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Report Date : |
19.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
ATICO INTERNATIONAL (ASIA) LTD. |
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Registered Office : |
16/F.-19/F., Prince’s Building, 10 Chater Road, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.11.2005 |
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Com. Reg. No.: |
36226103 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Toys and games, plush, watches and clocks, household products, furniture, lamps, lighting fixtures, decorations and crafts, giftware and premiums, giftware, stationery, electric appliances, telecommunication equipment, consumer electronics, seasonal items, hardware, consumables, fashion apparels and accessories, computer accessories, sports goods, pet goods, home textile, candles, food and confectionery |
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No of Employees : |
125. (Company & China firm) 1,000. (Group) |
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 |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
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Moderate 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 |
ATICO INTERNATIONAL
(ASIA) LTD.
ADDRESS: Unit 506-507, 5/F.,
Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom,
Kowloon, Hong Kong.
PHONE: 852-2369 6683
FAX: 852-2739 7194,
2311 8969
E-MAIL: aticohk@aticohk.com
Managing Director: Mr. Wilson
Chan
Incorporated on: 3rd November, 2005.
Organization: Private Limited
Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Group Annual Turnover: HK550 - 600
million.
Employees: 125. (Company & China firm)
1,000. (Group)
Main Dealing Banker: Hang
Seng Bank Ltd., Hong Kong.
Banking Relation: Good.
ATICO INTERNATIONAL
(ASIA) LTD.
Registered
Office:-
16/F.-19/F., Prince’s Building, 10 Chater Road, Central, Hong Kong.
Head Office &
Showroom:-
Unit 506-507, 5/F., Tower A, Hunghom
Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
Holding Company:-
Atico Group Holdings Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Atico International USA Inc., USA.
Associated
Companies:-
Atico Group of Companies
Atico Australia Pty. Ltd., Australia.
Atico Buying Services Ltd., Hong Kong.
Atico do Brasil Ltda., Brazil.
Atico Hong Kong (Holdings) Ltd., British Virgin Islands.
Atico Inspection Services Ltd., Hong Kong.
Atico International (China) Ltd., Hong Kong.
Atico International (H.K.) Ltd., Hong Kong.
Atico International (Holdings) Ltd., British Virgin Islands.
Atico International (Shenzhen) Co. Ltd., China.
Atico International Ltd., Hong Kong.
[Dissolved]
Atico International Ltd., Thailand.
Atico International UK Ltd., UK.
Atico International USA Inc. Guangzhou Representative Office, China.
Atico International USA Inc. Shanghai Representative Office, China.
Atico International USA Inc. Shenzhen Representative Office, China.
Atico Italia Srl, Italy.
Atico Japan Ltd., Japan.
Atico Korea Ltd., Korea.
Atico Overseas (Holdings) Ltd., British Virgin Islands.
Atico Overseas Ltd. India Liaison Office, India.
Atico Overseas Ltd. Vietnam Representative Office, Vietnam.
Atico Overseas Ltd., Hong Kong.
Atico Slovenia Centrus d.o.o., Slovenia.
Atico Taiwan (Holdings) Ltd., Taiwan.
New Atico Trading Sdn. Bhd., Malaysia.
etc.
36226103
1005344
Managing Director: Mr. Wilson Chan
Contact Persons: Mr. Lee
Cheuk Man, Alan (Head Office
& Showroom)
Mr. George Ward (Head Office &
Showroom)
Mr. Bruce Lu (Houseware
& Furniture Division)
Mr. Eddie Ng (Houseware &
Furniture Division)
Nominal Share Capital: HK$5,000,000.00 (Divided into 100 shares of
HK$50,000.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry
dated 03-11-2013)
|
Name |
|
No. of shares |
|
Atico Group Holdings Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
|
100 === |
(As per registry
dated 03-11-2013)
|
Name (Nationality) |
Address |
|
Steve Allan FELKOWITZ |
3901 E, Lake Estates Dr., Davie, FL 33328, USA. |
|
Wilson CHAN |
Somerset Path 5, The Royal Oaks, 8 Kam Tsin South Road, Sheung Shui,
New Territories, Hong Kong. |
|
LEE Cheuk Man |
House 39, Cedar Drive, The Redhill Peninsula, 18 Pak Pat Shan Road, Hong
Kong. |
|
LIU Yin Chi |
4F, No. 12, Alley 4, Lane 65, Section 3, Chongqing South Road, Lin 26,
Yingpu Li, Zhongzheng District, Taipei, Taiwan. |
|
KAO Ping Hung |
5F, No. 370, Jihe Road, Lin 26, Fujia Li, Shilin District, Taipei,
Taiwan. |
|
TANG Raymond |
Flat H, 43/F., Tower 1, Park Towers, 1 King;s Road, North Point, Hong
Kong. |
(As per registry
dated 03-11-2013)
|
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 3rd November, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the operating office of the subject was located at G/F. - 2/F.,
Hunghom Bay Centre, 22-24 Hung Hom Wan Street, Hunghom, Kowloon, Hong Kong,
moved to the present address in early 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Toys and
games, plush, watches and clocks, household products, furniture, lamps,
lighting
fixtures,
decorations and crafts, giftware and premiums, giftware, stationery, electric
appliances,
telecommunication
equipment, consumer electronics, seasonal items, hardware, consumables,
fashion
apparels and accessories, computer accessories, sports goods, pet goods, home
textile,
candles,
food and confectionery, etc.
Employees: 125. (Company & China firm)
1,000. (Group)
Commodities Imported: China and
other Asian countries.
Markets: US,
Europe, Central & South America, Australia, etc.
Group Annual Turnover: HK550 - 600
million.
