|
Report No. : |
355659 |
|
Report Date : |
19.12.2015 |
IDENTIFICATION DETAILS
|
Name : |
PAXAR (CHINA) LTD. |
|
|
|
|
Registered Office : |
C/o Tricor Services Ltd., Level 54, Hopewell Centre, 183 Queen’s Road East |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
07.07.1978 |
|
|
|
|
Com. Reg. No.: |
05666077 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturers & Exporters of All kinds of cardboards, hang tags, heat-seal labels, leaflets, leather patches, PVC labels, paper tickets, paper/metallic/plastic stickers, posters, silk screen labels, synthetic leather patches, woven labels. |
|
|
|
|
No. of Employees : |
50 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
With former
located at:
32/F., Skyline Tower, 39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
PAXAR (CHINA) LTD.
ADDRESS: 15/F., Octa
Tower, 8 Lam Chak Street, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-3146
8100
FAX: 852-2705
1225
Managing Director: Ms. Margaret Yu Wen-Kuei
Incorporated on: 7th July, 1978.
Organization: Private Limited Company.
Issued Share Capital: HK$1,000,100.00
Business Category: Printing
of labels and packaging materials.
Employees: 50.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
C/o Tricor Services Ltd.
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong.
Operating Office:-
15/F., Octa Tower, 8 Lam Chak Street, Kowloon Bay, Kowloon, Hong Kong.
Also Trading As:-
Paxar Far East – Europe Division, Hong Kong.
Holding Company:-
Paxar Far East Ltd., Hong Kong.
Intermediate
Holding Company:-
Paxar Corporation, United States.
Ultimate Holding
Company:-
Avery Dennison Corporation
150 North Orange Grove Boulevard, Pasadena, CA 91103-3596, USA. [Tel: 626-304-2000; Fax: 626-577-5264, 626-792-7312]
Associated/Affiliated
Companies:-
Avery Dennison Group of Companies
ADC Philippines Inc., Philippines.
Adespan S.R.L., Italy.
Adhipress (Hong Kong) Ltd., Hong Kong.
Adhipress Bangladesh Ltd., Bangladesh.
Avery Corporation, USA.
Avery de Mexico SRL de CV, Mexico.
Avery Dennison (Asia) Holdings Ltd., Mauritius.
Avery Dennison (China) Co. Ltd., China.
Avery Dennison (Fuzhou) Converted Products Ltd., China.
Avery Dennison (Guangzhou) Co. Ltd., China.
Avery Dennison (Guangzhou) Converted Products Ltd., China.
Avery Dennison (Hong Kong) Ltd. Taiwan Branch, Taiwan.
Avery Dennison (Hong Kong) Ltd., Hong Kong.
Avery Dennison (India) Private Ltd., India.
Avery Dennison (Ireland) Ltd., Ireland.
Avery Dennison (Kenya) Private Ltd., Kenya.
Avery Dennison (Kunshan) Co. Ltd., China.
Avery Dennison (Malaysia) Sdn. Bhd., Malaysia.
Avery Dennison (Qingdao) Converted Products Ltd., China.
Avery Dennison (Shenzhen) Convert Products Ltd., China.
Avery Dennison (Suzhou) Co. Ltd., China.
Avery Dennison (Thailand) Ltd., Thailand.
Avery Dennison (Vietnam) Ltd., Vietnam.
Avery Dennison Australia Group Holdings Pty. Ltd., Australia.
Avery Dennison Australia International Holdings Pty. Ltd., Australia.
Avery Dennison Australia Pty. Ltd., Australia.
Avery Dennison Belgie BVBA, Belgium.
Avery Dennison Benelux BVBA, Belgium.
Avery Dennison Bulgaria EOOD, Bulgaria.
Avery Dennison BV, Netherlands.
Avery Dennison C.A., Venezuela.
Avery Dennison Canada Corporation, Canada.
Avery Dennison Central Europe GmbH, Germany.
Avery Dennison Chile S.A., Chile.
Avery Dennison Colombia S.A., Colombia.
Avery Dennison Commercial El Salvador Ltda. De C.V., El Salvador.
Avery Dennison Converted Products de Mexico S.A. de C.V., Mexico.
