|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOP CREATION LTD. |
|
|
|
|
Registered Office : |
c/o Dickson Concepts (International) Ltd. 4/F., East Ocean Centre, 98 Granville Road, Tsimshatsui East, Kowloon |
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|
Country : |
Hong Kong |
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Date of Incorporation : |
13.07.1998 |
|
|
|
|
Com. Reg. No.: |
21915244 |
|
|
|
|
Legal Form : |
Private Limited Company. |
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|
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Line of Business : |
Importer, Retailer and Wholesaler of all kinds of fashions such as
men’s suits and ladies’ fashions. |
|
|
|
|
No. of Employees : |
Group
Employees 550. (Tommy Hilfiger Group)
2,598. (Dickson Group – as at
31-03-2014) |
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 : |
No complaints |
|
Litigation : |
-- |
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 |
TOP CREATION LTD.
ADDRESS: Room 804, 8/F., South Block, Skyway
House, 3 Sham Mong Road, Taikoktsui, Kowloon, Hong Kong.
PHONE: 852-2311 8838
FAX: Not available.
Group Deputy Chairman & Chief Executive Officer: Mr. Raymond Lee
Incorporated on: 13th July, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Fashion
Retailer.
Dickson Group Turnover: HK$4,353,361,000 (Year ended 31-03-2014)
Group Employees: 550.
(Tommy Hilfiger Group)
2,598. (Dickson Group – as at 31-03-2014)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TOP CREATION LTD.
Registered
Office:-
c/o Dickson Concepts (International) Ltd.
4/F., East Ocean Centre, 98 Granville Road, Tsimshatsui East, Kowloon,
Hong Kong.
[Tel: 852-2311 3888, Fax:
852-2311 3323]
Head Office:-
Room 804, 8/F., South Block, Skyway House, 3 Sham Mong Road, Taikoktsui,
Kowloon, Hong Kong.
Immediate Holding
Company:-
Tommy Hilfiger Asia-Pacific Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Dickson Concepts (International) Ltd., Bermuda/Hong Kong.
Operating
Companies:-
Tommy Girl, Hong Kong.
Tommy Hilfiger, Hong Kong.
Tommy Jeans, Hong Kong.
Subsidiaries:-
Full Kingdom Interior Design Consultancy (Shanghai) Ltd., China.
Full Kingdom Ltd., Hong Kong.
Tommy Hilfiger Apparel (Shanghai) Ltd., China.
Sister/Affiliated
Companies:-
Tommy Hilfiger Group of Companies
Tommy Hilfiger (HK) Ltd., Hong Kong.
Tommy Hilfiger Asia-Pacific Ltd., Taiwan Branch.
Tommy Hilfiger Corporation, British Virgin Islands.
Tommy Hilfiger Handbags & Small Leather Goods Inc., U.S.A.
Tommy Hilfiger Marketing Ltd., Hong Kong.
Associated with:-
Dickson Group of Companies
Bertolucci SA, Switzerland.
Bondwood Investments Ltd., Hong Kong.
Castlereagh Ltd., British Virgin Islands.
China Tone Ltd., Hong Kong.
Chopard Hong Kong Distribution Ltd., Hong Kong.
D Marketing Japan K.K., Japan.
Dickson (Shanghai) Co. Ltd., China.
Dickson Concepts (Retail) Ltd., Hong Kong.
Dickson Concepts (Wholesale) Ltd., Hong Kong.
Dickson Concepts Ltd., Hong Kong.
Dickson Interior Design Ltd., Hong Kong.
Dickson Investments (H.K.) Ltd., Hong Kong.
Dickson Licensing Ltd., British Virgin Islands.
Dickson Stores Pte. Ltd., Singapore.
Dickson Trading (Asia) Co. Ltd., Hong Kong/Taiwan.
Dickson Warehousing Ltd., Hong Kong.
Ever Success Consultancy (Shenzhen) Ltd., China.
Ever Success Management Ltd., Hong Kong.
Harmonious Time Ltd., Hong Kong.
Harvey Nichols (Hong Kong) Ltd., Hong Kong.
Hong Kong Seibu Enterprise Co. Ltd., Hong Kong.
Hong Kong Seibu Holdings (China) Ltd., Hong Kong.
Hong Kong Seibu Investment Co. Ltd., Hong Kong.
