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MIRA INFORM REPORT
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Report No. : |
510089 |
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Report Date : |
28.05.2018 |
IDENTIFICATION DETAILS
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Name : |
TWB INVESTMENTS LIMITED |
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Registered Office : |
27/F., CEO Tower, 77 Wing Hong Street, Cheung Sha Wan, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.09.2015 |
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Com. Reg. No.: |
65268273 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of All Kinds of Watches. |
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No. of Employees : |
25 (Head Office Only) |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with moderate
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous
Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
Excess liquidity, low interest rates and a tight housing supply have caused Hong Kong property prices to rise rapidly. The lower and middle-income segments of the population increasingly find housing unaffordable.
Hong Kong's open economy has left it exposed to the global economic situation. Its continued reliance on foreign trade and investment makes it vulnerable to renewed global financial market volatility or a slowdown in the global economy.
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 surged from 4.5 million in 2001 to 47.3 million in 2014, outnumbering visitors from all other countries combined. After peaking in 2014, overall tourist arrivals dropped 2.5% in 2015 and 4.5% in 2016. The tourism sector rebounded in 2017, with visitor arrivals rising 3.2% to 58.47 million. Travelers from Mainland China totaled 44.45 million, accounting for 76% of the total.
The Hong Kong Government is promoting the Special Administrative Region (SAR) as the preferred business hub for 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, RMB trade settlement is allowed, and investment schemes such as the Renminbi Qualified Foreign Institutional Investor (RQFII) Program was first launched in Hong Kong. Offshore RMB activities experienced a setback, however, after the People’s Bank of China changed the way it set the central parity rate in August 2015. RMB deposits in Hong Kong fell from 1.0 trillion RMB at the end of 2014 to 559 billion RMB at the end of 2017, while RMB trade settlement handled by banks in Hong Kong also shrank from 6.8 trillion RMB in 2015 to 3.9 trillion RMB in 2017.
Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 66% 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. 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 (CEPA), adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, which took effect in March 2015, cover a negative list and a most-favored treatment provision. On the basis of the Guangdong Agreement, the Agreement on Trade in Services signed in November 2015 further enhanced liberalization, including extending the implementation of the majority of Guangdong pilot liberalization measures to the whole Mainland, reducing the restrictive measures in the negative list, and adding measures in the positive lists for cross-border services as well as cultural and telecommunications services. In June 2017, the Investment Agreement and the Agreement on Economic and Technical Cooperation (Ecotech Agreement) were signed under the framework of CEPA.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Hong Kong- Shenzhen Stock Connect the Mutual Recognition of Funds, and the Bond Connect scheme are all important steps towards opening up the Mainland’s capital markets and have reinforced Hong Kong’s role as China’s leading offshore RMB market. Additional connect schemes such as ETF Connect (for exchange-traded fund products) are also under exploration by Hong Kong authorities. In 2017, Chief Executive Carrie LAM announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Note
Your given address “Unit 401, 4/F., New East Ocean Centre,
9 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.” Belongs to International Watch Group Ltd.
which is one of the holding companies of the subject.
Company
name & address
TWB INVESTMENTS
LIMITED
ADDRESS: 27/F., CEO Tower, 77 Wing
Hong Street, Cheung Sha Wan, Kowloon, Hong Kong.
PHONE: 852-2411 3567
FAX: 852-3585 2083
MANAGEMENT
Managing Director: Mr. Tung Wai
Hin
SUMMARY
Incorporated on: 19th September, 2015.
Organization: Private Limited Company.
Issued Share Capital: US$5,000,000.00
Business Category: Watch
Trader.
Group Revenue: HK$2,762.9 million (Year ended 30-06-2017)
Employees: 25 (Head Office Only)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
TWB INVESTMENTS
LIMITED
ADDRESS
Registered Head
Office:-
27/F., CEO Tower, 77 Wing Hong Street, Cheung Sha Wan, Kowloon, Hong
Kong.
Holding Company:-
Fame Choice Ltd., Hong Kong. (Same address)
Ultimate Holding
Company:-
Time Watch Investments Ltd., Cayman Islands/Hong Kong.
Associated/Affiliated
Companies:-
Fortune Concept Ltd., Hong Kong.
Good Base Evertime Ltd., Hong Kong.
ILG of Switzerland Ltd., Switzerland.
International Watch Group Ltd., Hong Kong.
PT Far East Ltd., Hong Kong.
Swiss Fashion Time GmbH, Switzerland.
Swiss Watch Group DWC LLC, U.A.E.
Time Watch Investments Group of Companies.
etc.
