MIRA
INFORM REPORT
|
Report No. : |
307264 |
|
Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
|
Name : |
FORWARD APPAREL TRADING LIMITED |
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|
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Formerly Known As : |
KTC TRADING ( |
|
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Registered Office : |
6th Floor, Li |
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Country : |
Hongkong |
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Date of Incorporation : |
13.06.2008 |
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Com. Reg. No.: |
39655377 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of Fabric. |
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|
|
No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Moderate |
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Payment Behaviour : |
Unknown |
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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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 |
Contact Points
|
Company Name: |
Forward Apparel Trading Limited |
|
Supplied Name: |
FORWARD APPAREL TRADING LIMITED |
|
Trading Address: |
6th
Floor, Li Fung Tower, 888 Cheung Sha Wan Road, Kowloon, Hong Kong. |
|
Supplied Address: |
6/F,LI FUNG TOWER 888 CHEUNG SAN WAN ROAD
KOWLOON, HONGKONG |
Note: The exact name
and address are as above.
Company Identification Details
|
Registered Name: |
|
|
Registered
Address: |
6th Floor, Li Fung Tower, 888 Cheung Sha Wan Road, Kowloon,
Hong Kong. |
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Telephone
Number: |
+852-2313-0111 |
|
Fax Number: |
+852-2311-3721/852-2723-2381 |
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Date of
Registration: |
2008-6-13 |
|
Registered
Number: |
1247029 |
|
Business
Registration No.: |
39655377 |
|
Paid-up Capital: |
HKD 1,300,000
(USD 167,700) = 1,300,000 Shares @ HKD 1 (As of 2015.2, 1
HKD = 0.129 USD) |
|
Legal Form: |
Private Limited
Liability Company |
|
SITC Code: |
65134-cotton
yarn (other than sewing thread), containing less than 85% by weight of
cotton, not for retail sale (kg) |
|
Principal
Activities: |
Trading of
fabric |
|
Staff: |
N/A |
|
Listed at Stock
Exchange: |
No |
|
Date of Last
Annual Return: |
2014-6-13 |
Note: Subject declined to disclose its staff number, and from other source we
can’t obtain the information, either.
History
Subject was incorporated on 2008-6-13 with the
registered number 1247029 as Private Limited Liability Company in Hong Kong.
Change of Name:
|
Date |
Change |
|
2014-12-19 |
Forward Apparel
Trading Limited |
|
2008-9-2 |
KTC Trading
(Hong Kong) Co. Limited |
|
2008-8-26 |
KTC Trading (Hong
Kong) Co. Limited |
|
2008-6-13 |
Super Boom
Holdings Limited |
Corporate Structure
Major Related Companies:
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1 |
|
|
Name: |
Kanematsu Textile Corporation |
|
Tel: |
+81-3-5423-6300 |
|
Fax: |
+81-3-5423-6374 |
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2 |
|
|
Name: |
KTC Trading (Shanghai) Co., Ltd. |
|
Address: |
Room 1002, 10/F, Lifung Plaza Tower, 2000
Yishan Road, Shanghai, 201103, China |
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Tel: |
+86-21-3462-7233 |
|
Fax: |
+86-21-3462-7055 |
|
3 |
|
|
Name: |
Fenix International (Suzhou) Co., Ltd. |
|
Address: |
4/F, Chuangye Building, No.625, Binhe Road,
New District, Suzhou, 215011, China |
|
Tel: |
+86-512-6841-3191 |
|
Fax: |
+86-512-6841-3190 |
|
4 |
|
|
Name: |
Kanematsu Textile USA Inc. |
|
Address: |
500 7th Avenue, 6th Floor, New York, NY
10018 |
|
Tel: |
+1-646-943-8512 |
|
Fax: |
+1-212-840-3655 |
|
5 |
|
|
Name: |
|
|
6th Floor, Li Fung Tower, 888 Cheung Sha Wan
Road, Kowloon, Hong Kong. |
|
|
Date of Registration: |
618581 |
|
Registered Number: |
1997-7-28 |
|
Telephone Number: |
+852-2313-0111 |
|
Fax Number: |
+852-2311-3721/852-2723-2381 |
Shareholders
|
Subscription
Shares |
Proportion of
Investment (%) |
