|
Report Date : |
06.11.2014 |
IDENTIFICATION DETAILS
|
Name : |
BOGART LINGERIE LTD. |
|
|
|
|
Registered Office : |
16/F., Tower B, Kwun Tong 223, 223-231 Wai Yip Street, Kwun Tong, Kowloon |
|
|
|
|
Country : |
Hongkong |
|
|
|
|
Date of Incorporation : |
21.04.1994 |
|
|
|
|
Com. Reg. No.: |
18111285 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of all kinds of ladies’ lingerie, underwear,
night garments, brassieres, vests, corsets, girdles, panties, briefs,
singlet, pyjamas, sports shorts, swimwear, bullet proof garments, mobile phone battery packs |
|
|
|
|
No. of Employees : |
30 (Hongkong) |
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 : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
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 |
BOGART LINGERIE LTD.
ADDRESS: 16/F., Tower B, Kwun Tong
223, 223-231 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2341
6286, 3511 8700
FAX: 852-2345
0013, 2345 3402
E-MAIL: info@hk.bogartlingerie.com
salesmgr@hk.bogartlingerie.com
Managing Director: Mr. Andreas
Roschmann
Incorporated on: 21st April, 1994.
Organization: Private Limited
Company.
Capital: Nominal:
HK$25,000,000.00
Issued: HK$25,000,000.00
Business Category: Lingerie
Manufacturer and Exporter.
Group Annual Turnover: HK$2.5~3.0
billion.
Employees: 30. (Hong Kong)
Main Dealing Bankers: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered
Office:-
Room 5705, 57/F., The Center, 99 Queen’s Road Central, Hong Kong.
Head Office:-
16/F., Tower B, Kwun Tong 223, 223-231 Wai Yip Street, Kwun Tong,
Kowloon, Hong Kong.
Logistic
Department & Warehouse:-
6/F., 12/F. & 13/F., 81 Hung To Road, Kwun Tong, Kowloon,
Hong Kong.
China Factories:-
Panyu
Factory
Lantang
Shiqiao, Panyu, Guangdong Province, China.
[Tel: 86-20-8487 6008; Fax: 86-20-8480
0283]
Beijing
Factory
Bogart
(Baojia) Road, Lu Cheng Town, Tong Zhou District, Beijing, China. [Postal Code: 101107]
[Tel: 86-10-6152 5888; Fax: 86-10-6152
5777]
Shenzhen Factory
3rd
Industrial Area, Shutianpu Village, Gongming Town, 518107 Bao’an District, Shenzhen
Special Economic Zone, China.
[Tel: 86-755-2712 0808]
Overseas Factory:-
Bogart Lingerie (Thailand) Ltd., Thailand.
Holding Company:-
Bogart (Far East) Ltd., Hong Kong.
Ultimate Holding
Company:-
Kwong Fat Industrial Ltd., British Virgin Islands.
Sister &
Associliated Companies:-
Bartolomeos Ltd., Hong Kong.
Bogart (China) Ltd., Hong Kong.
Bogart Garment (Beijing) Co. Ltd., China.
Bogart Garment (HK) Ltd., Hong Kong.
Bogart Industrial Co. Ltd., Hong Kong.
Bogart International (HK) Ltd., Hong Kong.
Bogart Lingerie (Guangzhou) Ltd., China.
Bogart Lingerie (Shenzhen) Ltd., China.
Bogart Manufacturing Ltd., Hong Kong.
[Dormant]
Brunet (China) Ltd., Hong Kong.
Brunet Dentelles S.A., France.
Brunet International (Hong Kong) Ltd., Hong Kong.
Brunet International (Shenzhen) Ltd., China.
Brunet International (Thailand) Ltd., Thailand.
Brunet International Group, France.
Brunet International Ltd., Hong Kong.
Sun Hing Shing (Shenzhen) Ltd., China.
Sun Hing Shing Fashion Factory Ltd., Hong Kong.
