|
Report No. : |
344927 |
|
Report Date : |
17.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
LI & FUNG (TRADING) LTD. |
|
|
|
|
Registered Office : |
LiFung Tower, 888 Cheung Sha Wan Road, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
06.03.1973 |
|
|
|
|
Com. Reg. No.: |
03835715 |
|
|
|
|
Legal Form : |
Private Limited
Company |
|
|
|
|
Line of Business : |
Export Trading of Men’s, ladies and children’s knit and woven wears, garments, fashion accessories, handicrafts, fireworks and firecrackers, plastic flowers, electronic and metal products, toys and games, sporting goods, timepieces, sundries and Investment Holding |
|
|
|
|
No. of Employee : |
500. (Including Associates) 25,065 (Group)
(As at 30-06-2015) |
RATING & COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
|
Source
: CIA |
LI
& FUNG (TRADING)
LTD.
(Business Name: LF
BEAUTY)
LiFung Tower, 888
Cheung Sha Wan Road, Kowloon, Hong Kong.
PHONE: 852-2300 2300, 2300 2333,
2300 5000, 2300 4343
FAX: 852-2300 2000, 2300 2020,
2300 5767
E-MAIL: biancatang.adm@lifung.com.hk
Group
Chairman: Dr. Fung Kwok Lun, William
Incorporated
on: 6th
March, 1973.
Organization: Private
Limited Company.
Issued Share
Capital: HK$10,000,200.00
Business Category: Trading and Investment Holding.
Group
Turnover: US$19,288,499,000 (Year
ended 31-12-2014)
Company
Employees: 500. (Including associates)
Group
Employees: 25,065. (As at
30-06-2015)
Main Dealing
Bankers: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Citibank
N.A., Hong Kong Branch.
Banking
Relation: Very Good.
Registered Head Office:-
LiFung Tower, 888
Cheung Sha Wan Road, Kowloon, Hong Kong.
Garment Purchasing Division:-
1/F. - 5/F., Unit
A & B on 6/F. & 7/F., Hong Kong Spinners Industrial Building, Phase I
& II, 800 Cheung Sha Wan Road, Kowloon, Hong Kong.
Mailing Address:-
P.O. Box 150 &
7988, Hong Kong.
Business Name:-
LF Beauty, Hong
Kong. [BR No. 03835715-006]
Immediate Holding Company:-
Li & Fung
(B.V.I.) Ltd., British Virgin Islands.
Penultimate Holding Company:-
Li & Fung
Ltd., Bermuda/Hong Kong.
Ultimate Holding Company:-
Fung Holdings
(1937) Ltd., Hong Kong.
Associated/Affiliated Companies:-
Li & Fung Group of Companies
888 UK Ltd., England.
AGI Logistics (S)
Pte Ltd., Singapore
AGI Logistics
Foreign Holdings LLC, U.S.A.
Algreta Solutions
Ltd., England.
Alster
International Trading Co. Pte. Ltd., Singapore.
Appleton Holdings
Ltd., British Virgin Islands.
B.G.S. Ltd.,
Thailand.
Black Cat
Fireworks Ltd., England.
Blue Work Trading
Co. Ltd., Hong Kong.
Bond Medical Co.
Ltd., Macau.
Bossini Fashion
GmbH, Germany.
BS Direct Ltd.,
Hong Kong.
C Group US LLC,
U.S.A.
Camberley
Enterprises Ltd., Hong Kong.
Camberley Trading
Service (Shenzhen) Ltd., China.
Catalyst Direct
Sarl, France.
Catalyst Tags
Inc., U.S.A.
Centennial
(Luxembourg) S.a.r.l., Luxembourg.
CGroup HK Ltd.,
Hong Kong.
Character Direct
Ltd., Hong Kong.
Chuan Jui Chuan
Logistics Co. Ltd., Taiwan.
Chuan Jui Fu
Logistics Co. Ltd., Taiwan.
Colby Group
Holdings Ltd., British Virgin Islands.
Colby Property
Holdings Ltd., British Virgin Islands.
Colourful Express
Trading Pte. Ltd., Singapore.
Comet Feuerwerk
GmbH, Germany.
Concept 3 Ltd.,
Hong Kong.
Covo Design
(Dongguan) Co. Ltd., China.
Crimzon Rose
Accessories (Shenzhen) Co. Ltd., China.
