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Report Date : |
09.11.2013 |
IDENTIFICATION DETAILS
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Name : |
CELIO SOURCING LTD. |
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Registered Office : |
Room 1001-1003, 10/F., Empire Centre, 68 Mody Road, Tsimshatsui East, |
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Country : |
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Date of Incorporation : |
22.09.2006 |
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Com. Reg. No.: |
37181079 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Garments, accessories. |
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No. of Employees : |
35 |
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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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 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 |
CELIO SOURCING
LTD.
Room 1001-1003, 10/F., Empire Centre, 68 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.
PHONE: 852-2739 0937,
852-2739 0231
FAX: 852-2316
2889
E-MAIL: ps_chan@celiosourcing.com
Managing Director: Mr. Marc Grosman
Incorporated on: 22nd
September, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
35.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
CELIO SOURCING
LTD.
Registered Head
Office:-
Room 1001-1003, 10/F., Empire Centre, 68 Mody Road, Tsimshatsui East,
Kowloon, Hong Kong.
Holding Company:-
Celio International S.A., Belgium.
Associated
Companies:-
Celio France S.A.S., France.
Celio Future Fashion Ltd., India.
Celio S.A., France.
37181079
1075836
Managing Director: Mr. Marc
Grosman
Merchandiser: Ms. Eunice Lee
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 22-09-2013)
|
Name |
|
No. of shares |
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Celio International S.A. Immeuble South Center, Titanium - Place Marcel, Broodthaers, 8-1060
Bruxelles, Belgium. |
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1,000,000 ======= |
(As per registry dated 22-09-2013)
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Name (Nationality) |
Address |
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Marc GROSMAN |
Immeuble South Center, Titanium - Place Marcel, Broodthaers, 8-1060
Bruxelles, Belgium. |
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Laurent GROSMAN |
7 rue Pierre Dreyfus Clichy, F-92110, France. |
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Pierre Robert Joseph Georges PARLONGUE |
Immeuble South Center, Titanium - Place Marcel, Broodthaers, 8-1060
Bruxelles, Belgium. |
(As per registry dated 22-09-2013)
|
Name |
Address |
Co. No. |
|
Finetune Corporate Services Ltd. |
Room 705 & 706, 7/F., China Insurance
Group Building, 141 Des Voeux Road Central, Hong Kong. |
0824591 |
The subject was incorporated on 22nd
September, 2006 as a private limited liability company under the Hong Kong
Companies Ordinance.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Garments, accessories.
Employees: 35.
Commodities Imported: Asia, Europe, etc.
Markets: Belgium, Israel, other European
countries, etc.
Terms/Sales:
As per contracted.
Terms/Buying: L/C or as per
contracted.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Profit or Loss: Making a small
profit.
Condition: Business is normal.
Facilities: Making rather active use of general
banking facilities.
Payment:
Met as
required.
Commercial Morality: Satisfactory.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Normal.
Having issued 1 million ordinary shares of HK$1.00 each, Celio Sourcing
Ltd. is a wholly-owned subsidiary of Celio International S.A., a Belgium-based
firm. Its associate Celio S.A. [Celio]
is a France-based firm. The directors of
the subject are Belgium and France passport holders.
The subject is trading in the following commodities: suits and jackets
(women’s and men’s), knitted garments, cardigan, sweater and pullover, dress
gloves, belts, spectacles, sunglasses, books and magazines, etc.
The subject sources the above-mentioned commodities in the Asia Pacific
regions, Europe, etc., and re-exports to India, Israel, Belgium, France,
etc. However, China is its main supplying
country. To our knowledge, two garment
manufacturers in Ningbo City, Zhejiang Province, China are the subject’s main
suppliers.
Celio is an international men’s clothing retailer based in Saint-Ouen,
France. It caters primarily to the
Continental European market, aiming to provide fashionable, affordable
clothing. Most of Celio’s stores are
located in large shopping centres, with a smaller percentage to be found in the
shopping districts of cities and large suburbs.
Now, the group is employing over 2,100 people, with around 1,800 working
in stores and the remainder at the group’s headquarters and warehouses.
Celio is a French family owned business that has become a worldwide
major players in men’s ready to wear clothing.
In 1978, two brothers, Marc and Laurent Grosmann, took moved their
family shop situated on Holy Street, to Paris.
They began opening other shops as early as 1980, all in Parisian
region. The concept, Celio, being truly
born in 1985. In 1989, Celio had 34
establishments in France. In 1992, store
counts had reached 150 establishments in France. They began opening shops in Belgium and in
Spain, then in Portugal (1994) and Italy (1999). Besides these countries, Celio’s shops are
also operated in Czezh Republic and Slovakia.
In terms of merchandising, 75% of Celio shops are in commercial centres
while 25% are street locations. The main
shops of Celio are operated by Celio France SAS which is a France-based firm.
With establishments in 70 countries, on 5 continents, Celio counts today
close to 1,000 points of sales or stores.
The stores retails the products bearing the brand names of “Celio”
and “Celio CLUB” and about 35 million garments are sold every year.
“Celio CLUB” is a completely separate brand which was
created in 2007. Now, “Celio CLUB”
has become a significant brand in France and some other European countries.
Celio Future Fashion Limited is a member of the Celio Group. It offers retail distribution of men‘s
apparel and accessories. This company
was incorporated in 2008 and is based in India.
Celio Future Fashion Limited is a joint venture between Indus-League
Clothing Ltd. and Celio International S.A.
However, Celio International S.A. is trying to raise its stake in Celio
Future Fashion Limited to 100%. An
application made by Celio International is underway.
The subject is responsible for supplying commodities to Celio’s
affiliate shops.
The subject is fully supported by its parent and the Celio Group. The subject’s holding company Celio
International S.A. has set up a large distribution network in Belgium.
The history of the subject in Hong Kong is over seven years and a
months.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.73 |
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|
1 |
Rs.100.92 |
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Euro |
1 |
Rs.84.06 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
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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.