Sun Hing Shing Fashion Manufacturer, China.
18111285
0475226
Managing Director: Mr. Andreas Roschmann
Nominal Share Capital: HK$25,000,000.00
(Divided into 25,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$25,000,000.00
(As per registry
dated 21-04-2014)
|
Name |
|
No. of shares |
|
Bogart (Far East) Ltd., Hong Kong. |
|
24,999,999 |
|
Andreas ROSCHMANN |
|
1 |
|
|
|
––––––––– |
|
|
Total: |
25,000,000 ======== |
(As per registry
dated 21-04-2014)
|
Name (Nationality) |
Address |
|
Andreas ROSCHMANN (German) |
16/F., Tower B, Kwun Tong 223, 223-231 Wai Yip Street, Kwun Tong,
Kowloon, Hong Kong. |
|
Bogart (Far East) Ltd. |
Room 5705, 57/F., The Center, 99 Queen’s Road Central, Hong Kong. |
(As per registry
dated 21-04-2014)
|
Name |
Address |
|
YU Wing Keung |
Room 5705, 57/F., The Center, 99 Queen’s Road Central, Hong Kong. |
The subject was incorporated on 21st April, 1994 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered office was located at 31, New Henry
House, 10 Ice House Street, Central, Hong Kong, moved to the present address in
August 2003.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer
and Exporter.
Lines: All kinds of ladies’ lingerie,
underwear, night garments, brassieres, vests, corsets, girdles, panties, briefs, singlet, pyjamas, sports
shorts, swimwear, bullet proof garments, mobile phone battery packs
Trade Marks: “RACHEL” and
“COEUR CAPTIF” brands.
Factories Area: 23,000 sq.m. in
Panyu, China.
33,000 sq.m. in
Beijing, China.
Employees: 30. (Hong Kong)
20,000. (China)
Raw Materials: Imported from
Europe, Taiwan, South Korea, etc.
Markets: Europe, USA,
Southeast Asia, etc.
Group Annual Turnover: HK$2.5~3.0
billion.
Terms/Sales: L/C or as per contract.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$25,000,000.00
(Divided into 25,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$25,000,000.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 500,000.00 |
|
01-09-1999 |
paid up |
HK$ 6,500,000.00 |
|
25-02-2000 |
paid up |
HK$ 8,000,000.00 |
|
26-08-2000 |
paid up |
HK$ 10,000,000.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$ 25,000,000.00 ============== |
Increases of Nominal Capital:-
|
From |
HK$ 500,000.00 |
to |
HK$ 7,000,000.00 |
on |
01-09-1999 |
|
From |
HK$ 7,000,000.00 |
to |
HK$15,000,000.00 |
on |
28-12-1999 |
|
From |
HK$15,000,000.00 |
to |
HK$25,000,000.00 |
on |
26-08-2000 |
Indebtedness: HK$3,879,672.00
(Total amount outstanding on all mortgages and charges as per last Annual Return dated 21-04-2014)
Mortgage or Charge (since 2010):
(See attachment)
Profit or Loss: Maintaining
a profit every year.
Condition: Keeping in an active manner.
Facilities: Making active use of general
banking facilities.
Payment: So far so
good.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd.,
Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
CITIC Bank International Ltd.,
Hong Kong.
Hang Seng Bank Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd.,
Hong Kong.
Standing: Very Good.
Bogart Lingerie Ltd. [Bogart Lingerie] is a Hong Kong-based firm
incorporated in 1994. Having issued
15,000,000 ordinary shares of HK$1.00 each, Bogart Lingerie was formerly owned
by the founder Mr. Andreas Roschmann who is a German businessman, holding
14,999,999 shares; and Bogart (Far East) Ltd. [Bogart FE] which is a Hong
Kong-registered firm holding just 1 share.
On 26th August, 2000, 10,000,000 more shares of the same value each were
issued and allotted to Bogart FE. Since
then, the equities and the number of shares held by the shareholders have
changed, Bogart FE has become the holding company of Bogart Lingerie holding
24,999,999 shares in total, while the remaining 1 share is held by Mr.
