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Report Date : |
18.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
GALERIES LAFAYETTE CO. LTD. |
|
|
|
|
Registered Office : |
Unit 1309-1310, 13/F., Peninsula Tower, 538 Castle Peak Road, Cheung
Sha Wan, Kowloon |
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|
|
|
Country : |
Hong Kong |
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|
|
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Date of Incorporation : |
06.01.1989 |
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|
|
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Com. Reg. No.: |
12419110 |
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|
|
|
Legal Form : |
Private Limited Company |
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|
|
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Line of Business : |
Importer, Exporter and Wholesaler of Foodstuffs, watches, garments,
electronic products, electrical appliances |
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|
|
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No. of Employees : |
15 |
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 |
|
Status : |
Good |
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Payment Behaviour : |
No complaints |
|
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 |
GALERIES LAFAYETTE
CO. LTD.
ADDRESS: Unit 1309-1310, 13/F., Peninsula Tower,
538 Castle Peak Road, Cheung Sha Wan, Kowloon, Hong
Kong.
PHONE: 852-2872 8378
FAX: 852-2895 2802
Managing Director: Mr. Nicolas,
Maximilien, Theophile, Matthieu Houze
Incorporated on: 6th January, 1989.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 15.
Main Dealing Banker: BNP
Paribas, Hong Kong Branch.
Banking Relation: Good.
GALERIES LAFAYETTE
CO. LTD.
Registered Head
Office:-
Unit 1309-1310, 13/F., Peninsula Tower, 538 Castle Peak Road, Cheung Sha
Wan, Kowloon, Hong Kong.
Holding Company:-
44 Galeries Lafayette, France.
Affiliated/Associated
Companies:-
I.T Group of
Companies
3WH Ltd., Hong Kong.
b&ab Ltd., Hong Kong.
Blossom Glory Ltd., Hong Kong.
Century Team Corporation Ltd., Hong Kong.
Charm Source Ltd., Hong Kong.
Cheerwood Ltd., Hong Kong.
Chocoolate Ltd., Hong Kong.
Didier Guerin Holding SAS, France.
Double Park Ltd., Hong Kong.
Elegant Century Enterprises Ltd., Hong Kong.
FCIT (Macau) Ltd., Macau.
FCIT China Ltd., Hong Kong.
FCUK IT Company, Hong Kong.
Galeries Lafayette (China) Ltd., Hong Kong.
Galeries Lafayette (Deutschland) GmbH, Germany.
Galeries Lafayette Singapore Pte. Ltd., Singapore.
Glory Premium Ltd., Hong Kong.
I.T (Macau) Ltd., Macau.
I.T Apparels Ltd., Hong Kong.
(same address)
I.T China Ltd., Hong Kong.
I.T Distribution Ltd., Hong Kong.
I.T Nowhere Holdings (HK) Ltd., Hong Kong.
I.T Taiwan Ltd., Hong Kong.
Income Team Ltd., Hong Kong.
Izzue Ltd., Hong Kong.
Jandix Ltd., Hong Kong.
Jetchance Ltd., Hong Kong.
Joyful Fair Ltd., Hong Kong.
Kenchart Apparels (Shanghai) Ltd., China.
Kenchart Investments Ltd., Hong Kong.
King Chart Ltd., Hong Kong.
Legend Grace International Ltd., Hong Kong.
Mega Charm Apparels (Shanghai) Ltd., China.
Monoprix SA, France.
New Concepts Corporation Ltd., Hong Kong.
Nowhere Co. Ltd., Japan.
Online Profit Ltd., Hong Kong.
Optimum Performance Ltd., Hong Kong.
Popbest Ltd., Hong Kong.
Prime Vantage Trading (Shanghai) Ltd., China.
PT Panen Galerie Lafayette Indonesia, Indonesia.
Shine Team Development Ltd., Hong Kong.
Societe Anomyme des Galeries Lafayette, France.
Top Honour Corporation Ltd., Hong Kong.
USApe LLC, USA.
Venilla Suite Ltd., Hong Kong.
Veston Ltd., Hong Kong.
Young Ranger Investment Ltd., Hong Kong.
ZIT H.K. Ltd., Hong Kong.
Zoompac Apparel (Shanghai) Ltd., China.
