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Report No. : |
324051 |
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Report Date : |
28.05.2015 |
IDENTIFICATION DETAILS
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Name : |
TOM TAILOR SOURCING LTD. |
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Registered Office : |
Unit A, 7/F., Tong Yuen Factory Building, 505 Castle Peak Road, Lai Chi Kok, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.12.2011 |
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Com. Reg. No.: |
59281281 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of All kinds of fashions |
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No of Employees : |
10 |
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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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
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Source
: CIA |
TOM TAILOR
SOURCING LTD.
ADDRESS: Unit A, 7/F., Tong Yuen Factory Building,
505 Castle Peak Road, Lai Chi Kok, Kowloon, Hong Kong.
PHONE: 852-3628 3521
E-MAIL: hr@tom-tailor.com.hk
Managing Director: Mr. Chirikandth
Rajesh Madhavan Kadala
Incorporated on: 21st December, 2011.
Organization: Private Limited
Company.
Issued Share Capital: HK$500,000.00
Business Category: Fashion
Trader.
Employees: 10.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
TOM TAILOR
SOURCING LTD.
Registered Head Office:-
Unit A, 7/F., Tong Yuen Factory Building, 505 Castle Peak Road, Lai Chi Kok,
Kowloon, Hong Kong.
Holding Company:-
Tom Tailor GmbH, Germany.
Associated/Affiliated Companies:-
Ameya (BD) Pvt. Ltd., India.
Asmara America Inc., US.
Asmara Apparel India Pvt. Ltd., India.
Asmara Bangladesh Pvt. Ltd., Bangladesh.
Asmara Canada, Canada.
Asmara Europe GmbH, Germany.
Asmara Far East Ltd., China.
Asmara Home Products India Pvt. Ltd., India.
Asmara Home Products, Vietnam.
Asmara International Ltd., Hong Kong.
Asmara International Ltd., Turkey.
Asmara UK, UK.
Hangzhou Asmara Trading Ltd., China.
P.T. Ameya Livingstyle Indonesia, Indonesia.
P.T. Asmara Home Products Indonesia, Indonesia.
Sahana Creations India Pvt. Ltd., India.
Trendelephant GmbH, Germany.
etc.
59281281
1692802
Managing Director: Mr.
Chirikandth Rajesh Madhavan Kadala
HK$500,000.00
(As per registry
dated 21-12-2014)
|
Name |
|
No. of shares |
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Tom Tailor GmbH Garstedter Weg 14, 22453 Hamburg, Germany. |
|
315,000 |
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Asmara International Ltd., Hong Kong. |
|
185,000 |
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|
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‑‑‑‑‑‑‑‑‑‑‑ |
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Total: |
500,000 ====== |
(As per registry
dated 21-12-2014)
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Name (Nationality) |
Address |
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Chirikandth Rajesh Madhavan KADALA |
Flat C, 36/F., Tower 1, The Belcher’s, 89 Pok Fu Lam Road, Hong Kong. |
|
Jakob Stellan Gunnar ROJENS |
House 02, Valais I Gallen Boulevard, 28 Kwu Tung Road, Kwu Tung, New
Territories, Hong Kong. |
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Dieter HOLZER |
Albertshofen 12, 88212 Ravensburg, Germany. |
(As per registry
dated 21-12-2014)
|
Name |
Address |
Co. No. |
|
Arten Ltd. |
Unit 803, 8/F., Shanghai Industrial Investment Building, 48‑62
Hennessy Road, Wanchai, Hong Kong. |
0668986 |
The subject was incorporated on 21st December, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
The equities of the shareholders changed on 15th December, 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Fashion
Trader.
Lines: All
kinds of fashions, etc.
Employees: 10.
Commodities Imported: China, other
Asian countries, etc.
Markets: Germany,
other European countries, Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$500,000.00
Profit or Loss: Made
a small profit in 2014.
Condition: Business
is normal.
Facilities: Making
active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 500,000 ordinary shares of HK$1.00 each, Tom Tailor
Sourcing Ltd. is jointly owned by Tom Tailor GmbH [TTG], a Germany company
holding 63% interests, and Asmara International Ltd. [AIL], a
Hong Kong-registered company holding 37%.
It is a member of Asmara Group.
The subject is a joint venture between the Germany company and the
Hong Kong company. The equities of
the shareholders changed on 15th December, 2014. The Germany company increased its equity to
63% (formerly was just 51%).
TTG has been partnering with AIL for a very long time. AIL is a member of the Asmara Group of
companies.
TTG is a German fashion retailer and the subject is engaged in sourcing
all kinds of fashions in the Asia Pacific region.
TTG was founded in 1962 in Hamburg.
It mainly provides classic and up-to-date casual wear and accessories
for men, women, young adults and children.
TTG’s clothes are usually priced in the medium price range. Its core markets are Germany, Austria,
Switzerland, the Benelux countries and France.
In 2015, TTG’s products were sold in 250 own retail stores, the Tom
Tailor E-Shop (Germany, Austria and the Netherlands), 160 franchise stores and
1,790 shop-in-shops in 35 countries around the world.
In fiscal year 2011, the Tom Tailor Group generated sales of EUR 411.6
million. Now, its sales ranges from EUR
450 to 500 million.
Dieter Holzer, one of the directors of the subject, is also the CEO of
TTG.
Now, the subject has become a member of Germany public company Tom
Tailor Group.
Now, the subject has had associated companies or associated purchasing
offices in Indonesia, China, India, Bangladesh, Vietnam, Cambodia and Pakistan.
Asmara Group is trading in the following commodities: all kinds of home
products, garments, fashion accessories, trims, fashion jewellery, etc.
Established in 2000 in Indonesia, Asmara has grown into a global
sourcing organisation in the areas of apparel as well as home products.
The beginning of Asmara was small, it just had an office with four
persons in the city of Bogor in Indonesia (about 50 km south of Jakarta, the
capital). Over the following years,
offices were opened in India, Bangladesh, Hong Kong, China, Vietnam,
Turkey, Sri Lanka and Pakistan. The
original product line of apparel was further expanded to include accessories as
well as home products.
Today, with about more than 700 professionals located in nine different
offices worldwide, Asmara is working in close coordination to offer its
customers a wide sourcing platform to cover their broad requirements in
different products and at different price points.
The subject is fully supported by its two holding companies. History in Hong Kong is just over three
years and five months.
On the whole, consider the subject good for normal business engagements
in moderate credit amounts.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs. 63.94 |
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|
1 |
Rs. 98.63 |
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Euro |
1 |
Rs. 69.85 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
DPT |
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 |
-- |
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.