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Report No. : |
355223 |
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Report Date : |
17.12.2015 |
IDENTIFICATION DETAILS
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Name : |
BRAIFORM (HK) LTD. |
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Registered Office : |
Room 2301, 23/F., Octa Tower, 8 Lam Chak Street,Road, Kowloon Bay, Kowloon |
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Country : |
Hong Kong
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Date of Incorporation : |
24.11.1999 |
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Com. Reg. No.: |
30533962 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of all kinds of Plastic Hangers and Attached Accessories. |
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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 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hong Kong |
A1 |
A1 |
|
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 40.7 million
in 2013, 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 48.5% of
the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9%
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. As of year-end 2014, the Democracy protests that
began in late September probably will have some adverse effects on economic
growth, particularly retail sales.
|
Source
: CIA |
BRAIFORM (HK) LTD.
ADDRESS: Room
2301, 23/F., Octa Tower, 8 Lam Chak Street,Road, Kowloon Bay, Kowloon,
Hong
Kong.
PHONE: 852-2793
0163
FAX: 852-2342
7309
E-MAIL: Dorisy@hkstar.com
Managing Director: Mr. Ben James Hunt
Incorporated on: 24th November, 1999.
Organization: Private Limited Company.
Issued Share Capital: HK$48,711,287.00
Business Category: Plastic
Hanger Manufacturer.
Employees: 50.
Main Dealing Banker: The Hong
Kong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 2301, 23/F., Octa Tower, 8 Lam Chak Street,Road, Kowloon Bay,
Kowloon, Hong Kong.
China Factory: Huizhou, Guangdong
Province, China.
Immediate Holding
Company:-
Phoenix Two Investments Ltd., Hong Kong. (Same address)
Associated
Companies:-
Braiform (NZ) Ltd., New Zealand.
Braiform (UK) Ltd., UK.
Braiform Australia Pty. Ltd., Australia.
Braiform Australia Pty. Ltd., Australia.
Braiform Enterprises Inc., USA.
Braiform Group Pty. Ltd., Australia.
Braiform Trading (Shanghai) Ltd., China.
Braitrim (Deutschland) GmbH, Germany.
Braitrim (Deutschland) Sp.z.o.o., Poland.
Braitrim (Far East) Ltd., Hong Kong.
(Dissolved)
Braitrim (Scandinavia) AB, Sweden.
Braitrim Direct Ltd., UK.
Braitrim Group Ltd., UK.
Braitrim Holdings Ltd., UK.
Braitrim India (Pvt) Ltd., India.
Braitrim Lanka (Pvt) Ltd., Sri Lanka.
Braitrim Packaging (UK) Ltd., UK.
Braitrim Plasti-Form (Middle East) FZCO, U.A.E.
Braitrim Plastiform Bangladesh Ltd., Bangladesh.
Braitrim Plastiform Dis Ticaret A.S., Turkey.
Braitrim Plasti-Form South Africa (Pty) Ltd., South Africa.
Plastiform de Honduras S. De R. L., Honduras.
Plastiform Ltd., UK.
30533962
0695590
Managing Director: Mr. Ben James Hunt
Contact Person: Mr. Collin Lin
HK$48,711,287.00
(As per registry dated 24-11-2014)
|
Name |
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No. of shares |
|
Phoenix Two Investments Ltd., Hong Kong. |
|
48,711,287 ======== |
(As per registry dated 24-11-2014)
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Name (Nationality) |
Address |
|
Graeme Andrew Scott RUTHERFORD |
110 High Street, Northchurch, Berkhamsted, Hertfordshire, HP4 3QN,
U.K. |
|
IP Wui Wing , Dennis |
Flat C, 5/F., Block 9, Island Harbourview, 11 Hoi Fai Road,, Olympic
City, Kowloon, Hong Kong. |
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Ben James HUNT |
Flat B1, 1/F., William Mansion, 16 Macdonnell Road, Central, Hong
Kong. |
(As per registry dated 24-11-2014)
|
Name |
Address |
Co. No. |
|
Tricor Secretaries Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0014900 |
The subject was incorporated on 24th November, 1999 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Global Scale Investment
Ltd., name changed to Spotless Plastics (HK) Ltd. on 4th August, 2000, and
further changed to the present style on 30th November, 2012.