Ining Investments Ltd., Hong Kong.
Leading Way Apparel Shanghai Ltd., China.
Leading Way Ltd., British Virgin Islands/Hong Kong.
Michael Kors Asia Pacific Ltd., British Virgin Islands.
Mighty Achievements Investments Ltd., Hong Kong.
Mighty Leader Ltd., Hong Kong.
Pui Chak Enterprises Ltd., Hong Kong.
Raglan Resources Ltd., British Virgin Islands.
Shanghai Jin Jiang Dickson Centre Co. Ltd., China.
Shenzhen Dickson Retail Ltd., China.
Shenzhen Seibu Department Store Co. Ltd., China.
Sichuan Dickson Rongxing Department Store Co. Ltd., China.
Sinotop Development Ltd., Hong Kong.
Sinotop Retail Ltd., Hong Kong.
T A Apparel (Shenzhen) Ltd., China.
Teamgain Investment Ltd., Hong Kong.
The Dickson Shop Ltd., Hong Kong/Singapore.
The Dickson Trading (Taiwan) Co. Ltd., Taiwan.
Top Able Management Ltd., Hong Kong.
Wealth Top Investment Ltd., Hong Kong.
21915244
0649574
Group Deputy Chairman & Chief Executive Officer: Mr. Raymond Lee
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 13-07-2013)
|
Name |
|
No. of shares |
|
Tommy Hilfiger Asia-Pacific Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
|
1 |
|
CHAN Tsang Wing, Nelson |
|
1 |
|
|
|
–– |
|
|
Total: |
2 = |
(As per registry dated 13-07-2013)
|
Name (Nationality) |
Address |
|
CHAN Tsang Wing, Nelson |
Flat A, 24/F., Block 2, Clovelly Court, 12 May Road, Hong Kong. |
|
Raymond LEE |
7C, Woodland Heights, 2 Wong Nei Chung Gap Road, Hong Kong. |
|
CHAN Hon Chung, Johnny Pollux |
Flat D, 36/F., Block 5, Kenswood Court, Kingswood Villas, Tin Shui
Wai, New Territories, Hong Kong. |
(As per registry dated 17-03-2013)
|
Name |
Address |
|
OR Suk Ying, Stella |
Flat A, 24/F., Block 12, Laguna City, Lam Tin, Kowloon, Hong Kong. |
The subject was incorporated on 13th July, 1998 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: Importer,
Retailer and Wholesaler.
Lines: All
kinds of fashions such as men’s suits and ladies’ fashions.
Group Employees: 550. (Tommy Hilfiger Group)
2,598.
(Dickson Group – as at 31-03-2014)
Commodities Imported: Mainly
imported from Europe.
Markets: Hong
Kong, China
Dickson Group Turnover:-HK$3,633,639,000
(Year ended 31-03-2010)
HK$3,403,861,000 (Year ended 31-03-2011)
HK$3,985,304,000 (Year ended 31-03-2012)
HK$4,126,217,000 (Year ended 31-03-2013)
HK$4,353,361,000 (Year ended 31-03-2014)
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, D/A and D/P.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Dickson Group Net Profit:-HK$303,734,000
(Year ended 31-03-2010)
HK$346,939,000 (Year ended 31-03-2011)
HK$188,892,000 (Year ended 31-03-2012)
HK$229,277,000 (Year ended 31-03-2013)
HK$154,830,000 (Year ended 31-03-2014)
Group Net Worth: HK$2,075,101,000.00 (As at 31-03-2010)
HK$2,296,934,000.00 (As at 31-03-2011)
HK$2,360,748,000.00 (As at 31-03-2012)
HK$2,469,864,000.00 (As at 31-03-2013)
HK$2,548,430,000.00 (As at 31-03-2014)
Profit & Loss: Made
small profits in the past years.
Condition: Keeping in a satisfactory
manner.
Facilities: Making rather active use of general banking
facilities.
Payment: Regularly met.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
Top Creation Ltd. is a private limited company incorporated in July
1998. It is equally held by Mr. Nelson
Chan Tsang Wing and a BVI-registered firm Tommy Hilfiger Asia-Pacific Ltd. The subject has just issued 2 ordinary shares
of HK$1.00 each while Mr. Chan and the holding company each holds a single
share.
