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Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
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Name : |
TORY BURCH FAR EAST LTD. |
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Registered Office : |
17/F., Midas Plaza, 1 Tai Yau Street, San Po Kong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.06.2009 |
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Com. Reg. No.: |
50753277 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Boutique Operator like Men’s and women’s clothing, handbags, pendant
necklace, shoes, scarf, ipad cases, wallets, earrings, sandals, zip coin
cases, cosmetic cases, sunglasses. |
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No. of Employees : |
50 (The Company)
- Including associate 2,300 (The
Group) |
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 : |
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 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
|
Very High Risk |
D |
HONGKONG - 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 |
TORY BURCH FAR
EAST LTD.
ADDRESS: 17/F., Midas Plaza, 1 Tai
Yau Street, San Po Kong, Kowloon, Hong Kong.
PHONE: 852-3618 5130
FAX: 852-2955 0683
E-MAIL: bowieyeung@toryburch.com.hk
President of Business Development &
Chief Legal Officer: Mr. Robert Rand
Isen
Incorporated on: 1st June, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000.00
Issued: HK$300,000.00
Business Category: Boutique
Operator.
Employees: 50.
(The Company) - Including associate
2,300. (The Group)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
17/F., Midas Plaza, 1 Tai Yau Street, San Po Kong, Kowloon,
Hong Kong.
Tory Burch Retail
Outlets:-
1) Shops 2035-2098, Podium Level
2, IFC Mall, 8 Finance Street, Central, Hong Kong. [Phone: 852-2234 7282]
2) 3/F., Times Square, 1 Matheson
Street, Causeway Bay, Hong Kong.
[Phone: 852-3421 1229]
3) Ocean Centre, 3-27 Canton
Road, Tsimshatsui, Kowloon, Hong Kong.
[Phone: 852-3755 4042]
4) T Galleria Hong Kong
Lippo Sun Plaza, 28 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Parent Company:-
Tory Burch LLC
11 West 19th Street, 7/F., New York, NY 10011, US.
[Phone: 852-212-683-2323; Fax:
852-212-683-3876]
Associated
Companies:-
Tory Burch Hong Kong Ltd., Hong Kong.
Tory Burch Foundation, US.
Tory Burch Group of Companies.
50753277
1342178
Founder & Creative Director: Ms. Tory Burch
President of Business Development &
Chief Legal Officer: Mr. Robert Rand
Isen
Chief Financial Officer: Mr. Reepal Shah
Nominal Share Capital: HK$500,000.00
(Divided into 50,000 shares of HK$10.00 each)
Issued Share Capital: HK$300,000.00
(As per registry
dated 01-06-2013)
|
Name |
|
No. of shares |
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Tory Burch LLC 11 West 19th Street, 7/F., New York, NY 10011, US. |
|
30,000 ===== |
(As per registry
dated 01-06-2013)
|
Name (Nationality) |
Address |
|
Reepal Rajnikant SHAH |
20 Brentwood Lane, Cranbury, NJ 08512, US. |
|
Robert Rand ISEN |
417 Fishers Road, Bryn Mawr, PA 19010, US. |
(As per registry
dated 01-06-2013)
|
Name |
Address |
Co. No. |
|
Deodana (Services) Ltd. |
Room 701, 7/F., World-wide House, 19 Des Voeux Road Central, Hong
Kong. |
0054684 |
The subject was incorporated on 1st June, 2009 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: Boutique Operator.
Lines: Men’s and women’s
clothing, handbags, pendant necklace, shoes, scarf, ipad cases, wallets, earrings, sandals, zip coin cases, cosmetic
cases, sunglasses
Employees: 50. (The Company) - Including associate
2,300.
(The Group)
Commodities Imported: Mainly
sourced from China, other Asian countries.
Markets: Hong Kong.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$500,000.00 (Divided into 50,000 shares of
HK$10.00 each)
Issued Share Capital: HK$300,000.00
Profit or Loss: Operation is profitable.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of general
banking facilities.
Payment: No complaints
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Citibank N.A., Hong Kong Branch.
Standing: Normal.
Tory Burch Far East Ltd. [TBFE] was incorporated in Hong Kong on 1st
June, 2009 as a private limited company.
With an issued share capital of HK$300,000.00, the company is
wholly-owned by Tory Burch LLC [TB], the United States.
TB was founded in 2003 and is based in New York, the United States. It designs and manufactures sportswear and
accessories for women, men and children.
With an annual turnover of US$760 to 780 million, TB is a global
business with more than 100 Tory Burch boutiques across North
America, Europe, the Middle East, Latin America and Asia, and the brand is
available at over 1,000 department and specialty stores worldwide.
Since its launch, TB has entered into new categories with eyewear in
partnership with Luxottica in 2009, fragrance and beauty with Estee Lauder in
2013, and timepieces with Fossil coming in 2014.
In 2013, the brand Tory Burch was recognized by the fashion
industry as a famous trade mark and got several awards, including the CFDA for
Accessory Designer of the Year; Accessory Brand Launch of the Year from
Accessories Council of Excellence; and Rising Star award from Fashion Group
International.
Tory Burch
is an American lifestyle brand that embodies the personal style and sensibility
of its CEO and designer Ms. Tory Burch.
The collection, known for colour, print and eclectic details, includes
ready-to-wear, shoes, handbags, accessories and beauty. Art, music, travel, interiors and the
designer’s own stylish parents are inspirations for the collection.
Ms. Tory Burch was named one of Forbes Most Powerful Women in the World.
TBFE was set up in Hong Kong as an operator of 4 Tory Burch
shops. The shops are local in the busy
districts in Hong Kong such as Central, Tsimshatsui and Causeway Bay.
The business of TBFE is maintained in a normal condition. Past performances are satisfactory.
On the whole, in view of the parentage of TBFE, consider it good for
normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.59.06 |
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|
1 |
Rs.99.61 |
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Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
|
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.