Crimzon Rose Asia
Ltd., Hong Kong.
Dana International
Ltd., Hong Kong.
Definitive
Sourcing (India) Private Ltd., India.
Direct SG Mexico
Ltd., Mexico.
Direct Sourcing
Group Holdings Ltd., British Virgin Islands.
Direct Sourcing
Group Investment Ltd., British Virgin Islands.
Direct Sourcing
Group Pte. Ltd., Singapore.
Dodwell
(Mauritius) Ltd., Hong Kong.
Dodwell
(Singapore) Pte. Ltd., Singapore.
Dongguan LF Beauty
Manufacturing Services Ltd., China.
DSG (Bangladesh)
Ltd., Bangladesh.
DSG (Hong Kong)
Ltd., Hong Kong.
DSG (Shenzhen)
Ltd., China.
DSG (US) Inc.,
U.S.A.
DSG Services Pte.
Ltd., Singapore.
Eclat Properties
Inc., British Virgin Islands.
Empire Knight
Group Ltd., British Virgin Islands.
Far East Logistics
(Shenzhen) Co. Ltd., China.
Fashion Design
(Hong Kong) Ltd., Hong Kong.
Fashion Design NY
LLC, U.S.A.
Fenix Fashion
Ltd., Hong Kong.
Fireworks
Management Inc., U.S.A.
Fleet Co. Ltd.,
Macau.
Forrestgrove Ltd.,
Hong Kong.
Four Star Co.
Ltd., Macau.
Four Star
Construction and Engineering Co. Ltd., Macau.
GB Apparel Ltd.,
England.
GMR (Hong Kong)
Ltd., Hong Kong.
Golden Gate
Fireworks Inc., U.S.A.
Golden Horn N.V.,
Netherlands.
Goodwest
Enterprises Ltd., Hong Kong.
GSCM (HK) Ltd.,
Hong Kong.
GSCM LLC, U.S.A.
Gulf Coast
Fireworks Sales LLC, U.S.A.
Hanson Im-und
Export GmbH, Germany.
Heusel
Textilhandelsgesellschaft mbH, Germany.
Homeworks Asia
Ltd., Hong Kong.
HTL Fashion (UK)
Ltd., England.
HTL Fashion Hazir
Giyim Sanayi ve Ticaret Ltd. Sirketi, Turkey.
HTP Fashion Ltd.,
Hong Kong.
Icare Health Care
Co. Ltd., Macau.
IDS Corporate
Services (S) Pte. Ltd., Singapore.
IDS Group Ltd.,
British Virgin Islands.
IDS International
(Shanghai) Co. Ltd., China.
IDS International
USA Inc, U.S.A.
IDS Manufacturing Ltd.,
Thailand.
IDS Manufacturing
Sdn. Bhd., Malaysia.
Imagine POS Ltd.,
Hong Kong.
Imagine POS UK
Ltd., England
Integrated
Distribution Services Group Ltd., Bermuda.
International
Sources Trading Ltd., Hong Kong.
JAC TISSOT
Solutions GmbH, Germany.
Jackel Cosmetics
Ltd., Hong Kong.
Jackel France SAS,
France.
Jackel Inc.,
U.S.A.
Jackel
International (Asia) Ltd., Hong Kong.
Jackel
International Europe SAS, France.
JDH Marketing
(Thailand) Ltd., Thailand.
Just Jamie and
Paulrich Ltd., England.
JV Cosmetics (Dongguan)
Co. Ltd., China.
JV Cosmetics Co.
Ltd., Hong Kong.
Kariya Industries
Ltd., Hong Kong.
Kenas Pacific
Trading (Pte.) Ltd., Singapore.
Kingsbury
International Ltd., Hong Kong.
Lenci Calzature
SpA, Italy.
LF (Philippines)
Inc., The Philippines.
LF Asia (Borneo)
Sdn Bhd, Brunei.
LF Asia (Hong
Kong) Ltd., Hong Kong.
LF Asia (Malaysia)
Sdn. Bhd., Malaysia.
LF Asia
(Singapore) Pte. Ltd., Singapore.
LF Asia (Thailand)
Ltd., Thailand.
LF Asia
Distribution (Taiwan) Ltd., Hong Kong.
LF Asia Management
Ltd., Hong Kong.
LF Asia Marketing
(Malaysia) Sdn. Bhd., Malaysia.