|
|
KTF Holdings
Limited |
1,300,000 |
100% |
|
Total |
1,300,000 |
100% |
Major Shareholder Information:
|
Name: |
KTF Holdings
Limited |
|
Address: |
P.O. Box 957,
Offshore Incorporations Centre, Road Town, Tortola, British Virgin Island |
Management Information
Core Management
Detailed Information of Directors:
|
1 |
|
|
Name: |
Flanz William
Winship |
|
Address: |
Suite 3308,
Parkside, Pacific Place, Admiralty, Hong Kong |
|
Position: |
Director |
|
ID Number: |
XD697206(9) |
|
2 |
|
|
Name: |
Fung Kwok King,
Victor |
|
Address: |
32A, The Harbourview,
11 Magazine Gap Road, Hong Kong |
|
Position: |
Director |
|
ID Number: |
B928347(7) |
|
3 |
|
|
Name: |
Keung Ping So |
|
Address: |
15A Banyan
Mansion, Tai Koo Shing, Hong Kong |
|
Position: |
Director |
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Passport Number: |
504751650 |
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Issuing Country: |
Britain |
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4 |
|
|
Name: |
Lee Ching Yee,
Brian Donald |
|
Address: |
28B, The
Harbourview, 11 Magazine Gap Road, Hong Kong |
|
Position: |
Director |
|
ID Number: |
K491045(1) |
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5 |
|
|
Name: |
Osakabe Ryoichi |
|
Address: |
1283-241 Yawatano,
Ito Shizuoka, Japan |
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Position: |
Director |
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Passport Number: |
TK0528181 |
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Issuing Country: |
Japan |
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6 |
|
|
Name: |
Yasuda Makoto |
|
Address: |
Homat West 230,
3-15-11 Roppongi, Minato-ku, Tokyo 106-0032, Japan |
|
Position: |
Director |
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Passport Number: |
TK1986422 |
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Issuing Country: |
Japan |
|
7 |
|
|
Name: |
Chan Chik Ching,
Olivia |
|
Address: |
6th
Floor, Lifung Tower, 888 Cheung Sha Wan Road, Kowloon, Hong Kong |
|
Position: |
Secretary |
|
ID Number: |
D584264(7) |
Operation Information
Offices &
Factories
|
|
Office |
|
Address: |
6th
Floor, Li Fung Tower, 888 Cheung Sha Wan Road, Kowloon, Hong Kong. |
Premises
Information
· The subject is located at 6th Floor, Li Fung Tower, 888 Cheung Sha Wan Road, Kowloon, Hong Kong. According to subject’s current trading address, we did not find any premises information from local land registry; from other source we can not obtain any relevant information, either.
Production
Information
· Subject is a trader of fabric, etc without any production activities.
Purchase
Information
· Subject’s products are purchased from China, Japan, South Korea and etc.
Sales Information
· Subject is engaged in trading of fabric, etc.
Subject’s
products are fabric, such as yarn-dyed cotton, canvas and linen dyed, etc,
garment and etc.
Subject’s
main sales regions are domestic market, Indonesia, Japan, Italy and United
States, etc.
Subject’s
main customers are garment manufacturers, wholesalers and retailers of textile,
etc.
Settlements
PURCHASE
Domestic Purchase
|
Products |
Fabric, etc. |
|
Payment Terms |
T/T, Cash, etc. |
Import
|
Products |
Fabric, etc. |
|
Payment Terms |
L/C, T/T, etc. |
Domestic Markets
|
Product |
Fabric, etc. |
|
Selling Terms |
T/T, Cash, etc. |
Export
|
Product |
Fabric, etc. |
|
Selling Terms |
L/C, T/T, etc. |
Financial Information
The subject has no
obligation to supply its financial statement to the third party according to the
relevant policy in Hong Kong and the only source from which we can obtain the
information is the subject itself.
Subject’s relevant staff Mr. Lam rejected to
disclose the financial information; from other sources we could not obtain such
information, either.
Bankers
Subject declined to disclose its bank details; from other source we
could not obtain the relevant information, either.
Public
Mortgage Record
No mortgage record of subject was found.
