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Report No. : |
352758 |
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Report Date : |
04.12.2015 |
IDENTIFICATION DETAILS
|
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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|
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Country : |
Hong Kong |
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Date of Incorporation : |
01.01.1996 |
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Legal Form : |
Partnership. |
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|
|
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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 Employee : |
60 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
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|
|
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Payment Behaviour : |
No complaints |
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|
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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 |
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
MANAGEMENT:
Manager:
Mr. Frank Bruwer
Establishment: 1st
January, 1996.
Organization:
Partnership.
Capital:
Not
disclosed.
Business Category: Designer, Manufacturer and Distributor.
Employees:
60.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
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 (Hong Kong) Ltd., Hong Kong.
Prym Consumer Asia Ltd., Hong Kong.
Prym Consumer Europe GmbH, Germany.
Prym Consumer Malaysia Sdn. Bhd., Malaysia.
Prym Consumer USA Inc., United States.
Prym Fashion Beteiligungs GmbH, Germany.
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.
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: 60.
Commodities Imported: Europe, China, other Asian countries.
Markets: Hong
Kong, other Asian countries, Europe, North America.
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 contracted.
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 the following significant companies: Armani, Calvin Klein, Gap,
Diesel, Eddie Bauer, Carters, H&M, Marks & Spencer, Zara, Gymboree,
C&A, Next, Nautica, Mothercare, Bogner, Schoeffel, Mexx, Oshkosh, Nike,
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.
Its products are widely used in active wear,
babies’ & kid’s wear, jeans, men’s & women’s wear, working-wear, 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.
Now, the Group is still managed by the same family which are the 19th
generation.
The subject is trading in haberdashery such
as snap buttons imported from Germany and Italy.
The subject’s main associated factory in
China is Prym Fashion Zhongshan Co. Ltd. [Zhongshan Prym] which 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.
Now, Prym Fashion has set up manufacturing
facilities and sales offices in more than 69 countries providing global
services to a growing international clientele.
Another branch of the Group Prym Intimates is
a major supplier to the global lingerie industry, specialized in producing accessories
to leading brands.
In the immediate future, the Group keeps on
to be the leading supplier of sewing and needlework accessories, in terms of
both production and sales.
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
€360 to 400 million and it has about 3,550 employees worldwide.
In Hong Kong, the subject has about 46
employees.
In July 2012, the subject set up a branch company
in Tai Wan, Shatin, New Territories, Hong Kong.
The history of the subject in Hong Kong is
over nineteen years and eleven months.
Overall business is active and good.
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.66.75 |
|
|
1 |
Rs.99.61 |
|
Euro |
1 |
Rs.70.67 |
|
HKD |
1 |
Rs.8.62 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TRU |
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.