LF Asia Sebor
(Sabah) Holdings Sdn. Bhd., Malaysia.
LF Asia Sebor
(Sabah) Sdn. Bhd., Malaysia.
LF Asia Sebor
(Sarawak) Holdings Sdn. Bhd., Malaysia.
LF Asia Sebor
(Sarawak) Sdn. Bhd., Malaysia.
LF Beauty
(Shenzhen) Ltd., China.
LF Beauty (UK)
Ltd., England.
LF Beauty Inc.,
U.S.A.
LF Beauty Ltd.,
Hong Kong.
LF Centennial
Ltd., British Virgin Islands.
LF Centennial Pte.
Ltd., Singapore.
LF Centennial
Service (Singapore) Pte. Ltd., Singapore.
LF Centennial
Services (Hong Kong) Ltd., Hong Kong.
LF Corporate
Capital (I) Ltd., British Virgin Islands.
LF Credit Ltd.,
Bermuda.
LF Credit Pte.
Ltd., Singapore.
LF Distribution
Holding Inc., U.S.A.
LF Distribution
Holding Ltd., British Virgin Islands.
LF Distribution
International Holding Ltd., Hong Kong.
LF Distribution
International Inc., U.S.A.
LF Distribution
Ltd., Bermuda.
LF Europe
(Germany) GmbH, Germany.
LF Europe Ltd.,
England.
LF Fashion (Hong
Kong) Ltd., Hong Kong.
LF Fashion Pte. Ltd.,
Singapore.
LF Freight (Hong
Kong) Ltd., Hong Kong.
LF Freight
(Singapore) Pte. Ltd., Singapore.
LF Freight (USA)
LLC, U.S.A.
LF Freight (West)
LLC, U.S.A.
LF Home Ltd., Hong
Kong.
LF International
Inc., U.S.A.
LF Logistics
(Bangladesh) Ltd., Bangladesh.
LF Logistics
(Cambodia) Ltd., Cambodia.
LF Logistics
(China) Co. Ltd., China.
LF Logistics
(Guangzhou) Co. Ltd., China.
LF Logistics (Hong
Kong) Ltd., Hong Kong.
LF Logistics
(India) Private Ltd., India.
LF Logistics
(Taiwan) Ltd., Hong Kong.
LF Logistics
(Thailand) Ltd., Thailand.
LF Logistics (UK)
Ltd., England.
LF Logistics
Holding Ltd., British Virgin Islands.
LF Logistics
Holdings (UK) Ltd., England.
LF Logistics Korea
Ltd., Korea.
LF Logistics Ltd.,
Bermuda.
LF Logistics Management
Ltd., Hong Kong.
LF Logistics
Pakistan (Private) Ltd., Pakistan.
LF Logistics
Services (M) Sdn. Bhd., Malaysia.
LF Logistics
Services Pte. Ltd., Singapore.
LF Men’s Group
LLC, U.S.A.
LF Performance
Services Sdn. Bhd., Malaysia.
LF Products (Hong
Kong) Ltd., Hong Kong.
LF Products
(Shanghai) Ltd., China.
LF Products Pte.
Ltd., Singapore.
LF Sourcing
(Millwork) LLC, U.S.A.
LF Sourcing
Sportswear LLC, U.S.A.
LFCF Investment I
(Europe) Ltd., British Virgin Islands.
LFCF Investment I
(USA) Ltd., British Virgin Islands.
Li & Fung
(Bangladesh) Ltd., Bangladesh.
Li & Fung
(Brasil) Trading Importacao E Exportacao Ltda, Brazil.
Li & Fung
(Cambodia) Ltd., Cambodia.
Li & Fung
(Chile) Limitada, Chile.
Li & Fung
(Europe) Holding Ltd., England.
Li & Fung
(Exports) Ltd., Hong Kong.
Li & Fung
(Guatemala) S.A., Guatemala.
Li & Fung
(Honduras) Ltd., Honduras.
Li & Fung
(India) Private Ltd., India.
Li & Fung
(Korea) Ltd., Korea.
Li & Fung
(Mauritius) Ltd., Mauritius.
Li & Fung
(Morocco) SARL, Morocco.
Li & Fung (Nicaragua)
Sociedad Anonima, Nicaragua.
Li & Fung
(Philippines) Inc., The Philippines.
Li & Fung
(Portugal) Ltd., England.
Li & Fung
(Singapore) Private Ltd., Singapore.
