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Report No. : |
307268 |
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Report Date : |
18.02.2015 |
IDENTIFICATION DETAILS
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Name : |
HERMA LTD. |
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Registered Office : |
8/F., Intercontinental Plaza, 94 Granville Road, Tsimshatsui East,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.01.1988 |
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Com. Reg. No.: |
11712286 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is buying agent. |
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No. of Employee : |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
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.
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Source
: CIA |
HERMA LTD.
ADDRESS : 8/F., Intercontinental Plaza, 94
Granville Road, Tsimshatsui East, Kowloon, Hong Kong.
PHONE: 852-2739 0128
FAX: 852-2723 2070
E-MAIL: karoltong@herma.com.hk
General
Manager: Mr. Koenraad Santens
Incorporated on: 12th January, 1988.
Organization: Private Limited Company.
Issued Share Capital: HK$20.00
Business Category: Buying Agent.
Employees: 30.
Main Dealing Banker: Credit Suisse First Boston,
Hong Kong Branch.
Banking Relation: Satisfactory.
Registered
Head Office:-
8/F.,
Intercontinental Plaza, 94 Granville Road, Tsimshatsui East, Kowloon, Hong
Kong.
China
Offices:-
Guangzhou, Xiamen
& Shanghai
Overseas
Office:-
Bangkok, Thailand.
Holding
Company:-
Maus Freres S.A.
1211 Geneve,
1, Case Postale 1880, Switzerland.
Associated Companies:-
Manor AG,
Switzerland.
Manor Import,
Switzerland.
Haushalt AG,.
Switzerland.
11712286
0207832
General
Manager: Mr. Koenraad Santens
HK$20.00
(As
per registry dated 12-01-2014)
|
Name |
|
No. of shares |
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Maus Freres S.A. 1211
Geneve, 1, Case Postale 1880, Switzerland. |
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1 |
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Didier MAUS |
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1 |
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–– |
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Total: |
2 == |
(As
per registry dated 12-01-2014)
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Name (Nationality) |
Address |
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Thierry HALFF |
142 Route de Gy, 1251 Gy, Switzerland. |
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Didier MAUS |
473, route d’Hermance, CH-1248 Hermance, Switzerland. |
(As
per registry dated 12-01-2014)
|
Name |
Address |
Co. No. |
|
Stevensec
Ltd. |
4/F., 5/F. & Room 1602, 16/F., Central Tower, 28 Queen’s Road
Central, Hong Kong. |
0879348 |
The
subject was incorporated on 12th January, 1988 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: Buying Agent.
Lines: General merchandise for department stores
including men’s fashion, ladies’ fashion, kids fashion, lingerie items,
accessories, toys, and household products, etc.
Employees: 30.
Commodities Imported: Mainly bought from China, Thailand, other
Asian countries, etc.
Markets: Switzerland, other European countries, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As per contracted.
Issued Share Capital:
HK$20.00
Profit or Loss: Business is profitable.
Condition: Keeping in an active manner.
Facilities: Making rather actgive use of general banking
facilities.
Payment: Regularly met.
Commercial
Morality: Satisfactory.
Banker: Credit Suisse First Boston, Hong Kong
Branch.
Standing: Good.
Herma
Ltd. [Herma], a swiss-based company, was incorporated in Hong Kong on 12th
January, 1988.
It
is the buying office of some of the large European department stores. Herma is affiliated with a number of
department stores and trading houses in Switzerland. It has a strong network of suppliers in the
Asian Region. Since its incorporation,
it is sourcing all kinds of general merchandises all over Asia. It has set up
offices in Guangzhou, Xiamen SEZ, Shanghai of China and Bangkok of
Thailand. It is carrying the following
products: Suits & Jackets – Men’s, Suits & Jackets – Women’s, Blouses,
Coats, Jeans, Dresses & Skirts, Shirts, Cardigan, Sweater & Pullover,
Knitted Garments, Tee & Sweat Shirts, Underwear – Men’s, Underwear – Women’s,
Underwear – Children’s, Nightwear & Pyjamas, Sport Suits, Swimwear, Gloves
- Ski, Belts (Fashion), Dress Gloves (Knitted), Socks, Scarves, Shoes -
Leather, Shoes - Imitation Leather, Handbag - Leather & Suede (Fashion),
Handbag - Plastic , PVC (Fashion), Handbag – Textile, Non-Embroidered
(Fashion), Travel Bags & Luggage, Briefcase - Leather (Include stroller),
Umbrella, Basketball, Badminton Racket, Camping & Picnic Equipment, Fitness
Equipment, Bicycle & Tricycle (Include scooters), Educational Toys -
Electronic, Educational Toys - Non-Electronic, Games & Toys - Electronic,
Games & Toys - Non-Electronic, Toys - Plastic, Spring Wound, Inflatable
Toys, Soft Toys, Toys, Others, Watches, Cookware, Kitchen Utensils - Misc.,
Tableware - Porcelain / Ceramic / Stone (Include cup, bowl & dish), Mirror
- Household, Bathroom Accessories (Include 5 set organiser), Furniture -
Knockdown, Western Style (Do it yourself), Furniture - Outdoor, Vase -
Porcelain, Candles, Stationery, Shower Massager, Skin Care Product (Including
Cosmetics & Perfumes), Lamps, Imitation / Costume Jewellery (Including
necklace, ear-ring), Sunglasses, Pillow Case / Bed Sheet - Embroidered, Cushion
- Embroidered, Towel, Christmas Decorations, Easter Products, Halloween Items,
etc.
Herma
acts as buying office for a number of Swiss firms including Manor AG and
Haushalt AG, etc.
Today,
Herma’s holding company Maus Frères SA is run with the same astute business
flair of the enterprise’s founders.
Succeeding generations of Maus and Nordmann heirs have parlayed the
chain’s modest beginnings into a conglomerate of well-known retail brands and
store chains in Switzerland and worldwide.
The
founders of Maus Frères SA are Leon Nordmann Emest and Henri Maus. The fourth generation of Maus is Didier Maus
who is the CEO of Maus Frères SA. He is
also one of the directors of the subject.
The
subject’s associated company Manor AG is a Swiss department store chain with
its headquarters in Basel. With an
estimated market share of 60%, Manor is Switzerland’s biggest department-store
chain. The Manor Group extends to the 64
Manor stores employing some 10,600 personnel, and the Athleticum sports goods
chain. The Group, which is owned by
Geneva-based Maus Frères SA, generated total sales of CHF 3 billion in
2013. Manor is positioned in the medium
price segment.
The
business of Herma is active. History in
Hong Kong is over 27 years. Annual sales
turnover is significant. Business is
profitable.
On
the whole, consider it 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.62.20 |
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|
1 |
Rs.95.99 |
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Euro |
1 |
Rs.71.00 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
ASH |
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.