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Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
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Name : |
BROTHER MACHINERY (ASIA) LTD. |
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Registered Office : |
Unit 620-2 & 6, 6/F., Ocean Centre, 5 Canton Road, Tsimshatsui,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.01.1996 |
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Com. Reg. No.: |
19626336 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of printers, office machinery and equipment |
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No of Employees : |
30 |
RATING & COMMENTS
|
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) |
|
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% 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 |
BROTHER MACHINERY
(ASIA) LTD.
ADDRESS: Unit 620-2 & 6,
6/F., Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3589 9000
FAX: 852-3589 9199
Managing Director: Mr. Koichi
Naganuma
Incorporated on: 18th January, 1996.
Organization: Private Limited Company.
Paid Up Capital: US$37,000,000.00
Business Category: Office
Machine trader.
Group Net Sales: ¥616,835 million (Year ended 31-03-2014)
Employees: 30.
Main Dealing Banker: The Bank
of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
Unit 620-2 & 6, 6/F., Ocean Centre, 5 Canton Road, Tsimshatsui,
Kowloon, Hong Kong.
Holding Company:-
Brother Industries, Ltd., Japan.
Associated Companies:-
Betop Staff Ltd., Japan.
Brother (China) Ltd., China.
Brother Commercial (Thailand) Ltd., Thailand.
Brother Enterprise Ltd., Japan.
Brother Finance (Japan) Ltd., Japan.
Brother Industries (Philippines) Inc., Philippines.
Brother Industries (Shenzhen) Ltd., China.
Brother Industries (Vietnam) Ltd., Vietnam.
Brother Industries Saigon Ltd., Vietnam.
Brother Industries Technology (M) Sdn. Bhd., Malaysia.
Brother International (Aust.) Pty. Ltd., Australia.
Brother International (Gulf) FZE Turkey Branch, Turkey.
Brother International (Gulf) FZE, USA.
Brother International (HK) Ltd., Hong Kong.
Brother International (India) Private Ltd., India.
Brother International (Malaysia) Sdn. Bhd., Malaysia.
Brother International (NZ) Ltd., New Zealand.
Brother International (Vietnam) Co. Ltd., Vietnam.
Brother International Corporation, Japan.
Brother International Korea Co. Ltd., Korea.
Brother International Philippines Corporation, Philippines.
Brother International S.A. (Pty) Ltd., South Africa.
Brother International Singapore Pte. Ltd., Singapore.
Brother International Taiwan Ltd., Taiwan.
Brother Living Service Co. Ltd., Japan.
Brother Logitec Ltd., Japan.
Brother Machinery Shanghai Ltd., China.
Brother Machinery Vietnam Co. Ltd., Vietnam.
Brother Machinery Xian Co. ltd., China.
Brother Real Estate Ltd., Japan.
Brother Sales Ltd., Japan.
Brother System Technology Development (Hangzhou) Ltd., China.
Brother Technology (Shenzhen) Ltd., China.
Mie Brother Precision Industries Ltd., Japan.
Nissei Corporation, Japan.
PT Brother International Sales Indonesia, Indonesia.
Standard Corp., Japan.
Taiwan Brother Industries Ltd., Taiwan.
Xing Inc., Japan.
Zhuhai Brother Industries Co. Ltd., China.
etc.
19626336
0536318
Managing Director: Mr. Koichi
Naganuma
US$37,000,000.00
(As per registry dated 01-09-2014)
|
Name |
|
No. of shares |
|
Brother International Corp. 15-1, Naeshiro-Cho, Mizuho-Ku, Nagoya, Japan. |
|
2,999,999 |
|
Brother Industries, Ltd. 15-1, Naeshiro-Cho, Mizuho-Ku, Nagoya, Japan. |
|
34,000,001 |
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|
|
––––––––– |
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Total: |
37,000,000 ======== |
(As per registry dated 01-04-2014)
|
Name (Nationality) |
Address |
|
Yasuyuki HASEGAWA |
15 Daito, Kochino Cho, Konan city, Aichi Prefecture, Japan. |
|
Tatsuya KITAMURA |
805-2 Yagoto-Tendo, Tenpaku-Ku, Nagoya-City, Aichi, Japan. |
|
Yoshimi ITO |
404 Cen 18 Road 101 Gulshan2 Dhaka 1212 Bangladesh. |
|
Koichi NAGANUMA |
Kameshiro 4-12, Mizuho-Ku, Nagoya, Aichi, Japan. |
(As per registry dated 18-01-2014)
|
Name |
Address |
Co. No. |
|
Prime Professional Services Ltd. |
Unit 2405, 24/F., World Wide House, 19 Des Voeux Road
Central, Hong Kong. |
1124542 |
The subject was incorporated on 18th January, 1996 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Mizuho
Corporation (HK) Ltd., name changed to Brother International (HK) Ltd. on 26th
March, 1999, and further to the present style on 10th March, 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Office
Machine trader.
Lines: All
kinds of printers, office machinery and equipment
Employees: 30.
Commodities Imported: China, Japan,
etc.
Markets: Asian
countries, Europe.
Group Net Sales: ¥502,830
million (Year ended 31-03-2011)
¥497,390
million (Year ended 31-03-2012)
¥516,067
million (Year ended 31-03-2013)
¥616,835
million (Year ended 31-03-2014)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, .
Paid Up Capital: HK$37,000,000.00
Group Net Income: ¥26,238
million (Year ended 31-03-2011)
¥19,525
million (Year ended 31-03-2012)
¥17,826
million (Year ended 31-03-2013)
¥19,221
million (Year ended 31-03-2014)
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 Bank of Tokyo-Mitsubishi UFJ Ltd., Hong
Kong Branch.
Standing: Good.
Brother Machinery (Asia) Ltd. is jointly owned by Brother International Corp.,
holding 8.1%, and Brother Industries, Ltd. [Brother], holding 91.9%. Both are Japan-based companies.
Brother is a listed company in Japan.
The subject is an office machinery and equipment trader. It is a member of the Brother Group of
companies.
For more than a century, Brother has won recognition as a brand
synonymous with delivering product innovation and customer satisfaction. Being a Japanese company founded in 1908,
Brother has 16 production facilities and 51 sales companies operating in 44 countries
in different regions today.
Brother is now a leading brand that produces quality innovative products
for the print and imaging, labelling and sewing markets. Key products include laser printers,
Multi-Function Centres (MFCs), fax machines, labellers, label printers, and a
wide range of home and industrial sewing machines.
Now, overseas sales of the Group account for about 80% of the Group’s
total sales.
For the year ended 31st March, 2014, the net sales of the Group amounted
to ¥616,835 million (2013: ¥516,067 million), net income amounted to ¥19,221
million (2013: ¥17,826 million).
For the year ended 31st March, 2014, the Group had 33,118
employees. Over 61% of the Group’s
employees are in Asia, Oceania, the Middle East and Africa.
The Group’s China factory is chiefly in Xi’an, Shaanxi Province, China
while the Group’s China sales company is in Shanghai, China. The CEO and Chairman of the Shanghai Company
is Mr. Yasuyuki Hasegawa.
The Managing Director of the subject in Hong Kong is Mr. Koichi Naganuma
who is a Japanese.
As the history of the subject is over 18 years and nine months in Hong
Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
|
Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
SMN |
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 |
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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 |
|
<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.