Avery Dennison Converted Products El Salvador S.A. de C.V., El Salvador.
Avery Dennison Coordination Center BVBA, Belgium.
Avery Dennison de Argentina S.A., Argentina.
Avery Dennison Deutschland GmbH, Germany.
Avery Dennison do Brasil Ltda., Brazil.
Avery Dennison Dominican Republic S.A., Dominican Republic.
Avery Dennison Egypt LLC, Egypt.
Avery Dennison Etiket Ticaret Ltd. Sirketi, Turkey.
Avery Dennison Europe GmbH, Switzerland.
Avery Dennison Europe Holding (Deutschland) GmbH & Co. KG, Germany.
Avery Dennison Finance Belgium BVBA, Belgium.
Avery Dennison Finance Germany GmbH, Germany.
Avery Dennison Finance Luxembourg II SARL, Luxembourg.
Avery Dennison Finance Luxembourg III SARL, Luxembourg.
Avery Dennison Finance Luxembourg S.A.R.L., Luxembourg.
Avery Dennison Foundation, USA.
Avery Dennison G Holdings I LLC, USA.
Avery Dennison G Holdings III LLC, USA.
Avery Dennison G Investments 111 Ltd., Gibraltar.
Avery Dennison G Investments V Ltd., Gibraltar.
Avery Dennison Group Danmark ApS, Denmark.
Avery Dennison Group Singapore (Pte) Ltd., Singapore.
Avery Dennison Gulf FZCO, UAE.
Avery Dennison Holding GmbH, Germany.
Avery Dennison Holding Luxembourg S.A.R.L., Luxembourg.
Avery Dennison Holdings LLC, USA.
Avery Dennison Holdings New Zealand Ltd., New Zealand.
Avery Dennison Hong Kong B.V., Netherlands/Hong Kong.
Avery Dennison Hong Kong Holding I B.V., Netherlands.
Avery Dennison Hong Kong Holding II B.V., Netherlands.
Avery Dennison Iberica S.A., Spain.
Avery Dennison Innovations LLC, USA.
Avery Dennison Intelligent Healthcare Solutions LLC, USA.
Avery Dennison Investment Luxembourg II SARL, Luxembourg.
Avery Dennison Investments Luxembourg III SARL, Luxembourg.
Avery Dennison Investments Luxembourg IV SARL, Luxembourg.
Avery Dennison Investments Luxembourg S.A.R.L., Luxembourg.
Avery Dennison Investments Luxembourg V SCA, Luxembourg.
Avery Dennison Italia S.R.L., Italy.
Avery Dennison Japan K.K., Japan.
Avery Dennison Japan Materials Co. Ltd., Japan.
Avery Dennison Kagit Urunleri Sanayi Ticaret Ltd. Sirketi, Turkey.
Avery Dennison Korea Ltd., South Korea.
Avery Dennison Labels Ltd., Hong Kong.
Avery Dennison Lanka (Private) Ltd., Sri Lanka.
Avery Dennison Luxembourg S.A.R.L., Luxembourg.
Avery Dennison Luxembourg Sales SARL, Luxembourg.
Avery Dennison Management GmbH, Germany.
Avery Dennison Management KGAA, Luxembourg.
Avery Dennison Management Luxembourg S.A.R.L., Luxembourg.
Avery Dennison Materials Europe B.V., Netherlands.
Avery Dennison Materials Europe GmbH, Switzerland.
Avery Dennison Materials France SARL, France.
Avery Dennison Materials GmbH, Germany.
Avery Dennison Materials Ireland Ltd., Ireland.
Avery Dennison Materials Nederland BV, Netherlands.
Avery Dennison Materials New Zealand Ltd., New Zealand.
Avery Dennison Materials Pty. Ltd., Australia.
Avery Dennison Materials Rom SRL, Romania.
Avery Dennison Materials Russia LLC, Russia.
Avery Dennison Materials Sales France S.A.S., France.
Avery Dennison Materials Sales Germany GmbH, Germany.
Avery Dennison Materials Sdn. Bhd., Malaysia.
Avery Dennison Materials U.K. Ltd., UK.
