|
Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
IGS (TRADING) LTD. |
|
|
|
|
Registered Office : |
22/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon |
|
|
|
|
Country : |
Hong Kong. |
|
|
|
|
Date of Incorporation : |
23.09.1993 |
|
|
|
|
Com. Reg. No.: |
17392660 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer and Exporter of all kinds of garments. |
|
|
|
|
No. of Employees : |
30. (Including associates) |
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 : |
Regular |
|
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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
IGS (TRADING)
LTD.
Address: 22/F.,
Peninsula Square,
18 Sung On Street,
Hunghom, Kowloon,
Hong Kong.
(Formerly located at:
18/F., Peninsula Square,
18 Sung On Street, Hunghom,
Kowloon, Hong Kong. )
PHONE: 2303
7888, 2190 0912
FAX: 2303
1456, 2365 3129
E-MAIL: rachel_yu@igs.com.hk
Managing Director: Ms. Yu Sau
Ching, Rachel
Incorporated on: 23rd
September, 1993.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Garment Trader.
Employees:
30. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
16/F.-19/F., Prince’s Building, 10 Chater Road, Central, Hong Kong.
Head Office:-
22/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon,
Hong Kong.
Holding Company:- (Same address)
International Garment Sourcing (Holdings) Ltd., Hong Kong.
Associated Companies:- (Same
address)
C & S Productions Ltd., Hong Kong.
IGS Holdings Ltd., Hong Kong.
(dissolved)
International Garment Sourcing (Sri Lanka) Ltd., Hong Kong. (dissolved)
17392660
0449892
Managing Director: Ms. Yu Sau
Ching, Rachel
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 23-09-2012)
|
Name |
|
No. of shares |
|
International Garment Sourcing (Holdings) Ltd., Hong Kong. |
|
9,999 |
|
Gregson Ltd., Hong Kong. |
|
1 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
(As per registry dated 02-10-2012)
|
Name (Nationality) |
Address |
|
YU Sau Ching, Rachel |
22/F., Peninsula Square, 18 Sung On Street, Hunghom, Kowloon, Hong
Kong. |
|
WONG Chung Kee |
Flat J, 25/F., Tower 3, Grand View Garden, 185 Hammer Hill Road,
Diamond Hill, Kowloon, Hong Kong. |
(As per registry dated 23-09-2012)
|
Name |
Address |
Co. No. |
|
Sekots Secretarial Services Ltd. |
16/F.-19/F., Prince’s Building, 10 Chater Road, Central, Hong Kong. |
0028739 |
The subject was incorporated on 23rd September, 1993 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Coushop Co. Ltd., name
changed to NDL Fashions (Hong Kong) Ltd. on 9th November, 1993; to C & S
(Promotions) Ltd. on 2nd August, 1999 and further to the present style on 2nd
June, 2003.
Formerly the subject’s operating address was located at 18/F., Peninsula
Square, 18 Sung On Street, Hunghom, Kowloon, Hong Kong, moved to 22/F. of
the same building in October, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of garments.
Employees: 30. (Including associates)
Commodities Imported: China and other Asian countries.
Markets: Europe,
North America, Southeast Asia, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, 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
Mortgage or Charge:-
Date of Debenture constituting a fixed
and/or floating charge over all the assets of the company: 30-08-2005
Amount: All
monies and liabilities
Property: a) By way of first fixed charge: (i) all
chattels as at the date of the Debenture or at any time thereafter belonging to
the Company, (ii) all book debts and other debts and monetary claims, (iii) any
credit balance on any account of the Company, (iv) all goodwill and uncalled
capital for the time being of the Company, (v) all stocks shares debentures
bonds loan capital and other securities, (vi) all letters patent trademarks
service marks designs utility models copyrights design rights and applications
for registration
b) by
way of floating charge all the undertaking of the Company and all its property
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment:
Met as
contracted.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Good.
IGS (Trading) Ltd. is a wholly-owned subsidiary of International Garment
Sourcing (Holdings) Ltd., a Hong Kong-registered firm located at the same
operating address.
The subject has got an associated company C & S Productions Ltd.
[C&S] located at its operating address.
Incorporated on 18th December, 1990, C&S is engaged in the same
lines of business as the subject.
Currently, the subject is trading in the following commodities:-
|
Product/Service |
Product/Service Remarks |
|
Jacket – Men (Excluding Ski-Jacket) |
|
|
Children’s Wear |
|
|
Jeans |
|
|
Dresses and Skirts |
|
|
High Fashion Wear |
|
|
Shirts |
|
|
Tee and Sweat Shirts |
|
|
Underwear – Women’s |
Women’s lingerie, underwear |
|
Brassiere |
|
|
Belts |
|
|
Fashion Accessories |
|
|
Sporting Bags including Knapsacks |
|
|
Babies’ Wear |
|
The subject is carrying the following brand names:-
|
Brand Name |
Brand Product/Service |
Brand Remarks |
|
John Lewis |
Children’s Wear |
|
|
Fashion Accessories |
|
|
|
Babies’ Wear |
|
|
|
Sainsbury (Tu) |
Children’s Wear |
|
|
Fashion Accessories |
|
|
|
Babies’ Wear |
|
|
|
MJM International |
Underwear – Women’s |
Women’s lingerie, underwear |
|
Brassiere |
|
C&S is a garment trading company, and has been trading since
1991. It is part of the group of companies
owned by Richard Caring in the United Kingdom.
C&S was created when Balu Shamdas (Managing Director) and Richard
Caring formed a partnership to utilise the expertise and vast resources of
Richard’s many clothing related businesses and Balu’s strength and experience
in production and sourcing. C&S has
had liaison offices situated in the United Kingdom, Sri Lanka and India, to
manage and control offshore production.
C&S today is specialized in children’s clothing 90% and lingerie
10%. It has had logistics and
distribution in London and the office in Hong Kong controls production and
quality in China.
In recent years, C&S has expanded its scope of business and also
trades in office stationery, lamps, lighting, furniture, gifts, utensils,
kitchenware, tableware, etc. The new
product lines are under development.
The subject had two associated companies in Hong Kong known as IGS
Holdings Ltd. and International Garment Sourcing (Sri Lanka) Ltd.
respectively. However, both firms have
been dissolved.
The history of the subject in Hong Kong is over 19 years and five
months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
|
1 |
Rs.81.93 |
|
Euro |
1 |
Rs.70.21 |
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 |
|
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.