|
Report Date : |
28.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
TORY BURCH HONG
KONG LTD. |
|
|
|
|
Registered Office : |
17/F., Midas Plaza, 1 Tai Yau Street, San Po Kong, Kowloon |
|
|
|
|
Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
26.09.2003 |
|
|
|
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Com. Reg. No.: |
33940528 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
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Line of Business : |
Buying Office. Men’s & women’s suits & jackets,
children’s wear, blouses, denim garments, dresses & skirts, shirts,
trousers & slacks |
|
|
|
|
No. of Employees |
50 |
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 : |
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 |
TORY BURCH
HONG KONG LTD.
ADDRESS: 17/F., Midas Plaza, 1 Tai Yau
Street, San Po Kong, Kowloon, Hong Kong.
PHONE: 852-3755 3802; 3618 5398;
2955 0620
FAX: 852-2955 0683
E-MAIL: monawu@toryburch.com.hk
President of
Business Development &
Chief Legal
Officer: Mr. Robert Rand Isen
Incorporated on: 26th September, 2003.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Buying Office.
Group Turnover: US$760-780 million.
Employees: 50. (The Company) - Including associate
2,300. (The Group)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TORY
BURCH HONG KONG
LTD.
ADDRESS:
Registered
Head Office:-
17/F., Midas
Plaza, 1 Tai Yau Street, San Po Kong, 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 Far
East Ltd., Hong Kong.
Tory Burch
Foundation, US.
Tory Burch Group
of Companies.
33940528
0863346
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$10,000.00 (Divided into 1,000 shares of HK$10.00 each)
Issued Share
Capital: HK$10,000.00
(As
per registry dated 26-09-2013)
|
Name |
|
No.
of shares |
|
Tory Burch LLC 11 West 19th
Street, 7/F., New York, NY 10011, US. |
|
1,000 ==== |
(As
per registry dated 26-09-2013)
|
Name (Nationality) |
Address |
|
Robert Rand ISEN |
417 Fishers Road, Bryn Mawr, PA 19010, US. |
|
Reepal SHAH |
20 Brentwood Lane, Cranbury, NJ 08512, US. |
(As
per registry dated 26-09-2013)
|
Name |
Address |
Co.
No. |
|
Deodand
(Services) Ltd. |
Room 701, 7/F., World Wide House, 19 Des Voeux Road Central, Hong
Kong. |
0054684 |
The
subject was incorporated on 26th September, 2003 as a private limited liability
company under the Hong Kong Companies Ordinance.
It
was originally registered under the name of MC2B (Hong Kong) Ltd., name changed
to the present style on 11th August, 2009.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Buying Office.
Lines: Men’s & women’s suits & jackets, children’s wear, blouses, denim garments, dresses & skirts, shirts, trousers & slacks.
Employees: 50. (The Company) - Including associate
2,300. (The Group)
Commodities Imported: Mainly sourced from China.
Markets: Africa, Australia, Central & South America, China, Europe, Hong Kong, Japan, Korea, Middle East, Asia, Taiwan, US., etc.
Group Turnover: US$760-780 million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00 (Divided into 1,000 shares of HK$10.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Making a profit every year.
Condition: Keeping in a normal state.
Facilities: Making active use of general banking facilities.
Payment: Met as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Citibank N.A., Hong Kong Branch.
Standing: Normal.
Tory
Burch Hong Kong Ltd. [TBHK], formerly known as MC2B (Hong Kong) Ltd., was
incorporated in Hong Kong on 26th September, 2003. Name changed to the present style on
11th August, 2009.
With
a nominal and issued share capital of HK$10,000.00, TBHK is a wholly-owned
subsidiary of Tory Burch LLC [TB], a US-based company.
TB
was founded in 2003 and is based in New York, the United States. It designs and manufactures sportswear and
accessories for women. TB offers tops,
sweaters, t-shirts, skirts/dresses, pants/shorts, jackets, outerwear, tunics,
shoes, accessories, jewellery, and furnishings, as well as apparels for kids.
TB
sells its products in the United States, Europe, and Dubai of the UAE through
stores. It has stores in California,
Connecticut, Florida, Georgia, Illinois, Nevada, New York, and Texas.
TB
also sells its products via e-commerce.
Since
March 2009, TB has joined in a partnership with LOOK Inc. which has exclusive
rights to distribute and retail its products in Japan. As a partner to LOOK Inc., Mitsubishi
Corporation has been granted the exclusive rights to import Tory Burch
products into Japan. Distribution of the
brand in Japan has launched in April 2009 in Isetan Shinjuku. Since then, LOOK Inc. has open Tory Burch
retail boutiques and distributed via select department and specialty
stores. The first freestanding retail
boutique was opened in early 2010.
During
March 2009, TB also joined in a partnership with Samsung Cheil Inc., which
would distribute and retail Tory Burch products in South
Korea. Samsung would open freestanding
Tory Burch retail boutiques and distribution via department stores. The first retail boutique was opened in early
2010.
TBHK
was set up in Hong Kong acting as a buying office. It is responsible for sourcing and purchasing
activities. Business is kept in a normal
condition. We have found no derogatory
information about the subject in our database.
In
view of the parentage of TBHK, consider it good for normal business
engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.05 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.80.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
PDT |
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.