|
Report Date : |
17.07.2014 |
IDENTIFICATION DETAILS
|
Name : |
INTERNATIONAL SOURCES TRADING LTD. |
|
|
|
|
Registered Office : |
11/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
28.03.1995 |
|
|
|
|
Com. Reg. No.: |
19683174 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer, Exporter and Wholesaler of Garments,
textile products, or other commodities as entrusted by customers. |
|
|
|
|
No. of Employees : |
28,210. (As at 31-12-2013) (Group Employees) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
INTERNATIONAL
SOURCES TRADING LTD.
ADDRESS: 11/F., LiFung Tower, 888
Cheung Sha Wan Road, Kowloon, Hong Kong.
PHONE: 852-2300 2300, 2300 2333
FAX: 852-2300
2000, 2300 2020
E-MAIL: biancatang.adm@lifung.com.hk
Group President & Chief Executive
Officer: Mr. Bruce Philip
Rockowitz
Incorporated on: 28th March, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Garment
& Textile Product Trading.
Group Turnover: US$20,745,410,000.00 (Year ended 31-12-2013)
Group Employees: 28,210.
(As at 31-12-2013)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
INTERNATIONAL
SOURCES TRADING LTD.
Registered Head
Office:-
11/F., LiFung Tower, 888 Cheung Sha Wan Road, Kowloon, Hong Kong.
Garment Purchasing
Division:-
1/F. - 4/F., Unit A & B on 6/F. & 7/F., Hong Kong Spinners
Industrial Building, Phase I & II, 800 Cheung Sha Wan Road, Kowloon, Hong
Kong.
[Tel: 852-3101 1627, Fax: 852-2307 0412]
Mailing Address:-
P.O. Box 150 & 7988, Hong Kong.
Immediate Holding
Companies:-
Appleton Holdings Ltd., British Virgin Islands.
Kingsbury International Ltd., Hong Kong.
Penultimate
Holding Company:-
Li & Fung Ltd., Bermuda/Hong Kong.
Ultimate Holding
Company:-
Li & Fung (1937) Ltd., Hong Kong.
Associated/Affiliated
Companies:-
Li & Fung
Group of Companies
888 UK Ltd., UK.
Alster International Trading Co. Pte. Ltd., Singapore.
American Marketing Enterprises Inc., US.
Black Cat Fireworks Ltd., UK.
Blue Work Trading Co. Ltd., Hong Kong.
Bossini Fashion GmbH, Germany.
Bravado Star Manufacturing LLC, US.
Briefly Stated Holdings Inc., US.
Briefly Stated Inc., US.
C Group US LLC, US.
Camberley Enterprises Ltd., Hong Kong.
Camberley Trading Service (Shenzhen) Ltd., China.
Centennial (Luxembourg) S.a.r.l., Luxembourg.
CGroup HK Ltd., Hong Kong.
Character Direct Ltd., Hong Kong.
Civati Ltd., Hong Kong.
Colby Group Holdings Ltd., British Virgin Islands.
Colby Property Holdings Ltd., British Virgin Islands.
Colourful Express Trading Pte. Ltd., Singapore.
Colourful Lifestyle Productions Ltd., Hong Kong.
Comet Feuerwerk GmbH, Germany.
Concept 3 Ltd., Hong Kong.
Costume Ltd., Hong Kong.
Craftworks Ltd., Hong Kong.
Crimzon Rose Accessories (Shenzhen) Co. Ltd.,
China.
Crimzon Rose Asia Ltd., Hong Kong.
Dana International Ltd., Hong Kong.
Direct Sourcing Group Holdings Ltd., British Virgin Islands.
Direct Sourcing Group Investment Ltd., British Virgin Islands.
Direct Sourcing Group Pte. Ltd., Singapore.
Dodwell (Mauritius) Ltd., Hong Kong.
Dodwell (Singapore) Pte. Ltd., Singapore.
