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Report Date : |
08.05.2013 |
IDENTIFICATION DETAILS
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Name : |
BELLE
WORLDWIDE LTD. |
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Formerly Known as: |
Profit Source
Corporation Ltd. |
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Registered Office : |
9/F., Belle Tower, 918 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.01.1998 |
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Com. Reg. No.: |
21572115 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
trading in
footwear, handbags, sportswear, etc. |
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No. of Employees : |
800. (Hong Kong & Macau) |
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 : |
Usually Correct |
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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 |
BELLE WORLDWIDE
LTD.
9/F., Belle Tower, 918 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 2741 4760
FAX: 2212 3620
Chairman: Mr. Tang Yiu
Incorporated on: 16th January, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$3.00
Business Category: Footwear and Sportswear trader.
Group Revenue: RMB32,895.0 million Yuan (Year ended 31-12-2012)
Employees: 800. (Hong Kong & Macau)
Group Employees: 116,263 (As at 31-12-2012)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
9/F., Belle Tower, 918 Cheung Sha Wan Road, Cheung Sha Wan, Kowloon, Hong Kong.
Holding Company:-
Famestep Management Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Belle International
Holdings Ltd., Hong Kong.
Associated
Companies:-
· Artigiano Footwear Ltd., Macau.
· Bailang Trading (Shenzhen) Co. Ltd., China.
· Beijing Chongde Trading Co. Ltd., China.
· Belle (IP) Ltd., Mauritius.
· Belle Footwear (Beijing) Co. Ltd., China.
· Belle Footwear (Chengdu) Co. Ltd., China.
· Belle Footwear (Hong Kong) Co. Ltd., Hong Kong.
· Belle Footwear (Shanghai) Co. Ltd., China.
· Belle Footwear (Shenyang) Trading Co. Ltd., China.
· Belle Footwear (Suzhou) Co. Ltd., China.
· Belle Footwear (Wuhan) Co. Ltd., China.
· Belle Group Ltd., British Virgin Island.
· Belle International (China) Ltd., Hong Kong.
· Belle International Footwear (Qingdao) Co. Ltd., China.
· Best Able Footwear Ltd., Hong Kong.
· Best Sail International Holdings Ltd., Cayman Islands.
· Bestfull International Ltd., Hong Kong.
· Bestwell (Macao Commercial Offshore) Co. Ltd., Macau.
· Chengdu Taobo Trading Co. Ltd., China.
· City Talent Group Ltd., British Virgin Island.
· Forever Sun International Ltd., Hong Kong.
· Full Sport Holdings Ltd., Hong Kong.
· Full State Corporation Ltd., Hong Kong.
· Fullbest Investments Ltd., British Virgin Island.
· Grand Billion Trading (Shanghai) Co. Ltd., China.
· Guangzhou Belle Footwear Co. Ltd., China.
· Guangzhou Taobo Sports Development Co. Ltd., China.
· Guangzhou Yitong Trading Co. Ltd., China.
· Henan Yihe International Trading Co. Ltd., China.
· Heshan New Eagle Footwear Co. Ltd., China.
· Hezhong Apparel (Shenzhen) Ltd., China.
· Hubei Zigui Belle Footwear Co. Ltd., China.
· Jiangsu Senda Footwear Co. Ltd., China.
· Lai Kong Footwear (Shenzhen) Co. Ltd., China.
· Lai Wah Footwear Trading Ltd., Hong Kong.
· Li’ke Trading (Shenyang) Co. Ltd., China.
· Millie’s Co. Ltd., Hong Kong.
· Mirabell Footwear Ltd., Hong Kong.
· New Belle Footwear (Shenzhen) Co. Ltd., China.
· Promise Time Ltd., British Virgin Islands.
· Qingdao Chuancheng International Trading Co. Ltd., China.
· Shanghai New Basto Footwear Co. Ltd., China.
