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Report Date : |
20.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
TARRANT CO. LTD. |
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Registered Office : |
13/F., Lladro Centre, 72-80 Hoi Yuen Road, Kwun Tong, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.12.1985 |
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Com. Reg. No.: |
10042989 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of casual
apparels including jeans wear, casual pants, T‑shirts, shorts, blouses,
shirts, tops, dresses and jackets |
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|
|
|
No. of Employees : |
80 |
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 |
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Payment Behaviour : |
Slow but correct |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
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 |
TARRANT CO.
LTD.
ADDRESS: 13/F., Lladro Centre, 72-80 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2797 8120
FAX: 852-2343 2801
E-MAIL: contact@tarrant.com.hk
Managing Director: Mr. Chu Hok Ling
Incorporated on: 17th December, 1985.
Organization: Private Limited Company.
Capital: Nominal: HK$600,000.00
Issued: HK$600,000.00
Business Category: Buying Office & Factory.
Group Turnover: US$200-250 million.
Employees: 80. (Hong Kong)
Main Dealing Bankers: DBS Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office & Workshop:-
13/F., Lladro Centre, 72-80 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
China Factory:-
Changping, Dongguan, Guangdong Province, China.
Immediate Holding Company:-
Tarrant Holdings (HK) Ltd., Hong Kong.
Ultimate Holding Company:-
Sunrise Apparel Group LLC, USA.
Associated Companies:-
Dongguan Changping Tarrant Garment Factory, China.
Fashion Resources (TCL) Inc., USA.
Jane Doe Hong Kong Ltd., Hong Kong. [Dissolved]
Jane Doe International LLC, USA.
Lynx International Ltd., Hong Kong.
Marble Ltd., Hong Kong.
PBG7 LLC, USA.
Private Brands Inc., USA.
Rocky Apparel LLC, USA.
Seven Licensing Co. LLC, USA.
Sunrise Acquisition Co. LLC, USA.
Sunrise Brands LLC, USA. (formerly known as Tarrant Apparel Group)
Tag Mex Inc., USA.
Tag Mex LLC, USA.
Tarrent Mexico S. de R.L. de C.V., Mexico.
Trade Link Holdings Ltd., Hong Kong.
10042989
0163310
Group Chairman & Chief Executive Officer: Mr. Gerard Guez
Group Vice Chairman: Mr. Todd I Kay
Chief Operating Officer: Mr. Donald Waldman
President (Hong Kong): Mr. Chu Hok Ling
Director & General Manager (Hong Kong): Mr. Yuen Hon Yu
Nominal Share Capital: HK$600,000.00 (Divided into 600,000 shares of HK$1.00 each)
Issued Share Capital: HK$600,000.00
SHAREHOLDERS: (As per registry dated 17-12-2013)
|
Name |
|
No. of shares |
|
Tarrant Holdings (HK) Ltd., Hong Kong. |
|
600,000 ====== |
DIRECTORS: (As per registry dated 17-12-2013)
|
Name (Nationality) |
Address |
|
CHU Hok Ling |
16 Durham Road, Kowloon Tong, Kowloon, Hong Kong. |
|
YUEN Hon Yu |
Flat A, 4/F., Block 2, Bo Shek Mansion, 328 Sha Tsui Road, Tsuen Wan, New Territories, Hong Kong. |
|
Gerard ROSE |
992 North Alpine Drive, Beverly Hill, Los Angeles, CA 90210, U.S.A. |
|
Todd I KAY |
1150 Summit Hill Drive, Los Angeles, CA 90210, U.S.A. |
SECRETARY: (As per registry dated 17-12-2013)
|
Name |
Address |
Co. No. |
|
Tricor Corporate Secretary Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong Kong. |
0714799 |
The subject was incorporated on 17th December, 1985 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, Exporter and Wholesaler.
Lines: All kinds of casual apparels including jeans wear, casual pants, T‑shirts, shorts, blouses, shirts, tops, dresses and jackets,
Employees: 80. (In Hong Kong)
Raw Materials: Mainly bought textile fabrics from Japan, Taiwan & Hong Kong.
Markets: US, Europe, etc.
Group Turnover: US$200-250 million.
Terms/Sales: Various basis.
Terms/Buying: L/Cs or on credit basis.
MEMBERSHIP: Federation of Hong Kong Industries, Hong Kong. [Member No. A6856]
Nominal Share Capital: HK$600,000.00 (Divided into 600,000 shares of HK$1.00 each)
Issued Share Capital: HK$600,000.00
Mortgage or Charge (since 2013):-
Date of Lien & Set-Off Agreement: 22-07-2013
Amount: For securing (general credit facility)
Property:
Deposit No. Favouring Amount Maturity Date
1231 Tarrant Co. Ltd. US$50,000 07-09-2013
1235 Tarrant Co. Ltd. US$150,000 27-09-2013
Mortgagee: HBZ Finance Ltd., Hong Kong.
Profit or Loss: Business is profitable.
Condition: Keeping in a normal manner.
Facilities: Making active use of general banking facilities.
Payment: Delay payment experienced in the past.
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank (Hong Kong) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
HBZ Finance Ltd., Hong Kong.
Standing: Normal.
Tarrant Co. Ltd. was incorporated on 17th December, 1985. At the beginning it was a wholly-owned subsidiary of Tarrant Luxembourg S.A.R.L., a Luxembourg-based company which was in turn a subsidiary of Tarrant Apparel Group [TAG], a US-based company. Now, the holding company of the subject is Tarrant Holding (HK) Ltd., a Hong Kong-registered company.
