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Report No. : |
303078 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SIXTY FAR EAST LTD. |
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Registered Office : |
10/F., JOS Tower, Millennium City 2, 378 Kwun Tong Road, Kwun Tong, Kowloon, |
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Country : |
Hong Kong. |
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Date of Incorporation : |
30.01.2002 |
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Com. Reg. No.: |
32440632 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Jackets, blouses, jeans, dresses,
skirts, sweat shirts |
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No. of Employees : |
70 |
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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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.
|
Source
: CIA |
SIXTY FAR
EAST LTD.
ADDRESS: 10/F., JOS Tower, Millennium City 2, 378 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2267 0906, 2161 9300, 2869 6588
FAX: 852-2267 0669, 2525 7577
E-MAIL: paulho@sixtyfareast.com.hk
carmen@sixtyfareast.com.hk
Managing Director: Mr. Paolo Bodo
Incorporated on: 30th January, 2002.
Organization: Private Limited Company.
Capital: Nominal:HK$250,000,000.00
Issued: HK$250,000,000.00
Business Category: Garment Trader.
Employees: 70. (Including retail shops)
Main Dealing Banker: DBS Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
10/F., JOS Tower, Millennium City 2, 378 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.
Retail Shops: 8 in Hong Kong.
Holding Company:-
Sixty International S.A., Luxembourg.
Ultimate Holding
Company:-
Sixty S.p.A., Italy.
Associated/Affiliated
Companies:-
Guangzhou Trendy Information Technology Co. Ltd., China.
Miss Sixty Footwear Asia Ltd., Hong Kong. (Same address) [Dissolved]
Shanghai Trendy Fashion Trading Co. Ltd., China.
Sixty Asia (HK) Ltd., Hong Kong.
Sixty Asia Holdings Ltd., Hong Kong.
Sixty Asia Investments Ltd., Hong Kong.
Sixty Belgium SA, Belgium.
Sixty Canada Inc., Canada.
Sixty China, China.
Sixty Deutschland GmbH, Germany.
Sixty Far East Ltd., Hong Kong. (Same address)
Sixty Group Russia, Russia.
Sixty Group S.p.A., Italy.
Sixty Hellas SA, Greece.
Sixty Modevertriebs GmbH, Austria.
Sixty Portugal, Portugal.
Sixty Spain S.L., Spain.
Trendiano Investments (BVI) Ltd., British Virgin Islands.
Trendy International (Corso Como) Ltd., Hong Kong.
Trendy International (Coven Garden) Holdings Ltd., Hong Kong.
Trendy International (HK) Ltd., Hong Kong. (Same address)
Trendy International (Shanghai Corso Como) Ltd., Hong Kong.
Trendy International (Trendiano) Holdings Ltd., Hong Kong.
Trendy International Group Ltd., Hong Kong.
Trendy International Investment Ltd., Hong Kong.
etc.
32440632
0784562
Chief Executive Officer: Mr. Paolo Bodo
General Manager: Ms. Ng Sau Wah
Nominal Share Capital: HK$250,000,000.00 (Divided into 250,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$250,000,000.00
SHAREHOLDERS: (As per registry dated 30-01-2014)
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Name |
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No. of shares |
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Sixty International S.A. 29 Avenue Monterey, L-2163, Luxembourg. |
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249,999,995 |
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Sixty S.A. 2, avenue Charles de Gaulle, L-1653, Luxembourg. |
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5 |
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–––––––––– |
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Total: |
250,000,000 ========= |
DIRECTORS: (As per registry dated 30-01-2014)
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Name (Nationality) |
Address |
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Pietro BONGIOVANNI |
Lungotevere, Cenci 09, 00185, Rome, Italy. |
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Rocco TRISCHITTA |
Lungotevere de Cenci, 900186 Roma, Italy. |
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Paolo BODO |
Suite 3108, 31/F., Hampton Court, Gateway Apartments, Harbour City, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY: (As per registry dated 30-01-2014)
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Name |
Address |
Co. No. |
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RSRB Secretariat Ltd. |
20/F., Alexandra House, 18 Charter Road, Central, Hong Kong. |
1721104 |
The subject was incorporated on 30th January, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Rho Beta 33 Ltd., name changed to the present style on 22nd March, 2002.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: Jackets, blouses, jeans, dresses, skirts, sweat shirts
Employees: 70. (Including retail shops)
Commodities Imported: Italy, other European countries
Markets: Hong Kong, China, other European countries
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, etc.
Nominal Share Capital: HK$250,000,000.00 (Divided into 250,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$250,000,000.00
Mortgage or Charge (Since 2012): (See attachment)
Profit or Loss: Group made a small profit in 2014.