· Shanxi Belle Footwear Co. Ltd., China.
· Shanxi Taobo Sports Trading Co. Ltd., China.
· Shenzhen Belle Trading Co. Ltd., China.
· Shenzhen Taobo Trading Co. Ltd., China.
· Shoesnet Co Ltd., Hong Kong.
· Sky Sino Ltd., Cayman Islands.
· Staccata Footwear Co. Ltd., Hong Kong.
· Staccato (IP) Ltd., Mauritius.
· Staccato Footwear (Macau) Co. Ltd., Macau.
· Suzhou Bailian Shangduo Leather Co. Ltd., China.
· Synergy Eagle Ltd., British Virgin Islands.
· Taobo Investments (Shanghai) Co. Ltd., China.
· Taobo Sports (Shanghai) Co. Ltd., China.
· Taobo Trading (Shenyang) Co. Ltd., China.
· Tongren Belle Footwear Co. Ltd., China.
· Wuhan Taobo Trading Co. Ltd., China.
· Xinjiang Belle Footwear Co. Ltd., China.
· Yitian Network Ltd., Hong Kong.
· Yougou Technology Co. Ltd., China.
· Yunnan Belle Footwear Co. Ltd., China.
· Yunnan Faxun Trading Co. Ltd., China.
· Yunnan Lirui Sports Co. Ltd., China.
etc.
21572115
0634810
Chairman: Mr. Tang Yiu
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$3.00
(As per registry
dated 16-01-2013)
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Name |
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No. of shares |
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Famestep Management Ltd. P.O. Box 957, Offshore Incorporation Centre, Road Town, Tortola, British Virgin Islands. |
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3 = |
(As per registry
dated 16-01-2013)
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Name (Nationality) |
Address |
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TANG Wing Sze |
77 Kadoorie Avenue, Kowloon, Hong Kong. |
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TANG Ming Wai |
Flat B, 17/F., Block 2, King’s Park Villa, 1 King’s Park Rise, Kowloon, Hong Kong. |
(As per registry
dated 16-01-2013)
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Name |
Address |
Co.
No. |
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Edtoma Secretarial Services Ltd. |
Suite 1201, 12/F., Tower 2, The Gateway, 25 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
0534483 |
The subject was incorporated on 16th January, 1998 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Profit Source Corporation Ltd., name changed to the present style on 14th June, 2004.
Formerly the subject was located at 20/F., Railway Plaza, 39 Chatham Road, South, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in June 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Footwear and Sportswear trader.
Lines: All kinds of footwear, handbags, sportswear, etc.
Employees: 800. (Hong Kong & Macau)
Group Employees: 116,263 (As at 31-12-2012)
Commodities Imported: China, other Asian countries, etc.
Markets: China, Hong Kong, Southeast Asia, Europe, North America, etc.
Group Revenue: RMB17,855.8 million Yuan (Year ended 31-12-2008)
RMB19,761.6 million Yuan (Year ended 31-12-2009)
RMB23,705.9 million Yuan (Year ended 31-12-2010)
RMB28,944.7 million Yuan (Year ended 31-12-2011)
RMB32,895.0 million Yuan (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$3.00
Group profit
attributable to equity holders:-
· RMB2,010.4 million Yuan (Year ended 31-12-2008)
· RMB2,533.5 million Yuan (Year ended 31-12-2009)
· RMB3,424.5 million Yuan (Year ended 31-12-2010)
· RMB4,254.6 million Yuan (Year ended 31-12-2011)
· RMB4,352.3 million Yuan (Year ended 31-12-2012)
Profit or Loss: Making a 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.
Belle Worldwide Ltd. is a wholly-owned subsidiary of Famestep Management Ltd. which is a BVI-registered firm. The ultimate holding company Belle International Holdings Ltd. [Group/Company/BIHL] is a Non-Hong Kong Company incorporated in the Cayman Islands. It was registered in Hong Kong in May 2007. BIHL is a listed firm in Hong Kong.