Long time ago, the subject was located at Units 3501-3506, Level 35,
Tower I, Millennium City, 388 Kwun Tong Road, Kwun Tong, Kowloon, Hong
Kong. It moved to the present address in
August 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer
and Exporter.
Lines: All
kinds of plastic hangers and attached accessories.
Employees: 50.
Raw Materials: Bought
from various sources.
Markets: US,
Bangladesh, Malaysia, Korea, China, other Asian countries, Europe.
Terms/Sales: L/C, T/T or COD
Terms/Buying: L/C, T/T.
Issued Share Capital: HK$48,711,287.00
Mortgage or Charge: (See attachment)
Profit or Loss: Operation
is profitable.
Condition: Keeping in a normal manner.
Facilities: Making active use of general
banking facilities.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: The Hong Kong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Very Good.
Formerly Braiform (HK) Ltd. was a wholly-owned subsidiary of Braiform
Group Pty. Ltd. [Braiform] which was an Australia-based company. Now, the new shareholder of the subject is
Phoenix Two Investments Ltd., a Hong Kong-registered company located at
the same address.
The subject still belongs to Braiform Group.
The predecessor of the subject was known as Spotless Plastics (HK) Ltd.
which was a member of the Spotless Plastics Group.
On 25th October 2013, Pacific Equity Partners (PEP) reached an agreement
with Ben Hunt and Graeme Rutherford for a Management Buy Out (MBO) of Braiform.
Braiform is a leading international supplier of garment hangers and GNFR
solutions to the retail industry. The business was formerly a division of
Spotless Group, however, with a significantly different customer profile and
operating model, PEP worked in consultation with Braiform and Spotless
management to separate the business. Braiform has been run independently by Mr.
Hunt, Mr. Rutherford and the Braiform management team for the past year
following PEP’s acquisition of Spotless in August 2012.
Mr. Rutherford and Mr. Hunt, both longstanding Braiform employees, now
has formed a Board with two additional non-executive directors, who are
currently being selected. Braiform has
formalised its headquarters in Hong Kong, with a key commercial office in
the UK, in proximity to major clients.
Now the transaction has been completed, Mr. Hunt and Mr. Rutherford own
100% of the shares in Braiform with PEP retaining an ongoing but indirect
interest in the business for a limited period of time.
Today’s Braiform was born out of Spotless, Braitrim and Plastiform.
Each year it supplies in conjunction with its licensees, close to three
billion hanger units, re-use more than one billion and recycle more than 200
million garment hangers. Complementary
to this, Braiform provides print and packaging solutions including artwork
design, packaging design and digital pre-press services. It is a one-stop-shop for retailers, doing
everything it can to get its customers’ products ready for the shop floor.
Today Braiform supplies in excess of 2.5 billion hangers, re-uses 1
billion and recycles 250 million each year.
It has customers in 30 countries of the world.
Alongside the garment hanger division Braiform has a complimentary
packaging division creating value add products, services and solutions.
The business of the subject is active in Hong Kong. History is over 15 years and six months.
On the whole, in view of the parentage of the subject, consider it good
for normal business engagements.
|
Date |
Description of
Instrument |
Mortgagee |
|
11-12-2013 |
Charge Over Securities and Deposits with the Bank (Limited Company –
Under Seal) |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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11-12-2013 |
Assignment of Receivables and Charge Over Proceeds – General |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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10-12-2013 |
Assignment of DC proceeds |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
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01-12-2014 |
Floating Charge |
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.85 |
|
|
1 |
Rs.100.58 |
|
Euro |
1 |
Rs.73.16 |
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HKD |
1 |
Rs.8.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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Report Prepared
by : |
NIT |
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.