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Report Date : |
19.07.2013 |
IDENTIFICATION DETAILS
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Name : |
CORSINA INTERNATIONAL LTD. |
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Registered Office : |
6/F., Goldin Financial Global Square, 7 Wang Tai Road, Kowloon Bay, Kowloon |
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Country : |
Hong Kong. |
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Date of Incorporation : |
04.09.1963. |
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Com. Reg. No.: |
01546758 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Trader of all kinds of ladies underwear and swimwear. |
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No. of Employees : |
130. (Including associates) |
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) |
|
Hong Kong |
A2 |
A2 |
|
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 |
CORSINA INTERNATIONAL
LTD.
ADDRESS: 6/F., Goldin Financial
Global Square, 7 Wang Tai Road, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2797 4846
FAX: 852-2950 9847
Managing Director: Mr. Oliver
Spiesshofer
Incorporated on: 4th
September, 1963.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Garment, Underwear Trader.
Employees:
130. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
6/F., Goldin Financial Global Square,, 7 Wang Tai Road, Kowloon Bay,
Kowloon, Hong Kong.
Holding Company:-
Corsina International AG, Switzerland.
Associated China Factories:-
Hainan Youmei Undergarment Co. Ltd., China.
Yancheng International Women’s Fashion Co. Ltd., China.
Affiliated/Associated Companies:-
Triumph International Group of Companies
Triumph International Overseas Ltd., Hong Kong.
Triumph International Spiesshofer & Braun KG, Switzerland.
Body Fashion (M) Sdn. Bhd., Malaysia.
Body Fashion (Thailand) Ltd., Thailand.
Bodyline (Private) Ltd., Sri Lanka.
Filo S.A., Brazil.
Hainan High Fashion Lingerie Ltd., China.
Inter-Triumph Marketing GmbH, Germany.
Intimate Fashions (India) Private Ltd., India.
Triumph International (Australia) Pty. Ltd., Australia.
Triumph International (Budapest), Hungary.
Triumph International (Canada) Inc., Canada.
Triumph International (Hong Kong) Ltd., Hong Kong.
Triumph International (India) Private Ltd., India.
Triumph International (Investment) Pty. Ltd., Australia.
Triumph International (Japan) Ltd., Japan.
Triumph International (Macau) Ltd., Macau.
Triumph International (NZ) Ltd., New Zealand.
Triumph International (S) Pte. Ltd., Singapore.
Triumph International (South Africa) (Pty) Ltd., South Africa.
Triumph International (Thailand) Ltd., Thailand.
Triumph International (Vietnam) Ltd., Vietnam.
Triumph International A/S, Norway.
Triumph International AB, Sweden.
Triumph International AG, Austria.
Triumph International AG, Germany.
Triumph International AG, Greece.
Triumph International AG, Switzerland.
Triumph International Argentina S.A., Argentina.
Triumph International B.V., Luxembourg.
Triumph International B.V., Netherlands.
Triumph International EOOD, Bulgaria.
Triumph International Holding GmbH, Germany.
Triumph International Lanka (Private) Ltd., Sri Lanka.
Triumph International Ltd., Taiwan.
Triumph International Ltd., UK.
Triumph International OOO, Russian Confederation.
Triumph International Overseas de Chile Ltda., Chile.
Triumph International Oy, Finland.
Triumph International Prodaja d.o.o., Slovenia.
Triumph International Rome S.p.A., Italy.
Triumph International S.A., France.
Triumph International S.A., Spain.
Triumph International S.A.L., Lebanon.
Triumph International SA/NV, Belgium.
Triumph International Sp.z.o.o., Poland.
Triumph International Spol s.r.o., Czech Republic.
Triumph International Textil A/S, Denmark.
Triumph International Vertriebsgesellschaft AG, Switzerland.
Triumph Intertrade AG, Switzerland.
Triunfo Internacional Lda., Portugal.
etc.
01546758
0009208
Managing Director: Mr. Oliver
Spiesshofer
Contact Person: Mr. Michael Yip
Nominal Share Capital: HK$1,000,000.00
(Divided into 10,000 shares of HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 04-09-2012)
|
Name |
|
No. of shares |
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Corsina International AG Promenadenstrasse 24 5330 Bad Zurzach, Switzerland. |
|
10,000 ===== |
(As per registry dated 31-12-2012)
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Name (Nationality) |
Address |
|
Triumph Intertrade AG |
Triumphweg 6 5330 Bad Zurzach, Switzerland. |
|
Oliver SPIESSHOFER |
Flat A, 19/F. & 20/F., Royalton I, 118 Pok Fu Lam Road, Hong Kong. |
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Michael Gerald ENGLAND |
223 Tai Hang Hau, Clear Water Bay, Sai Kung, New Territories,
Hong Kong. |
(As per registry dated 04-09-2012)
|
Name |
Address |
Co. No. |
|
Consec Services Ltd. |
6/F., Alexandra House, 18 Chater Road, Central, Hong Kong. |
0024925 |
The subject was incorporated on 4th September, 1963 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Corsina (Far
East) Ltd., name changed to the present style on 20th December, 2005.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Garment,
Underwear Trader.
