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Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
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Name : |
PRYM FASHION ASIA PACIFIC & CO. |
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Registered Office : |
2/F., New Lee Wah Centre, 88 To Kwa Wan Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.01.1996 |
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Com. Reg. No.: |
19597030-000-01 |
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Legal Form : |
Partnership concern |
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Line of Business : |
Designer, Manufacturer and Distributor of all kinds of fashions,
garments, accessories, haberdashery |
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No. of Employees : |
50 |
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, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 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 |
PRYM FASHION ASIA
PACIFIC & CO.
ADDRESS: 2/F., New Lee Wah Centre, 88
To Kwa Wan Road, Kowloon, Hong Kong.
PHONE: 852-2344 4499
FAX: 852-2341 8950,
852-2950 0010
E-MAIL: frank.bruwer@prymasia.com
Manager: Mr. Frank Bruwer
Establishment: 1st January, 1996.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Designer,
Manufacturer and Distributor.
Employees: 50.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
PRYM FASHION ASIA
PACIFIC & CO.
ADDRESS:
Head Office:-
2/F., New Lee Wah Centre, 88 To Kwa Wan Road, Kowloon, Hong Kong.
Branch: [BR No.: 19597030-001-01]
Workshop A & B, 2/F., Sunking Factory Building, 1-7 Shing Chuen
Road, Tai Wai, Shatin, New Territories, Hong Kong.
Shanghai Office:-
Room 1408, Hongqiao Mansion, Shanghai 20051, China.
[Tel: 86-21-5111 3808; Fax:
86-21-5111 3813]
Associated
Companies:-
Prym Group of Companies
Inovan (Tianjin) Contact Technology Ltd., China.
Inovan GmbH & Co. KG, Germany.
Prym Consumer Asia Ltd., Hong Kong.
Prym Consumer GmbH, Germany.
Prym Consumer Malaysia Sdn. Bhd., Malaysia.
Prym Consumer USA Inc., United States.
Prym Fashion GmbH, Germany.
Prym Fashion India Pvt. Ltd., India.
Prym Fashion Ningbo Ltd., China.
Prym Fashion Zhongshan Co. Ltd., China.
Prym Intimates Group Ltd., Hong Kong.
Prym Intimates Hong Kong Ltd., Hong Kong.
Prym Intimates Lanka (Pvt) Ltd., Sri Lanka.
Prym Intimates Zhongshan Ltd., China.
William Prym Holding GmbH, Germany.
etc.
19597030-000-01
Manager: Mr. Frank Bruwer
Name: Prym (Hong Kong) Ltd.
Business Registration Number:
19429461
Address: 29/F., Wing On
Centre, 111 Connaught Road Central, Hong Kong.
Name: Prym Fashion Beteiligungs
GmbH
Business Registration Number: Nil
Address: Zweifaller
Strae 130, D-52224 Stolberg, Germany.
The subject was established on 1st January, 1996 as a partnership
concern under the Hong Kong Business Registration Regulations.
Originally the subject was registered under the name of Prym Asia
Pacific & Co., name changed to the present style on 3rd April, 2001.
The following table shows the changes of the partners:-
|
Name |
Incoming Date |
Outgoing Date |
|
Coats Hong Kong Ltd. [Now known as Coats China Holdings Ltd.] |
01-01-1996 |
01-01-2004 |
|
Prym Fashion GmbH & Co. KG |
01-01-1996 |
01-01-1996 |
|
Prym (Hong Kong) Ltd. |
01-01-1996 |
--- |
|
Fiocchi Snaps Hong Kong Ltd. |
01-01-1996 |
30-06-2001 |
|
Prym Fashion Beteiligungs GmbH |
01-01-2004 |
--- |
At the very beginning, the subject was located at Unit B, 4/F., Pioneer
Industrial Building, 213 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong, moved
to Unit B, 8/F. of the same building in April 2001, and further to 4/F., West
Wing & Unit B, 8/F. of the same building in March 2007.
The subject moved to the present address in November 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Designer, Manufacturer and
Distributor.