Li & Fung
(Taiwan) Ltd., Taiwan.
Li & Fung
(Thailand) Ltd., Thailand.
Li & Fung
(Vietnam) Ltd., Vietnam.
Li & Fung
Agencia de Compras em Portugal Ltda, Portugal.
Li & Fung
Mumessillik Pazarlama Ltd. Sirketi, Turkey.
Li & Fung
Pakistan (Private) Ltd., Pakistan.
Li & Fung
South Africa (Proprietary) Ltd., South Africa.
Li & Fung
Taiwan Holdings Ltd., Taiwan.
Li & Fung
Trading (Italia) S.r.l., Italy.
Li & Fung
Trading (Shanghai) Ltd., China.
Li & Fung
Trading Service (Guangzhou) Ltd., China.
Li & Fung
Trading Service (Shanghai) Co. Ltd., China.
Li & Fung
Trading Service (Shenzhen) Ltd., China.
Lighthouse Asia
Ltd., Hong Kong.
Lion Rock (Hong
Kong) Ltd., Hong Kong.
Lion Rock Far East
(1972) Ltd., Hong Kong.
Lion Rock
International Trading & Co., Hong Kong.
Lion Rock Services
(Far East) & Co., Hong Kong.
Lion Rock Services
(Switzerland) AG, Switzerland.
Lloyd Textile
Trading Ltd., Hong Kong.
Lornamead
Acquisitions Ltd., England.
Lornamead GmbH,
Germany.
Lornamead Group
Ltd., England.
Lornamead Inc.,
U.S.A.
Lornamead UK Ltd.,
England.
Marshall Fireworks
Inc., U.S.A.
Mercury (BVI) Holdings
Ltd., British Virgin Islands.
Meredith
Associates Ltd., Hong Kong.
Mighty Hurricane
Holdings Inc., U.S.A.
Miles Fashion Asia
Pte. Ltd., Singapore.
Miles Fashion
GmbH, Germany.
Miles Fashion
Group France EURL, France.
Miles Fashion USA
Inc., U.S.A.
Millwork Holdings
Co. Inc., U.S.A.
Modium Konfeksiyon
Sanayi ve Ticaret Abnonim Sirketi, Turkey.
Nanjing LF Asia
Co. Ltd., China.
New Star
Instruments Ltd., Macau.
Ningbo
Penavico-COL International Freight Forwarding Co. Ltd., China.
Ningbo Zhicheng
Customs Brokerage Co. Ltd., China.
On-Tip LLC, U.S.A.
P.T. Lifung
Indonesia, Indonesia
Paco Trading
(International) Ltd., Hong Kong.
PATCH Licensing
LLC, U.S.A.
Perfect Trading
Inc., Egypt.
Peter Black
Footwear & Accessories Ltd., England.
Peter Black Holdings
Ltd., England.
Peter Black
International Ltd., England.
Peter Black
Overseas Holdings Ltd., England.
Phil Henson GmbH,
Germany.
Product
Development Partners Ltd., Hong Kong.
PromOcean France
SAS, France.
PromOcean GmbH,
Germany.
PromOcean No 1 Ltd.,
England.
PromOcean Spain
SL, Spain.
PromOcean The
Netherlands B.V., The Netherlands.
PromOcean UK Ltd.,
England.
PT Direct Sourcing
Indonesia, Indonesia.
PT. IDS Logistics
Indonesia, Indonesia.
PT. LF Asia
Manufacturing Indonesia, Indonesia.
PT. LF Asia
Marketing Indonesia, Indonesia.
PT. LF Services
Indonesia, Indonesia.
Ralsey Group Ltd.,
U.S.A.
Ratners
Enterprises Ltd., British Virgin Islands.
Region Giant
Holdings Ltd., British Virgin Islands.
RT Sourcing
(Shenzhen) Co. Ltd., China.
RT Sourcing Asia Ltd.,
Hong Kong.
RT Sourcing USA
Inc., U.S.A.
Shanghai IDS
Distribution Co., China.
Shanghai IDS
Logistics Co. Ltd., China
Shanghai LF Asia
Healthcare Co. Ltd., China.
Shenzhen Catalyst
Trading Co. Ltd., China.
Shiu Fung
Fireworks Co. Ltd., Hong Kong.
Shiu Fung
Fireworks Trading (Changsha) Ltd., China.
Shubiz Ltd.,
England.