In August 2006, Dickson Concepts (International) Ltd. [Dickson] which is
a listed firm in Hong Kong acquired Tommy Hilfiger Asia-Pacific Ltd. Now, the subject has become a wholly-owned
subsidiary of Dickson. In other words,
the subject’s ultimate holding company is Dickson.
The subject’s business name is “Tommy Hilfiger” which is the name of its
holding company. It is a fashion (men’s
suits and ladies’ fashions) retailer and has set up a number of retailing
outlets in Hong Kong. Commodities,
claimed to be high end, are imported from Italy, France, etc. Now, it is selling the products of a number
of significant brand names. Most of its
customers are either tourists visiting Hong Kong or foreigners. These include China tourists.
There are a number of Tommy Hilfiger shops located throughout Hong Kong
and gave its solid profitable track record to Dickson. The strong recognition of the brand and the
continued aggressive expansion of its retail network, the Dickson Group is
confident that the Tommy Hilfiger Group will become an increasingly significant
contributor to Dickson’s turnover and profits.
Currently, Tommy Hilfiger Group has about 550 employees in total.
Dickson Group’s turnover for the year ended 31st March, 2014 was
HK$4,353.4 million, an increase of 5.5% as compared to HK$4,126.2 million in
the previous year.
Profit attributable to equity shareholders was HK$154.8 million compared
to HK$229.3 million in the previous year, which included HK$77.6 million of
one-off non-trading income from the sale of the Group’s American Eagle
Outfitters license. Excluding this
one-off income, the profit of HK$154.8 million increased by 2.0% as
compared to HK$151.7 million previous year.
The Group continued to demonstrate its commitment and confidence in its
principal markets with the opening of 36 new shops during the FY 2013/14. Its retail network as at 31st March, 2014
totalled 285 shops comprising of 46 shops in Hong Kong, 120 in China, 7 in
Macau, 87 in Taiwan and 25 in Singapore and Malaysia.
Geographically, 64 per cent. of sales was generated in Hong Kong, 17 per
cent. in Taiwan, 9 per cent. in China and 10 per cent. in the rest of South
East Asia.
In Hong Kong, 6 new shops were opened this year, including the world’s
first Rolex Icon store of 4,900 sq. ft. at the Hong Kong International Airport
at Chek Lap Kok in August 2013 and the new 22,000 sq. ft. Beauty Avenue store
at Langham Place in October 2013 offering the most comprehensive cosmetics and
skincare products from leading international names. Since opening, Beauty Avenue has performed
strongly and above our expectations. The Group intends to continue to invest in
expanding Beauty Avenue in Hong Kong and China.
In China, 18 new shops were opened in 2013/14, bringing the retail
network to 120 shops.
In South East Asia, 10 shops were opened in Taiwan bringing the total
number of shops to 87, and 1 store each was added to Singapore and Macau,
taking the total number of shops in Singapore and Malaysia and Macau to
25 and 7 respectively.
As at 31st March, 2014, the Group had 2,598 (2013: 2,882) employees.
The subject is fully supported by Dickson Group with Mr. Dickson Poon as
the Chairman. Mr. Dickson Poon is one of
the tycoons in Hong Kong.
On the whole, in view of the background of the subject, consider it good
for normal business engagements.
Brief information of the principal director:-
Mr. Raymond LEE (Deputy Chairman and Chief Executive Officer),
aged 58, joined the Dickson Group in 1992 as an Executive Director. He was appointed the Deputy Chairman in 2000
and the Chief Executive Officer in 2005.
He is a Fellow of The Institute of Chartered Accountants in England and
Wales, and prior to joining the Group, held a senior position with a major
international financial institution. Mr.
Lee is a Qualified Accountant and provides leadership for the management of the
Group to implement the strategies and oversee the realisation of the objectives
set by the Board.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
04-07-2002 |
S14306 |
Man Dragon Frienky |
Top Creation Ltd. and Tommy Hilfiger (HK) Ltd. |
Consumer Claims |
Not stated |
|
04-09-2002 |
S14306 |
Man Dragon Frienky |
Top Creation Ltd. and Tommy Hilfiger (HK) Ltd. |
Consumer Claims |
Not stated |
|
04-11-2002 |
S14306 |
Man Dragon Frienky |
Top Creation Ltd. and Tommy Hilfiger (HK) Ltd. |
Consumer Claims |
Not stated |
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
: |
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.