Avery Dennison Materials Ukraine, Ukraine.
Avery Dennison Mauritius Ltd., Mauritius.
Avery Dennison Morocco SARL, Morocco.
Avery Dennison Netherlands Investment 0 BV, Netherlands.
Avery Dennison Netherlands Investment I BV, Netherlands.
Avery Dennison Netherlands Investment II B. V., Netherlands.
Avery Dennison Netherlands Investment III BV, Netherlands.
Avery Dennison Netherlands Investment IX BV, Netherlands.
Avery Dennison Netherlands Investment North America BV, Netherlands.
Avery Dennison Netherlands Investment VI BV, Netherlands.
Avery Dennison Netherlands Investment VII B.V., Netherlands.
Avery Dennison Netherlands Investment VIII Cooperatief U.A.,
Netherlands.
Avery Dennison Netherlands Investment X B V, Netherlands.
Avery Dennison Netherlands Investment XI Cooperatief U.A., Netherlands.
Avery Dennison Netherlands Investment XII BV, Netherlands.
Avery Dennison Netherlands Investment XIII BV, Netherlands.
Avery Dennison Netherlands Investment XIV BV, Netherlands.
Avery Dennison Netherlands Investment XV BV, Netherlands.
Avery Dennison Nordic ApS, Denmark.
Avery Dennison NTP A.S., Norway.
Avery Dennison Office Accessories U.K. Ltd., UK.
Avery Dennison Office Products (Pty) Ltd., South Africa.
Avery Dennison Office Products Company, USA.
Avery Dennison Office Products Holdings Company, USA.
Avery Dennison Office Products Manufacturing U.K. Ltd., UK.
Avery Dennison Overseas Corporation, Japan Branch.
Avery Dennison Overseas Corporation, USA.
Avery Dennison Pension Trustee Ltd., UK.
Avery Dennison Peru S.R.L., Peru.
Avery Dennison Polska Sp.zo.o, Poland.
Avery Dennison Praha Spol. SRO, Czech Republic.
Avery Dennison R.I.S. France S.A.S., France.
Avery Dennison R.I.S. Iberia S.L., Spain.
Avery Dennison R.I.S. Italia S.R.L., Italy.
Avery Dennison R.I.S. Polska Sp.zo.o, Poland.
Avery Dennison RBIS Pty. Ltd., Australia.
Avery Dennison RBIS Singapore Pte. Ltd., Singapore.
Avery Dennison Retail Information Services (Pty) Ltd., South Africa.
Avery Dennison Retail Information Services Colombia S.A., Colombia.
Avery Dennison Retail Information Services De Mexico S.A. de C.V.,
Mexico.
Avery Dennison Retail Information Services Dominican Republic S.A.,
Dominican Republic.
Avery Dennison Retail Information Services El Salvador S.A. de C.V., El
Salvador.
Avery Dennison Retail Information Services Guatemala S.A., Guatemala.
Avery Dennison Retail Information Services Honduras S.R.L., Honduras.
Avery Dennison Retail Information Services LLC, USA.
Avery Dennison Retail Information Services Peru SAC, Peru.
Avery Dennison Retail Information Services UK Ltd., UK.
Avery Dennison Rfid Company, USA.
Avery Dennison RIS Korea Ltd., Korea.
Avery Dennison RIS Taiwan Ltd., Taiwan.
Avery Dennison RIS Vietnam Co. Ltd., Vietnam.
Avery Dennison S.A. de C.V., Mexico.
Avery Dennison S.R.L., Romania.
Avery Dennison Scandinavia AB, Sweden.
Avery Dennison Scandinavia ApS, Denmark.
Avery Dennison Schweiz AG, Switzerland.
Avery Dennison Security Printing Europe ApS, Denmark.
Avery Dennison Shared Services Inc., USA.
Avery Dennison Singapore (Pte) Ltd., Singapore.
Avery Dennison Singapore Investments B.V., Netherlands.
Avery Dennison South Africa (Proprietary) Ltd., South Africa.
Avery Dennison Systemes D’Etiquetage France S.A.S., France.
Avery Dennison Tekstil Urunleri Sanayi Ve Ticaret Ltd. Sirketi, Turkey.