Shutoo Ltd.,
England.
Silvereed (Hong
Kong) Ltd., Hong Kong.
Simkar 2 Ltd.,
Cayman Islands.
Simkar Ltd.,
Cayman Islands.
Sky Million
International Ltd., Hong Kong.
Sports Brands Italia
Ltd., Hong Kong.
STS Shenzhen
Testing Service Ltd., China.
Tantallon
Enterprises Ltd., British Virgin Islands.
Texnorte
II-Industrias Texteis Ltda., Portugal.
Texnorte
Industrial Ltd., Hong Kong.
TH Success Ltd.,
Hong Kong.
Toy Island (USA)
LLC, U.S.A.
Uncle Sam Online
Vertriebs-und Vermarktungsrechte GmbH, Germany.
Upsolut
Merchandising GmbH & Co. KG, Germany.
Ventana
Bekleidungsfabrikation GmbH, Germany.
Visage (Hong Kong)
Ltd., Hong Kong.
Visage Group Ltd.,
England.
Visage Holdings
(2010) Ltd., England.
Visage Holdings
Ltd., England.
Visage Ltd.,
England.
W S Trading Ltd.,
Hong Kong.
Welmed (Macau) Co.
Ltd., Macau.
Whalen LLC, U.S.A.
Whalen Ltd., Hong
Kong.
Wilson Fabric Mart
(China) Ltd., Hong Kong.
Wilson Textile
Ltd., Hong Kong.
Winco Fireworks International
LLC, U.S.A.
Winco Fireworks
Mississippi LLC, U.S.A.
Winco of Tennessee
LLC, U.S.A.
03835715
0032289
Honorary
Chairman: Dr. Fung Kwok King, Victor
Group
Chairman: Dr. Fung Kwok Lun, William
HK$10,000,200.00
(As
per registry dated 06-03-2015)
|
Name |
|
No. of shares |
|
|
|
|
|
Non-voting Deferred |
|
LF
Properties Ltd., Hong Kong. |
|
1 |
20 |
|
Li & Fung (B.V.I.) Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
|
1 |
99,980 |
|
|
|
–– |
––––––– |
|
|
Total: |
2 = |
100,000 ====== |
(As
per registry dated 06-03-2015)
|
Name (Nationality) |
Address |
|
Henry CHAN (Canadian) |
Flat B, 6/F., The Somerset, 67 Repulse Bay
Road, Hong Kong. |
|
Marc Robert
COMPAGNON |
House 76, Cedar Drive, The Redhill
Peninsula, 18 Pak Pat Shan Road, Tai Tam, Hong Kong. |
|
FUNG Kwok King,
Victor (American) |
32A, The Harbourview, 11 Magazine Gap
Road, Hong Kong. |
|
FUNG Kwok Lun,
William (British) |
30 A & B, The Harbourview, 11 Magazine
Gap Road, Hong Kong. |
|
Spencer Theodore
FUNG |
32A, The Harbourview, 11 Magazine Gap
Road, Hong Kong. |
|
Lale KESEBI |
House 143, Palm Drive, The Redhill
Peninsula, 18 Pak Pat Shan Road, Tai Tam, Hong Kong. |
|
LEUNG Wai Ping,
Annabella (British) |
31B, Broadwood Park, 38 Broadwood Road,
Hong Kong. |
|
MOK
Oi Wai, Emily |
House 10, 2nd Street, Hong Lok Yuen, Tai
Po, New Territories, Hong Kong. |
(As
per registry dated 06-03-2015)
|
Name (Nationality) |
Address |
|
WAN Mei Chow, Terry (Chinese) |
11/F., LiFung Tower, 888 Cheung Sha Wan Road, Kowloon, Hong Kong. |
The
subject was incorporated on 6th March, 1973 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at 7/F. - 8/F. & 10/F. - 16/F., Lifung Tower, China
Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong, moved to
LiFung Centre, 888 Cheung Sha Wan Road, Kowloon, Hong Kong in early 1998. The LiFung Centre was renamed as LiFung Tower
in June 1999.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Export Trading and Investment
Holding.
Lines: Men’s, ladies and
children’s knit and woven wears, garments, fashion accessories, handicrafts, fireworks
and firecrackers, plastic flowers, electronic and metal products, toys and
games, sporting goods, timepieces, sundries.
Trade Mark: LI & FUNG.