Lines: All kinds of fashions, garments, accessories,
haberdashery
Employees: 50.
Commodities Imported: Europe,
China, other Asian countries
Markets: Hong Kong, other Asian countries
Terms/Sales: COD or as per contracted.
Terms/Buying: Various terms.
Capital: Not disclosed.
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: Good.
Prym Fashion Asia Pacific & Co. is jointly owned by Prym (Hong Kong)
Ltd. and Prym Fashion Beteiligungs GmbH.
The former is a Hong Kong-registered firm while the latter is a
Germany-based firm. Both firms belong to
the Prym Group of companies.
The subject is engaged in designing, manufacturing and distribution of
garment fastening systems and application technology and services to fashion
retailers, store groups and functional wear makers, including Armani, Calvin
Klein, Gap, Diesel, Eddie Bauer, Carters, H&M, Marks & Spencer, Zara,
Gymboree, C&A, Next, Nautica, Mothercare, Bogner, Schoeffel, Mexx, Oshkosh,
Nike, and Adidas. The Group has had
subsidiaries in South Korea, Shanghai, Singapore and Sri Lanka.
The subject is trading in the following products: press fasteners, zip
fasteners, jean buttons, rivets, eyelets, washers, etc.
Its products are widely used in active wear, babies’ & kid’s wear,
jeans, men’s & women’s wear, workwear, other technical applications.
The subject was founded in 1996 as a subsidiary of Germany’s oldest
family owned company, going back in its origin to the 16th century. Famous for its invention of the S-spring
fastening system, which still leads the market today more than 100 years after
its original design. Manufacturing
facilities and sales offices in more than 69 countries provide global services
to a growing international clientele.
The subject is trading in haberdashery such as snap buttons imported
from Germany and Italy.
The subject’s associated factory Prym Fashion Zhongshan Co. Ltd.
[Zhongshan Prym] is in Zhongshan City, Guangdong Province, China. Zhongshan Prym was set up in October
2010. It is engaged in manufacturing all
kinds of snap button and other metal accessories for garment.
Another China factory is in Ningbo City, Zhejiang Province, China.
Besides China, the Group has had another factory in Sri Lanka.
The Prym Group is the oldest family-owned business in Germany, and one
of the oldest in the world. Today the
Group is separated into three divisions and has its head office in Stolberg, a
town bordering Belgium and the Netherlands.
The Group’s sales teams and production facilities are located around the
globe, while the Group operates in every major market worldwide.
The Prym Group is made up of three separate divisions:-
·
Prym Consumer a leading global supplier of creative
sewing products and needlework, as well as fashion accessories.
·
Prym Fashion is a world-leading supplier of rivetable
press fastening systems and accessories to the clothing and textile industries.
·
INOVAN provides innovative, high-quality solutions
in the fields of material and surface technology, microfine pressing
technology, and mechatronics, as well as fasteners and precision mechanical
parts.
Prym Fashion is a division of the Prym Group and provides fastening
systems and accessories to customers in the garment and textile
industries. Prym Fashion produces a wide
range of fasteners, including press fasteners, zips, jeans buttons and rivets,
eyelets and washers, for every application.
Prym Fashion has production sites and sales offices in over 60 countries
around the world.
Another branch of the Group Prym Intimates is a major supplier to the
global lingerie industry, specialized in producing accessories to leading
brands.
The subject belongs to the Prym Fashion.
It is engaged in importing and wholesaling all kinds of fashions and
related accessories.
The annual sales of the Prym Group amounts to €380 to 400 million and it
has about 3,800 employees worldwide.
In Hong Kong, the subject has over 50 employees.
In July 2012, the subject set up a branch company in Tai Wan, Shatin,
New Territories, Hong Kong.
In November 2012, the subject set up another branch company in
Kwun Tong, Kowloon, Hong Kong.
However, this company has ceased business since 31st December, 2012.
The history of the subject in Hong Kong is over seventeen years and ten
months.
On the whole, in view of the background and history of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.45 |
|
|
1 |
Rs.100.86 |
|
Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
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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 |
|
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 |
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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 |
|
---- |
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.