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Report Date : |
01.10.2014 |
IDENTIFICATION DETAILS
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Name : |
FF GROUP SOURCING LTD. |
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Registered Office : |
Unit 2-6, 18/F., The Centrium, 60 Wyndham Street, Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.02.1998 |
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Com. Reg. No.: |
21798103 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a garment trader and also engaged in Jewellery, Watches,
Leather Goods Sunglasses and Bags. |
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No of Employees : |
40 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
|
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 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.
|
Source
: CIA |
FF GROUP SOURCING
LTD.
ADDRESS: Unit 2-6, 18/F., The
Centrium, 60 Wyndham Street, Central, Hong Kong.
PHONE: 852-3766 4100
FAX: 852-2422 0669
MANAGEMENT:
Managing Director: Mr. Law Chiu
Chuen
Incorporated on: 11th February, 1998.
Organization: Private Limited Company.
Capital: Nominal: HK$160,550,000.00
Issued: HK$160,517,000.00
Business Category: Garment
Trader.
Group Turnover: EUR 887.4 million (Year ended 31-12-2013)
Employees: 40. (Hong Kong)
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
FF GROUP
SOURCING LTD.
Registered Head Office:-
Unit 2-6, 18/F., The Centrium, 60 Wyndham Street, Central, Hong Kong.
Holding Company:-
Folli-Follie Commercial Manufacturing & Technical Societe Anonyme,
Greece
Associated
Companies:-
Folli-Follie Group of companies
21798103
0636130
Managing Director: Mr. Law Chiu
Chuen
Nominal Share Capital: HK$160,550,000.00 (Divided into 16,055,000 shares
of HK$10.00 each)
Issued Share Capital: HK$160,517,000.00
(As per registry dated 11-02-2014)
|
Name |
|
No. of shares |
|
Folli-Follie Commercial Manufacturing & Technical Societe Anonyme Agios Stephanos Attikis, Greece. |
|
16,051,699 |
|
Georgios KOUTSOLIOUTSOS |
|
1 |
|
|
|
-------------- |
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Total: |
16,051,700 ======== |
(As per registry dated 11-02-2014)
|
Name (Nationality) |
Address |
|
Georgios KOUTSOLIOUTSOS |
27 Papanastassiou Street, Paleo, Psychico, Athens, Greece. |
|
LAW Chiu Chuen |
House 132, Seasons Villas, 233 Kam Tin Road, Shek Kong, New
Territories, Hong Kong. |
|
Dimitrios KOUTSOLIOUTSOS |
221-223 Imittou Street, 11673 Athens, Greece. |
(As per registry dated 11-02-2014)
|
Name |
Address |
Co. No. |
|
FWT Secretarial Ltd. |
Room 3507, 35/F., Tower 2, Lippo Centre, 89 Queensway, Hong Kong. |
0764722 |
The subject was incorporated on 11th February, 1998 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Feather Edge
Ltd., name changed to Folli Follie Hong Kong Ltd. on 12th June, 1988 and
further changed to the present style on 28th January, 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Garment
Trader.
Lines: Jewellery, watches,
leather goods, sunglasses, bags
Employees: 40. (Hong Kong)
Commodities Imported: Europe,
etc.
Markets: Hong Kong, other
Asian countries, etc.
Group Turnover: EUR
809.7 million (Year ended 31-12-2012)
EUR 887.4 million (Year ended
31-12-2013)
Terms/Sales: COD or as per
contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$160,550,000.00 (Divided into 16,055,000 shares
of HK$10.00 each)
Issued Share Capital: HK$160,517,000.00
Mortgage or Charge: (See
attachment)
Group Profit After Tax: EUR 26.1 million
(Year ended 31-12-2012)
EUR 343.0 million (Year ended
31-12-2013)
Profit or Loss: Group business is
profitable.
Condition: Keeping in a
satisfactory manner.
Facilities: Making rather active
use of general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality:
Satisfactory.
Bankers:-
Bank of China (Hong Kong) Ltd., Hong Kong.
Citibank, N.A., Hong Kong.
Standing: Good.
FF Group Sourcing Ltd. is a wholly-owned subsidiary of Folli-Follie
Commercial Manufacturing & Technical Societe Anonyme [Folli Follie] which
is a Greece-based company.
The subject belongs to the FF Group.
FF Group designs, produces and markets on a global level its two own
brands: Folli Follie and award
winning British jewellery Links of London.