Dongguan LF Beauty Manufacturing Services Ltd., China.
DSG (Hong Kong) Ltd., Hong Kong.
DSG (Shenzhen) Ltd., China.
DSG Services Pte. Ltd., Singapore.
Eclat Properties Inc., British Virgin Islands.
Empire Knight Group Ltd., British Virgin Islands.
Eslite Design Ltd., Hong Kong.
F&T Apparel LLC, US.
Far East Logistics (Shenzhen) Co. Ltd.,
China.
Fashion Design (Hong Kong) Ltd., Hong Kong.
Fashion Design NY LLC, US.
Fireworks Management Inc., US.
Forrestgrove Ltd., Hong Kong.
GB Apparel Ltd., UK.
GMR (Hong Kong) Ltd., Hong Kong.
Golden Gate Fireworks Inc., US.
Golden Horn N.V., Netherlands Antilles.
Goodwest Enterprises Ltd., Hong Kong.
GSCM (HK) Ltd., Hong Kong.
Gulf Coast Fireworks Sales LLC, US.
Hanson Im-und Export GmbH, Germany.
Heusel Textilhandelsgesellschaft mbH, Germany.
Homestead International Group Ltd., US.
Homeworks (Europe) B.V., The Netherlands.
Homeworks Asia Ltd., Hong Kong.
HTL Fashion Hazir Giyim Sanayi ve Ticaret
Ltd. Sirketi, Turkey.
HTL Fashions (UK) Ltd., UK.
HTP Fashion Ltd., Hong Kong.
IDS (Philippines) Inc., Philippines.
IDS Logistics (Thailand) Ltd., Thailand.
IDS Logistics (UK) Lrd., UK.
IDS Manufacturing Ltd., Thailahnd.
IDS Manufacturing Sdn. Bhd., Malaysia.
IDS Marketing (Thailand) Ltd., Thailahnd.
IDS USA Inc., US.
IDS USA West Inc., US.
Imagine POS Ltd., Hong Kong.
Integrated Distribution Services Group Ltd.,
Bermuda.
International Sources LLC, US.
Jac Tissot Solutions GmbH, Germany.
Jackel Cosmetics Ltd., Hong Kong.
Jackel France SAS, France.
Jackel Inc., US.
Jackel International (Asia) Ltd., Hong Kong.
Jackel International Europe SAS, France.
Jackel International Ltd., Hong Kong.
Jackel Vision Ltd., Hong Kong.
Jimlar Corporation, US.
Just Jamie & Paulrich Ltd., UK.
JV Cosmetics (Dongguan) Co. Ltd., China.
JV Cosmetics Co. Ltd., Hong Kong.
Kariya Industries Ltd., Hong Kong.
Kenas Pacific Trading (Pte.) Ltd., Singapore.
KHQ Investment LLC, US.
KVZ International Ltd., British Virgin Islands.
La Villa Development Ltd., Hong Kong.
LamaLoLi GmbH, Germany.
Lenci Calzature SpA, Italy.
LF Accessories Group LLC, US.
LF Asia (Hong Kong) Ltd., Hong Kong.
LF Asia (Malaysia) Sdn. Bhd., Malaysia.
LF Asia (Singapore) Pte. Ltd., Singapore.
LF Asia (Taiwan) Ltd., Hong Kong.
LF Asia Sebor (Sabah) Sdn. Bhd., Malaysia.
LF Asia Sebor (Sarawak) Sdn. Bhd., Malaysia.
LF Beauty (Shenzhen) Ltd., China.
LF Beauty (UK) Ltd., UK.
LF Beauty Inc., US.
LF Beauty Ltd., Hong Kong.
LF Beauty Pte. Ltd., Singapore.
LF Capital (II) Ltd., British Virgin Islands.
LF Capital Management Ltd., British Virgin Islands.
LF Centennial Ltd., British Virgin Islands.
