|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
TH ASIA LTD. |
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|
Registered Office : |
Unit 602, 6/F., Tower 1, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road, Kowloon |
|
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Country : |
Hong Kong |
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Date of Incorporation : |
22.03.2010 |
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Com. Reg. No.: |
51989861 |
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|
|
|
Legal Form : |
Private Limited Company. |
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Line of Business : |
Subject is a Garment Trader |
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No. of Employees : |
8 |
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 |
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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 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 |
TH ASIA LTD.
ADDRESS: Unit 602, 6/F., Tower 1, Cheung Sha Wan
Plaza, 833 Cheung Sha Wan Road, Kowloon, Hong Kong.
PHONE: 852-3691 8208
FAX: 852-3691 8207
General Manager: Ms. Nancy Shum
Tak Yee
Incorporated on: 22nd March, 2010.
Organization: Private Limited Company.
Issued Capital: US$35,000.00
Business Category: Garment
Trader.
Employees: 8.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TH ASIA
LTD.
Registered Head
Office:-
Unit 602, 6/F., Tower 1, Cheung Sha Wan Plaza, 833 Cheung Sha Wan Road,
Kowloon, Hong Kong.
Holding Company:-
SHL Apparel Ltd., British Virgin Islands.
Associated/Affiliated
Companies:-
PVH Group of Companies
Arrow C.V., Netherlands.
Authentic Fitness On-line. Inc., US.
BassNet Inc, US.
BassNet LLC, US.
Calvin Hoilding C.V., Netherlands.
Calvin Klein Europe B.V., Netherlands.
Calvin Klein Inc., US.
Calvin Klein Jeanswear Company, US.
Calvin Klein Stores Ireland Ltd., Ireland.
Calvin Klein Stores Rus LLC, Russia.
Calvin Klein Stores Spain S.L., Spain.
Calvin Klein Stores UK Ltd., UK.
CCC Acquisition Corporation, US.
CK Jeanswear Asia Ltd., Hong Kong.
CK Logistics B.V., Netherlands.
CK Service Corporation, US.
CK Stores Austria GmbH, Austria.
CK Stores B.V., Netherlands.
CK Stores Belgium BVBA, Belgium.
CK Stores Denmark ApS, Denmark.
CK Stores Finland OY, Finland.
CK Stores France SAS, France.
CK Stores Germany GmbH, Germany.
CK Stores Italy S.r.l., Italy.
CK Stores Netherlands B.V., Netherlands.
CK Stores Poland Sp. z o.o., Poland.
CK Stores Portugal. Unipessoal Lda., Portugal.
CK Stores Switzerland GmbH, Switzerland.
CKJ Fashion (Shanghai) Ltd., China.
CKJ Holdings. Inc.,US.
CKU.com Inc., US.
Cluett Peabody & Co. Inc., US.
Cluett Peabody Resources Corporation, US.
Confezioni Moda Italia S.r.l., Italy.
Designer Holdings Ltd., US.
Distribuidor Textil Warnaco Chile. Limitada, Chile.
Distribuidor Textil Warnaco Peru S.A.C., Peru.
Elmira 3 B.V., Netherlands.
PVH Corporation, US.
PVH Holdings Germany GmbH & Co. KG, Germany.
PVH International B.V., Netherlands.
PVH International Corporation, The Netherlands.
PVH Italia S.r.l., Italy.
PVH Korea Co. Ltd., Korea.
PVH Management Consultant (Shanghai) Ltd., Hong Kong.
PVH Neckwear. Inc., US.
PVH Netherlands B.V., Netherlands.
PVH Norge AS, Norway.
PVH Osterreich GesmbH, Austria.
PVH Prince C.V. Holding Corporation, US.
PVH Puerto Rico Inc., US.
PVH Puerto Rico LLC, US.
PVH Realty Corporation, US.
PVH Retail Stores LLC., US.
PVH Schweiz GmbH, Switzerland.
PVH Singapore Private Ltd., Singapore.
PVH Sweden AB, Sweden.
PVH Taiwan Company Ltd., Taiwan.
PVH UK Ltd., UK.
PVH Wholesale Corporation, US.
PVH Wholesale New Jersey Inc., US.
Quiver C.V., Netherlands.
T. H. International N.V., Netherlands Antilles.
TH Australia Holdings Pty Ltd., Australia.
TH l Holding (Cyprus) Ltd., Cyprus.
The Monument B.V., Netherlands.
The Warnaco Group. Inc., US.
Tomcan Investments Inc., US.
Tommy Hilfiger (Eastern Hemisphere) Ltd., British Virgin Island.
Tommy Hilfiger (HK) Ltd., Hong Kong.
Tommy Hilfiger Corporation, British Virgin Island.
Tommy Hilfiger Europe B.V., Netherlands.
Tommy Hilfiger Japan Corporation, Japan.
Tommy Hilfiger Japan Holding Godo Kaisha, Japan.
Tommy Hilfiger Licensing B.V., Netherlands.
Tommy Hilfiger Licensing LLC, US.
Tommy Hilfiger Marka Dagitim Ve Ticaret Anonim Sirketi, Turkey.
Tommy Hilfiger Retail. LLC, US.
Tommy Hilfiger Services Ltd., UK.
Tommy Hilfiger Stores Norge AS, Norway.
Tommy Hilfiger U.S.A. Inc., US.
Tommy Hilfiger Wholesale. Inc., US.
Tommy Holding C.V., Netherlands.
Trumpet C.V., Netherlands.