The ultimate holding company is Sunrise Apparel Group LLC. [Sunrise], an USA-based company.
Sunrise is a design and sourcing company for private label and private brand casual apparel serving mass merchandisers, sizeable department stores, branded wholesalers and specialty chains located primarily in the United States and Europe.
Sunrise serves over 25 customers, including specialty retailers, such as Chico’s; Macy’s Merchandising Group; the Avenue; Lane Bryant; Lerner New York; J.C. Penny; K-Mart; Kohl’s; Mervyn’s; Wal-Mart Dillard’s; Mothers Work; Sears; Abercrombie; Fitch; Northern Reflection; Express and Tropical Sports Wear, etc.
The Group’s products are manufactured in a variety of woven and knit fabrications. Its products include jeans wear, casual pants, T-shirts, shorts, blouses, shirts and other tops, dresses and jackets for women, men and kids from large to junior sizes.
Sunrise’s world headquarters in Los Angeles is home to corporate planning and development, financial and computer operations, and customer service departments. It also maintains a showroom in New York City and customer service offices in Columbus, Ohio and in Bentonville, Arkansas.
Sunrise conducts and monitors its international sourcing operations from international offices in Hong Kong, China, Thailand, and Mexico.
The subject was set up in Hong Kong as one of its buying agents. It is responsible for the merchandising, fabric development, purchasing and pre‑production co-ordinating.
The subject’s operation produces thousands of samples each month that are delivered to retailers for in-store testing, before rapidly and cost-effectively producing bulk orders of these items. It further has developed its Hong Kong sourcing network and opened an office in Thailand and a sample-making facility in Guangdong Province, China.
Sunrise’s international sourcing network enables it to choose from a number of manufacturers based on the customers’ requirements. In addition to Hong Kong and China-based independent contractors, it has expanded its network to include suppliers and manufacturers in a number of different countries, including Egypt, Mongolia, Nepal, Thailand, and Mexico and South America.
The annual sales turnover of Sunrise ranges from US$200-250 million.
The business of the subject is normal, however, it has experienced delay payments in the past.
On the whole, consider the subject good for normal business engagements.
Court case:-
|
Action Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Nov. 1989 |
- |
Wing Kwong Printing & Dyeing Ltd. |
Tarrant Co. Ltd. |
Service Rendered |
HK$247,344 |
|
Apr. 1990 |
- |
Aldwick Textile Exports Co. |
Tarrant Co. Ltd. |
Amount due |
HK$540,000 |
|
July 1990 |
- |
Hongxun Garments Manufactory Co. Ltd. |
Tarrant Co. Ltd. |
Amount due |
HK$445,704 |
|
Aug. 1990 |
- |
Comitex Garments Ltd. |
Tarrant Co. Ltd. |
Amount due |
HK$350,938 |
|
Jan. 1992 |
H384 |
Kai Fat Weaving Factory Ltd. |
Tarrant Co. Ltd. |
Goods sold & delivered |
HK$310,764 |
|
Feb. 1993 |
S35987 |
Top Source Industrial Co. |
Tarrant Co. Ltd. |
Goods sold & delivered |
Not stated |
|
Mar. 1993 |
S35987 |
Top Source Industrial Co. |
Tarrant Co. Ltd. |
Goods sold & delivered |
Not stated |
|
May 1993 |
S35987 |
Top Source Industrial Co. |
Tarrant Co. Ltd. |
Goods sold & delivered |
Not stated |
|
Feb. 1994 |
H1427 |
Moon Fung Weaving Factory Ltd. |
Tarrant Co. Ltd. and other |
Amount due |
HK$731,957 |
|
Feb. 1994 |
H1409 |
Hang Cheong Steam Laundry & Dry Cleaning Ltd. |
Tarrant Co. Ltd. and other |
Amount due |
US$23,578 |
|
May 1994 |
S8669 |
Job Hunter Employment Agency Ltd. |
Tarrant Co. Ltd. |
Air freight/ agency fee |
Not stated |
|
May 1994 |
H5160 |
Hellmann International Forwarders Ltd. |
Tarrant Co. Ltd. |
Amount due |
HK$419,746 |
|
Nov. 1994 |
H11138 |
Houtex Investments Ltd. |
Tarrant Co. Ltd. |
Possession |
Not stated |
|
June 1996 |
H6847 |
Kar Wor Garment (Macao) Ltd. |
Tarrant Co. Ltd. |
Sum |
HK$25,599 |
|
Nov. 2000 |
R8166 |
Wong Yung |
Tarrant Co. Ltd. |
Labour Dispute |
Not stated |
|
Dec. 2000 |
R8166 |
Wong Yung |
Tarrant Co. Ltd. |
Labour Dispute |
Not stated |
|
June 2001 |
H2713 |
T & S Buttons Co. Ltd. |
Tarrant Co. Ltd. |
Sum |
US$237,384 |
|
July 2004 |
S36129 |
Tien Cheung Hong Accessories Ltd. |
Tarrant Co. Ltd. |
Goods sold & delivered |
Not stated |
|
Sept. 2004 |
S36129 |
Tien Cheung Hong Accessories Ltd. |
Tarrant Co. Ltd. |
Goods sold & delivered |
Not stated |
|
Nov. 2004 |
S36129 |
Tien Cheung Hong Accessories Ltd. |
Tarrant Co. Ltd. |
Goods sold & delivered |
Not stated |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.62 |
|
|
1 |
Rs.99.12 |
|
Euro |
1 |
Rs.78.89 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
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|
Report Prepared
by : |
NIS |
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 |
|
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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 |
|
|
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.