|
Report Date : |
03.08.2013 |
IDENTIFICATION DETAILS
|
Name : |
PJ HONG KONG LTD. |
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Registered Office : |
8/F., EGL Tower, 83 Hung To Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.11.2001 |
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Com. Reg. No.: |
32212306 |
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|
|
Legal Form : |
Private Limited Company |
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Line of Business : |
Underwear Marketing and Distribution of all kinds of ladies foundation garments, lingerie and nightwear. |
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No. of Employees : |
120. (Including associates in Hong Kong) |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No Complaints |
|
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 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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.
Source
: CIA
PJ HONG
KONG LTD.
ADDRESS: 8/F., EGL Tower, 83 Hung To
Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2376 1468
FAX: 852-2376 1995
Managing Director: Mr. Hiroshi
Tsujimoto
Incorporated on: 19th
November, 2001.
Organization: Private
Limited Company.
Capital: Nominal: HK$3,500,000.00
Issued HK$3,500,000.00
Business Category: Underwear Marketing and Distribution.
Group Net Sales: ¥177,154
million (Year ended 31-03-2013)
Employees:
120. (Including associates in Hong Kong)
Group Employees: 18,622 (Year ended 31-03-2013)
Main Dealing Banker: The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
8/F., EGL Tower, 83 Hung To Road, Kwun Tong, Kowloon, Hong Kong.
Holding Company:-
Peach John Co. Ltd., Japan.
Ultimate Holding Company:-
Wacoal Holdings Corporation, Japan.
Associated Companies:-
Wacoal Group of Companies
Dalian Wacoal Co. Ltd., China.
Eveden Ltd., UK.
Guangdong Wacoal Inc., China.
Hokuriku Wacoal Sewing Corporation, Japan.
House of Rose Co. Ltd., Japan.
Kyushu Wacoal Manufacturing Corporation, Japan.
Lecien Corporation, Japan.
Nanasai Co. Ltd., Japan.
Niigata Wacoal Sewing Corporation, Japan.
Philippine Wacoal Corporation, Philippines.
PT. Indonesia Wacoal, Indonesia.
Shanghai Yadie Fashion Co. Ltd., China.
Shinyoung Wacoal Inc., South Korea.
Taiwan Wacoal Co. Ltd., Taiwan.
Thai Wacoal Public Co. Ltd., Thailand.
Torica Co. Ltd., Japan.
Torica Inc., Japan.
Unenana Cool Corporation, Japan.
Vietnam Wacoal Corporation, Vietnam.
Wacoal (Shanghai) Human Science R&D Co. Ltd., China.
Wacoal (UK) Ltd., UK.
Wacoal America Inc., US.
Wacoal Art Center Co. Ltd., Japan.
Wacoal Canada Inc., Canada.
Wacoal Career Service Corporation, Japan.
Wacoal China Co. Ltd., China.
Wacoal Distribution Corporation, Japan.
Wacoal Dominicana Corporation, US.
Wacoal Eveden Ltd., UK.
Wacoal France S.A., France.
Wacoal France Société Abibtme, France.
Wacoal Hong Kong Co. Ltd., Hong Kong.
Wacoal International Corporation, US.
Wacoal International Hong Kong Co. Ltd., Hong Kong.
Wacoal Investment Co. Ltd., Taiwan.
Wacoal Malaysia Sdn. Bhd., Malaysia.
Wacoal Service Co. Ltd., Japan.
Wacoal Singapore Pte. Ltd., Singapore.
Wacoal Sports Science Corporation, US.
etc.