Avery Dennison Treasury Management BV, Netherlands.
Avery Dennison U.K. II Ltd., UK.
Avery Dennison U.K. Ltd., UK.
Avery Dennison Vermogensverwaltungs GmbH & Co. KG, Germany.
Avery Dennison Zweckform Office Products Europe GmbH, Germany.
Avery Dennison Zweckform Office Products Manufacturing GmbH, Germany.
Avery Graphic Systems Inc., USA.
Avery Holding Ltd., UK.
Avery Holding S.A.S., France.
Avery LLC, USA.
Avery Office Products Puerto Rico LLC, Puerto Rico.
Avery Pacific LLC, USA.
Avery Properties Pty. Ltd., Australia.
Best Courage International Ltd., British Virgin Islands.
Bonfire Management Ltd., British Virgin Islands.
Createro GmbH, Germany.
Dennison International Company, USA.
Dennison Manufacturing Company, USA.
Euston Financial Ltd., British Virgin Islands.
Industrial de Marcas Ltda., Colombia.
Infodragon Management Ltd., British Virgin Islands.
JAC Asia Pacific Sdn. Bhd., Malaysia.
JAC Caribe C.S.Z., Dominican Republic.
JAC do Brasil Ltda., Brazil.
JAC New Zealand Ltd., New Zealand.
Jackstadt France S.N.C., France.
Jackstadt South Africa (Pty) Ltd., South Africa.
Jintex Ltd., Channel Islands.
Kunshan Dah Mei Weaving Co. Ltd., China.
L&E Americas Servicios S. A. de C.V., Mexico.
Markstar International Ltd., Hong Kong.
Modern Mark International Ltd., Hong Kong.
Monarch Marking (S.E.A.) Pte. Ltd., Singapore.
Monarch Marking Systems Holdings Ltd., UK.
Naperville Global Ltd., British Virgin Islands.
New Wales Finance Ltd., British Virgin Islands.
Newclassic Investment Ltd., British Virgin Islands.
Ningbo Avery Dennison Rbis Shenzhou, China.
P.T. Pacific Label Indonesia, Indonesia.
P.T. Paxar Indonesia, Indonesia.
Paxar (Thailand) Ltd., Thailand.
Paxar B.V., Netherlands.
Paxar Bangladesh Ltd., Bangladesh.
Paxar Canada Corporation, Canada.
Paxar Corporation (Malaysia) Sdn. Bhd., Malaysia.
Paxar de Colombia FTZ Ltda., Colombia.
Paxar de El Salvador S.A. de C.V., El salvador.
Paxar de Guatemala S.A., Guatemala.
Paxar de Mexico S.A. de C.V., Mexico.
Paxar de Nicaragua. S.A., Nicaragua.
Paxar do Brasil Ltda., Brazil.
Paxar Korea Ltd., South Korea.
Paxar Packaging (Guangzhou) Ltd., China.
Paxar Pakistan (Pvt) Ltd., Pakistan.
PT Avery Dennison Indonesia, Indonesia.
PT Avery Dennison Packaging Indonesia, Indonesia.
RVL Americas S de R.L. de C.V., Mexico.
RVL Central America S.A., Guatemala.
RVL Packaging Far East Ltd., Hong Kong.
RVL Service S. de R.L. de C.V., Mexico.
Security Printing Division Inc., USA.
Singapore Laces & Labels (Pte) Ltd., Singapore.
Skillfield Investments Ltd., British Virgin Islands.
Suzhou Feng Yi Heng Ye Dye Co. Ltd., China.
Suzhou Ji Zhong Garments Accessory Co. Ltd., China.
Tiger Eight Group Ltd., British Virgin Islands.
Worldwide Risk Insurance Inc., USA.
