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Report Date : |
09.07.2013 |
IDENTIFICATION DETAILS
|
Name : |
MANHATTAN
LTD. |
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Registered Office : |
Unit 1001-1002, 10/F., Nanyang Plaza, 57 Hung To Road,
Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.08.2002 |
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Com. Reg. No.: |
32889246 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Importer and Exporter of all kinds of shirts, other garments. |
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No. of Employees : |
25. (Including
associates) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
|
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 |
MANHATTAN LTD.
Unit 1001-1002, 10/F., Nanyang Plaza, 57 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 2959 4300
FAX: 2148 4699
Managing Director: Mr. Frank Hermann Fleischer
Incorporated on: 2nd August, 2002.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Manufacturer, Importer and Exporter.
Group Revenue: US$990,198,000 (Year ended 31-12-2012)
Group Employees: Over 33,000. (As at 31-12-2012)
Company Employees: 25. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 1001-1002, 10/F., Nanyang Plaza, 57 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
Immediate Holding
Company:-
On Time International Ltd., British Virgin Islands.
Penultimate
Holding Company:-
Luen Thai Overseas Ltd., Bahamas.
Ultimate Holding
Company:-
Luen Thai Holdings Ltd., Cayman Islands/Hong Kong.
Affiliated
Companies:-
Luen Thai Group of Companies
Chang Jia International Ltd., British Virgin Islands.
Consolidated Transportation Services Inc., Commonwealth of Northern Mariana Islands.
CTSI Logistics (Taiwan) Inc., Taiwan.
CTSI Logistics Inc., US.
CTSI Logistics Ltd., Hong Kong.
CTSI Logistics Phils. Inc., The Philippines.
Desk Top Ltd., Hong Kong
Dluxe Bags Ltd., Hong Kong
Dluxe Bags Philippines, Inc. The Philippines.
Dongguan Luen Thai Garment Co. Ltd., China.
Dongguan Quan Thai Garment Co. Ltd., China.
Dongguan Tien-Hu Knitting Co. Ltd., China.
Dongguan Tomwell Garment Co. Ltd., China.
Dongguan Xing Hao Handbags Factory Co. Ltd., China.
Dongguan Xingxi Handbags Factory Co. Ltd., China.
Fortune Investment Overseas Ltd., British Virgin Islands.
G.J.M. (HK) Ltd., Hong Kong
GJM (Qingyuan) Light Industrial Development Ltd., China.
Golden Dragon Apparel Inc., The Philippines.
Guangzhou G.J.M. Garment Manufacturing Factory, China.
Hong Kong Guangthai International Co. Ltd., Hong Kong.
Hongquan Consulting Services (Shenzhen) Co. Ltd., China.
L & T International Group Phils. Inc., The Philippines.
Luen Thai Footwear Co. Ltd., China.
Luen Thai Footwear Macao Commercial Offshore Co. Ltd., Macao.
Luen Thai Industrial Co. Ltd., British Virgin Islands.
Luen Thai International Group Ltd., Hong Kong.
Luen Thai Macao Commercial Offshore Co. Ltd., Macao.
Philippine Luen Thai Holdings Corporation, The Philippines.
Project Stitch (HK) Ltd., Hong Kong.
Shenzhen Guangtha International Ltd., China.
Shenzhen Li Da Silk Garment Co. Ltd., China.
TellaS Ltd., US.
Tien-Hu Knitters Ltd., Hong Kong.
Tien-Hu Knitting Co. (Hong Kong) Ltd., Hong Kong.
Tien-Hu Knitting Factory (Hong Kong) Ltd., Hong Kong.
Tien-Hu Trading (Hong Kong) Ltd., Hong Kong.
TMS Fashion (H.K.) Ltd., Hong Kong.
TMS International Ltd., Hong Kong.
Wonderful Choice Ltd., British Virgin Islands.
Wuxi Liantai Garments Co. Ltd., China.
Yuen Thai Holdings Ltd., British Virgin Islands.
Yuen Thai Industrial Co. Ltd., Hong Kong.
Yuen Thai Philippines Inc., The Philippines.
etc.
32889246
0808561
Managing Director: Mr. Frank Hermann Fleischer
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 02-08-2012)
|
Name |
|
No.
of shares |
|
On Time International Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town,
Tortola, British Virgin Islands. |
|
10,000 ===== |
(As per registry
dated 02-08-2012)
|
Name (Nationality) |
Address |
|
Frank Hermann
FLEISCHER |
65 Ocean Drive, Sentosa Cova,
Sentosa, 098358, Singapore. |
(As per registry
dated 02-08-2012)
|
Name |
Address |
Co.