Lawsuits
Up to now, no present or latent litigation of
the subject has been found.
|
High Court
Action: |
Clear |
|
High Court
Baukufty Bankruptcy Proceedings: |
Clear |
|
High Court
Commercial Action: |
Clear |
|
High Court
Construction & Arbitration Proceedings: |
Clear |
|
High Court
Companies Winding-Up: |
Clear |
Special Note
Interview Details
|
Department: |
Sales Department
|
Industry Information
Unit: HKD/000
|
|
2014.05 |
2014.01~2014.05 |
||
|
|
Quantity |
Value |
Quantity |
Value |
|
Imports |
||||
|
The Mainland of China |
3,633,723 |
189,964 |
16,483,634 |
808,595 |
|
India |
23 280 |
707 |
82,732 |
2,762 |
|
Korea |
36,858 |
1,108 |
687,887 |
22,132 |
|
Taiwan |
293,320 |
7,651 |
4,415,713 |
101,385 |
|
Exports |
||||
|
The Mainland of China |
4,422,781 |
231,556 |
23,891,823 |
1,049,462 |
|
Cambodia |
33,208 |
1,489 |
68,990 |
2,816 |
|
Romania |
6,668 |
296 |
13,980 |
596 |
|
Taiwan |
6,221 |
235 |
56,274 |
1,349 |
External Trade
Information:
External
Merchandise Trade Aggregate Figures
Unit: HKD/ Million
|
|
Imports |
Domestic Exports |
Re-exports |
Total exports |
Year-on-year % change of Total exports |
Merchandise trade balance |
|
2011 |
3,764,596 |
65,662 |
3,271,592 |
3,337,253 |
+10.1 |
-427,343 |
|
2012 |
3,912,163 |
58,830 |
3,375,516 |
3,434,346 |
+2.9 |
-477,817 |
|
2013 |
4,060,717 |
54,364 |
3,505,322 |
3,559,686 |
+3.6 |
-501,031 |
|
2013.03 |
340,857 |
5,073 |
286,638 |
291,711 |
+11.2 |
-49,146 |
|
2013.04 |
332,963 |
4,503 |
285,763 |
290,267 |
+9.0 |
-42,696 |
|
2013.05 |
335,809 |
4,818 |
286,724 |
291,542 |
-1.0 |
-44,267 |
|
2013.06 |
327,309 |
4,476 |
273,161 |
277,637 |
-0.2 |
-49,673 |
|
2013.07 |
342,565 |
4,783 |
300,630 |
305,413 |
+10.6 |
-37,152 |
|
2013.08 |
347,059 |
4,932 |
302,558 |
307,490 |
-1.3 |
-39,570 |
|
2013.09 |
359,841 |
4,395 |
313,436 |
317,830 |
+1.5 |
-42,010 |
|
2013.10 |
361,196 |
4,458 |
318,686 |
323,144 |
+8.8 |
-38,052 |
|
2013.11 |
370,104 |
4,587 |
320,935 |
325,522 |
+5.8 |
-44,581 |
|
2013.12 |
365,228 |
4,596 |
306,281 |
310,877 |
0.0 |
-54,351 |
|
2014.01 |
323,436 |
4,299 |
299,157 |
303,456 |
-0.4 |
-19,979 |
|
2014.02 |
266,587 |
3,276 |
209,638 |
212,914 |
-1.3 |
-53,673 |
|
2014.03 |
351,889 |
5,120 |
296,403 |
301,523 |
+3.4 |
-50,365 |
|
2014.04 |
340,972 |
4,867 |
280,816 |
285,682 |
-1.6 |
-55,290 |
|
2014.05 |
348,323 |
5,299 |
300,673 |
305,973 |
+4.9 |
-42,350 |
|
2014.06 |
352,316 |
4,802 |
304,409 |
309,211 |
+11.4 |
-43,105 |
*Total exports figures have been rounded to the nearest final digit after
summing up the constituent trade figures.
Attachment
We made an on-site visit to the supplied
address and confirmed subject located at the address.
But the security guard prevented us from
taking photos in the building; we tried our best to take photo for the
appearance of the building.
Li Fung Tower,888 Cheung Sha Wan Road,
Kowloon, Hong Kong.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.43 |
|
|
1 |
Rs.95.02 |
|
Euro |
1 |
Rs.70.63 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
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|
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.