05666077
0061829
Managing Director: Ms. Margaret
Yu Wen-Kuei
HK$1,000,100.00 (Divided into 100 ‘Ordinary’ shares and 1,000,000 ‘Non‑voting’
shares of HK$1.00 each)
(As per registry dated 07-07-2015)
|
Name |
|
No. of shares |
|
|
|
|
Non-voting |
Ordinary |
|
Paxar Far East Ltd., Hong Kong. |
|
1,000,000 |
99 |
|
Avery Corp. 105, Corporate Park Drive, White Plaine, New York 10604, U.S. |
|
- |
1 |
|
|
|
–––––––– |
––– |
|
|
Total: |
1,000,000 |
100 |
|
|
|
======= |
=== |
(As per registry dated 07-07-2015)
|
Name (Nationality) |
Address |
|
Rishi PARDAL |
No. 91, 15/F., Tower 17, Hong Kong Parkview, 88 Tam Tai Reservoir
Road, Hong Kong. |
|
YU Wen Kuei, Margaret |
85A, 15/F., Tak Fung Building, 85-91 Lai Chi Kok Road, Kowloon, Hong
Kong. |
(As per registry dated 07-07-2015)
|
Name |
Address |
Co. No. |
|
Tricor Strath Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0004873 |
The subject was incorporated on 7th July, 1978 as a private limited
liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Edmond Labels Ltd., name
changed to Edmond Labels & Packaging Ltd. on 23rd April, 1991, changed to
Ferguson Asia Ltd. on 15th October, 1991.
Subsequently, the present style was adopted on 8th December, 2004.
The subject moved to ‘8/F. & 10/F., Paxar Building, 210-212 Choi
Hung Road, San Po Kong, Kowloon, Hong Kong’ from ‘Block B, 10/F., Piazza
Industrial Building, 133 Hoi Bun Road, Kwun Tong, Kowloon, Hong Kong’ in June
2000. It moved to ‘32/F., Skyline Tower,
39 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong’ in January 2008 and
further to the present address in September 2013.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturers
& Exporters.
Lines: All kinds of cardboards,
hang tags, heat-seal labels, leaflets, leather patches, PVC labels, paper
tickets, paper/metallic/plastic stickers, posters, silk screen labels,
synthetic leather patches, woven labels.
Employees: 50
Materials/Commodities: Mainly
arranges raw materials from Southeast Asia and Europe and arranges from its
affiliated factory
in the PRC.
Markets: Worldwide.
Group Net Sales: US$5,604.8
million (Year ended 01-01-2010)
US$5,844.9 million (Year ended 31-12-2011)
US$5,863.5 million (Year ended 29-12-2012)
US$6,140.0 million (Year ended 31-12-2013)
US$6,330.3 million (Year ended 03-01-2015)
US$3,165.9 million (6 months ended 28-06-2014)
US$3,044.0 million (6 months ended 04-07-2015)
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
The Hong Kong General Chamber of Commerce, Hong Kong.
The Chinese Manufacturers’ Association of Hong Kong, Hong Kong.
Issued Share Capital: HK$1,000,100.00
(Divided into 100 ‘Ordinary’ shares and 1,000,000 ‘Non‑voting’
shares of HK$1.00
each)
Group Net Income: US$316.9
million (Year ended 01-01-2010)
US$190.1 million (Year ended 31-12-2011)
US$215.4 million (Year ended 29-12-2012)
US$215.8 million (Year ended 31-12-2013)
US$248.9 million (Year ended 03-01-2015)
US$113.7 million (6 months ended 28-06-2014)
US$134.9 million (6 months ended 04-07-2015)
Profit or Loss: Business is profitable.
Condition: Keeping in an active and satisfactory manner.
Facilities: Supported by
holding company.
Payment: Regular.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Paxar (China) Ltd., trading as Paxar Far East – Europe Division, is
engaged in printing of labels and packaging materials.
The subject formerly was a wholly-owned subsidiary of Ferguson
International PLC [Ferguson], the United Kingdom. On 9th March, 1999, it became a wholly-owned
subsidiary of Paxar Far East Ltd., a Hong Kong-registered company which was in
turn a subsidiary of Paxar Corporation [Paxar], a listed company in the United
States. However, Paxar was acquired by
Avery Dennison Corporation [Company/Avery Dennison], a publicly listed company
in the United States.
Now, the subject is still a wholly-owned subsidiary of Paxar Far East
Ltd. and its intermediate holding is still Paxar.
The subject is a marketing office of the products for the Avery Dennison
Group.