Company
Employees: 500. (Including associates)
Group Employees: 25,065.
(As at 30-06-2015)
Commodities
imported
from: Imported
and bought from various sources.
Markets: US, Canada, Europe, Australia,
South Africa, Japan, etc.
Group Turnover:-
US$15,912,201,000 (Year ended 31-12-2010)
US$20,030,271,000 (Year ended 31-12-2011)
US$20,221,806,000 (Year ended 31-12-2012)
US$19,025,512,000 (Year ended 31-12-2013) [restated]
US$19,288,499,000 (Year ended 31-12-2014)
US$ 8,709,600,000
(6 months ended 30-06-2014)
US$ 8,625,611,000
(6 months ended 30-06-2015)
Terms/Sales:
Various terms.
Terms/Buying: As
per contracted.
Federation of Hong Kong Industries,
Hong Kong. [Member No. A0202]
The American Chamber of Commerce in Hong Kong.
The Hong Kong Exporters’ Association,
Hong Kong.
[Membership No. 319]
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKL0066]
Issued Share
Capital: HK$10,000,200.00
Group Profit Attributable to
Shareholders:-
US$548,491,000 (Year ended 31-12-2010)
US$681,229,000 (Year ended 31-12-2011)
US$617,416,000 (Year ended 31-12-2012)
US$725,337,000 (Year ended 31-12-2013)
US$441,276,000 (Year ended 31-12-2014)
US$111,421,000 (6 months ended 30-06-2014)
US$148,685,000 (6 months ended 30-06-2015)
Profit or Loss: Group
business is profitable.
Condition: Business is actively conducted.
Facilities: Making active use of general
banking facilities.
Payment: Prompt and reliable.
Commercial
Morality: Very Good.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Citibank N.A.,
Hong Kong Branch.
Dah Sing Bank
Ltd., Hong Kong.
JPMorgan Chase
Bank N.A., Hong Kong Branch.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
The Royal Bank of
Scotland N.V., Hong Kong Branch.
Standing: Very Good.
Li
& Fung (Trading) Ltd. [Li & Fung Trading] is a wholly-owned subsidiary
of Li & Fung Ltd. [Li & Fung] which was incorporated in Bermuda on
25th October, 1991 as a holding company of the Li & Fung Group –
Export Trading Section, and was listed on The Stock Exchange of Hong Kong
Ltd. with stock code 494 in 1992. Li
& Fung has become one of the 33 constituent stocks of the Hong Kong
Hang Seng Index with effect from 2nd August, 2000.
The
Li & Fung Group has been trading since 1906 and is now the market leader
amongst export trading and sourcing companies in Hong Kong and even Asia
Pacific region. Main activity of Li
& Fung is investment holding. Its
subsidiaries are principally engaged in the export of consumer products,
including garments and textiles, fashion accessories, toys and games, sporting
goods, home furnishings, handicrafts, shoes, travel goods and tableware. The Group is also engaged in property
investment, including the development of two industrial parks at Panyu and
Heshan, China. Its biggest markets are
the United States and Western Europe.
Now
the Group is recognized as the world’s leader in consumer goods design,
development, sourcing and distribution.
It manages the supply chain for retailers and brands worldwide with over
300 offices and distribution centres in more than 40 economies spanning across
the Americas, Europe, Africa and Asia. Through its three interconnected
Business Networks – Trading, Logistics and Distribution – Li & Fung offers
a spectrum of services that covers the entire supply chain end-to-end.
The
trading business of the Group is conducted through Li & Fung Trading and
its associates. Li & Fung Trading is
primarily an exporter of a wide variety of goods manufactured in Hong Kong and
acts as a purchasing agent for importer, department stores, chain stores and
specialty stores throughout the world and in particular North America and
Western Europe. Its principal exports
are ready-to-wear garments and textiles, toys, electronic and mechanical
products, artificial flowers, household ware, gift and art items. It is not substantially dependent on any one
of those categories of exports.
Fung
Holdings (1937) Ltd., established in Hong Kong in 1937, is the ultimate holding
company of the Li & Fung Group which is now controlled by Dr. Victor
Fung Kwok King and Dr. William Fung Kwok Lun – the third generation of the
founder. Li & Fung was founded in
Guangzhou, China in 1906 as a traditional Chinese family company engaged in
trading. Fung Holdings (1937) Ltd. is
100%-owned subsidiary of King Lun Holdings Ltd., a private company incorporated
in the British Virgin Islands which is the investment arm of the two Fung
brothers.
