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Report No. : |
345735 |
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Report Date : |
26.10.2015 |
IDENTIFICATION DETAILS
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Name : |
ANDRE HK BUYING OFFICE LTD. |
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Registered Office : |
Room 602-608, 6/F. & 707-709, 7/F., Wharf T&T Centre, Harbour City, 7 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
08.09.1989 |
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Com. Reg. No.: |
13322356 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Exporter and Buying of all kinds of footwear, handbags, ladies’
underwear and garments. |
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No. of Employees : |
55. (Office staff) |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hongkong |
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 |
HONGKONG - 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
ANDRE HK BUYING
OFFICE LTD.
ADDRESS: Room 602-608, 6/F. &
707-709, 7/F., Wharf T&T Centre, Harbour City, 7 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-2735
8656, 2730 6998
FAX: 852-2735
8672, 2375 9643, 2730 9870
EMAIL: lucille@ahkbo.com.hk
Managing Director:
Mr. Arnaud Joel Charles
Levron
Incorporated on: 8th September, 1989.
Organization: Private Limited Company.
Issued Share Capital: HK$500,000.00
Business Category: Exporter
and Buying Office.
Employees: 55. (Office staff)
Main Dealing Banker: Natixis,
Hong Kong Branch.
Banking Relation: Very Good.
Registered Head Office:-
Room 602-608, 6/F. & 707-709, 7/F., Wharf T&T
Centre, Harbour City, 7 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Vivarte
28 Rue, De Flandre 75019 Paris, France.
[Tel: 33-1-44-72-30-01;
Fax: 33-1-40-05-09-37]
Subsidiary/Associated
Companies:-
André Ceska SRO, Czech
Republic.
Andre International B.V., The Netherlands.
André International BV,
Belgium.
André Polska Sp.z.o.o.,
Poland.
Europeenne de Negoce Andre
S.A.S., France.
La Halle Hungaria, Hungary.
etc.
13322356
0262712
Managing Director:
Mr. Arnaud Joel Charles
Levron
Contact Person: Mr. Christophe Guillot
HK$500,000.00
(As per registry dated 08-09-2015)
|
Name |
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No. of shares |
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Vivarte 28 Rue, De Flandre 75019 Paris, France. |
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500,000 ====== |
(As per registry dated 08-09-2015)
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Name (Nationality) |
Address |
|
Nicola TETI |
22 Rue Des Envierges, 75020 Paris, France. |
|
Massimiliano MESSINA |
20 Rue Datu, 75008 Paris, France. |
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Arnaud Joel Charles LEVRON |
Flat B, 21/F., Carmen Garden, 9 Cox’s Road, Jordan,
Kowloon, Hong Kong. |
(As per registry dated 08-09-2015)
|
Name |
Address |
Co. No. |
|
Wiseman Secretarial & Management Services Ltd. |
22/F., Tai Yau Building, 181 Johnson Road, Wanchai,
Hong Kong. |
0040224 |
The subject was
incorporated on 8th September, 1989 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the
subject was registered under the name of Kaninford Ltd., name changed to the
present style on 25th May, 1990.
Formerly the subject
was located at Room 1129-1130, 11/F., Star House, 3 Salisbury Road,
Tsimshatsui, Kowloon, Hong Kong, moved to the present address in October
1995.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Exporter
and Buying Office.
Lines: All
kinds of footwear, handbags, ladies’ underwear and garments.
Employees: 55. (Office staff)
Commodities Handled: Bought
in Hong Kong and also imported from China and other Asian countries.
Markets: France
and other European countries.
Terms/Sales: L/C, T/T and D/P.
Terms/Buying: L/C, T/T, O/A, etc.
Issued Share Capital:
HK$500,000.00
Mortgage or Charge:-
Date of A Charge Over
Cash Deposit: 22-04-1997
Amount: To secure all moneys, obligations
and liabilities
Property: All cash in the deposit dated
22-04-1997 in the amount US$2.5 million and interests
Mortgagee: Crédit Lyonnais,
Hong Kong Branch. [Merged into
Calyon but now known as Credit Agricole Corporate & Investment Bank]
Profit or Loss: Group
suffered from losses in past two years.
Condition: Keeping in a normal
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Good.
Bankers:-
Natixis,
Hong Kong Branch.
