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Report Date : |
08.05.2013 |
IDENTIFICATION DETAILS
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Name : |
SIXTY
ASIA INVESTMENTS LTD. |
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Formerly Known as: |
Elite Champion
Holdings Ltd. |
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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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Date of Incorporation : |
23.08.2011 |
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Com. Reg. No.: |
58946478 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Garment Importer, Exporter and Wholesaler of Jackets, blouses, jeans, dresses, skirts, sweat shirts, etc. |
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No. of Employees : |
70. (Including
associate and retail shops) |
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 : |
Satisfactory |
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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 – March 31st 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 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.
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Source : CIA |
SIXTY ASIA INVESTMENTS LTD.
10/F., JOS Tower, Millennium City 2, 378 Kwun Tong Road, Kowloon, Hong Kong.
PHONE: 2267 0906, 2161 9300
FAX: 2267 0669
E-MAIL: paulho@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.
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.
etc.
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 23-08-2012)
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Name |
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No.
of share |
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Sixty Asia Holdings Ltd., Hong
Kong. |
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1 = |
(As per registry
dated 23-08-2012)
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Name (Nationality) |
Address |
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LI Shanhu |
No. 192, Hui Jing South Road,
Guangzhou, Guangdong, 510640, China. |
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NG Sau Wah |
Flat D, 10/F., Tower 1, The
Astoria, 198 Argyle Street, Kowloon, Hong Kong. |
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Jacky XU |
No. 192, Huijing Nanlu,
Huijing Xincheng, Guangzhou, Guangdong, China. |
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LIN Lin |
No. 28, 318 Nong, Xing Guo
Road, Shanghai, China. |
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Paolo BODO |
Suite 3108, 31/F., Hampton
Court, Gateway Apartments, Harbour City, Tsimshatsui, Kowloon, Hong Kong. |
(As per registry dated
01-01-2013)
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Name |
Address |
Co.
No. |
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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, etc.
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
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
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.
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 will open in late 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.
The subject is fully supported by the Trendy Group and the Sixty Group.
On the whole, consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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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 |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.54.27 |
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UK Pound |
1 |
Rs.84.32 |
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Euro |
1 |
Rs.70.99 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>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 |
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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.