51989861
1433929
General Manager: Ms. Nancy Shum
Tak Yee
US$35,000.00
(As per registry dated 22-03-2014)
|
Name |
|
No. of shares |
|
SHL Apparel Ltd. P.O. Box 957, Offshore Incorporation Centre, Road Town, Tortola,
British Virgin Islands. |
|
3,500 |
|
Kingdom Holding 2 Intermediate B.V. Prins Bernhardplein 200, 1097 JB Amsterdam, The Netherlands. |
|
15,750 |
|
Tommy Hilfiger B.V. Stadhouderskade 6, 1054 ES Amsterdam, The Netherlands. |
|
15,750 |
|
|
|
–––––– |
|
|
Total: |
35,000 ===== |
(As per registry dated
22-03-2014)
|
Name (Nationality) |
Address |
|
Richard ZHANG |
Room 1702, No. 3, Lane 168, Shun Chang Road, 200021, Shanghai, China. |
|
Emanuel CHIRICO |
31 Hewitt Avenue, Bronxville, NY 10708, US. |
|
Fred GEHRING |
Willem Royaardsstraat 2, Amsterdam 1077 WR, Netherlands. |
|
Christian STAHL |
33 Jermyn Street, London, SW1Y 6DN, UK. |
(As per registry dated 22-03-2014)
|
Name |
Address |
|
SHUM Tak Yee, Nancy |
Room 102, 1/F., Block 47, Heng Fa Chuen, Hong Kong. |
The subject was incorporated on 22nd March, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Garment
Trader.
Lines: All
kinds of apparels.
Employees: 8.
Commodities Imported: China and
other Asian countries.
Markets: Asian
countries, Europe, North America
Terms/Sales: As
per contracted.
Terms/Buying: Various terms.
Issued Capital: US$35,000.00
Profit or Loss: Making
a small profit in 2013.
Condition: Business
is normal.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments on time.
Commercial Morality: Good.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
TH Asia Ltd. is jointly held by the following three companies: SHL
Apparel Ltd., a BVI-registered company holding 10%; Kingdom Holding
2 Intermediate B.V., holding 45%; Tommy Hilfiger B.V., also 45%. The second and third are Holland-based companies.
Tommy Hilfiger B.V. is wholly-owned by PVH Corporation [PVHC] of the
United States.
One of the directors of the subject Emanuel Chirico is the Chairman and
CEO of PVH Corporation Ltd. which is a US-based company. Another director of the subject Fred Gehring
is responsible for PVH Group’s international operations. He is also CEO of Tommy Hilfiger. Richard Zhang and Christian Stahl are CEOs of
Apax Partners LLC which is a UK-based company.
The subject is a garment trader.
It has had an associated company Wellrose Ltd. [Wellrose] located at the
same address.
Ms. Nancy Shum Tak Yee, a Hongkongnese, is the general manager of the
subject.
Wellrose has set up a representative office in Dongguan City, Guangdong
Province, China. The legal
representative of Dongguan Wellrose is also Ms. Nancy Shum Tak Yee.
The subject’s products are marketed in Hong Kong, China and exported to
Japan, the other Asian countries, etc.
The subject is sourcing all kinds of apparels for PVHC and Apax Partners
LLC. PVHC is a US-based and listed firm
in The New York Stock Exchange.
PVHC is one of the largest apparel companies in the world, with a
heritage dating back over 130 years. It
was incorporated in the State of Delaware in 1976 as the successor to a
business begun in 1881.
PVHC designs and markets branded dress shirts, sportswear, footwear and
other related products. It also designs,
manufactures and markets neckwear products.
Its licensing activities, principally its Calvin Klein business has
provided PVHC with a sizeable base of profitable licensing revenues.
Over the last decade, PVHC has made several acquisitions that have
redefined the identity, performance and long-term growth potential of the
Company – first with the acquisition of Calvin Klein in 2003, then with the
addition of Tommy Hilfiger in 2010, and most recently with its February 2013
acquisition of The Warnaco Group, Inc. [Warnaco]. Through these transformative acquisitions,
the Group has secured its position as one of the largest branded lifestyle
apparel companies in the world, with a diversified portfolio of iconic designer
lifestyle apparel brands, led by Calvin Klein and Tommy Hilfiger. The Calvin Klein and Tommy Hilfiger brands
together represent close to 85% of its operating profits and are expected to continue
to drive future revenue and profitability growth.
PVHC has grown exponentially from its 1881 roots of selling and mending
shirts for miners in Pottsville, PA and its 1920’s introduction of the Van
Heusen “soft-folding” collar to become a global company with over
US$8.0 billion in estimated 2013 revenues through a combination of
strategic acquisitions and by successfully growing its brands globally across
the wholesale, retail, e-commerce and licensing channels throughout North
America, Europe, Asia and Latin America.
Its brands include Calvin Klein, Tommy Hilfiger, Van Heusen, IZOD,
ARROW, Speedo, Warner’s and Olga. In
addition, it license brands for dress shirts and neckwear offered in the United
States and Canada.
Today, PVHC is a dedicated global corporate citizen and has the benefit
of strong established operating platforms in North America and Europe and a
growing presence in Asia and Latin America.
For the FY 2013 (Year ended 02-02-2014), the total revenue of PVHC
amounted to US$8,186.4 million, grew by 35.5% as compared with US$6,043.0
million in FY 2012 (Year ended 03-02-2013); net income attributable to PVH
Corp. was US$143.5 million, decreased by 66.9% as compared with US$433.8
million in FY 2012.
The number of full time employees of PVHC as at end of 2013 was 16,700,
part time was 16,500.
The subject is fully supported by PVHC and the other shareholders.
The Chairman and Chief Executive Officer of PVHC is Mr. Emanuel Chirico,
who is one of the directors of the subject who has been mentioned before.
The history of the subject in Hong Kong is just over four years.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.48 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
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.