LF Centennial Pte. Ltd., Singapore.
LF Centennial Service (Singapore) Pte. Ltd., Singapore.
LF Centennial Services (Hong Kong) Ltd., Hong Kong.
LF Corporate Capital (I) Ltd., British Virgin Islands.
LF Credit Ltd., Bermuda.
LF Credit Pte. Ltd., Singapore.
LF Europe (Germany) GmbH, Germany.
LF Europe Ltd., UK.
LF European Capital Ltd., British Virgin Islands.
LF Fashion Pte. Ltd., Singapore.
LF Fashion Service Pte. Ltd., Singapore.
LF Home Ltd., Hong Kong.
LF International Inc., US.
LF Logistics (Hong Kong) Ltd., Hong Kong.
LF Logistics (Taiwan) Ltd., Taiwan.
LF Logistics Services (M)
Sdn. Bhd., Malaysia.
LF Logistics Services Pte. Ltd.,
Singapore.
LF National Brands Group Inc., US.
LF North America Holdings Co. Inc., US.
LF Products (Shanghai) Ltd., China.
LF Products Pte. Ltd., Singapore.
LF Sourcing (Millwork) LLC, US.
LF USA Inc., US.
LFCF Investment I (Europe) Ltd., British Virgin Islands.
LFCF Investment I (USA) Ltd., British Virgin Islands.
Li & Fung (B.V.I.) Ltd., British Virgin Islands.
Li & Fung (Bangladesh) Ltd., Bangladesh.
Li & Fung (Cambodia) Ltd., Cambodia.
Li & Fung (Europe) Holding Ltd., UK.
Li & Fung (Exports) Ltd., Hong Kong.
Li & Fung (Guatemala) S.A., Guatemala.
Li & Fung (Honduras) Ltd., Honduras.
Li & Fung (India) Private Ltd., India.
Li & Fung (Korea) Ltd., Korea.
Li & Fung (Mauritius) Ltd., Mauritius.
Li & Fung (Morocco) SARL, Morocco.
Li & Fung (Nicaragua) Sociedad Anonima, Nicaragua.
Li & Fung (Philippines) Inc., The Philippines.
Li & Fung (Portugal) Ltd., UK.
Li & Fung (Properties) Ltd., Hong Kong.
Li & Fung (Singapore) Pte. Ltd., Singapore.
Li & Fung (Taiwan) Ltd., Taiwan.
Li & Fung (Thailand) Ltd., Thailand.
Li & Fung (Trading) Ltd., Hong Kong.
Li & Fung (Vietnam) Ltd., Vietnam.
Li & Fung Agencia de Compras em Portugal Ltda., Portugal.
Li & Fung Mumessillik Pazarlama Ltd. Sirketi, Turkey.
Li & Fung Pakistan (Private) Ltd., Pakistan.
Li & Fung South Africa (Proprietary) Ltd., South Africa.
Li & Fung Taiwan Holdings Ltd., Taiwan.
Li & Fung Taiwan Investments Ltd., British Virgin Islands.
Li & Fung Trading (Italia) S.r.l., Italy.
Li & Fung Trading (Shanghai) Ltd., China.
Li & Fung Trading Service (Shanghai) Co. Ltd., China.
Li & Fung Trading Service (Shenzhen) Ltd., China.
Lion Rock (Hong Kong) Ltd., Hong Kong.
Lion Rock Far East (1972) Ltd., Hong Kong.
Lion Rock International Trading & Co., Hong Kong.
Lion Rock Services (Far East) & Co., Hong Kong.
Lion Rock Services (Switzerland) AG, Switzerland.
Lloyd Textile Trading Ltd., Hong Kong.
Lux Plush Enterprises Ltd., Hong Kong.
Match Winner Vertriebs GmbH, Germany.
Mercury (BVI) Holdings Ltd., British Virgin Islands.
Meredith Associates Ltd., Hong Kong.
