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Report Date : |
18.06.2014 |
IDENTIFICATION DETAILS
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Name : |
GEOX ASIA PACIFIC LTD. |
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Registered Office : |
20/F., W Square, 314-324 Hennessy Road, Wanchai, |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.09.2004 |
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Com. Reg. No.: |
34871556 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Footwear, apparels |
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No. of Employees |
30 |
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 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 has no tariffs on imported goods, and it levies excise duties on only four commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and investment leaves it vulnerable to renewed global financial market volatility or a slowdown in the global economy. 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 12% of total system deposits in Hong Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong Kong property prices to rise rapidly; consumer prices increased by more than 4% in 2013. 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. In 2013, Hong Kong and China signed new agreements under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from January 2014, cover services and trade facilitation, and will improve access to the mainland's service sector for Hong Kong-based companies
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Source
: CIA |
GEOX ASIA
PACIFIC LTD.
ADDRESS: 20/F., W Square, 314-324 Hennessy Road, Wanchai, Hong Kong.
PHONE: 852-2543 4228, 2543 4229
FAX: 852-2543 4223
Managing Director: Mr. Mauro Malta
Incorporated on: 1st September, 2004.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Net Sales: EUR 754,191,000 (Year ended 31-12-2013)
Employees: 30.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
20/F., W Square, 314-324 Hennessy Road, Wanchai, Hong Kong.
Holding Company:-
Geox Holland BV, The Netherlands.
Intermediate Holding
Company:-
Geox S.p.A., Italy.
Ultimate Holding
Company:-
LIR s.r.l., Italy.
Associated
Companies:-
Dongguan Technic Footwear Apparel Design Ltd., China.
Geox AT GmbH, Austria.
Geox Canada Inc., Canada.
Geox Deutschland GmbH, Germany.
Geox do Brasil Participacoes Ltda, Brazil.
Geox France Sarl, France.
Geox Hellas S.A., Greece.
Geox Hungary Kft, Hungary.
Geox Japan K.K., Japan.
Geox Macau Ltd., Macau.
Geox Poland Sp.Z.o.o., Poland.
Geox Portugal S.U.LDA, Portugal.
Geox Respira SL, Spain.
Geox Retail Czech Sro, Czech Rep.
Geox Retail Slovakia Sro, Slovak Rep.
Geox Retall S.r.l., Italy.
Geox Rus LLC, Russian.
Geox Suisse SA, Switzerland.
Geox Trading Shangai Ltd., China.
Geox Turkey A.S., Turkey.
Geox UK Ltd., UK.
S&A Distribution Inc., US.
S&A Retail Inc., US.
Technic Development D.O.O. Vranje, Serbia.
Xlog S.r.l., Italy.
34871556
0919983
Managing Director: Mr. Mauro Malta
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER: (As per registry dated 01-09-2013)
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Name |
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No. of shares |
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Geox Holland BV Claude Debussylaan 18, 1082 Md Amsterdam, The Netherlands. |
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10,000 ===== |
DIRECTORS: (As per registry dated 30-04-2014)
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Name (Nationality) |
Address |
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Mauro MALTA |
Flat A, 7/F., Tower 3, Residence Bel-Air Island South, 28 Bel Air Avenue, Hong Kong. |
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Luigi FUSCO |
Flat D, 27/F., Block 2, Star Crest, 9 Star Street, Wanchai, Hong Kong. |
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Livio LIBRALESSO |
Via Carriera N. 7, Venice, Italy. |
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Giorgio PRESCA |
Bassano Del Grappa (VI) Italy, Via Sterni 2, Italy. |
SECRETARY: (As per registry dated 01-09-2013)
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Name |
Address |
Co. No. |
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Tricor Tengis Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0041027 |
The subject was incorporated on 1st September, 2004 as a private limited liability company under the Hong Kong Companies Ordinance.
Last time, the subject was located at “Room 607-10, Tai Yau Building, 181 Johnston Road, Wanchai, Hong Kong”, moved to the present address in June 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Footwear, apparels, etc.
Brand Name: Geox.
Employees: 30.
Commodities Imported: Asian countries, etc.
Markets: Italy, other European countries, Asian countries, North America, Central & South America, Middle East, Africa, etc.
Group Net Sales: EUR 887,727,000 (Year ended 31-12-2011)
EUR 807,615,000 (Year ended 31-12-2012)
EUR 754,191,000 (Year ended 31-12-2013)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, 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
Group Net Income: EUR 49,987,000 (Year ended 31-12-2011)
EUR 10,039,000 (Year ended 31-12-2012)
(EUR 29,749,000) (Year ended 31-12-2013)
Profit or Loss: Group made a loss in 2013.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Geox Asia Pacific Ltd. is wholly owned by Geox Holland BV, The Netherlands. Its intermediate holding company is Geox S.p.A., an Italy-based company. Geox S.p.A. has been listed on the Italian Stock Exchange since 1st December, 2004.
The subject is one of the members of the Geox Group which is trading in footwear, garments and other textile products. Most of its products bear the brand name Geox.
The Geox Group creates, produces, promotes and distributes Geox-brand footwear and apparel.
Geox’s technology that has been protected by over 60 different patents registered in Italy and extended internationally.
Geox is market leader in Italy in its own segment and is one of the leading brands world-wide in the “International Lifestyle Casual Footwear Market”.
The Geox Group’s strategic plan, presented by the CEO Georgio Presca.
The strategic plan provides for a geographic balancing of sales by:
focusing on core markets to start growing again and to gain market share; &
developing new markets with high growth potential, such as China, Hong Kong, Northern and Eastern Europe.
Geox distributes its products through over 10,000 multi-brand selling points and also through a Geox shops network (Franchising and DOS – directly operated stores).
As of 31st December, 2013, the overall number of “Geox Shops” came to 1,299, of which 849 in franchising and 450 operated directly.
Production takes place in selected factories mainly in the Asia Pacific region. All stages of the production process are strictly under the control and coordination of Geox organization.
All of the output from these manufacturing locations is consolidated at the Group’s distribution centres in Italy for Europe, New Jersey for the North America, Tokyo for Japan, Shanghai for China and Hong Kong for the rest of Asia.
Geox recently decided to invest in a manufacturing company in Serbia, which, once operative, will produce about 5-10% of the Group’s requirements, mainly in order to reduce the production lead time for the replenishment of best-selling products in the stores, maximizing the sell-out.
The project involves hiring 1,250 people, for a total investment of nearly EUR 16 million co-financed by the Republic of Serbia. The plant will be built during 2014 in Vranje, an area where there is a high level of know-how in the production of footwear.
For the year ended 31st December, 2013, the net sales of the group was EUR 754.2 million (2012: EUR 807.6 million). The net loss of the Group was EUR 29.7 million (2012: net profit of EUR 10.0 million).
The subject is fully supported by the Geox Group. History in Hong Kong is over nine years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.37 |
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1 |
Rs.102.48 |
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Euro |
1 |
Rs.81.87 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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Report Prepared
by : |
NIS |
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.