|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
SIXTY ASIA INVESTMENTS LTD. |
|
|
|
|
Registered Office : |
10/F., JOS Tower, Millennium City 2, 378 Kwun Tong Road, Kowloon |
|
|
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Country : |
Hong Kong |
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|
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Date of Incorporation : |
23.08.2011 |
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|
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Com. Reg. No.: |
58946478 |
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|
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Garment Importer, Exporter and Wholesaler of Jackets,
blouses, jeans, dresses, skirts, sweat shirts. |
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No. of Employees : |
70 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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|
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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
|
Source : CIA |
SIXTY
ASIA INVESTMENTS LTD.
10/F., JOS Tower,
Millennium City 2, 378 Kwun Tong Road, Kowloon, Hong Kong.
PHONE: 852-2267 0906, 852-2161 9300
FAX: 852-2267 0669
E-MAIL: paulho@sixtyfareast.com.hk
carmen@sixtyfareast.com.hk
Managing
Director: Ms. Ng Sau Wah
Incorporated on: 23rd August, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$1.00
Business Category: Garment Importer, Exporter and Wholesaler.
Employees: 70. (Including associate and retail shops)
Main Dealing Banker: DBS Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
SIXTY
ASIA INVESTMENTS LTD.
Registered
Head Office:-
10/F., JOS Tower,
Millennium City 2, 378 Kwun Tong Road, Kowloon, Hong Kong.
Holding
Company:-
Sixty Asia
Holdings Ltd., Hong Kong. (Same address)
Associated
Companies:-
Guangzhou Trendy Information Technology Co. Ltd., China.
Miss Sixty Footwear Asia Ltd., Hong Kong. (Same address)
Shanghai Trendy Fashion Trading Co. Ltd., China.
Sixty Asia (HK) Ltd., Hong Kong.
Sixty Far East Ltd., Hong Kong. (Same address)
Trendiano Investments (BVI) Ltd., British Virgin Islands.
Trendy International (Central China) Ltd., Hong Kong.
Trendy International (East China) Ltd., Hong Kong.
Trendy International (HK) Ltd., Hong Kong. (Same address)
Trendy International (Shanghai Corso Como) Ltd., Hong Kong.
Trendy International (Southwest) Ltd., Hong Kong.
Trendy International Investment Ltd., Hong Kong.
58946478
1659561
Managing
Director: Ms. Ng Sau Wah
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$1.00
(As per registry dated 23-08-2013)
|
Name |
|
No.
of share |
|
Sixty Asia Holdings Ltd., Hong Kong. |
|
1 = |
(As per registry dated 23-08-2013)
|
Name (Nationality) |
Address |
|
LI Shanhu |
No. 192, Hui Jing South Road, Guangzhou,
Guangdong, 510640, China. |
|
NG Sau Wah |
Flat D, 10/F., Tower 1, The Astoria, 198
Argyle Street, Kowloon, Hong Kong. |
|
Jacky XU |
No. 192, Huijing Nanlu, Huijing Xincheng,
Guangzhou, Guangdong, China. |
|
LIN Lin |
No. 28, 318 Nong, Xing Guo Road, Shanghai,
China. |
|
Paolo BODO |
Suite 3108, 31/F., Hampton Court, Gateway
Apartments, Harbour City, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated 23-08-2013)
|
Name |
Address |
Co.
No. |
|
RSRB
Secretariat Ltd. |
20/F., Alexandra House, 18 Chater Road, Central, Hong Kong. |
1721104 |
The
subject was incorporated on 23rd August, 2011 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Elite Champion Holdings Ltd., name
changed to the present style on 8th March, 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Garment Importer, Exporter and Wholesaler.
Lines: Jackets, blouses, jeans, dresses, skirts, sweat shirts.
Employees: 70. (Including associate and retail shops)
Commodities Imported: Italy, other European countries, etc.
Markets: Hong Kong, other European countries, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Indebtedness: US$50,000,000 (Total amount outstanding on all mortgages and charges as per last Annual Return dated 23-08-2013)
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
DBS Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Sixty
Asia Investments Ltd. is a subsidiary of Sixty Asia Holdings Ltd. [SAHL], a
Hong Kong-registered firm located at the same address. The subject has had a main associated company
Sixty Far East Ltd. [SFEL], a Hong Kong-registered firm located at the same
address.
SFEL
is a wholly-owned subsidiary of Sixty International S.A. which is a
Luxembourg-based firm. The ultimate
holding company Sixty S.p.A. is an Italy-based firm. It was due to the financial crisis emerged in
the European countries, Sixty S.p.A. had faced financial difficulties and
disposed its Asian business to Trendy International Group [Trendy Group] which
is a China‑based group of companies.
The
key personnel of the subject are Jacky Xu and Mr. Paolo Bodo. The former is a China merchant while the
latter is an Italian who is a Hong Kong ID holder.
SAHL
is the holding company of the Sixty Group which is partly controlled by the
Trendy Group.