Lines: All
kinds of ladies underwear and swimwear.
Employees: 130. (Including associates)
Commodities Imported: Imported from China, other Asian countries, etc.
Markets: Worldwide.
Terms/Sales:
COD or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 10,000 shares of
HK$100.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities:
Making rather
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:
Good.
Having issued 10,000 ordinary shares of HK$100.00 each, Corsina
International Ltd. is wholly owned by Corsina International AG [Corsina] which is
a Switzerland-based firm.
The shares of Corsina formerly were held by Guenther Spiesshofer who was
a Swiss. He transferred all his shares
to Corsina on 8th March, 2012.
Corsina, in Switzerland, is also trading in garments and ladie’s
underwear.
The subject shares the same office with its associated company Triumph
International Overseas Ltd. [TIO], a Hong Kong-registered firm.
The subject is trading in Women’s, Underwear - Silk, Swimwear (For
Ladies), etc. Commodities are chiefly
exported to Africa, Central & South America, China, Eastern Europe, North
America, Scandinavia, Southeast Asia, Western Europe, etc.
The business of the subject is active.
Contact person is Mr. Michael Yip who is an employee of the subject.
TIO is the marketing arm of Triumph International Group which
concentrates all its trade through this company worldwide. It is a wholly-owned subsidiary of Triumph
International Spiesshofer & Braun KG, Switzerland. Triumph International Group is specialized in
marketing ladie’s foundation garments and swimwear. The subject also belongs to the Triumph
Group.
The Group established its first venture overseas in Hong Kong in
1960. Further subsidiaries were also
opened in France in 1960; in Portugal and Lebanon in 1961; in Greece in 1962;
in Spain in 1963; in Japan in 1964; in Singapore, Malaysia and Taiwan in 1968;
in the Philippines and Thailand in 1974; in Chile in 1978; in Canada and New
Zealand during 1988-1989; in Sri Lanka and Vietnam during 1992-1993.
It also has had production plants in the United Kingdom, Malaysia,
Thailand, Morocco, India, etc. Formerly
the Group had plants in the Philippines.
In 2009, the plant and firm in the Philippines were closed down. The Group has had a plan to set up a new
plant in India and the production capacity of its joint venture in India
Intimate Fashions (India) Private Ltd. will be increased.
Licensee agreements have been established in Indonesia, Columbia,
Argentina, Venezuela, Uruguay, etc. With
experiences over 110 years, the Group is represented in nearly every country in
the world. It is now producing and
marketing ladie’s foundation garments, day and night lingerie, swimwear and
beachwear, sportswear and leisurewear as well as men’s underwear, swimwear and
homewear.
Besides the trade mark of “Triumph”, Triumph has got other brand
names such as “Sloggi”, “Valisere”, “Pour Mio”, “HOM”,
etc. Triumph has claimed to be the
largest company in the industry.
Triumph has entered into the Asian market for more than 40 years and the
Asian head office is located in Hong Kong.
The subject’s another associate Triumph International (Hong Kong) Ltd.
was established in 1960. Since then,
Triumph has become the leading European lingerie brand in Hong Kong. Up to now, Triumph has established over 50
points of sales in Hong Kong, as well as over 300 retail distributions. In 2008, Triumph has fully adopted the new
logo as a vehicle for rejuvenation on the product range and collection, the
shop environment, as well as the modern and young company position.
Triumph has set up a wholly-owned factory in Hainan Province known as
Hainan Youmei Undergarment Co. Ltd. [Youmei].
Founded in 1992, Youmei has a workforce of about 4,500 and its factory
area covers an area of 18,000 sq.m. In
2001, it got the ISO 9000 certification.
Besides, Youmei has set up branch companies in Guangzhou, Chengdu,
Xiamen and Shenzhen Special Economic Zone.
Besides Youmei, Triumph has set up another China plant known as Yancheng
International Women’s Fashion Co. Ltd. [YIWF].
YIWF is a joint venture set up by the subject and Jiangsu Yueda
Industrial Enterprise Group in 1992. The
total investment was US$17 million. It
was put into operation in May 1994. The
second phase of YIWF was put into operation in October 2003 while the third
phase, was put into operation in August 2008.
Equipped with foreign advanced production lines, YIWF now has about
4,500 workers. Annual production
capacity is about 20 million units of undergarments. Annual profit before tax is about RMB70
million.
The Triumph Group is chiefly owned by the Spiesshofer and Braun
families. Headquarters are in
Switzerland although founded in Germany.
Triumph International AG is a Germany-based firm publicly traded on the
Frankfurt Stock Exchange. However, the
Spiesshofer and Braun families are based out of Switzerland.
The Triumph Group has about 37,000 employees worldwide and an annual
turnover of 2.3 billion Swiss Frances.
The subject is fully supported by the Triumph Group.
On the whole, in view of the parentage and background of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.71 |
|
|
1 |
Rs.90.59 |
|
Euro |
1 |
Rs.78.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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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 |
|
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.