No. |
|
Snap Services (H.K.) Ltd. |
Room303, 3/F., St. George’s Building, 2 Ice House Street,
Central, Hong Kong. |
0138615 |
The subject was incorporated on 2nd August, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 308-309, 3/F., Tins Enterprises Centre, 777 Lai Chi Kok Road, Cheung Sha Wan, Kowloon, Hong Kong, moved to the present address in January 2007.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer, Importer and Exporter.
Lines: All kinds of shirts, other garments.
Group Employees: Over 33,000. (As at 31-12-2012)
Company Employees: 25. (Including affiliates)
Materials/Commodities: Imports raw materials from European countries, some Asian countries and finished
products from China.
Markets: Japan, Australia, North America, Europe, etc.
Group Revenue: US$832,002,000 (Year ended 31-12-2008)
US$774,892,000 (Year ended 31-12-2009)
US$794,017,000 (Year ended 31-12-2010)
US$956,489,000 (Year ended 31-12-2011)
US$990,198,000 (Year ended 31-12-2012)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Group Net Profit: US$23,173,000 (Year ended 31-12-2008)
US$19,007,000 (Year ended 31-12-2009)
US$19,263,000 (Year ended 31-12-2010)
US$28,529,000 (Year ended 31-12-2011)
US$42,769,000 (Year ended 31-12-2012)
Profit or Loss: Group business is profitable every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making fairly 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.
Manhattan Ltd. is a wholly-owned subsidiary of On Time International Ltd. which is a BVI-registered firm.
The only director of the subject Mr. Frank Hermann Fleischer is a Hong Kong ID Card holder. Most of the time, he is residing in Singapore.
The subject indirectly is a 60%-owned subsidiary of Luen Thai Holdings Ltd. [Luen Thai], a Cayman Islands-registered firm. Luen Thai is also a listed firm in Hong Kong, and is an investment holding company of the Luen Thai Group.
Located at the same operating office, the subject has got an affiliate Best Unit Ltd. which is also 60% owned by Luen Thai.
In April 2007, the Luen Thai Group exercised the call option to acquire an additional 10% interest in On Time International Ltd., a subsidiary from the minority shareholder at an estimated consideration of approximately US$4,553,000 and consequently a goodwill of approximately US$2,308,000 has been recognized. Since then, the Group has been holding 60% interests of the subject.
Luen Thai entered into an agreement to acquire 50% stake in On Time International Ltd. and its subsidiaries (collectively, the “On Time Group”) on 10th March, 2006. On Time Group is principally engaged in the design, sourcing and distribution on a worldwide basis of garments and other textile products. Established in the early 1990s, its headquarter is located in Hong Kong with offices in Asia Pacific. The acquisition is able to further enhance Luen Thai’s design capabilities, which along with its production scale, speed up turnaround times and bring in more European business to the Group.
Luen Thai is a global leader in providing end-to-end apparel services that support its customers’ speed-to-market goals.
Luen Thai operates sales and designing offices, manufacturing facilities and logistics stations in Asia, America and Europe.
Since 2002, Luen Thai has embarked on a string of selective acquisitions to further build its multi-product capability. These include Glynn and Jacquelyn Manson [GJM], Tomwell Ltd. and Tien Hu. Joint ventures were also made with industry giants such as Yue Yuen, TMS, Tien-Hu Group and Guangdong Foreign Trade Group Co. Ltd.
In July 2004, Luen Thai was listed on The Stock Exchange of Hong Kong Ltd. bearing stock code 311, and had become the holding company of the Luen Thai Group. The latest partnership involves Desk Top to produce laptop bags, fashion bags, backpacks.
For the year ended 31st December 2012, the Group’s revenue amounted to approximately US$990,198,000, representing an increase of approximately 3.5% over 2011 which was US$956,489,000. The Group produced about 90 million units of apparel and accessory products in 2012 representing an increase of 13.9% over 2011.
As a result, the profit attributable to the owners of the Company increased to approximately US$38,635,000 as compared to approximately US$34,310,000 in 2011, representing a year-on-year increase of approximately US$4,325,000 or 12.6%.
Apparel businesses, comprising the Group’s Casual and Fashion Apparel Division, Sweaters Division and Life-style Apparel Division, are the Group’s major source of revenue. These include the Group’s OEM apparel manufacturing, apparel sourcing and trading business, which accounted for approximately 71.1% of the Group’s total revenue in 2012.
As at 31st December, 2012, the Luen Thai Group has about 33,000 employees throughout the world.
The subject is fully supported by the Luen Thai Group.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.05 |
|
UK Pound |
1 |
Rs.90.89 |
|
Euro |
1 |
Rs.78.27 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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 |
|
<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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.