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Report No. : |
354500 |
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Report Date : |
16.12.2015 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 508, 5th Floor, Aia
Tower, 251A-301, Avedia Comercial De
Macau |
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Country : |
Macau |
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Financials (as on) : |
31.12.2014 |
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Date of Incorporation : |
03.08.2004 |
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Com. Reg. No.: |
SO 19480 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trading of yarn. |
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No. of Employee : |
About 17,000 Employees (Group) |
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 : |
Good |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Macau |
A2 |
A2 |
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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 |
MACAU ECONOMIC OVERVIEW
Since opening up its locally-controlled casino industry to foreign competition in 2001, Macau has attracted tens of billions of dollars in foreign investment, transforming the territory into one of the world's largest gaming centers. Macau's gaming and tourism businesses were fueled by China's decision to relax travel restrictions on Chinese citizens wishing to visit Macau. In 2014, Macau's gaming-related taxes accounted for more than 83% of total government revenue. Macau's economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in 2010-13, largely on the back of tourism from mainland China and the gaming sectors. In 2014, this city of 636,200 hosted nearly 31.5 million visitors. Almost 67% came from mainland China. Macau's traditional manufacturing industry has slowed greatly since the termination of the Multi-Fiber Agreement in 2005. Services export — primarily gaming — increasingly has driven Macau’s economic performance. Mainland China’s ongoing anti-corruption campaign has brought Macau’s gambling boom to a halt, with spending in casinos contracting 2.6% in 2014. As a result, Macau's inflation-adjusted GDP contracted 0.4% from 2013, down from double-digit expansion rates in 2010-13. Non-inflation adjusted exports of goods and services dropped 0.4% from 2013, reflecting the slowdown in gaming exports. Macau continues to face the challenges of managing its growing casino industry, risks from money-laundering activities, and the need to diversify the economy away from heavy dependence on gaming revenues. Macau's currency, the pataca, is closely tied to the Hong Kong dollar, which is also freely accepted in the territory.
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Source
: CIA |
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Company Name (in
Portuguese): |
Bros Commercial
Offshore De Macau Limitada |
|
Supplied Name: |
|
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Trading Address: |
Room 508, 5th Floor, Aia Tower, 251A-301, Avedia Comercial De Macau, Em
Macau |
|
Supplied
Address: |
|
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Telephone
Number: |
+853-2888-9848 |
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Registered Name: |
Bros Macao Commercial Offshore Limited |
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Registered Address: |
Room 508, 5th Floor, Aia Tower,
251A-301, Avedia Comercial De Macau, Em Macau |
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Date of Registration: |
2004-8-3 |
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Business Registered Number: |
SO 19480 |
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Private Limited Liability Company |
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Registered Capital: |
MOP 5,000,000 (USD 618,000) (As of 2015.12, 1 MOP = 0.1236 USD) |
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Principal Activities: |
Trading of yarn. |
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Staff: |
About 17,000 Employees (Group) |
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Listed at Stock Exchange: |
No |
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Information Ended at: |
2015-11-26 |
Note: Subject declined to
disclose its staff number; we obtained the relevant information from public
files.
Subject was incorporated on 2004-8-3 with Business Registered Number
SO 19480 as Private Limited Liability Company in
Macau.
Parent Company
|
Name: |
Bros Eastern Investment Co. Limited |
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Address: |
6/F, Leader Industrial Centre, Phase 2, 188-202 Texaco Road, Tsuen
Wan, New Territories, Hong Kong |
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Date of Foundation: |
2010-4-9 |
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Registered Number: |
1440643 |
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Legal Form: |
Private Limited Liability Company |
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Tel.: |
+852-2615-3888 |
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Fax: |
+852-2615-3899 |
Ultimate parent
Company
|
Name: |
|
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Address: |
17/F., Yiting Building, Hefeng Chuangyi Plaza, No. 475, Dongbei Rd., Jiangdong
Dist., Ningbo City, Zhejiang Province, China |
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2004-4-29 |
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Registered
Number: |
913302007614542424 |
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Legal Form: |
Joint Stock
Company |
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Listed at Stock Exchange: |
Yes, stock code 601339 |
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Tel.: |
+86-574-8714-2999 |
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Fax: |
+86-574-8714-9581 |
Major Related
Companies
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1 |
|
|
Name: |
Shenzhen Bros Eastern Textile Limited (literal translation) |
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Address: |