Famed for high quality and breakthrough design, jewellery, watches, accessories
and giftware Folli Follie and Links of London have won a place in the hearts of
millions of consumers globally.
At the same time the Group maintains a leading presence in the department
stores field, the retail and wholesale channel within Greece and Europe.
“Factory Outlet”, as well as “attica” department stores, are the Group’s
department stores in Greece that cover almost 70,000 m2. Moreover, brands such as Ermenegildo Zegna,
Juicy Couture, UGG Australia, Guess, Nike, Converse, G-Star Raw, Franklin &
Marshall, Samsonite and Technogym belong to the Group’s brand portfolio.
The followings the highlights of the Group in recent years:
2010: Merger of the companies
Folli Follie S.A., HELLENIC DUTY FREE SHOPS S.A. and Elmec Sport S.A. all
absorbed by HELLENIC DUTY FREE SHOPS S.A.
Creation of the Folli Follie Group of Companies.
2012: The FF Group gains the
exclusive distribution and representation of PROCTER & GAMBLE PRESTIGE
perfumes in Greece. In October, FF
Group announces that it has signed an agreement to sell 51% of the travel
retail business in the Swiss Dufry AG.
2013: In April the sale of the
51% stake of the travel retail business to Dufry AG. is completed. During
December, the Group announced the sale of the remaining 49% of the travel
retail business to Dufry AG and enters as a strategic investor to Dufry AG.
2014: FF Group announces
exclusive wholesale and retail distribution rights for the Juicy Couture brand
in all Continental Europe, the UK, Ireland and Cyprus.
In Japan and China, Folli Follie has approximately 73 and 200 points of
sale respectively, whereas the brand in overall has presence in the most
fashionable streets of the world’s major cosmopolitan cities: London (Regent
Street), Hong Kong (Central district), New York (Madison Avenue), Dubai,
Athens, Beijing, Seoul, Honolulu.
Apart from the flagship stores in strategic locations, Folli Follie
products are also sold through stand-alone shops and shop-in-shop in famous
department stores, such as Isetan and Takashimaya in Japan, Lotte and Hyundai
in Korea, Harrods in Great Britain, Corte Ingles in Spain.
Folli Follie has a direct control of its international distribution
network by vertically integrating its operations from production to
retail. As a result, it has established
a direct line of communication with its customers having adopted the required
flexibility to respond to their changing demands.
In addition, Folli Follie has a strong presence in the travel retail
market with points of sale in numerous airports duty free shops around the
world, such as Beijing, Hong Kong, Seoul, Athens, Vancouver, Taipei, Hawaii and
Guam among others, whereas Folli Follie products are also available in-flight in
major international airlines, such as British Airways, Cathay Pacific, Air
China, China Eastern, Japan Airlines, EVA Airlines, ANA Airlines, Korean
Airlines, Qatar Airways, Singapore Airlines, United Airlines etc. Folli Follie
has secured presence in Haitang Bay, Hainan Island, China, the world’s largest
duty free shopping centre, with the store expected to open within the second
half of 2014.
In FY 2013, the turnover of the Group amounted to EUR 887.4 million,
profit after tax was EUR 343.0 million.
Business was excellent in the year.
FF Group creates fashion globally and has established a strong presence
counting more than 850 points of sale worldwide and employing more than 4,700
people worldwide.
The subject is fully supported by the Group.
As the history of the subject is over 16 years in Hong Kong, on the
whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
23-01-2014 |
Instrument: Legal Charge/Mortgage Property: 1,243/102,588th parts or shares of and in Aberdeen Inland
Lot No. 414 (Unit 3 on 19/F., Unit 4 on 19/F., Store Rooms on 19/F., Reserved
Spaces on 19/F. and Carparking Space No. V13 on Upper Ground Floor Gagage of
Hing Wai Centre, Hong Kong.) Mortgagee: Citibank N.A., Hong Kong Branch. |
To secure general banking facilities in respect of all moneys and
interest |
|
23-01-2014 |
Instrument: Legal Charge/Mortgage Property: 2,938/4,000,000th parts or shares of and in Inland Lot No.
8593 (Flat No. 03 on 46/F. & 47/F. of the Apartment Tower on the Western
Side of Convention Plaza, Hong Kong.) Mortgagee: Citibank N.A., Hong Kong Branch. |
To secure general banking facilities in respect of all moneys and
interest |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.61 |
|
|
1 |
Rs.100.27 |
|
Euro |
1 |
Rs.78.21 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
TPT |
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 |
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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 |
|
-- |
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.