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Report No. : |
306527 |
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Report Date : |
13.02.2015 |
IDENTIFICATION DETAILS
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Name : |
LT APPAREL GROUP
HK LTD. |
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Registered Office : |
Flat P, 11/F., Kaiser Estate, Phase III, |
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Country : |
Hongkong |
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Date of Incorporation : |
15.07.2008 |
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Com. Reg. No.: |
39559963 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Piecegoods, Garments. |
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No. of Employees : |
30. (Including
Associate) |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hongkong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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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 |
LT APPAREL GROUP HK LTD.
ADDRESS: Flat P, 11/F., Kaiser
Estate, Phase III, 11 Hok Yuen Street, Hunghom,
Kowloon, Hong
Kong.
PHONE: 852-2751 8622
FAX: 852-2751 8655
Managing Director: Mr. Anand
Subramanian
Incorporated on: 15th July, 2008.
Organization: Private Limited
Company.
Issued Share Capital: HK$10,000.00
Business Category: Garment
Trader.
Annual Turnover: US$800-820
million.
Employees: 30.
(Including
associate)
Main Dealing Banker: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking
Relation: Good.
Registered Head
Office:-
Flat P, 11/F., Kaiser Estate, Phase III, 11 Hok Yuen Street, Hunghom,
Kowloon, Hong Kong.
Holding Company:-
Lollytogs Ltd., US.
Associated
Companies:-
Auto Apparel Ltd., Hong Kong.
Community Textiles (Shenzhen) Corporation Ltd., Hong Kong.
Community Textiles Corporation Ltd., Hong Kong.
Comtextile (H.K.) Ltd., Hong Kong.
Fashion Garments 2 Co. Ltd., Vietnam.
Fashion Garments Co. Ltd., Vietnam.
Gangmei Textile Products (Shanghai) Co. Ltd., China.
Grace Choice International Ltd., Hong Kong.
LT Apparel Group, US.
LT Apparel Pvt. Ltd., India.
Regency Garments Ltd., Bangladesh.
Hirdaramani Group of Companies.
Affiliated
Company:-
Community Textiles (Shenzhen) Corporation Ltd., China.
39559963
1256746
Managing Director: Mr. Anand
Subramanian
HK$10,000.00
(As per registry
dated 15-07-2014)
|
Name |
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No. of shares |
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Lollytogs Ltd. 100 West, 33rd Street, Suite 1012, New York 10001, U.S.A. |
|
10,000 ===== |
(As per registry
dated 16-12-2014)
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Name (Nationality) |
Address |
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Anand SUBRAMANIAN |
3301 Burj A1 Salam, Sheikh Zayed Road, Dubai, United Arab Emirates. |
(As per registry
dated 15-07-2014)
|
Name |
Address |
Co. No. |
|
Fansway Secretaries Ltd. |
Room 1009-1012, 10/F., K Wah Centre, 191 Java Road, North Point,
Hong Kong. |
0048960 |
The subject was incorporated on 15th July, 2008 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: Garment Trader.
Lines: Piecegoods,
Garments.
Employees: 30. (Including associate)
Commodities Imported: Taiwan,
China, South Korea, Vietnam, etc.
Markets: US, Canada, Europe, Asian countries, etc.
Annual Turnover: US$800-820
million.
Terms/Sales: L/C or as per
contracted.
Terms/Buying: As per contracted.
Issued Share Capital: HK$10,000.00
Profit or Loss: Making a small
profit every year.
Condition: Keeping in an
active and satisfactory manner.
Facilities: Making active use
of general banking facilities.
Payment: Met trade
commitments as required.
Commercial Morality: Satisfactory.
Banker: Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
LT Apparel Group HK Ltd. is a wholly-owned subsidiary of Lollytogs Ltd.
which is a US-based company.
The subject is a member of LT Apparel Group [LT Apparel/Group].
Founded over 50 years ago, LT Apparel is a privately held company. It designs, sources and markets apparels and
accessories throughout the United States.
It has cultivated a strong portfolio of licensed and owned brands which
are the basis of its company.
LT Apparel sells over 2,300 accounts with over 20,000+ individual
householders. Its strengths are its
singular focus on the retailer, the customer and total brand management. Through its continual investment in its
infrastructure, it has set up a number of associated companies and factories.
LT Apparel works directly with each retailer and licensor to ensure that
its brands are welcome by customers.
LT Apparel has a 600,000-square-foot state of the art distribution
centre located in Dayton, NJ, the United States with the ability to process
50,000 cartons per day.
Currently, LT Apparel is handling the following brand names:
Fashion
Brands:
· French Toast Baby
French
Toast Fashion
Healthtex
Licensed
Brands:
· Adidas
Carhartt
Lee
Uniforms
School
Uniform Brands:
· @Class
French
Toast Official School Wear
LT Apparel has a group of companies known as Comtex factory group. Comtex factory group (a partnership with the
Hirdaramani group) is one of the largest manufacturers of men’s, women’s and
children’s apparel in the world. Comtex
factory group has been equipped with the followings:-
· Wholly owned global offices, factory and distribution centre network.
Product
design & development/tracking/fabric development/technical design.
Full
quality assurance team.
Global
information system and web based data exchange.
Comtex factory group has over 6,000 employees in Bangladesh, 3,000
employees in Vietnam and other supporting centres.
Comtex is a joint venture between the LT Apparel Group and the
Hirdaramani Group of Companies, a Sri Lankan based apparel manufacturer for
well over 50 years.
The entities own factories in Vietnam, Bangladesh and Sri Lanka and
manage a network of 8 buying offices throughout Asia and South East Asia.
The history of the subject is over six years and seven months.
On the whole, consider the subject good for normal credit requirements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.43 |
|
|
1 |
Rs.95.02 |
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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 |
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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 |
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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.