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Report No. : |
338832 |
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Report Date : |
01.09.2015 |
IDENTIFICATION DETAILS
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Name : |
INTERNATIONAL TRADING
FASHION & APPAREL
SUPPLY LTD. |
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Registered Office : |
C/o Vistra
Secretaries Ltd., Suite 5501, 55/F., Central Plaza, 18 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.10.2008 |
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Com. Reg. No.: |
39879525 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is importer, exporter and wholesaler of all kinds of garments |
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No. of Employee : |
20 (Including
associated company) |
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 12.5% 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.
|
Source
: CIA |
INTERNATIONAL
TRADING FASHION &
APPAREL SUPPLY LTD.
Address: 3/F., KC 100, 100 Kwai
Cheong Road, Kwai Chung, New Territories, Hong Kong. (Operating Office)
(Your
enquiry given as: ITFAS with former located at: Unit 703, 7/F., Railway Plaza,
39 Chatham Road South, Tsimshatsui, Kowloon, Hong Kong.)
PHONE: 852-3970 3000
FAX: 852-3970 3199
Managing
Director: Mr. Nicolas Hennon
Incorporated on: 3rd October, 2008.
Organization: Private Limited Company.
Issued Share
Capital: HK$10,000,000.00
Business Category:
Importer, Exporter and Wholesaler.
Employees: 20.
(Including associated company)
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking
Relation: Satisfactory.
Registered Office:-
c/o Vistra
Secretaries Ltd.
Suite 5501, 55/F.,
Central Plaza, 18 Harbour Road, Wanchai, Hong Kong.
Operating Office:-
3/F., KC 100, 100 Kwai
Cheong Road, Kwai Chung, New Territories, Hong Kong.
Holding Company:-
ITFI, Luxembourg.
Ultimate Holding Company:-
Kiabi Europe SAS,
France.
Associated Company:-
Kiabi
International Supply Services Ltd., Hong Kong.
(Same address)
39879525
1277159
Managing
Director: Mr. Nicolas Hennon
HK$10,000,000.00
(As
per registry dated 03-10-2014)
|
Name |
|
No.
of shares |
|
ITFI 12F Rue Guillaume
Kroll, L-1882, Luxembourg. |
|
10,000,000 ======== |
(As
per registry dated 01-04-2015)
|
Name (Nationality) |
Address |
|
Nicolas HENNON |
11 Rue De Baroeul, 59700 Marcq En Baroeul,
France. |
|
Edgard
Michel Marie BONTE |
Rue Reine Astrid(n) 88, 7730 Estaimpuis,
Belgium. |
|
Bruno
RESSEGUIER |
1C Rue de Cysoing, 59780 Camphin en
Pevele, France. |
|
Juan
Carols PENAGOS URIBE |
16B Avenue de la Marque, 59290 Wasquehal,
France. |
(As
per registry dated 03-10-2014)
|
Name |
Address |
Co.
No. |
|
Vistra
Secretaries Ltd. |
Suite 5501, 55/F., Central Plaza, 18 Harbour Road, Wanchai, Hong Kong. |
1297335 |
The
subject was incorporated on 3rd October, 2008 as a private limited liability company
under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Golden Prime Star Ltd., name
changed to ITF Asian Services Ltd. on 28th November, 2008, and further changed
to the present style on 22nd August, 2014.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and
Wholesaler.
Lines: All kinds of garments.
Employees: 20.
(Including associated company)
Commodities
Imported: China, Bangladesh, other Asian
countries, etc.
Markets: France, other European
countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share
Capital: HK$10,000,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking
facilities.
Payment: Met trade commitments as required.
Commercial
Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Normal.
International
Trading Fashion & Apparel Supply Ltd. [ITFAS/subject] is a wholly-owned
subsidiary of ITFI which is a Luxembourg-registered company. The ultimate holding company is Kiabi Europe
SAS, a France-based and registered company.
The
registered address of the subject is in the office of its company secretaries
known as Vistra Secretaries Ltd.
The
subject is a fashion and apparel trader.
It has had an associated company known as Kiabi International Supply
Services Ltd. [KISS], a Hong Kong-registered company located at the same
address.
KISS
is the sourcing organization of Kiabi Group in Hong Kong and China. Its offices are also in Shanghai, Qingdao of
China, Bangkok of Thailand.
The
subject is part of the Kiabi Group and has a significant operation in
Asia. Currently, Kiabi Group is having
over 450 stores in France, Spain, Italy, Portugal, Russia and Morocco. The Group also has agents in India and
Indonesia.
Kiabi,
a family owned French Retail Company specialized in ready-to-wear for the whole
family, was founded in the Lille metropolis, with the first store opened in
Roncq in 1978. The Mulliez family owns,
in addition to Kiabi, many different companies, particularly in the retail
business, such as Auchan, Decathlon, Leroy Merlin and Boulanger.
In
France, Kiabi was ranked the 2nd in terms of sales value and volume as of
December 2013.
KISS
is the supply chain office of Kiabi located in Asia [Kiabi Asia]. Kiabi Asia was established on 1st January,
2010. It now has a total of over 140
employees in Hong Kong & China. The
employees are engaged in Merchandising, Product Development, Quality Assurance
& Quality Control, Compliance, Fabric & Back office functions.
Now,
the President of Kiabi Group is Edgard Michel Marie Bonte. He is one of the directors of the subject.
The
subject is fully supported by Kiabi Group.
The
history of the subject in Hong Kong is over six years and ten months.
On
the whole, in view of the background of the subject, consider it good for
normal credit requirements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.26 |
|
|
1 |
Rs.101.99 |
|
Euro |
1 |
Rs.74.79 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
|
|
|
|
Report Prepared
by : |
ASH |
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 |
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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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 |
|
<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.