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Report No. : |
303077 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
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Name : |
SIXTY ASIA INVESTMENTS LTD. |
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Formerly Known
As : |
ELITE CHAMPION HOLDINGS LTD |
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Registered
Office : |
10/F., JOS Tower, Millennium City 2, 378
Kwun Tong Road, Kowloon |
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Country : |
Hong Kong |
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Date of
Incorporation : |
23.08.2011 |
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Com. Reg. No.: |
58946478 |
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Legal Form : |
Private
Limited Company. |
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Line of Business
: |
Subject
is importer, exporter and wholesaler of garment like jackets, blouses, jeans,
dresses, skirts, sweat shirts |
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No. of Employee
: |
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
|
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.
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Source : CIA |
SIXTY ASIA INVESTMENTS LTD.
ADDRESS: 10/F., JOS Tower, Millennium
City 2, 378 Kwun Tong Road, Kowloon, Hong Kong.
PHONE: 852-2267
0906, 852-2161 9300
FAX: 852-2267
0669
E-MAIL: paulho@sixtyfareast.com.hk
carmen@sixtyfareast.com.hk
Managing Director: Ms. Ng Sau Wah
Incorporated on: 23rd August,
2011.
Organization: Private
Limited Company.
Issued Share
Capital: HK$1.00
Business Category: Garment
Importer, Exporter and Wholesaler.
Employees: 70. (Including associate and 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, Kowloon, Hong Kong.
Sixty
Asia Holdings Ltd., Hong Kong. (Same
address)
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 Far East Ltd., Hong Kong. (Same address)
Sixty Group S.p.A., Italy.
Trendiano Investments (BVI) Ltd., British Virgin
Islands.
Trendy International (Coven Garden) Holdings Ltd.,
Hong Kong.
Trendy International (Trendiano) Holdings Ltd.,
Hong Kong.
Trendy International (HK) Ltd., Hong Kong. (Same address)
Trendy International (Shanghai Corso Como) Ltd.,
Hong Kong.
Trendy International (Corso Como) Ltd., Hong Kong.
Trendy International Investment Ltd., Hong Kong.
Trendy International Group Ltd., Hong Kong.
Sixty Modevertriebs GmbH, Austria.
Sixty Hellas SA, Greece.
Sixty Belgium SA, Belgium.
Sixty Canada Inc., Canada.
Sixty China, China.
Sixty Portugal, Portugal.
Sixty Group Russia, Russia.
Sixty Spain S.L., Spain.
Sixty Deutschland GmbH, Germany. etc.
58946478
1659561
Managing Director: Ms. Ng Sau Wah
HK$1.00
(As per registry dated 23-08-2014)
|
Name |
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No. of share |
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Sixty Asia Holdings Ltd., Hong Kong. |
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1 = |
(As per registry dated 23-08-2014)
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Name (Nationality) |
Address |
|
LI Shanhu |
No. 192, Hui
Jing South Road, Guangzhou, Guangdong, 510640, China. |
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NG Sau Wah |
Flat D, 10/F.,
Tower 1, The Astoria, 198 Argyle Street, Kowloon, Hong Kong. |
|
Jacky XU |
No. 192, Huijing
Nanlu, Huijing Xincheng, Guangzhou, Guangdong, China. |
|
LIN Lin |
No. 28, 318
Nong, Xing Guo Road, Shanghai, China. |
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Paolo BODO |
Suite 3108,
31/F., Hampton Court, Gateway Apartments, Harbour City, Tsimshatsui, Kowloon,
Hong Kong. |
(As per registry dated 23-08-2014)
|
Name |
Address |
Co. No. |
|
RSRB Secretariat Ltd. |
20/F., Alexandra House, 18 Chater Road,
Central, Hong Kong. |
1721104 |
The subject was incorporated on 23rd
August, 2011 as a private limited liability company under the Hong Kong
Companies Ordinance.
Originally the subject was
registered under the name of Elite Champion Holdings Ltd., name changed to the
present style on 8th March, 2012.
Apart from these, neither material
change nor amendment has been ever traced and noted.
Activities: Garment Importer, Exporter and Wholesaler.
Lines: Jackets,
blouses, jeans, dresses, skirts, sweat shirts
Employees: 70. (Including associate and retail shops)
Commodities
Imported: Italy,
other European countries, etc.
Markets: Hong
Kong, other European countries, etc.
Terms/Sales: COD or as per contracted.
Terms/Buying: L/C, T/T, etc.
Issued Share Capital: HK$1.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit.
Condition: Keeping in an
active condition.
Facilities: Making active
use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:- DBS Bank Ltd., Hong Kong.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Sixty Asia Investments Ltd. is a subsidiary of Sixty Asia Holdings Ltd. [SAHL], a Hong Kong-registered firm located at the same address. The subject has had a main associated company Sixty Far East Ltd. [SFEL], a Hong Kong-registered firm also located at the same address.
SFEL 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.
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 key personnel of the subject 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.
SAHL is the holding company of the Sixty Group which is partly controlled by the Trendy Group.
The subject and its associate are trading in the following commodities:-
Blouses‚ Jeans‚ Dresses and Skirts;
Footwear – Leather;
Jacket – Ladies (excluding Ski-Jacket);
Jacket – Men (excluding Ski-Jacket);
Tee and Sweat Shirts;
Other Textile Products.
Sixty Group is an international fashion company, 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.
The Group’s innovative lines are the distribution of fashions to worldwide customers in the trendiest boutiques, in department stores and in Sixty flagship stores.
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 Yuan.
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 just over three years and four months.
On the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
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28-05-2013 |
Instrument: Assignment of DC Proceeds Property: By way of
assignment or agreement to assign in each case as beneficial owner: All
monies in any currency representing proceeds payable or to be paid to the Customer
under the Documentary Credits, all the Customer’s right, title, benefit and
interest in the said Documentary Credits, the benefit of all powers and
remedies for enforcing the Documentary Credits and any payment made pursuant
to the contract for sale of goods in connection with which the Documentary
Credit is issued. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All loans or other advances made or to be
made by the Bank to the Customer against documents submitted under a Documentary
Credit, all monies and liabilities in any currency owing by the Customer to
the Bank at any time, whether separately or jointly, actually or
contingently, present or future, interest on all loans and advances and such
monies and all expenses of the Bank in perfecting or enforcing the
Assignment. |
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28-05-2013 |
Instrument: Assignment of Receivables - General Property: All books and
other debts, receivables, and all monies now and from time to time due or owing
to or purchased or otherwise acquired by the Customer and the full benefit of
all guarantees, encumbrance, rights of set-off, security reservation of
proprietary rights, rights of tracing and liens, and all rights, claims and
remedies in respect of such monies. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount secured - (i) all monies and
liabilities in any currency owing by the Customer; (ii) interest on such
monies; and (iii) all expenses of the chargee in perfecting or enforcing the
Assignment |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.69 |
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|
1 |
Rs. 93.41 |
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Euro |
1 |
Rs. 71.33 |
INFORMATION DETAILS
|
Analysis
Done by : |
KAR |
|
|
|
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Report
Prepared by : |
ASH |
RATING EXPLANATIONS
|
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.