Mesh LLC, US.
Metro Seven LLC, US.
Midway Enterprises (Guangzhou) Ltd., China.
Mighty Hurricane Holdings Inc., US.
Miles Fashion Asia Pte. Ltd., Singapore.
Miles Fashion GmbH, Germany.
Miles Fashion Group France EURL, France.
Miles Fashion USA Inc., US.
Millwork (Shenzhen) Ltd., China.
Millwork Holdings Co. Inc., US.
Millwork Pte. Ltd., Singapore.
Modium Konfeksiyon Sanayi ve Ticaret Anonim
Sirketi, Turkey.
Momentum Clothing Ltd., UK.
Nanjing LF Asia Co. Ltd., China.
P.T. Direct Sourcing Indonesia, Indonesia.
P.T. Lifung Indonesia, Indonesia.
Pacific Alliance USA Inc., US.
Paco Trading (International) Ltd., Hong Kong.
Patch Licensing LLC, US.
Perfect Trading Inc., Egypt.
Peter Black Footwear & Accessories Ltd., UK.
Peter Black Holdings Ltd., UK.
Peter Black International Ltd., UK.
Peter Black Overseas Holdings Ltd., UK.
Phil Henson GmbH, Germany.
Product Development Partners Ltd., Hong Kong.
PromOcean France SAS, France.
PromOcean GmbH, Germany.
PromOcean No 1 Ltd., UK.
PromOcean Spain SL, Spain.
PromOcean The Netherlands B.V., The Netherlands.
PromOcean UK Ltd., UK.
Ralsey Group Ltd., US.
Ratners Enterprises Ltd., British Virgin Islands.
Region Giant Holdings Ltd., US.
Rhodes Ltd., Hong Kong.
Rosetti Asia Ltd., Hong Kong.
Rosetti Handbags & Accessories Ltd., US.
RT Sourcing (Shenzhen) Co. Ltd., China.
RT Sourcing Asia Ltd., Hong Kong.
RT Sourcing USA Inc., US.
RWW Apparel LLC, US.
Shanghai Midway Xiaozhuren Trading Co. Ltd.,
China.
Shiu Fung Fireworks Co. Ltd., Hong Kong.
Shiu Fung Fireworks Trading (Changsha) Ltd., China.
Shubiz Ltd., UK.
Shutoo Ltd., UK.
Silvereed (Hong Kong) Ltd., Hong Kong.
Sky Million International Ltd., Hong Kong.
Sports Brands Italia Ltd., Hong Kong.
STS Shenzhen Testing Service Ltd., China.
T.V.M. Design Services Ltd., Israel.
Tantallon Enterprises Ltd., British Virgin Islands.
Texnorte II-Industrias Texteis Ltda., Portugal.
Texnorte Industrial Ltd., Hong Kong.
TH Success Ltd., Hong Kong.
Toonsland Ltd., Hong Kong.
Toy Island (USA) LLC, US.
Toy Island Manufacturing Co. Ltd., Hong Kong.
TVM Europe GmbH, Germany.
TVMania Italy S.r.l., Italy.
TVMania UK Ltd., UK.
Upsolut Merchandising GmbH & Co. KG, Germany.
Ventana Bekleidungsfabrikation GmbH, Germany.
Visage (Hong Kong) Ltd., Hong Kong.
Visage Group Ltd., UK.
Visage Holdings (2010) Ltd., UK.
Visage Holdings Ltd., UK.
Visage Ltd., UK.
VZI Investment Corporation, US.
W S Trading Ltd., Hong Kong.
Wilson Fabric Mart (China) Ltd., Hong Kong.
Wilson Textile Ltd., Hong Kong.
Winco Fireworks International LLC, US.
Winco Fireworks Mississippi LLC, US.
Wonderful Wrold Overseas Ltd., British Virgin
Islands.