32212306
0776572
Managing Director: Mr. Hiroshi
Tsujimoto
Contact Person: Mr. Toru Ueda
Nominal Share Capital: HK$3,500,000.00 (Divided into 3,500,000 shares of
HK$1.00 each)
Issued Share Capital: HK$3,500,000.00
(As per registry dated 19-11-2012)
|
Name |
|
No. of shares |
|
Peach John Co. Ltd. 6-17-11 Jingumae Shibuya-Ku, Tokyo, Japan. |
|
3,500,000 ======= |
(As per registry dated 01-04-2013)
|
Name (Nationality) |
Address |
|
Akiyuki UENO |
1-13-6-2403, Kachidoki, Chuo-Ku, Tokyo 104-0054, Japan. |
|
Hiroshi TSUJIMOTO |
Flat E, 14/F., Juniper Mansion, Harbour View Gardens, 16 Taikoo Wan
Road, Taikoo Shing, Hong Kong. |
|
HIROSHI Kokubo |
3-18-16-2, Nishionuma, Minami-Ku, Sagamihara-City, Kanagawa, Japan. |
|
Hiroaki MIYAKE |
Flat F, 41/F., Tower 1, The Orchards, 3 Greig Road, Hong Kong. |
|
Toru UEDA |
6-8-902 Tachimachi, Aobaku, Sendaishi, Miyagiken, Japan. |
(As per registry dated 19-11-2012)
|
Name |
Address |
Co. No. |
|
Tricor Secretaries Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong Kong. |
0014900 |
The subject was incorporated on 19th November, 2001 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: Underwear
Marketing and Distribution.
Lines: All
kinds of ladies foundation garments, lingerie and nightwear.
Employees: 120. (Including associates in Hong Kong)
Commodities Imported: Imported from China, Taiwan, Japan, and other Asian countries.
Markets: Worldwide.
Group Net Sales: ¥170,960 million
(Year ended 31-03-2009)
¥163,548
million (Year ended 31-03-2010)
¥165,548
million (Year ended 31-03-2011)
¥171,897
million (Year ended 31-03-2012)
¥177,154
million (Year ended 31-03-2013)
Terms/Sales:
On various terms.
Terms/Buying: As
per contracted.
Nominal Share Capital: HK$3,500,000.00 (Divided into 3,500,000 shares
of HK$1.00 each)
Issued Share Capital: HK$3,500,000.00
Group Net Income Attributable to Wacoal Holding Corp.:-
¥5,062
million (Year ended 31-03-2009)
¥2,457 million (Year ended 31-03-2010)
¥2,785
million (Year ended 31-03-2011)
¥6,913
million (Year ended 31-03-2012)
¥7,623
million (Year ended 31-03-2013)
Group Net Worth: ¥166,767 million (As
at 31-03-2009)
¥171,860
million (As at 31-03-2010)
¥167,480 million (As at 31-03-2011)
¥171,496
million (As at 31-03-2012)
¥185,840
million (As at 31-03-2013)
Profit & Loss: Whole Group business is profitable.
Condition: Keeping in an active and satisfactory manner.
Facilities:
Supported by
parent.
Payment:
Prompt.
Commercial Morality: Good.
Banker:
The Bank of
Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Standing:
Good.
PJ Hong Kong Ltd. is a wholly-owned subsidiary of Peach John Co. Ltd.
[Peach John] which is a Japan-based firm.
The ultimate holding company Wacoal Holdings Corporation [Wacoal/refer
to Group when including associates and subsidiaries] is also a Japan-based
company. Wacoal is the largest women’s
undergarment company in Japan.
Peach John segment is composed of four companies, including its domestic
and overseas subsidiaries. The two
domestic subsidiaries and two overseas subsidiaries are sales companies, and
Peach John and one of its subsidiaries mainly engage in the retail sales of
products that are independently supplied mainly from nongroup companies.
Peach John is a leading mail-order company in women’s apparel and
lingerie targeting fashionable young women throughout Japan. The company markets and sells lingerie,
clothes, shoes, bags, accessories, cosmetics and beauty care products. Most of its merchandise is imported from all
over the world. In February, May,
August, and October, Peach John releases the catalogues, “PJ” and “GJ” which
introduce Peach John’s latest products.
The catalogue “PJ”, with circulation of 2 million copies with each
release, reaches 25% of the Japanese women in their 20’s.
Peach John’s sister catalogue “GJ”, has a circulation of 600,000
copies. The catalogue carries cosmetics,
beauty care products, clothes and accessories, etc.