Roschman.
Bogart FE is also the holding company of Bogart Lingerie’s associate Sun
Hing Shing Fashion Factory Ltd. [Sun Hing Shing] which is also located at the
operating office of Bogart Lingerie.
Roschman is experienced in the garment industry especially ladies’
lingerie. He has set up and operates the
Bogart Group of Companies which include the following firms:-
· Bogart (China) Ltd.
· Bogart (Far East) Ltd.
· Bogart Garment (Beijing) Co. Ltd., China.
· Bogart Garment (HK) Ltd.
· Bogart Industrial Co. Ltd.
· Bogart International (HK) Ltd.
· Bogart Lingerie (Guangzhou) Ltd., China.
· Bogart Lingerie (Shenzhen) Ltd., China.
· Bogart Lingerie (Thailand) Ltd., Thailand.
· Bogart Lingerie Ltd.
· Bogart Manufacturing Ltd.
· In 2004, Roschman acquired Brunet International Group of France which includes the following firms:-
· Brunet (China) Ltd., Hong Kong.
· Brunet International Ltd., Hong Kong.
· Brunet International Group, France.
· Brunet International (Shenzhen) Ltd., China.
· Brunet International (Thailand) Ltd., Thailand.
The Brunet Group now has had associated factories in Shenzhen and
Thailand.
Brunet Group is specialized in Leavers lace. In 2006, Brunet opened a factory in Shenzhen
Special Economic Zone, China. This
factory has been equipped with the latest lace machinery and engaged in
manufacturing “Karl Mayer” (JL65, JL95, TL66, RSJ5) laces. It is likely that the Shenzhen factory has
changed name to Bogart Lingerie (Shenzhen) Ltd.
Covering an area of 40,000 sq.m., this factory was put into operation in
March 2008. Currently, this factory has
about 2,000 employees.
In January 2014, the workers of Bogart Lingerie (Shenzhen) Ltd. struck
against delay wages paying. The case was
eventually settled.
In 2008, Brunet opened the second Asian factory in Thailand. This factory has been equipped with 36
machines.
In 2005, Roschman acquired Sun Hing Shing Fashion Factory Ltd.
[Sun Hing Shing] which is located at the operating address of the
subject.
The Bogart Group is principally engaged in designing, manufacturing and
marketing ladies’ lingerie and other garments such as swimwear, nightwear,
knitwear and men’s underwear. In
addition to its own label “Rachel”, the Group designs and manufactures
products for the other brand names. Its
main clients include “Jockey for Her” and “Closed”. According to the Group, most of its designs
carry a “fashionable look, targeting at consumers between the ages of 20 to
40”.
Bogart Lingerie is specialised in manufacturing high quality lingerie
and swimwear for famous and fashionable international brands on OEM basis.
Products are exported to the United States, Europe, and some of the
Asian countries.
Bogart Lingerie has set up two factories in China, one in Panyu which was
built in 1995 and the other in Beijing which was built in 2001. Products designing is taken place in Bogart
Lingerie’s office while samples are made in its plant in Panyu, Guangdong
Province, China. Mass production is
carried out either in Panyu or in Beijing factory. Both facilities have been equipped with state‑of‑the-art
technology.
Including the employees of Brunet and overseas, the Bogart Group has a
total of nearly 20,000 employees.
Annual sales turnover of the Bogart Group ranges from HK$2.5 to 3.0
billion. Overall business is active.
The history of Bogart Lingerie is over 20 years and six months.
