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Report Date : |
28.03.2013 |
IDENTIFICATION DETAILS
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Name : |
ZV TRADING LTD. |
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Registered Office : |
c/o Manimor Corporate Services Ltd., 42/F., Central Plaza, 18 Harbour
Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.05.2006 |
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Com. Reg. No.: |
36979087 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of garments, watches, jewellery,
high-end products, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
No Complaints |
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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 |
|
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 |
ZV TRADING LTD.
c/o Manimor Corporate Services Ltd.
42/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
PHONE: 2909 5555
FAX: 2810 0032
Managing Director: Mr. Thierry
Jean-Nicolas Gillier
Incorporated on: 27th May, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Fashion
Trader
Employees: Nil.
Main Dealing Banker: BNP
Paribas, Hong Kong Branch.
Banking Relation: Satisfactory.
ZV TRADING LTD.
Registered
Office:-
c/o Manimor Corporate Services Ltd.
42/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
Holding Company:-
ZV Holding Sarl, France.
Associated
Companies:-
Zadig & Voltaire S.A., Switzerland.
ZV Sweden AB, Sweden.
36979087
1048334
Managing Director: Mr. Thierry
Jean-Nicolas Gillier
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 27-05-2012)
|
Name |
|
No. of shares |
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ZV France 55/57 rue Saint Roch, Paris, France |
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10,000 ===== |
(As per registry dated 27-05-2012)
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Name (Nationality) |
Address |
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Thierry Jean-Nicolas GILLIER |
47 rue du bois de Boulogne, 92200 Neuilly, France. |
(As per registry dated 27-05-2012)
|
Name |
Address |
Co. No. |
|
Manimor Corporate Services Ltd. |
42/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. |
1133655 |
The subject was incorporated on 27th May, 2006 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of ZV Asia Ltd.,
name changed to the present style on 24th March, 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of garments, watches, jewellery, high-end products, etc.
Employees: Nil.
Commodities Imported: France, other
European countries, etc.
Markets: Hong
Kong, other Asian countries, etc.
Terms/Sales: L/C
or as per contracted.
Terms/Buying: L/C, D/P, etc.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: BNP Paribas, Hong Kong Branch.
Standing: Small.
ZV Trading Ltd. was a wholly-owned by subsidiary of ZV Holding Sarl
which is a France-based firm. Now, the
holding company has been changed to ZV France which is also a France-based
firm.
The director of the subject Thierry Jean-Nicolas Gillier is a France
passport holder.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at 42/F., Central Plaza, 18 Harbour Road, Wanchai, Hong
Kong known as Manimor Corporate Services Ltd. which is handling its
correspondences and documents. This firm
is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject is a fashion trader.
It also trades in other high-end products. Most of its products bear the trade mark “Zadig
& Voltaire”.
The subject’s products has been retailed by ZIT H.K. Ltd. in Hong
Kong. Now, ZIT H.K. Ltd. is operating a
retailing shop under the name of Zadig & Voltaire which is located at the
following three districts:-
ZIT H.K. is a 50:50 joint venture between a listed firm I.T Ltd. in Hong
Kong and Zadig & Voltaire Group which is also France-based.
Zadig & Voltaire, a fast-growing fashion brand established in France
in 1996, set up around 30 boutiques in Rome and New York in 2011. The brand also hopes to procure concessions
at US department outlets like Nordstrom and Bloomingdales, and even penetrate
in the Chinese market with two flagship outlets.
The brand started expanding globally in 2006 with the launch of a
boutique on London’s Sloane Street.
Subsequently, it launched outlets in countries like Belgium,
Switzerland, Luxembourg, Sweden, South Korea and Japan.
Zadig & Voltaire now has around 130 boutiques across the world, most
of which have been opened by way of joint ventures with local partners.
Production of Zadig & Voltaire clothes now takes place at units in
Morocco, Portugal, China, Italy and Tunisia.
Thierry Jean-Nicolas Gillier, the founder of Zadig & Voltaire is
great grandson of Andre Gillier, who launched the “Lacoste” brand in
1933. Nicolas Gillier inherited the
family textile producing unit in Troyes, jointly with his brother, and they
together ran the same for some years till it closed down. However, with his hands on experience of the
textiles business and with a diploma from New York’s Parsons the New School for
Design, Nicolas Gillier later on founded Zadig & Voltaire.
Zadig & Voltaire has tagged Ms. Laura Giulini as managing
director. Laura Giulini, former Senior
Vice President of wholesale for Giorgio Armani in the United States. Zadig & Voltaire is looking to open a
subsidiary there. Laura Giulini has also
worked for Benetton, Calvin Klein and Versace.
In spring of 2012, American investment fund TA Associates bought a 30%
stake in the brand, which was founded in 1997 by Thierry Gillier. Zadig & Voltaire is said to achieve sales
revenue of €200 million. This was
achieved by its stores in more than 30 countries. The transaction valued the company at about
€380 million (US$500 million).
The history of the subject in Hong Kong is over six years.
On the whole, consider it good for business engagements in moderate
credit amounts.
DIAMOND INDUSTRY –
INDIA
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From time immemorial, India is well known in the world
as the birthplace for diamonds. It is difficult to trace the origin of
diamonds but history says that in the remote past, diamonds were mined only in
India. Diamond production in India can be traced back to almost 8th
Century B.C. India, in fact, remained undisputed leader till 18th
Century when Brazilian fields were discovered in 1725 followed by emergence of
S. Africa, Russia and Australia.
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The achievement of the Indian diamond industry was
possible only due to combination of the manufacturing skills of the Indian
workforce and the untiring and unflagging efforts of the Indian diamantaires,
supported by progressive Government policies.
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The area of study of family owned diamond businesses
derives its importance from the huge conglomerate of family run organizations
which operate in the diamond industry since many generations.
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Some of the basic traits of family run business
enterprises include spirit of entrepreneurship, mutual trust lowers transaction
costs, small, nimble and quick to react, information as a source of advantage
and philanthropy.
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Family owned diamond businesses need to improve on
many fronts including higher standard of corporate governance, long-term
performance – focused strategies, modern management and technology.
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The diamond jewellery industry in India today may be
more than Rs 60000 mil and is rated amongst the fastest growing in the
world. Indi ranks third in the world in domestic diamond consumption.
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Utmost caution is to be exercised while dealing with
some medium and large diamond traders which are usually engaged in fictitious
import – export, inter-company transactions, financially assisted by banks. In
the process, several public sector banks lost several hundred million rupees.
They mostly diverted borrowed money for diamond business into real estate and
capital markets.
-
Excerpts from Times of India dated 30th
October 2010 is as under –
DIAMOND
SAGA – DIRTY DOZEN STUCK WITH 2K CR DEBT
This could be the biggest credibility crisis
the Indian diamond industry has ever faced. Fifteen banks run the risk of
losing Rs 2000 crore lent to a dozen diamond firms in Surat. Until about two
months ago, they had not repaid these dues. Bankers believe many
diamantaires borrowed money during the economic downturn two years ago and
diverted funds to businesses like real estate and capital markets. Many of
themselves made money from these businesses but their diamond companies have
gone sick and declared insolvency.
-
Most of the money borrowed from the banks in the name
of their diamond business has been diverted in real estate and the share
market. The banks are not in a position to seize their properties because in
many cases, these were purchased in the name of their relatives and friends.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
|
|
1 |
Rs.82.49 |
|
Euro |
1 |
Rs.69.88 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
NB |
New Business |
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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.