Now, Peach John has got the following retail stores:-
“PEACH JOHN THE STORE”
APPORO / SENDAI / OHMIYA / SHINJUKU/ SHINJUKU 3 CHOUME / SHIBUYA / NISHIGINZA /
IKEBUKURO / UENO / TACHIKAWA / CHIBA / KAWASAKI / YOKOHAMA / SHIZUOKA / NIIGATA
/ KANAZAWA / NAGOYA / NAGOYA SAKAE / KYOTO KAWARAMACHI / SHINSAIBASHI / FUKUOKA
/ MACHIDA / FUNABASHI / KASHIWA / NISHINOMIYA / COLLECTED NAGOYA / SANO OUTLET
/
HONG KONG Causeway Bay / HONG KONG Tsim Sha Tsui / CHINA Xujiahui(Shanghai) /
CHINA Xintiandi (Shanghai) / CHINA Lujiazui (Shanghai) / CHINA
Xizangbeilu(Shanghai) / CHINA Huaihaizhonglu(Shanghai)
The Group’s sales facility in Hong Kong covers 46,618 sq.ft.
“Wacoal” is a significant brand name of undergarment in Japan and
Asia. The Group has offices in Southeast
Asia, the United States, Europe, etc.
The corporate group consists of one holding company [Wacoal Holdings
Corp.], 59 subsidiaries, and nine affiliates, and is principally engaged in the
manufacturing and wholesale distribution of innerwear (primarily women’s foundation
wear, lingerie, nightwear, and children’s underwear), outerwear, sportswear,
and other textile goods and related products, as well as the direct sale of
certain products to consumers. Its
corporate group also conducts business in the restaurant, culture, service, and
interior design businesses.
For the year ended in March 2013, the Group’s sales increased from the
previous fiscal year mainly due to the expansion of sales attributable to its
businesses in the United States, and also due to the inclusion of the business
results of Eveden. Operating income
decreased from the previous fiscal year due to the impact of the impairment
loss of ¥2,852 million as a result of the reassessment of the fair value of
Peach John, despite its efforts to promote efficiency through cost reduction
and cutting expenses. Net income
attributable to Wacoal Holdings Corp. exceeded the results for the previous
fiscal year as a result of favorable factors, including the sale of marketable
securities and a decrease in tax expenses.
The followings are the highlights of the Group:-
Sales: ¥177,154 million
(an increase of 3.1% as compared to the previous fiscal year)
Operating income: ¥8,099 million yen
(a decrease of 22.0% as compared to the previous fiscal year)
Pretax net income: ¥10,544 million yen
(an increase of 3.3% as compared to the previous fiscal year)
Net income attributable to Wacoal Holdings Corp.: ¥7,623 million yen
(an increase of 10.3% as compared to the previous fiscal year)
Concerning Peach John Business, sales from its core mail-order
catalogues fell below the results for the previous fiscal year due to the
expansion of sales of innerwear achieved through TV commercials in the previous
year and the poor performance of outerwear and general merchandise, despite its
efforts in increasing occasions to receive orders by realigning based on
consumer age‑group and by sending supplementary volume of
catalogues. Net sales attributable to
its directly managed stores in Japan showed weak performance due to insufficient
inventory of its popular items. With
respect to its directly managed overseas stores, sales from Hong Kong exceeded
the results for the previous fiscal year due to the opening of new stores,
while our directly managed stores in China showed weak performance. As a result of the above, overall sales from
our Peach John Business fell below the results for the previous fiscal
year. With respect to profitability,
despite its efforts to promote efficiency through cost reduction and cutting
expenses, we recorded an operating loss due to reduced sales and recognition of
impairment loss.
The followings are the highlights of Peach John Business:-
Sales: ¥11,972 million
(a decrease of 13.5% as compared to the previous fiscal year)
Operating loss: ¥2,701 million
(as compared to 529 million yen of operating income incurred for the
previous fiscal year)
The subject is fully supported by Peach John and ultimately by Wacoal
Group.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.80 |
|
|
1 |
Rs.91.95 |
|
Euro |
1 |
Rs.80.36 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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 |
|
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.