On the whole, consider it good for normal business engagements.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
16-07-1998 |
H11590 |
Jacques Bonnamour |
Bogart Lingerie Ltd. |
Amount due |
US$50,000 |
|
04-07-2003 |
H2481 |
Wilson (Pacific) Ltd. |
Bogart Lingerie Ltd. |
Money due/owing |
HK$733,852 |
(Since 2010)
|
Date |
Particulars |
Amount |
|
31-05-2010 |
Instrument: Assignment of Life Insurance Property: (i) All the Assignor’s claims, options, privileges, right, title,
interest and benefit in and under the Insurance; and (ii) all the Assignor’s claims
and rights against the issuer of the Policy in respect of the Policy Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Secured Indebtedness |
|
13-12-2010 |
Instrument: Security Agreement over Bank Account Property: By way of a first fixed charge all of the Chargor’s rights in respect
of any amount standing to the credit of the Account Mortgagee: Standard Chartered Bank
(Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future
obligations and liabilities of Sun Hing Shing Fashion Factory Ltd. and Bogart
Lingerie Ltd. |
|
11-06-2012 |
Instrument: Mortgage Property: 20/1,545th parts or shares of and in Castle Peak Town Lot No. 50 (Flat
A on 8/F. of Yick Shiu Industrial Building, Block A & B, 1 San On Street,
Tuen Mun, New Territories, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All sums of general banking facilities |
|
11-06-2012 |
Instrument: Mortgage Property: 22/1,545th parts or shares of and in Castle Peak Town Lot No. 50 (Flat
B on 8/F. of Yick Shiu Industrial Building, Block A & B, 1 San On Street,
Tuen Mun, New Territories, Hong Kong.) Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All sums of general banking facilities |
|
15-06-2012 |
Instrument: Trade Security Assignment Property: The Borrower as beneficial owner: (a) Assigns and agrees to
assign absolutely to the Bank all the present and future rights, title,
interests and benefits of Borrower in and to the following assets: (i) Export Credits; (ii) Export Collection
Bills; (iii) Sales Contracts; (iv) Invoice Receivables; (v) Insurances; (vi) Trade Documents;
& (vii) All claims, remedies (b) Charges and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights, title, interests and benefits of the Borrower in and to the following
assets: (i) The Goods together
with their proceeds; & (ii) The Deposit. (c) Pledges to the Bank
the Pledged Goods and the Trade Documents Mortgagee: CITIC Bank International Ltd.,
Hong Kong. |
All or any money and liabilities |
|
27-06-2012 |
Instrument: Tripartite Legal Charge/Mortgage Property: 8/52,361st parts or shares of and in New Kowloon Inland Lot No. 6055 (Flat
D on 11/F. of Block 8, Laguna City, Lam Tin, Kowloon, Hong Kong.) Mortgagee: CITIC Bank International Ltd.,
Hong Kong. |
To secure all monies in respect of general banking facilities and
interest |
|
19-11-2012 |
Instrument: Assignment of Insurance Property: Insurer: American International
Assurance Co. (Bermuda) Ltd. Policy No.: B059402824 Sum Assured: US$500,000 Policy Date: 28-06-2012 Insurer: American International
Assurance Co. (Bermuda) Ltd. Policy No.: B059402837 Sum Assured: US$500,000 Policy Date: 28-06-2012 Insurer: American International
Assurance Co. (Bermuda) Ltd. Policy No.: B059402853 Sum Assured: US$500,000 Policy Date: 28-06-2012 Insurer: American International
Assurance Co. (Bermuda) Ltd. Policy No.: B059402840 Sum Assured: US$500,000 Policy Date: 28-06-2012 Mortgagee: China CITIC Bank International Ltd.,
Hong Kong. |
All or any money and liabilities |
|
22-07-2013 |
Instrument: Charge Over Assets By Borrower Property: The Company as the sole beneficial owner(s): Mortgage, charge and pledge and agree to mortgage, charge and pledge
in favour of the Bank by way of first fixed charge all the Company’s present
and future rights, benefits, title and interest in and to the Deposits and/or
the Securities; Assign and agree to assign absolutely to the Bank all the Company’s
present and future rights, title and interest in and to the Charged Assets. Mortgagee: Fubon Bank (Hong Kong) Ltd.,
Hong Kong. |
All monies, obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIT |
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.