The
subject and its associate are trading in the following commodities:-
·
Blouses‚ Jeans‚ Dresses and Skirts;
·
Footwear – Leather;
·
Jacket – Ladies (excluding Ski-Jacket);
·
Jacket – Men (excluding Ski-Jacket);
·
Tee and Sweat Shirts;
·
Other Textile Products.
Sixty
Group is an international fashion company, based in Italy. In 1989, Wicky Hassan, Creative Director and
Co-founder of the Group, had the intuition to create a company where denim and
fashion would coexist in a world without limits and boundaries. Collaborating with Co-founder and CEO Renato
Rossi, they set up the Group with a portfolio comprising several brands.
The
Group’s innovative lines are the distribution of fashions to worldwide
customers in the trendiest boutiques, in department stores and in Sixty
flagship stores.
Sixty
Group is a unique universe divided in two main sectors:-
·
FASHION division - characterized by collections
with a recognizable vocation for research, experimentation and trend setting;
·
The AUTHENTICH wear division - where brands are
identified by strong personality and historical heritage based on a tradition
of high quality, technological garments which respond to specific needs in
urban life, free time and work.
Trendy
Group is chiefly owned by Mr. Jacky Xu who is a billionaire in China.
According
to Forbes Magazine, Jacky Xu ranked the 974th in the Forbes Lists. As of March 2013, his net worth was US$1.5
billion.
Jacky
Xu leads retailer Trendy, one of the most successful home-grown Chinese
businesses to cash in on the country’s spending binge on apparel in recent
years. The best known brands among Xu’s
2,000 shops include Ochirly and Five Plus.
It has teamed up with 10 Corso Como in 2013 to open the Italian fashion
retailer’s first China store in Shanghai.
The new store commenced business in November 2013 in Shanghai.
Trendy
is a designer, distributor and retailer of China’s favourite women’s fashion
lines Ochirly and Five Plus, as well as the leading men’s fashion brand
Trendiano, and Love Ysabel, targeting the children’s market.
In
2012, Trendy International Group acquired the global Miss Sixty brand, Killah
and Energie for Asia Pacific including over 200 points of sale.
Sixty
Group, the owner of the high-end casual wear brand Miss Sixty, plans to raise
about USD75 million through an initial public offering in Hong Kong to expand
its presence in China.
Paolo
Bodo, CEO of Sixty Far East and one of the directors of the subject, said the
group’s China operation, Sixty China, would go public in the city either at the
end of next year or in a couple of years when the company grew bigger.
The
subject is fully supported by the Trendy Group and the Sixty Group. History is just over two years and three
months.
On
the whole, consider it good for normal business engagements in small credit
amounts as its history is short in Hong Kong.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
11-04-2013 |
Instrument: Charge
Over Account Receivables re US$50,000,000 Facility Letter Property: The Chargor
assigns and agrees to assign to the Bank: 1) By way of first floating charge,
all the Chargor’s rights, title & interest to and in all receivables 2) By way of security, all the
chargor’s rights, title & interests in and to all moneys from time to
time standing to the credit of the charged account including all interest
earned thereon from time to time, and additions to and renewals or
conversions and replacements of such moneys in any account In each case
together with all benefits, right & remedies in respect of the same and
power for the Bank to sue for recovery and give effectual discharge for all
such moneys in the name of the Chargor Mortgagee: DBS
Bank Ltd., Hong Kong Branch. |
To secure the discharge of 1) Any and all indebtedness, liabilities &
obligations of every kind, nature and description of the Borrowers to the Bank 2) The repayment on demand of all moneys
reasonably expended by the Bank 3) The indemnity given by the Chargor to the
Bank and any person appointed by it in respect of all liabilities |
|
28-05-2013 |
Instrument: Assignment
of DC Proceeds Property: By way of assignment or agreement to
assign in each case as beneficial owner: All monies in any currency
representing proceeds payable or to be paid to the Customer under the
Documentary Credits, all the Customer’s right, title, benefit and interest in
the said Documentary Credits, the benefit of all powers and remedies for
enforcing the Documentary Credits and any payment made pursuant to the
contract for sale of goods in connection with which the Documentary Credit is
issued. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the
Customer against documents submitted under a Documentary Credit, all monies
and liabilities in any currency owing by the Customer to the Bank at any time,
whether separately or jointly, actually or contingently, present or future,
interest on all loans and advances and such monies and all expenses of the
Bank in perfecting or enforcing the Assignment. |
|
28-05-2013 |
Instrument: Assignment
of Receivables - General Property: All books and other debts, receivables,
and all monies now and from time to time due or owing to or purchased or
otherwise acquired by the Customer and the full benefit of all guarantees,
encumbrance, rights of set-off, security reservation of proprietary rights,
rights of tracing and liens, and all rights, claims and remedies in
respect of such monies. Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Amount secured - (i) all monies and liabilities in any currency owing
by the Customer; (ii) interest on such monies; and (iii) all expenses of the
chargee in perfecting or enforcing the Assignment |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.