19683174
0509774
Group President & Chief Executive
Officer: Mr. Bruce Philip Rockowitz
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 28-03-2014)
|
Name |
|
No. of shares |
|
Appleton Holdings Ltd. P.O. Box 71, Craigmuir Chambers, Road Town, Tortola, British Virgin
Islands. |
|
1 |
|
Kingsbury International Ltd., Hong Kong. |
|
1 |
|
|
|
–– |
|
|
Total: |
2 = |
(As per registry dated 28-03-2014)
|
Name (Nationality) |
Address |
|
MOK Oi Wai, Emily |
House 10, 2nd Street, Hong Lok Yuen, Tai Po, New Territories, Hong
Kong. |
|
Bruce Philip ROCKOWITZ |
Flat C1-3, 9-11 Horizon Drive, Chung Hom Kok, Hong Kong. |
|
YIM Kam Chuen |
House 53B, 10th Street, Hong Lok Yuen, Tai Po, New Territories, Hong
Kong. |
|
Marc Robert COMPAGNON |
House 76, Cedar Drive, The Redhill Peninsula, 18 Pak Pat Shan
Road, Tai Tam, Hong Kong. |
(As per registry dated 28-03-2014)
|
Name |
Address |
|
WAN Mei Chow, Terry |
Flat B, 16/F., Block 9, Villa Athena, Ma On Shan, New Territories,
Hong Kong. |
The subject was incorporated on 28th March, 1995 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Win Certain Ltd., name changed to the present style on 15th October, 2003.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Garments,
textile products, or other commodities as entrusted by customers.
Group Employees: 28,210. (As at 31-12-2013)
Commodities Imported: China,
other Asian countries
Markets: Europe,
North America, Asian countries
Group Turnover:- US$13,394,741,000.00 (Year ended 31-12-2009)
US$15,912,201,000.00 (Year ended 31-12-2010)
US$20,030,271,000.00 (Year ended 31-12-2011)
US$20,221,806,000.00 (Year ended 31-12-2012)
US$20,745,410,000.00 (Year ended 31-12-2013)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Group Profit Attributable to Shareholders:-
US$431,937,000.00 (Year ended
31-12-2009)
US$548,491,000.00 (Year ended
31-12-2010)
US$681,229,000.00 (Year ended
31-12-2011)
US$617,416,000.00 (Year ended
31-12-2012)
US$725,337,000.00 (Year ended
31-12-2013)
Group Net Worth:- US$3,626,029,000.00 (As at 31-12-2010)
US$3,926,186,000.00 (As at 01-01-2012)
US$4,622,192,000.00 (As at 31-12-2012)
US$5,036,637,000.00 (As at 31-12-2013)
Profit or Loss: Making
a profit every year.
Condition: Business is actively
conducted.
Facilities: Making active use of general
banking facilities.
Payment: Prompt and reliable.
Commercial Morality: Very Good.
Bankers:- The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Citibank N.A., Hong Kong Branch.
Dah Sing Bank Ltd., Hong Kong.
JPMorgan Chase Bank N.A., Hong Kong Branch.
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
The Royal Bank of Scotland N.V., Hong Kong
Branch.
Standing: Very Good.
International Sources Trading Ltd. is equally-owned by Appleton Holdings
Ltd., a BVI-registered firm, and Kingsbury International Ltd., a Hong Kong‑registered
firm. The subject has just issued 2
ordinary shares of HK$1.00 each while each of the holding companies holds a
single share. The subject belongs to the
Li & Fung Group.
The subject is a garment and textile product trader.
Li & Fung Ltd. [Li & Fung], incorporated in Bermuda on 25th
October, 1991 as a holding company of the Li & Fung Group – Export Trading
Section, was listed on The Stock Exchange of Hong Kong Ltd. bearing stock code
494 in 1992. Li & Fung has become
one of the 33 constituent stocks of the Hong Kong Hang Seng Index with
effect from 2nd August, 2000.
