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Report Date : |
23.08.2014 |
IDENTIFICATION DETAILS
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Name : |
POSH OFFICE SYSTEMS (INTERNATIONAL) LTD. |
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Registered Office : |
3/F. East, Warwick House, |
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Country : |
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Date of Incorporation : |
18.09.2008 |
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Com. Reg. No.: |
39810298 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of All kinds of office furniture. |
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No. of Employees |
1,000 |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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
|
Source
: CIA |
POSH
OFFICE SYSTEMS (INTERNATIONAL) LTD.
ADDRESS: 3/F. East, Warwick House, Taikoo Place,
979 King’s Road, Quarry Bay, Hong Kong.
PHONE: 852-2169 9288
FAX: 852-8146
6523
Managing Director: Mr.
Jeremy John Hocking
Incorporated on: 18th
September, 2008.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Importer, Exporter and Manufacturer.
Group Net Sales: US$1,882.0
million (Year ended 31-05-2014)
Group Employees: 1,000.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
POSH
OFFICE SYSTEMS (INTERNATIONAL) LTD.
ADDRESS
Registered
Head Office:-
3/F. East, Warwick House, Taikoo Place, 979
King’s Road, Quarry Bay, Hong Kong.
Holding
Company:-
Sun Hing POSH Holdings Ltd., Hong Kong.
Ultimate
Holding Company:-
Herman Miller Inc., USA.
Associated
Companies:-
Herman
Miller’s Group of Companies
Colebrook Bosson Saunders Inc., USA.
Colebrook Bosson Saunders Ltd., UK.
Colebrook Bosson Saunders Pty. Ltd.,
Australia.
Convia Inc., USA.
Coro Acquisition Corporation-California,
USA.
Geiger International Inc., USA.
Herman Miller (Australia) Pty. Ltd.,
Australia.
Herman Miller (Ningbo) Furniture Co. Ltd.,
China.
Herman Miller Accessories LLC, USA.
Herman Miller Asia (PTE.) Ltd., Singapore.
Herman Miller Canada, Canada.
Herman Miller Furniture (India) Pvt. Ltd.,
India.
Herman Miller Global Customer Solutions
(Hong Kong) Inc., Hong Kong.
Herman Miller Global Customer Solutions
Inc., USA.
Herman Miller Japan Ltd., Japan.
Herman Miller Ltd., UK.
Herman Miller Mexico S.A. de C.V., Mexico.
Herman Miller OP Spectrum Holdings Inc.,
USA.
Integrated Metal Technologies Inc., USA.
Maharam Fabric Corporation, USA.
Meridian Inc., USA.
Milsure Insurance Ltd., Barbados.
Nemschoff Chairs Inc., USA.
POSH Design Partnership Ltd., Hong Kong.
POSH International (Asia) Ltd., Hong Kong.
POSH Office Systems (Hong Kong) Ltd., Hong
Kong.
Steeline International (Asia) Ltd., Hong
Kong.
etc.
39810298
1273669
Managing Director: Mr.
Jeremy John Hocking
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 18-09-2013)
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Name |
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No.
of shares |
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Sun Hing POSH Holdings Ltd., Hong Kong. |
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1 |
|
Herman Miller Inc. 855 East Main Avenue, Zeeland, Michigan
49464, U.S.A. |
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1 |
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‑‑ |
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Total: |
2 = |
(As per registry dated 01-06-2014)
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Name (Nationality) |
Address |
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Andrew John LOCK |
11 The Thicket Penn High Wycombe, Bucks,
HP10 8JQ, United Kingdom. |
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Jeremy John HOCKING |
B36 Regalia Bay, 88 Wong Ma Kok, Road,
Stanley, Hong Kong. |
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James Edward CHRISTENSON |
915 San Jose Drive, East Grand Rapids, MI
49506, U.S.A. |
(As per registry dated 18-09-2013)
|
Name |
Address |
Co.
No. |
|
Tricor Corporate Secretary Ltd. |
Level 54, Hopewell Centre, 183 Queen’s
Road East, Hong Kong. |
0714799 |
The subject was incorporated on 18th
September, 2008 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: Importer, Exporter and
Manufacturer.
Lines: All kinds of
office furniture.
Trade Mark:
POSH.
Employees: 1,000.
Commodities Imported: China, other
Asian countries, etc.