The
Li & Fung Group is now a large multinational consumer product trading group
comprising three distinct core businesses: Export Trading – conducted by Li
& Fung Ltd. group, Retailing – conducted by Li & Fung (Retailing) Ltd.
group, and Distribution – conducted by Li & Fung (Distribution) Ltd. group.
The
Group now services its customers globally through a sourcing network of 80
offices in more than 40 economies.
The
Group is also engaged in property investment, including the development of two
industrial parks at Panyu and Heshan, China.
In
FY 2014, the turnover of the Group amounted to US$19,288.5 million (2013:
US$19,025.5 million). Despite the
challenging macro-economic environment, Group turnover increased by 1%.
Turnover
in the Trading Network was stable and the Logistics Network increased
substantially by 66%. Turnover in its US
business was stable for the year, while its European business declined by 1%,
Asian business increased by 14% and the rest of world decreased by 3%.
Profit
attributable to shareholders amounted to US$441.3 million (2013: US$725.3
million).
During
the first half of 2015, turnover of the Group was US$8,625.6 million (same
period of 2014: US$8,709.6 million), held up with a 1% reduction despite its
customers being affected by a subdued macroeconomic and retail environment, as
well as turnover decline in Europe due to currency depreciation. Turnover in the Group’s Trading Network fell
3%.
Core
operating profit decreased by 20% mainly due to the margin decline in the
Trading Network and increase in operating costs from the Logistics Network and
investments made since 2014.
Profit
attributable to shareholders increased by 33% from US$111.4 million to US$148.7
million, which included a non-cash gain of US$60 million on the write-back of
contingent considerations during this period, as compared to US$98 million in
2014, as well as the loss from discontinued operations of US$98 million in 2014
relating to Global Brands. Excluding
results from Discontinued Operations, profit attributable to shareholders
decreased from US$210 million to US$149 million.
As
at 30th June, 2015, the Group had a total workforce of 25,065, of which 6,605
were warehouse-related employees for its logistics and distribution
businesses. In terms of geography, 4,031
of its employees were based in Hong Kong, 9,265 were based in Mainland China
and 11,769 were based overseas.
The
Group owns the whole Lifung Tower which is located at 888 Cheung Sha Wan Road,
Kowloon, Hong Kong. Most of the Group’s
subsidiaries are located at this building.
The total employees of the Group in this building is about 500.
On
the whole, in view of the background and parentage of Li & Fung Trading,
consider it good for normal business engagements.
Brief information of the principal
directors:-
Dr. Victor FUNG Kwok King
(Honorary Chairman, Chairman of Risk Management and Sustainability Committee),
aged 69. Brother of Dr. William
Fung Kwok Lun and father of Mr. Spencer Theodore Fung. Group Chairman of Li & Fung group, a Hong
Kong-based multinational which comprises operating groups engaging in trading,
logistics, distribution and retailing.
They include publicly listed Trinity Ltd, Convenience Retail Asia Ltd,
Global Brands Group Holding Ltd. and the Company. Honorary Chairman of the Company after
stepping down as Group Chairman since May 2012.
Joined the Group in 1973 as Manager and became Managing Director of the
Group’s export trading business in 1977.
Became Group Managing Director in 1981 and Group Chairman in 1989. A director of King Lun Holdings Ltd. and Fung
Holdings (1937) Ltd., which are substantial shareholders of the Company. Holds Bachelor and Master degrees in
Electrical Engineering from the Massachusetts Institute of Technology, and a
Doctorate in Business Economics from Harvard University. An independent non-executive director of Chow
Tai Fook Jewellery Group Ltd. (Hong Kong), Koc Holding A.S. (Turkey) and China
Petrochemical Corporation (People’s Republic of China). Founding Chairman of the Fung Global
Institute, an independent non-profit think-tank based in Hong Kong. A member of the Chinese People’s Political
Consultative Conference. A member of the
Economic Development Commission of the Hong Kong Government. Chairman of the Steering Committee on the
Hong Kong Scholarship for Excellence Scheme from September 2014. Chairman of the Hong Kong Trade Development
Council (1991 - 2000), the
Hong Kong representative on the APEC Business Advisory Council (1996 -
2003), Chairman of the Hong Kong Airport Authority (1999 - 2008), Chairman of
The Council of The University of Hong Kong (2001 - 2009), Chairman of Hong Kong
– Japan Business Co-operation Committee (2004 - 2010), Chairman of the Greater
Pearl River Delta Business Council (2004 – 2013), a member of the Commission on
Strategic Development of the Hong Kong Government (2005 – 2012), Chairman of
ICC (2008 – 2010), a member of WTO Panel on Defining the Future of Trade (2012
– 2013) and a vice chairman of China Centre for International Econonic
Exchanges (March 2009 – October 2014).
