales turnover of the subject is very significant.
John Warren McLennan is an Advisor of Sustasia. He is the Managing Director and owner of the
subject which is a multi disciplined design firm with retail, wholesale and
project operations in Hong Kong, India Dubai and Shanghai. Mr. McLennan is originally from Canada but
has been a resident of Asia for over 20 years.
Before developing the subject he spent 18 years in the design industry
working in furniture, product and interior design. Mr. McLennan has built the subject from
a 30 person operation in Hong Kong to a company with over 100 staff.
Now the subject has designed and provided furniture for projects
throughout China, Macau, India as well as parts of the Middle East.
He earned his BA from the University of British Columbia and a post
graduate degree from Capilano College (APMCP) in Vancouver which launched his
career in Asia. Married with two
children, Mr. McLennan is a keen sailor and water sports enthusiast.
In Hong Kong, the contact person is Mr. Jacko Wong.
On the whole, consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
31-08-1988 |
Instrument: Charge on Deposit Property: Receipt No.1-02-4-009936 for HK$566,324.49, 2-02-3-032572 for
US$40,950.73 and 2-02-9-032659 for US$14,976.49 Mortgagee: Hang Lung Bank Ltd., Hong Kong. [Business was taken over by Dao Heng Bank
Ltd. which was merged into DBS Bank (Hong Kong) Ltd.] |
To secure general banking facilitics. |
|
19-12-2007 |
Instrument: Security Over Deposits with the Bank
(Limited Company – Under Seal) Property: Initially HK$2,388,230.88 and all monies whether now or hereafter
standing to the credit of the Company’s deposit with the Bank under deposit
No. 034-253757 Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
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US Dollar |
1 |
Rs.61.62 |
|
|
1 |
Rs.100.84 |
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Euro |
1 |
Rs.84.98 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall
operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.