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Report Date : |
05.05.2014 |
IDENTIFICATION DETAILS
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Name : |
BOGNER SERVICES
HONGKONG LTD. |
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Formerly Known As : |
Bogner Asia Ltd |
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Registered Office : |
c/o Associated Consultants Ltd. Unit D, 12/F., Seabright Plaza, 9-23 Shell Street, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.10.2008 |
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Com. Reg. No.: |
39918094 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
subject is
trading in the products of Willy Bogner |
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No of Employees : |
No Employees in Hong Kong (It is to be noted that the company does not
have its own operating office in Hong Kong. The company uses the address of
its secretariat as its correspondence address only. Subject operates from
some other country and does not have a base in Hong Kong. Such companies are
registered in Hong Kong just to tax benefit purpose and due to the strict
privacy laws prevailing in the country. In such cases, the companies are not
required to have any employees in Hong Kong nor do have an office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong
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Payment Behaviour : |
Unknown |
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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 |
BOGNER SERVICES HONGKONG LTD.
[Formerly known as BOGNER ASIA LTD.]
Registered
Office:-
c/o Associated Consultants Ltd.
Unit D, 12/F., Seabright Plaza, 9-23 Shell Street, North Point, Hong Kong.
Holding Company:-
Willy Bogner GmbH & Co.Kommanditgesellschaft-auf Aktien, Germany.
Affiliated
Companies:-
Bogner of America Inc., US.
Bogner Sport AG, Switezerland.
Willy Bogner Film GmbH, Germany.
39918094
1276768
2nd October, 2008.
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 02-10-2013)
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Name |
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No.
of shares |
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Willy Bogner GmbH & Co.Kommanditgesellschaft-auf Aktien |
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10,000 ===== |
(As per registry
dated 02-10-2013)
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Name (Nationality) |
Address |
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Herbert Walter
KIESSLING |
HohenzollernstrBe 106, 80796
Munich, Germany. |
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Willy Hermann Bjorn BOGNER |
MauerkircherstraBe 91, 81925
Munich, Germany. |
(As per registry
dated 02-10-2013)
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Name |
Address |
Co.
No. |
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Associated Consultants Ltd. |
Unit D, 12/F., Seabright Plaza, 9-23 Shell Street, North
Point, Hong Kong. |
0466631 |
The subject was incorporated on 2nd October, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Bogner Asia Ltd., name changed to the present style on 20th July, 2010.
Apart from these, neither material change nor amendment has been ever traced and noted.
Having issued 10,000 ordinary shares of HK$1.00 each, Bogner Services Hongkong Ltd. is a wholly owned subsidiary of Willy Bogner GmbH & Co.Kommanditgesellschaft-auf Aktien [Willy Bogner] which is a Germany‑based company. The directors of the subject are Herbert Walter Kiessling and Willy Hermann Bjorn Bogner. Both are Germany passport holders and do not have the right to reside in Hong Kong permanently.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Unit D, 12/F., Seabright Plaza, 9‑23 Shell Street, North Point, Hong Kong” known as “Associated Consultants Ltd.” which is handling its correspondences and documents. This company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject is trading in the products of Willy Bogner. Founded in 1932 in Munich, Willy Bogner is trading in all kinds of ready-to-wear clothing, sportswear, sports equipment, accessories, perfumes and leather goods primarily under the brand name BOGNER. Willy Bogner is also engaged in movie business.
In the years 1974 and 1976, Willy Bogner launched its own skiing, tennis and golf Collections. For fragrances (the men’s perfume Bogner man was launched in 1984) and Bogner was awarded eyewear licenses from the beginning of the 1980s for the first time from the other manufacturers. In 1999, the company of cosmopolitan cosmetics awarded the license rights to Willy Bogner.
Willy Bogner owned its manufacturing facilities in Eging and Garching of Germany. However they were closed at the end of the 1990s. Since then, the formerly completely manufactured in-house production of the Bogner brand has been taken place completely abroad. Initially there had been its own manufacturing facilities abroad, however, all were abandoned in favour of contract manufacturers from Portugal, Turkey and Asia.
The company’s headquarters in Munich now also act as a designing and pattern department besides management.
At the beginning of the 21st century, Willy Bogner reinforced its international presence: a Bogner store in New York City, SoHo district, was opened in 2008. It has already set up Bogner stores in New York, San Francisco and Chicago in the 1990s. In 2009 the stores opened in Salzburg, Kitzbühel and St. Moritz. In 2010 franchise stores were opened in Istanbul, Kiev and Ekaterinburg.
Facilities of the German team for the winter Olympic Games 2014 in SotschiBogner is the official supplier of the German Olympic team since 1936 at all since the Olympics and this will be also 2014 in Sochi. 2012 in London wore the German Olympic team for the first time at Olympics Bogner.
In the fiscal year 2012, the company generated revenues of EUR 232.8 million when including the license business. Equity holders of the company were Willy Bogner junior (Willy Hermann Bjorn Bogner, Managing Director), his wife Sônia (strategic design consulting) and his sister Rosemarie Bogner.
Willy Bogner has about 810 employees worldwide, of which 710 are in Germany. Now, the company is maintaining 84 Bogner shops throughout the world, of which 17 are self-owned and 58 franchised stores and 9 outlets (including 7 in Germany). In addition, there are “173 shops-in-shop”.
The subject is marketing Willy Bogner’s products in Asia and Europe.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five years.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
Note:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.22 |
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1 |
Rs.101.68 |
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Euro |
1 |
Rs.83.46 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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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 |
-- |
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.