Independent non-executive director of Baosteel Group Corporation
(October 2005 – January 2013) and BOC Hong Kong (Holdings) Ltd. (2002 – June
2014). In 2003 and 2010, the Hong Kong
Government awarded Dr. Fung the Gold Bauhinia Star and Grand Bauhinia Medal
respectively for his distinguished service to the community.
Dr. William FUNG Kwok Lun
(Group Chairman), aged 66. Brother of
Dr. Victor Fung Kwok King and uncle of Mr. Spencer Theodore Fung. Group Chairman since May 2012. Executive Deputy Chairman from 2011 to May
2012 and before that, Group Managing Director from 1986 to 2011. Join the Group in 1972 and became a Director
of the Group’s export trading business in 1976.
Graduated from Princeton University with a Bachelor of Science degree in
Engineering. Holds an MBA degree from
the Harvard Graduate School of Business.
Degrees of Doctor of Business Administration, honoris causa, were
conferred by the Hong Kong University of Science & Technology and by
the Hong Kong Polytechnic University. An
independent non-executive director of VTech Holdings Ltd., Shui On Land Ltd., Sun
Hung Kai Properties Ltd., The Hongkong and Shanghai Hotels Ltd. and Singapore
Airlines Ltd. Chairman and non-executive
director of Global Brands Group Holdings Ltd. and a non-executive director of
Convenience Retail Asia Ltd and Trinity Ltd., all within the Fung Group. A director of King Lun Holdings Ltd. and its
wholly owned subsidiary, Fung Holdings (1937) Ltd., substantial shareholders of
Li & Fung. A director of the Fung
Global Institute, an independent non-profit think-tank based in
Hong Kong. Past Chairman of the
Hong Kong General Chamber of Commerce (1994 – 1996), the Hong Kong
Exporters’ Association (1989 – 1991) and the Hong Kong Committee for Pacific
Economic Cooperation (1993 – 2002).
Awarded the Silver Bauhinia Star by the Hong Kong Special
Administrative Region Government in 2008.
Mr. Spencer Theodore FUNG
(Group Chief Executive Officer), aged 41.
Group Chief Executive Officer since 7th July, 2014 and Executive
Director since 2008. Previously Group Chief
Operating Officer (2012 – July 2014), in charge of the global infrastructure of
the Company. Before this, President of
LF Europe, managing the Group’s European distribution business. Joined the Group in 2001. An independent non-executive director of
Swire Properties Ltd. A director of
Young Presidents’ Organization – Hong Kong Chapter Ltd. A member of the General Committee of The Hong
Kong Exporters’ Association and the Board of Trustees at Northeastern
University. Holds a Bachelor of Arts
degree from Harvard College and Master of Science in Accounting and Master in
Business Administration degrees from Northeastern University. A US Certified Public Accountant. The son of Dr. Victor Fung Kwok King,
Honorary Chairman, and nephew of Dr. William Fung Kwok Lun, Group Chairman.
Mr. Marc Robert COMPAGNON
(Executive Director and President of LF Sourcing), aged 56. Executive Director since 1st July 2014. President of LF Sourcing overseeing the
Group’s global agency business for apparel and hard goods. Joined the Group in 2000 at the time of the
acquisition of Colby International Ltd. where he was Chief Merchandising
Officer for 17 years and was responsible for establishing Colby’s global
sourcing network and sales and marketing strategies. Holds a Bachelor of Arts degree from the
University of Vermont. Member of the
Board of Advisors of the School of Business Administration at The University of
Vermont and a founding member of Cotton’s Revolutions. Non-executive chairman of The Abaca Group,
Inc. (Cebu), a hotel and restaurant management group.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.97 |
|
|
1 |
Rs.100.55 |
|
Euro |
1 |
Rs.73.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
HEE |
|
|
|
|
Report Prepared
by : |
ASH |
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 3.99 |
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.