Condition: Keeping in a normal manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers: -
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
DBS Bank Ltd., Hong Kong Branch.
Standing: Normal.
Sixty Far East Ltd. is a wholly-owned subsidiary of Sixty International S.A. which is a Luxembourg-based firm. The ultimate holding company Sixty S.p.A. is an Italy-based firm. This firm is the holding company of the Sixty Group.
In December 2011, the subject increased its issued share capital to HK$250 million form HK$140 million.
The Directors of the subject are Italian. The managing director of the subject Mr. Paolo Bodo, also an Italian, is residing in Hong Kong.
The subject is trading in the following commodities:-
Jacket – Men (excluding Ski-Jacket);
Jacket – Ladies (excluding Ski-Jacket);
Blouses‚ Jeans‚ Dresses and Skirts;
Tee and Sweat Shirts; &
Footwear – Leather.
Sixty Group is an international fashion company which is based in Italy. In 1989, Wicky Hassan, Creative Director and Co-founder of the Group, had the intuition to create a company where denim and fashion would coexist in a world without limits and boundaries. Collaborating with Co-founder and CEO Renato Rossi, they set up the Group with a portfolio comprising several brands.
It was due to the financial crisis emerged in the European countries, Sixty S.p.A. had faced financial difficulties and disposed its Asian business to Trendy International Group [Trendy Group] which is a China‑based group of companies.
Now, Sixty S.p.A. is cooperating with Trendy Group. The Asian business of Sixty Group is chiefly handled by Trendy Group. The President of Trendy Group is Mr. Jacky Xu.
The fashion group, which owns brands Miss Sixty, Energie, Refrigiwear, Killah and Murphy & Nye, is now controlled by two Luxembourg companies, Sixty International and Sixty S.A., part of the Asian fund.
Now, the key personnel of the subject and the business of the Group in China are Jacky Xu and Mr. Paolo Bodo. The former is a China merchant while the latter is an Italian who is a Hong Kong ID holder.
Sixty Group is a unique universe divided in two main sectors:-
FASHION division - characterized by collections with a recognizable vocation for research, experimentation and trend setting;
The AUTHENTICH wear division - where brands are identified by strong personality and historical heritage based on a tradition of high quality, technological garments which respond to specific needs in urban life, free time and work.
The Asian business of Trendy Group is chiefly owned and operated by Mr. Jacky Xu who is a billionaire in China.
In China, Jacky Xu (and his wife Ms. Li Shanhu) ranked the 90th in China’s billionaires. In 2014, his net worth was RMB14 billion.
Jacky Xu leads retailer Trendy, one of the most successful home-grown Chinese businesses to cash in on the country’s spending binge on apparel in recent years. The best known brands among Xu’s 2,000 shops include Ochirly and Five Plus. It has teamed up with 10 Corso Como in 2013 to open the Italian fashion retailer’s first China store in Shanghai. The new store commenced business in November 2013 in Shanghai.
Trendy is a designer, distributor and retailer of China’s favourite women’s fashion lines Ochirly and Five Plus, as well as the leading men’s fashion brand Trendiano, and Love Ysabel, targeting the children’s market.
In 2012, Trendy International Group acquired the global Miss Sixty brand, Killah and Energie for Asia Pacific including over 200 points of sale.
The subject is fully supported by the Trendy Group and the Sixty Group. History is about thirteen years in Hong Kong.
On the whole, consider the subject good for normal business engagements.
(Since 2012)
|
Date |
Particulars |
Amount |
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07-06-2012 |
Instrument: Account Charge (the “Deed”) Property: The Chargor charges the account with account number 10010723588 (USD) (SWIFT Code: DBSSHKHH) with DBS Bank Ltd in the names of the Chargor and the credit balance on the Account Mortgagee: Sixty Asia Holdings Ltd., Hong Kong. |
The payment and discharge of all obligations owing to the Secured Party by the Chargor under a facility letter dated 7th June, 2012 (between the Chargor, the Secured Party and Sixty International S.A.) |
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07-06-2012 |
Instrument: Deed of Assignment Property: The assignor assigns the assigned receivables to the assignee in accordance with the terms and conditions of this deed with effect from the effective date as continuing security for the repayment of the Assignor outstanding receivables by the assignor to the assignee Mortgagee: Sixty Asia Holdings Ltd., Hong Kong. |
The repayment of the assignor outstanding Receivables by the assignor to the assignee |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.70 |
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|
1 |
Rs.93.41 |
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Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
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Analysis Done by
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DIV |
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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.