12419110
0237686
Managing Director: Mr. Nicolas, Maximilien,
Theophile, Matthieu Houze
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 06-01-2013)
|
Name |
|
No. of shares |
|
44 Galeries Lafayette 44 rue de châteaudun, 75009 Paris, France. |
|
2 = |
(As per registry dated 18-03-2013)
|
Name (Nationality) |
Address |
|
Nicolas, Maximilien, Theophile, Matthieu HOUZE |
50 Boulevard Maillot, 92200 Neuilly-Sur-Seine, France. |
(As per registry dated 06-01-2013)
|
Name |
Address |
Co. No. |
|
Hongkong China Consultancy Ltd. |
7/F., Bonham Centre, 79-85 Bonham Strand, Sheung Wan, Hong Kong. |
0744218 |
The subject was incorporated on 6th January, 1989 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Yangula Co.
Ltd., name changed to the present style on 31st October, 1989.
Formerly the subject was located at Unit 1105, 11/F., The Goldmark,
502 Hennessy Road, Causeway Bay, Hong Kong, moved to the present
address in November 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Foodstuffs,
watches, garments, electronic products, electrical appliances
Employees: 15.
Commodities Imported: China and
other Asian countries.
Markets: France,
other European countries
Group Turnover: EUR 2.3 billion (2012)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
The French Chamber of Commerce & Industry in Hong Kong.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Profit & Loss: Business
is profitable.
Condition: Keeping
in an active state.
Facilities: Making
active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Banker: BNP Paribas, Hong Kong Branch.
Standing: Good.
Galeries Lafayette Co. Ltd. was equally owned by Societe Anonyme Des
Galeries Lafayette [Galeries Lafayette], and Societe Immobiliere Haussmann
Mogador Provence. Both were France-based
firms. The subject has just issued 2
ordinary shares of HK$1.00 each while each of the holding companies held just
one share. Now, the shareholder of the
subject has been changed to 44 Galeries Lafayette which is a France-based
company.
The subject is a member of the group companies of Galeries Lafayette.
The subject is a buying office in the Asian Pacific region for its
holding company Galeries Lafayette in France.
Galeries Lafayette is a very famous department store in France. Currently, Galeries Lafayette is operating a
chain of department stores under the “Galeries Lafayette” and “BHV
Marais” brands.
It also has “Louis Pion”, “Royal Quartz”, “Didier
Guerin” brands in Jewellery and Watches sector.
Théophile Bader founded Galeries Lafayette more than a century ago. The Group continues to develop today.
By expanding its know-how over the years, Galeries Lafayette has gained
leadership positions in most of its businesses.
The Galeries Lafayette is an upmarket French department store company
located on Boulevard Haussmann in the 9th arrondissement of Paris. In 2009, Galeries Lafayette recorded earnings
of over one billion euros. It is a part
of the company Groupe Galeries Lafayette.
Paris flagship store, The 10-story Haussmann location serves as the
flagship store of Galeries Lafayette in Paris is a 10-story structure located
at 40, boulevard Haussmann, in the IXe arrondissement.
First inaugurated in 1893, the Galeries Lafayette department store is a
Paris fashion institution. Located near
the stately Opera Garnier, this is an essential stop for fashion enthusiasts:
men and women’s designer collections are always kept at the cutting-edge,
fashions, luxury goods, beauty products, and the latest trends in watches,
jewellery and accessories, home furnishings, or cosmetics can all be perused
under one roof. Galeries Lafayette also
houses one of Paris gourmet food markets, Lafayette Gourmet, that will be sure
to tempt foodies. Modeled after a
mideastern baazar, the store flaunts elegant Belle Epoque architecture.
In 2012, the Group reported a consolidated revenue of EUR 2.3 billion.
Besides the Paris flagship store, Galeries Lafayette has set up the
following stores in major cities of the world:-
·
Berlin store;
·
Casablanca store;
·
Dubai Store;
·
Jakarta Store; &
·
New York store.
According to Galeries Lafayette, it currently has over 15,000 employees
and nearly 500 stores. It has almost 1
million visitors per day across all sectors.
It also has 65 Galeries Lafayette stores and 4 BHV Marais
stores in France and abroad.
The subject has had an associated company in Beijing, China known as
Beijing Galeries Lafayette. This firm
has been set p since September 2012. Its
phone number is 86-10-8525 3668.
According to Galeries Lafayette, it will set up 16 more specialty shops
in China in the immediate future.
The subject is fully supported by Galeries Lafayette. History in Hong Kong is about 24 years.
On the whole, in view of the background and history of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.96 |
|
|
1 |
Rs.101.14 |
|
Euro |
1 |
Rs.85.33 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.