Credit Agricole
Corporate & Investment Bank, Hong Kong Branch.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Andre HK Buying
Office Ltd. is a wholly-owned subsidiary of Vivarte (formerly known as Groupe André
S.A. [Groupe André]) which is a France‑based firm. Groupe André was a French group founded in
1860 in Paris.
The subject has
changed its directors since July 2014.
The Managing Director Arnaud Joel Charles Levron was appointed on 29th
September, 2014. He is a Hong Kong ID
holder and has got the right to reside in Hong Kong permanently. He is also managing director of the subject.
The subject is a
buying office for Vivarte Group. It is
trading in the following three categories of products:-
· Apparel;
· Footwear;
· Accessories.
The subject is
engaged in purchasing footwear, handbags, lingerie and underwear, garments and
the other textile products in the Great China region and the other Asian
countries. Business has been active and
good. Commodities are chiefly exported
to France and the other European countries.
Currently the subject
has developed close business ties with a number of overseas buyers, suppliers,
fabric manufacturers, etc. The subject
has about 45 persons in Hong Kong.
It is the headquarters of Vivarte for the Asia Pacific region. The contact person is Mr. Christophe Guillot.
The principal
activity of Vivarte is to manufacture and retail footwear, ready‑to-wear
clothing and accessories. It also
produces sports, work and safety footwear and clothing and household
products. Vivarte is France’s leading
footwear and apparel specialty retailer and ranks sixth in Europe, with more
than 60 million pairs of shoes and 50 million articles of clothing sold every
year.
French footwear
brands carried include “La Halle aux Chaussures”, “Chaussland”, “Andre”,
“Orcade”, “Minelli” and “Besson”. Clothing brands include “Caroll”, “Kookai”,
“Creeks” and “Liberto”.
Retail outlets include “La Halle aux Vetements”, “Megal 1”,
“Vetland” and “Spot”.
Vivarte was a listed
firm in Paris, France. It is a giant in
the business of European shoes and garments.
Being one of the Europe’s leading manufacturers and sellers of footwear and
apparel, it operates some 4,400 stores in France and about 10 in other countries
in Europe, including Germany, Italy, and Spain, under about 20 different
banners. Its discount footwear and
apparel stores are operated under the La Halle aux Chaussures, Chaussland, and
Besson Chaussures names. Other stores
are operated under the Caroll, Kookai, La Halle, Naf, Super Sport, Andre,
Minelli, San Marina, Pataugas, Chevignon, Cosmoparis, Avec and Fosco names.
Vivarte is owned by
the UK-based private equity firm Charterhouse Capital Partners, which acquired
the company from PAI Partners in 2007.
Vivarte set to
complete its financial restructuring in on 29th October, 2014 with a
debt-for-equity swap.
It wants to cut 1,600
jobs, mainly at its clothing chain La Halle aux Vêtements.
Vivarte - which owns chains
like Naf, Chevignon and Kookaï - will cut 1,600 jobs out of the 17,000 it
currently has. One of its most important
chains, La Halle aux Vêtements, will carry the brunt of the cuts: 174 of its
620 stores will shut down and another 23 will be sold off. Its staff will be
brought down from 4,000 to 2,480 employees, which means that nearly a third of
the staff will be shown the door.
Shoe chain André will
also have to make some changes: 37 out of 247 stores will close and 200 out of
500 employees might lose their job, while Kookaï may be forced to let 32 people
go.
The French fashion
concern has had worrying results, which have prompted it to act now: Vivarte’s
turnover slumped 10.3 % in its 2013-2014 fiscal year, down to EUR 2.68 billion,
while its debt grew to EUR 2.8 billion.
La Halle aux Vêtements’ sales dropped for the third year in a row, with
a EUR 60 million loss on a EUR 560 million turnover last year. Its major competitors, Kiabi and mainly
Primark, are stealing away customers and turnover.
The subject is fully
supported by Vivarte. History in Hong
Kong is over twenty-six years and a month.
Making a small profit every year.
On the whole, in view
of the subject’s background and parentage, consider it good for normal business
engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.64.88 |
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|
1 |
Rs.99.89 |
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Euro |
1 |
Rs.72.06 |
INFORMATION DETAILS
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Analysis Done by
: |
HEE |
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Report Prepared
by : |
NIT |
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.