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Report Date : |
20.03.2013 |
IDENTIFICATION DETAILS
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Name : |
GILLEMAN
HONG KONG LTD. |
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Registered Office : |
c/o Company Formations Far East Ltd., Unit 2503, 25/F., Bank of America Tower, 12 Harcourt Road |
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Country : |
Hong Kong |
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Date of Incorporation : |
17.10.2003 |
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Com. Reg. No.: |
34160537 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
subject is trading in all kinds of textile products and fabrics |
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No. of Employees : |
Not
available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
No Operating office in
Hong Kong |
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Payment Behaviour : |
Usually Correct |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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 |
GILLEMAN HONG KONG LTD.
Registered
Office:-
c/o Company Formations Far East Ltd.
Unit 2503, 25/F., Bank of America Tower, 12 Harcourt Road, Hong Kong.
[Tel: 2524 6441
Fax: 2866 1766, 2810 4009
E-mail: jenny@gilleman.com ]
Associated
Companies:-
Gilleman Group of Companies
A. & J.J. Gilleman N.V./S.A., Belgium.
Gilleman Espana SL, Spain.
Gilleman Inc., USA.
Gilleman Italia Srl, Italy.
Gilleman Logistics Czech Republic Tr., Czech Republic.
Gilleman Logistics S.A., Belgium.
Gilleman Logistics Shanghai, China.
Gilleman Textiles N.V., Belgium.
Gilleman Uzbekistan, Uzbekistan.
etc.
34160537
0866368
17th October, 2003.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry
dated 17-10-2012)
|
Name |
|
No.
of shares |
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Pierre J.G. GILLEMAN |
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100,000 ====== |
(As per registry
dated 17-10-2012)
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Name (Nationality) |
Address |
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Pierre J.G.
GILLEMAN |
Kleine Heide, 11 B 9600 Ronse, Belgium. |
|
Emmanuele S.L.
NEIRINCK |
Kleine Heide, 11 B 9600 Ronse, Belgium. |
(As per registry
dated 17-10-2012)
|
Name |
Address |
Co.
No. |
|
Legain
Trading Ltd. |
Unit 2905, 29/F., Block E, Tung Ning House, 9 Oi Yin Street,
Shaukiwan, Hong Kong. |
0331474 |
Gilleman Hong Kong Ltd. was incorporated on 17th October, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Unit 2503, 25/F., Bank of America Tower, 12 Harcourt Road, Hong Kong known as Company Formations Far East Ltd. which is handling its correspondences and documents.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued 100,000 ordinary shares of HK$1.00 each which are wholly-owned by Pierre J.G. Gilleman who is a Belgian. He is a Belgium passport holder and currently residing in Belgium. The directors of the subjects are Mr. Pierre J.G. Gilleman and Ms. Emmanuele S.L. Neirinck.
To our knowledge, the subject is a member of Gilleman Group. Gilleman Group consists of three divisions: Gilleman Textiles, Gilleman Fabrics and Gilleman Logistics. The subject is trading in all kinds of textile products and fabrics.
Gilleman Logistics S.A. [Gilleman Logistics] is a Belgian dynamic transport and logistics company. Gilleman Logistics is located in Tournai, Belgium. Gilleman Logistics is a private owned company, subsidiary of the Gilleman Group.
Gilleman Logistics offers a complete logistics solution to the customers’ needs. This solution may include sea transportation, warehousing of the goods, stocks management, preparation of orders and organization of the transportation of these products all over Europe.
Armand Gilleman created the Group in Renaix in 1921 which was a representative company for the account of Belgian spinning mills and selling textile yarns exclusively in the Belgian market.
Jean-Jacques Gilleman, Armand Gilleman’s son, joined the agency in 1950 and developed sales in finding new suppliers, mainly in Italy, Spain, China, Thailand and India.
Pierre Gilleman, Jean-Jacques Gilleman’s son, joined the company in 1980. He has concentrated on trading activities, initiated by his predecessor. He has developed trading activities in partnership with suppliers all over the world and started selling yarns outside Belgium.
In 1992, the Group increased its capital to 100 MF and in 1998, capital was further increased to €3.75 million.
Since 2001, various subsidiaries has been opened abroad: Gilleman Spain, Gilleman Italy, Gilleman USA, etc. besides the subject.
In 2001, Pierre Gilleman created the new company Gilleman Logistics which is located in Tournai, in the Industrial Zone of “Tournai Ouest”. It has got a modern warehouse, fully automated and totally customs bounded, offers a storage area of 7,500 sq.m.
In May 2004, Pierre Gilleman, in search of extension of his logistics business, decided to take over Smat Belgium. After the take-over, Gilleman Logistics has not only increased his trucks fleet but also his staff of professionals in logistics services.
In 2006, the Group built a second warehouse located at “Rue Grande Couture” in Tournai. The new warehouse has added an additional storage capacity of 5,000 cu.m. In the same year, the Group opened a representative office in Shanghai, China, and opened a representative office in Cheb, Czech Republic.
In 2007, the Group opened an office in Shenzhen Special Economic Zone, China.
In 2009, the Group built a third warehouse located at “Rue du Bois des Hospices” in Tournai, which has added an additional storage capacity of 19,000 cu.m.
In the same year, it opened an agency in Lyon, France.
In recent years, the Group’s Gilleman Logistics Shanghai, a China-based firm, has been put into operation. This Shanghai Logistics Office is responsible for sourcing and shipping commodities.
The subject’s business in Hong Kong is not active, however, it is closely related to the Group’s Shanghai Logistics Office.
The history of the subject in Hong Kong is over nine years and five months.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on secured basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.26 |
|
UK Pound |
1 |
Rs.81.94 |
|
Euro |
1 |
Rs.70.21 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
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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.