The subject is trading in footwear, handbags, sportswear, etc.
Company-owned brands of the footwear business include Belle, Teenmix, Tata, Staccato, Senda, Basto, JipiJapa, Millie’s, Joy & Peace and Mirabell, etc. Distribution brands include Bata, Geox, Clarks, Mephisto, BCBG, Merrell and Caterpillar, etc.
For company-owned brands, the Group mainly adopts a vertically integrated business model which covers product research and development, procurement, manufacturing, distribution and retailing. For distribution brands, the Group operates the business mainly in brand licensing and retail distribution.
The majority of its sportswear business is in the form of distribution business, including first-tier sportswear brands Nike and Adidas, and second-tier sportswear brands Kappa, PUMA, Converse, and Mizuno, etc.
According to the China Industrial Information Center, for the year 2011, 6 of the top 10 brands in ladies leather footwear market in the PRC in terms of sales revenue belonged to the Group, including Belle (1st), Teenmix (2nd), Tata ( 3rd), Staccato (5th), Basto (8th) and Senda (9th). Senda also ranked first in men’s leather footwear market.
As at 30th June 2012, the total number of company-managed retail outlets of the Group reached 15,964 in Mainland China. The Group also managed 163 retail outlets in Hong Kong and Macau.
The Group’s revenue increased by 13.5% to RMB32,859.0 million Yuan in 2012 compared with previous year (2011: RMB28,944.7 million Yuan). Revenue of the footwear business increased by 13.6% to RMB21,045.3 million. Yuan. The sportswear business recorded a revenue of RMB11,813.7 million Yuan, up by 13.5% from the prior year. The footwear business contributed 64.0% of the revenue of the Group, which was the same as the prior year.
Operating profit was RMB5,402.9 million Yuan, an increase of 2.6% from previous year. The growth in operating profit was lower than revenue growth, mainly due to the operate margin decline in both the footwear business and the sportswear business.
Profit attributable to the Company’s equity holders amounted to RMB4,352.3 million Yuan, an increase of 2.3%, basically in line with operating profit growth.
In March 2012 the Group announced an acquisition in the sportswear business, which has recently cleared regulatory approval. The transaction was completed on 1st March 2013. As the financials of the acquired business get consolidated, in the near term the sportswear business will take a bigger share of the business mix of the Group, which will impact various business metrics of the Group.
In the long term, the Group expects the footwear business and the sportswear business to maintain relatively balanced growth, due to shared characteristics in sales channels, market penetration, and customer base.
As at 31st December 2012, the Group had a total of 116,263 employees (31st December 2011: 103,132 employees).
The subject is fully supported by the Group. On the whole, consider it good for normal business engagements.
Brief personal
profile of the chairman:-
Mr. Tang Yiu [Mr. Tang], aged 78, is the Group’s Non-executive Director, Chairman of the Company and the founder of the Group. Mr. Tang acted as Executive Director of our Company from September 2005 to May 2012. With over 35 years of experience in the footwear manufacturing industry, he is currently the Chairman of The Federation of Hong Kong Footwear Limited and the honorary president of the Sam Shui Natives Association. Mr. Tang was a committee member of the Chinese People’s Political Consultative Conference in the Sanshui District of Foshan in the PRC from 2005 to 2012 and a committee member of the China Trade Advisory Committee of Hong Kong Trade Development Council from 2007 to 2011. Mr. Tang has also been awarded with the Certificate of Foshan Honorary Citizenship by the Foshan Municipality in the PRC in November 2004. Mr. Tang is the father of Mr. Tang King Loy, an Executive Director. Mr. Tang also holds directorships in certain subsidiaries of the Company. Mr. Tang is also a director of Profit Leader Holdings Limited and Merry Century Investments Limited, both of which have an interest in the Shares and underlying Shares of the Company required to be disclosed to the Company.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.