24/F., Jinyun Centre Building, No. 6033, Shennan Avenue, Futian Dist.,
Shenzhen City, Guangdong Province, China |
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Tel.: |
+86-755-2810-9999 |
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Fax: |
+86-755-2810-9222 |
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2 |
|
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Name: |
Bros Textile (Shenzhen) Limited (literal translation) |
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Address: |
No. 163, Huawang Rd., Dalang St., Longhua New Dist., Shenzhen City,
Guangdong Province, China |
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Tel.: |
+86-755-2803-3999 |
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Fax: |
+86-755-2810-9989 |
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Subscription
Amount |
Proportion of
Investment (%) |
|
|
Bros Eastern Investment Co. Limited |
5,000,000 |
100% |
|
Total |
5,000,000 |
100% |
Major Shareholder Information:
|
Address: |
6/F, Leader
Industrial Centre, Phase 2, 188-202 Texaco Road, Tsuen Wan, New Territories,
Hong Kong |
Core Management
Board of
Directors:
|
1 |
|
|
Name: |
Yeung Wai Kwok |
|
Address: |
Room E, 59th Floor, Chelsea Court Tower North, Tsuen Wan,
New Territories, Hong Kong |
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Marital Status: |
Married |
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Gender: |
Male |
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2 |
|
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Name: |
Yang Ying |
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Address: |
Flat C, 10/F., Qunfa Garden, No. 11, Yinhuangzi Avenue, Macau |
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Marital Status: |
Unmarried |
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Gender: |
Female |
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3 |
|
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Name: |
Chan I Cheng |
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Address: |
Unit L, 9/F., Wanhui Garden, No. 423, Yongcheng St., Taipa Macau |
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Marital Status: |
Unmarried |
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Gender: |
Female |
Personnel
Structure
|
Total Employees |
Offices &
Factories
|
|
Office |
|
Address: |
Room 508, 5th Floor,
Aia Tower, 251A-301, Avedia Comercial De Macau, Em Macau |
|
Area: |
141.44 square meter |
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Owned /Rented: |
Premises Information
Office address:
|
Address: |
Room 508, 5th Floor, Aia Tower, 251A-301, Avedia
Comercial De Macau, Em Macau |
|
Owners: |
Golden liberty investment limited |
|
Matriz: |
73432 |
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Nature: |
Urban |
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Duration: |
25 Years from 1991-7-30 |
Production
Information
Subject is a trader of yarn, etc. without any production activities.
Purchase
Information
It is introduced that subject’s products are mostly provided by group’s
factories in Mainland China.
It is introduced that the annual production capacity of group’s
factories is about 150,000 tons.
Sales Information
Subject is engaged in sale of yarn
The major products sold by the subject are colored spun yarn.
It is introduced that subject has its own brand named “Bros”
Subject’s sales regions include domestic market, Mainland China, Hong
Kong, other Asia regions, Africa, North America and Europe
Subject’s major customers are manufacturers of garment, such as ZARA,
H&M, GAP, M&S, Polo, A&F, Target, Burberry, DKNY, Giordano and
Metersbonwe, etc.
It is introduced that subject’s group has sales offices in Shanghai,
Foshan City of Guangdong Province, Qingdao City of Shandong Province, Mainland
China.
One of subject’s customers is Puma
North America Inc.
Purchase
Domestic Purchase
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Products: |
Yarn, etc. |
|
Payment Terms: |
Internal settlement, T/T |
Import
Subject has little import.
Sales
Domestic Markets
|
Product |
Yarn |
|
Selling Terms |
T/T, Cash |
Export
|
Product |
Yarn |
|
Selling Terms |
L/C, T/T |
The subject has no obligation to supply its
financial statement to the third party according to the relevant policy in
Macao and the only source from which we can obtain the information is the
subject itself.
Subject’s relevant staff rejected to disclose
the financial information; from other sources we could not obtain such
information, either.
We found the brief consolidated financial
information of subject’s ultimate parent company (Bros Eastern Co.
Limited) from public files for
reference.
BALANCE SHEET
Unit: CNY
|
Consolidated |
2014-12-31 |
2013-12-31 |
|
Non-current assets |
4,027,630,497.75 |
2,974,627,241.02 |
|
Current assets |
6,173,339,857.47 |
5,915,912,827.52 |
|
Assets |
10,200,970,355.22 |
8,890,540,068.54 |
|
Non-current liabilities |
286,310,453.05 |
402,261,706.83 |
|
Current liabilities |
3,378,119,766.6 |
2,272,284,612.07 |
|
Liabilities |
3,664,430,219.71 |
2,674,546,318.9 |
|
Equity |
6,536,540,135.51 |
6,215,993,749.64 |
|
Equity and liabilities |
10,200,970,355.22 |
8,890,540,068.54 |
PROFIT AND LOSS
ACCOUNT
Unit: CNY
|
Consolidated |
2014 |
2013 |
|
Sales Revenue |
4,620,636,727.00 |
4,273,361,233.55 |
|
Total
operating costs |
4,242,805,625.07 |
3,890,032,208.15 |
|
497,508,559.43 |
553,662,389.79 |
|
|
Profit/loss before income tax |
544,894,475.12 |
588,342,642.27 |
|
Net Profit/loss |
473,514,469.88 |
507,638,829.20 |
Subject declined to disclose its bank details;
from other source we cannot obtain the relevant information, either.
Interview Details:
|
Name: |
Ms. Huang |
|
Department: |
Sales Department |
|
Email: |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.67.04 |
|
|
1 |
Rs.101.67 |
|
Euro |
1 |
Rs.73.93 |
|
CNY |
1 |
Rs.10.32 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
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Report Prepared
by : |
ANK |
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 |
|
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.