BUSINESS
REGISTRATION NUMBER
65268273
COMPANY
FILE NUMBER
2288239
MANAGEMENT
Managing Director: Mr. Tung Wai
Hin
ISSUED
SHARE CAPITAL
US$5,000,000.00 (100 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 19-09-2017)
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Name |
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No. of shares |
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Fame Choice Ltd., Hong Kong. |
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51 |
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International Watch Group Ltd. Unit 401, 4/F., New East Ocean Centre, 9 Science Museum Road,
Tsimshatsui, Kowloon, Hong Kong. |
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49 |
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––– |
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Total: |
100 === |
DIRECTORS
(As per registry dated 19-09-2017)
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Name (Nationality) |
Address |
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Tung Wai Hin |
Flat A, 25/F., Block 2, Cavendish Heights, 33 Perkins Road, Jardines
Lookout, Hong Kong. |
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Pishu Vashdev CHAINANI |
Flat A, 18/F., Mandarin Garden, 12 Man Fuk Road, Kowloon, Hong Kong. |
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Tung Koon Ming |
Flat A, 25/F., Block 2, Cavendish Heights, 33 Perkins Road, Jardines
Lookout, Hong Kong. |
SECRETARY
(As per registry dated 19-09-2017)
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Name |
Address |
Co. No. |
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Beas Company Secretarial Services Ltd. |
20/F., Euro Trade Centre, 21-23 Des Voeux Road Central, Hong Kong. |
0065366 |
HISTORY
The subject was incorporated on 19th September, 2015 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.
OPERATIONS
Activities: Watch
Trader.
Lines: All
kinds of watches.
Employees: 25
(Head office only)
Commodities Imported: China,
Europe, etc.
Markets: Other
Asian countries,, Europe, North America, South America, Middle East, Australia,
etc.
Group Revenue: HK$1,912.2
million (Year ended 30-06-2013)
HK$2,402.4 million (Year ended 30-06-2014)
HK$2,652.6 million (Year ended 30-06-2015)
HK$2,606.6 million (Year ended 30-06-2016)
HK$2,762.9 million (Year ended 30-06-2017)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL
INFORMATION
Issued Share Capital: US$5,000,000.00
(100 fully paid ordinary shares)
Group Profit Attributable to Shareholders:
HK$213.6 million (Year ended 30-06-2013)
HK$309.9 million (Year ended 30-06-2014)
HK$336.8 million (Year ended 30-06-2015)
HK$296.3 million (Year ended 30-06-2016)
HK$235.7 million (Year ended 30-06-2017)
Profit or Loss: Group
business is profitable.
Condition: Business
is active.
Facilities: Making rather active use of
general banking facilities.
Payment: Regular.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
GENERAL
TWB investments Limited is jointly held by the following two
companies: Fame Choice Ltd., holding 51%
interests; International Watch Group Ltd., holding 49%.
Fame Choice is a subsidiary company of Time Watch Investments Ltd. Time Watch Investments Limited (the “Company”
or “Time Watch”) and its subsidiaries (collectively, the “Group”) are the
leading manufacturer, brand-owner and retailer of watches in China national
brand watch market.
Time Watch is a listed company in Hong Kong bearing stock code 2033.
Established in 1988, the Group’s core proprietary brand, Tian Wang, has
been developed into a well-known brand in China. Another proprietary brand of the Group,
Balco, which was initially registered in Switzerland in 1986 by an independent
third party and acquired by the Group in 2002, offers Swiss-made watches
targeting younger mid-income consumers in China.
The Group is currently organised into five operating divisions:
Tian Wang Watch Business – Manufacturing, trading and retailing business
of owned brand watches – Tian Wang Watch;
Balco Watch Business – Trading and retailing business of owned brand
watches – Balco Watch;
Watch Movements Trading Business – Trading of watch movements;
Other Brands (PRC) Business – Retailing business of imported watches
mainly of well-known brands; and
Other Brands (Global) Business – Global distribution of owned and
licensed international brands of watches.
For the year ended 30th June, 2017, revenue of the Group increased by
approximately HK$156.3 million or approximately 6.0% from approximately
HK$2,606.6 million for FY2016 to approximately HK$2,762.9 million for
FY2017. Profit attributable to
shareholders amounted to HK$235.7 million, decreased by 20.5% as compared with
HK$296.3 million in FY 2016.
Revenue of the Group increased by approximately HK$85.3 million or
approximately 6.1% from approximately HK$1,404.2 million for the six months
ended 31st December, 2016 (“1HFY2017”) to approximately HK$1,489.5 million for
the six months ended 31st December, 2017 (“1HFY2018”).
Profit attributable to shareholders in 1HFY2018 amounted to HK$146.2
million, increased by 44.0% as compared with HK$101.5 million in 1HFY2017.
The subject is fully supported by the Group. History in Hong Kong is over two years and
eight months.
On the whole, consider the subject good for normal credit requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 68.26 |
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1 |
INR 91.22 |
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Euro |
1 |
INR 79.88 |
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HKD |
1 |
INR 8.59 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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PRA |
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Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.