Markets: Asian countries, Europe, North
America, etc.
Group Net Sales: US$1,318.8 million
(Year ended 29-05-2010)
US$1,649.2
million (Year ended 28-05-2011)
US$1,724.1
million (Year ended 02-06-2012)
US$1,774.9
million (Year ended 01-06-2013)
US$1,882.0
million (Year ended 31-05-2014)
Terms/Sales:
As per contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000
shares of HK$1.00 each)
Issued Share Capital: HK$2.00
Mortgage or Charge:-
Date of Security
Over Deposits with the Bank
(Limited Company – Under Seal): 30-03-2012
Amount: (i) all monies in any currency; (ii)
interest on such monies; and (iii) all expenses of the chargee in perfecting or
enforcing the charge
Property: A deposit with charge in the amount
of US$22,548.50 under Deposit A/C No. 808-512966 whatever currency it may
subsequently be denominated in, any renewal of such deposit and the interest
thereon together with any further monies in any deposit account with the
chargee at any of its offices.
Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
Group Net Earnings/(loss): US$28.3 million (Year ended 29-05-2010)
US$70.8
million (Year ended 28-05-2011)
US$75.2
million (Year ended 02-06-2012)
US$68.2
million (Year ended 01-06-2013)
(US$22.1
million) (Year ended 31-05-2014)
Profit or Loss: Group
made a loss in FY 2014.
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.
Having issued just two ordinary shares of
HK$1.00 each, POSH Office Systems (International) Ltd. is equally owned by Sun
Hing POSH Holdings Ltd., a Hong Kong-registered company, and Herman Miller Inc.
[Herman Miller], a US-based company.
Herman Miller is a listed company in the United States.
The subject is an office furniture
trader. It is the key member of the POSH
Group of companies [POSH].
Based in Hong Kong, POSH is a leader in the
design, manufacture and marketing of office furniture in Asia Pacific. The company operates with over 1,000
employees, an ISO-9001 and ISO 14001 certified production facility in China,
and a dealer network covering over 30 countries worldwide.
POSH is a Company of Herman Miller Inc., a
global industry leader that has been widely recognized for its innovative
products. POSH has been a Caring Company
since 2005 and voted as the “Best Office Furniture Brand” in Hong Kong by
CAPITAL magazine in 2007. Among various
awards, POSH was recognized with the award of “Eco-Business 2007” by Business
Environment Council and “The Green Medal” by The Federation of Hong Kong
Industries for its leadership and stewardship in protecting the environment.
All of its furniture bear the brand name of
POSH which has been registered with the Hong Kong SAR Government.
As of 31st May, 2014, Herman Miller employed
6,630 full-time and 162 part‑time employees, representing a 16.2%
increase and a 0.6% increase, respectively, compared with 1st June, 2013. The increase in employees was driven
principally by its acquisition of the manufacturing and distribution facilities
in Dongguan, Guangdong Province, China, during fiscal 2014.
Herman Miller’s sales in international
markets are made primarily to office/institutional customers. Foreign sales consist mostly of office
furniture products such as Abak®, Aeron®, Mirra®, Celle®, Sayl®, Layout
Studio®, and other seating and storage products (including POSH products). It conducts business in the following major
international markets: Europe, Canada, the Middle East, Latin America, South America
and the Asia/Pacific region. In certain
foreign markets, Herman Miller’s products are offered through licensing of
foreign manufacturers on a royalty basis.
Herman Miller’s products currently sold in
international markets are manufactured by wholly owned subsidiaries in the
United States, the United Kingdom, and China.
Sales are made through wholly owned subsidiaries or branches in Canada,
France, Germany, Italy, Japan, Mexico, Australia, Singapore, China, India, and
the Netherlands. The company’s products
are offered in the Middle East, South America, and Asia through dealers.
The Net Sales of the Group as at year ended
31st May, 2014 amounted to US$1,882.0 million, made a loss of US$22.1 million
in the year. Over the past five years,
Herman Miller just made a loss in FY 2014.
The subject and POSH are fully supported by
Herman Miller. History in Hong Kong is
about six years.
On the whole, consider the subject good for
normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.44 |
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UK Pound |
1 |
Rs.100.24 |
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Euro |
1 |
Rs.80.35 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
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Report Prepared
by : |
SDA |
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.