Now, the subject has had an associated company in Hong Kong known as
Avery Dennison (Hong Kong) Ltd. located at a different address.
Avery Dennison was incorporated in 1977 in the state of Delaware as
Avery International Corporation [Avery], the successor corporation to a
California corporation of the same name that had been incorporated in
1946. In 1990, Avery merged one of its
subsidiaries into Dennison Manufacturing Company [Dennison], as a result of
which Dennison became a wholly-owned subsidiary of Avery and in connection with
which Avery’s name was changed to Avery Dennison.
Avery Dennison’s businesses include the production of pressure-sensitive
materials, office and consumer products and a variety of tickets, tags, labels
and other converted products. Some
pressure-sensitive materials are sold to label printers and converters that
“convert” the materials into labels and other products through embossing,
printing, stamping and die-cutting. Some
are sold by it in converted form as printable media, tapes and reflective
sheeting. Avery Dennison also
manufactures and sells a variety of office and consumer products, other
converted products and items not involving pressure-sensitive components, such
as binders, organizing systems, markers, fasteners, business forms, as well as
tickets, tags, radio-frequency identification [RFID] inlays and labels, and
imprinting equipment and related services for retail and apparel manufacturers.
Now Avery Dennison is a global leader in labelling and packaging
materials and solutions. With operations
in more than 50 countries and 30,000 employees worldwide, Avery Dennison serves
customers with insights and innovations that help make brands more inspiring
and the world more intelligent.
Avery Dennison Corporation (NYSE: AVY) is a Fortune 500® company which
is based in Pasadena, California, the United States.
Avery Dennison Group’s reporting segments are: Pressure-sensitive
Materials; Retail Information Services; and Office and Consumer Products. In addition to its reporting segments, the
Group has other specialty converting businesses comprised of several businesses
that produce specialty tapes and highly engineered labels including RFID inlays
and labels, and other converted products.
The Group’s products
are classified into the following categories:-
In 2008, the Group completed the acquisition of DM Label Group [DM Label],
a manufacturer of labels, tags and tickets for retail and apparel applications,
including woven labels.
As of 3rd January, 2015, the Group operated about 35 principal
manufacturing facilities in excess of 100,000 sq.ft. Its reportable segments in 2014 were:
In 2014, the PSM and RBIS segments contributed approximately 74% and
25%, respectively, of its total sales.
In 2014, international operations constituted a substantial majority of
its business, representing approximately 76% of its sales. As of 3rd January, 2015, the Group operated
approximately 180 manufacturing and distribution facilities worldwide, employed
over 25,000 persons, and had operations in over 50 countries.
In 2014, the net sales of the Avery Dennison Group amounted to
US$6,330.3 million (2013: US$6,140.0 million), grew by 3.1%. Net income for the year was US$248.9 million
(2013: US$215.8 million), grew by 15.3%.
For the 6 months end 4th July, 2015, the net sales of the Group amounted
to US$3,044.0 million (6 months ended 28-06-2014: US$3,165.9 million); net
income was US$134.9 million (6 months ended 28-06-2014: US$113.7 million). The Group predicts that it will make a profit
in FY 2015 and will be slightly more than that of 2014.
In the first six months of 2015, sales in its Pressure-sensitive
Materials segment decreased approximately 4% compared to the same period last
year, reflecting the unfavourable impact of foreign currency translation,
partially offset by higher sales on an organic basis, and the impact of the
extra week in its prior fiscal year. On
an organic basis, sales increased approximately 5% due to higher volume and
improved product mix. On an organic
basis, sales increased at a mid-single digit rate in both Western Europe and in
emerging markets, and at a low-single digit rate in North America.
The Group serves customers with insights and innovations that help make
brands more inspiring and the world more intelligent. Headquartered in
Pasadena, California, the United States, the Group has associated companies in
most countries of the world.
The subject is fully supported by the Avery Dennison Group. History in Hong Kong is over thirty-seven
years and four months.
On the whole, in view of the parentage of the subject, consider it good
for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.42 |
|
|
1 |
Rs.99.17 |
|
Euro |
1 |
Rs.72.14 |
|
HKD |
1 |
Rs.8.55 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NIT |
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.