The subject’s operating office is located at 1/F. - 4/F., Unit A & B
on 6/F. & 7/F., Hong Kong Spinners Industrial Building, Phase I & II,
800 Cheung Sha Wan Road, Kowloon, Hong Kong where is the Group’s Purchasing
Department.
Li & Fung Group has signed contracts with the following firms in
supplying them with garments and other commodities: WAL-Mart, Target Corporation,
Marks & Spencer, Esprit, Liz Caiborne, Inditex SA & Toys, “R” US Inc.,
etc.
In order to do the sourcing business smoothly, Li & Fung Group has
set up Direct Sourcing Group [DSG].
Besides the subject, the DSG includes the following firms:-
Direct Sourcing Group Holdings Ltd., British Virgin Islands;
Direct Sourcing Group Investment Ltd., British Virgin Islands;
Direct Sourcing Group Pte. Ltd., Singapore;
DSG (Hong Kong) Ltd., Hong Kong;
DSG (Shenzhen) Ltd., China; &
DSG Services Pte. Ltd., Singapore.
The Li & Fung Group has been trading since 1906 and is now the
market leader amongst export trading and sourcing companies in Hong Kong and
even Asia Pacific region. Main activity
of Li & Fung is investment holding.
Its subsidiaries are principally engaged in the export of consumer
products, including garments and textiles, fashion accessories, toys and games,
sporting goods, home furnishings, handicrafts, shoes, travel goods and
tableware. The Group is also engaged in
property investment, including the development of two industrial parks at Panyu
and Heshan, China. Its largest markets
are the United States and Western Europe.
For the year ended 31st December, 2013, the turnover of the Group
amounted to US$20,745.4 million, grew by 2.9% as compared with US$20,221.8
million in FY 2012; Group profit attributable to shareholders amounted to
US$725.3 million, grew by 17.5% as compared with US$617.4 million in FY
2012.
Asia accounted for 12% of total turnover of the Group, relatively the
same percentage of turnover as in 2012.
However, total turnover in Asia increased by 5% as compared to previous
year, of which China alone accounted for 7% against 6% last year. The Rest of Asia accounted for 5%, compared
to 6% in 2012. This reflected the
continuing expansion of LF Asia and LF Logistics across China.
As of the end of 2013, Li & Fung had a total workforce of
28,210. Globally, 4,153 of our employees
are based in Hong Kong, 9,428 in the Chinese Mainland and 14,629 overseas, with
13,073 in Trading, 9,619 in Distribution and 5,518 in Logistics.
The subject is fully supported by the Li & Fung Group. History in Hong Kong is over nineteen
years.
On the whole, in view of the background and parentage of the subject,
consider it good for normal business engagements.
Brief information of the principal director:-
Mr. Bruce Philip ROCKOWITZ (Group President and Chief Executive
Officer [CEO]), aged 55. Group President
and CEO since May 2011. An Executive
Director since 2001 and in 2004, took over day to day oversight of the Group’s
operations as President. In 1981,
co-founded Colby International Ltd. [CIL], a large Hong Kong buying agent, and
was the CEO until 2000 when CIL was acquired by Li & Fung. Member of the Advisory Board for the Wharton
School’s Jay H Baker Retailing Initiative, an industry research centre for
retail at the University of Pennsylvania.
Board member of the Educational Foundation for the Fashion Industries,
the private fund-raising arm of the Fashion Institute of Technology. In December 2008, ranked first by
Institutional Investor for the Asia’s Best CEOs in the consumer category. In the years 2010 and 2011, ranked as one of
the world’s 30 best CEOs by Barron’s.
Non‑executive Chairman of the Pure Group, a lifestyle, fitness and
yoga group operating in Hong Kong, Singapore and Taiwan. An independent non-executive director of Wynn
Macau Ltd.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.19 |
|
|
1 |
Rs.103.14 |
|
Euro |
1 |
Rs.81.66 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.