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
The Hong Kong General Chamber of Commerce, Hong Kong. [Membership
No. HKA0163]
Nominal Share Capital: HK$5,000,000.00 (Divided into 100 shares of
HK$50,000.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Business
is profitable.
Condition: Keeping
in an active condition.
Facilities: Making
use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
China Construction Bank (Asia) Corporation Ltd., Hong Kong.
Wells Fargo Bank N.A., Hong Kong Branch.
Standing: Very Good.
Atico International (Asia) Ltd.
[AIAL] was incorporated in Hong Kong as a private limited liability company on
3rd November, 2005. With a nominal and
issued share capital of HK$5,000,000.00, the subject formerly was wholly‑owned
by Atico Investments Ltd., a BVI-registered company. On 31st October, 2013, Atico Investments Ltd.
transferred all its shares to Atico Group Holdings Ltd. [AGHL] which is also a
BVI-registered company. AGHL is the
current holding company of the subject.
AGHL is in turn a subsidiary of
Atico International USA Inc. [Atico].
Atico is a US-based company headquartered in Fort Lauderdale, Florida,
the United States.
The ultimate holding company
Atico is a full service sourcing and product development company that provides
retailers, wholesalers and distributors with a full range of services.
Founded in 1975, Atico is the
largest US-based, global sourcing and product development supply chain
management company. Backed by more than
1,000 professionals from worldwide, Atico has built exceptional strong
relationships with leading manufacturers, distributors, wholesalers and
retailers.
Atico is able to offer clients
with the following services:-
·
Product
Sourcing;
·
Product
Development; &
·
Other
Related Logistic Services.
Clients rely on Atico to develop
and procure a vast selection of innovative products, as well as to create
programs that will lower their cost and increase their profits in the field of
hardlines, fashion apparel and food/confectionery, etc.
Many buyers from all retail
channels rely on Atico’s comprehensive services, which include turnkey buy
plans, colour and trend analysis, regulatory, logistical, art and design
support, etc. Being a top merchandiser,
Atico is able to source and to offer a wide range of products as required by
customers from worldwide suppliers.
AIAL is one of the core members
of the Atico Group. AIAL’s main office
and showroom is located at Unit 506-507, 5/F., Tower A, Hunghom Commercial Centre, 39 Ma
Tau Wai Road, Hunghom, Kowloon, Hong Kong.
Its Houseware & Furniture
Division, branch office and showroom located at “Shop G27, G/F., Bauhinia
Plaza, Site 11, Whampoa Garden, Hunghom Road, Hunghom, Kowloon, Hong Kong”
have been closed down.
Its associate, Atico Buying
Services Ltd. [ABS] is also located at the same office. They are engaged in the same lines of
business.
AIAL provides worldwide
retailers, distributors and wholesalers with comprehensive product development
and sourcing services. It is responsible
for sourcing the following commodities in the Asia Pacific region:-
·
All
kinds of Electric Appliances;
·
Audio-Visual
Products — Audio Equipment, General Electric Appliances;
·
Candles;
·
Computer
Peripherals such as Software, USBs, Memory Cards, Electronic Devices and
Products;
·
Consumer
Electronics (Miscellaneous) — Electronic Gadgets, Calculators;
·
Decorations
and Crafts — Rattanware / Bambooware / Strawware / Wickerwork, Flowers and
Plants, Artificial;
·
Electronic
Games and Toys — Electronic Pet;
·
Festival
Items and Party Favours — Christmas Decorations;
·
Furniture
— Outdoor, Western Style, Upholstered;
·
Giftware
and Premiums — Jewellery Boxes, Giftware;
·
Home
Textiles and Furnishings;
·
Non-Electrical
Household Products — Tableware – Porcelain / Ceramic / Stone;
·
Pet
Goods and Related Products;
·
Stationery
and Office Equipment — Writing Equipment, Stationery;
·
Telecom
Products — Telephone and Telephone Equipment (Excluding Mobile Phone);
·
Toys
and Games — Soft Toys, Dolls, Battery Operated Toys;
·
Video
Games — Video Game Accessories, Handheld Video Game; &
·
Watches
and Clocks — Watches, Clocks.
Commodities are chiefly
re-exported to the United States. Other
markets include Europe, Central & South America, Australia, etc.
Other than AIAL, Atico has set
up other associates or subsidiaries in China, Japan, South Korea, Taiwan,
Vietnam, Malaysia, Thailand, India, Italy, the United Kingdom, Brazil,
Australia, Slovenia, the United States, etc.
Atico has had three representative offices in China which are
respectively in Guangzhou, Shenzhen Special Economic Zone and Shanghai.
In order to penetrate the China
market further and increase its sourcing activities, Atico has set up Atico
International (Shenzhen) Co. Ltd. in Shenzhen Special Economic Zone,
China. This firm is working with AIAL
closely.
The history of AIAL in Hong Kong
is over eight years.
On the whole, in view of the
parentage if AIAL, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
15-03-2006 |
Instrument: Security
Assignment (Export Letters of Credit) Property: In consideration of the Bank’s making or
agreeing to make available or continuing advances or otherwise giving time,
credit, banking facilities or other accommodation Mortgagee: Wells
Fargo Bank N.A., Hong Kong Branch. |
All amounts |
|
26-11-2007 |
Instrument: Security
Assignment (for limited company) Property: 1) Security 2) Negative Covenants 3) Definitions and Interpretations Mortgagee: Wells
Fargo Bank N.A., Hong Kong Branch. |
Secured Liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 58.86 |
|
|
1 |
Rs. 98.82 |
|
Euro |
1 |
Rs. 80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
|
|
|
Report Prepared
by : |
DPT |
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.