MIRA
INFORM REPORT
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Report No. : |
307039 |
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Report Date : |
09.02.2015 |
IDENTIFICATION DETAILS
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Name : |
BRAIFORM (HK) LTD. |
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Registered Office : |
Room 2301, 23/F., |
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Country : |
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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 – September 30, 2014
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Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Hong Kong |
A1 |
A1 |
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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 |
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. %20%20LTD%20%20-%20307039%2009-Feb-2015_files/image002.gif){kind=small}
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.
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Source
: CIA |
COMPANY NAME & ADDRESS
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
MANAGEMENT
Managing Director: Mr. Ben James
Hunt
SUMMARY
Incorporated on: 24th November, 1999.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000,000.00
Issued: HK$48,711,287.00
Business Category: Plastic
Hanger Manufacturer.
Employees: 50.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Room 2301, 23/F., Octa Tower, 8 Lam Chak Street,Road, Kowloon Bay,
Kowloon, Hong Kong.
China Factory: Huizhou, Guangdong
Province, PRC.
Immediate Holding
Company:-
Braiform Group Pty. Ltd., Australia.
Associated
Companies:-
Braiform (NZ) Ltd., New Zealand.
Braiform (UK) Ltd., UK.
Braiform Australia Pty. Ltd., Australia.
Braiform Enterprises Inc., USA.
Braiform Trading (Shanghai) Ltd., China.
Braitrim (Deutschland) GmbH, Germany.
Braitrim (Deutschland) Sp.z.o.o., Poland.
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 Ltd., UK.
etc.
BUSINESS REGISTRATION NUMBER
30533962
COMPANY FILE NUMBER
0695590
MANAGEMENT
Managing Director: Mr. Ben James Hunt
CAPITAL
Nominal Share Capital: HK$100,000,000.00
(Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$48,711,287.00
SHAREHOLDERS
(As per registry
dated 24-11-2013)
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Name |
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No. of shares |
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Braiform Group Pty. Ltd. 91 Frankston Gardens Drive, Carrum Downs, Victoria 3201,
Australia. |
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48,711,286 |
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Braiform Australia Pty. Ltd. 91 Frankston Gardens Drive, Carrum Downs, Victoria 3201,
Australia. |
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1 |
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–––––––––– |
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Total: |
48,711,287 ======== |
DIRECTORS
(As per registry dated 20-08-2014)
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Name (Nationality) |
Address |
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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. |
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Graeme Andrew Scott RUTHERFORD |
110 High Street, Northchurch, Berkhamsted, Hertfordshire, HP4 3QN, UK. |
SECRETARY
(As per registry dated 24-11-2013)
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Name |
Address |
Co. No. |
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Tricor Secretaries Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong
Kong. |
0014900 |
HISTORY
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.
OPERATIONS
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, etc.
Terms/Sales: T/T or COD.
Terms/Buying: L/C, T/T, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$100,000,000.00
(Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$48,711,287.00
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 Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Good.
GENERAL
Braiform (HK) Ltd. is a wholly-owned subsidiary of Braiform Group Pty. Ltd.
[Braiform] which is an Australia-based company.
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
merchandise packaging 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. Braiform has
global operations spanning more than 30 countries.
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.
Braiform is the global leader in the supply of garment hangers,
packaging solutions to the retail industry.
Having pioneered the concept of re-use, one stop shop, and low cost
flexible and direct sourcing overlaid with industry leading ethical and social
compliance, Braiform is the go to partner for retail.
Each year Braiform supplies, in conjunction with its licensees, close to
three billion 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 consumable gift bags, boxes and suit bags.
Global retailers benefit from its footprint in 30 countries. It means it can offer its product locally,
saving on international transport costs.
The business of the subject is active in Hong Kong. History is about 15 years. On the whole, in view of the parentage of the
subject, consider it good for normal business engagements.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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11-12-2013 |
Instrument: Charge Over
Securities and Deposits with the Bank (Limited Company – Under Seal) Property: In consideration of the Banking Facilities, the Chargor, as beneficial
owner charges, pledges and assigns to the Bank all the right, title and
interest of the Chargor in and to the Securities, the Receivables and the
Deposits as a continuing security for the obligations of the Chargor in
respect of the Secured Moneys. Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All monies in any currency owing by the Chargor; (ii) Interest on
such moneys; (iii) All expenses of the Bank in making payment in respect of
the Securities or the Deposits on behalf of the Chargor; & (iv) All
expenses of the Bank in perfecting or enforcing this Charge |
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11-12-2013 |
Instrument: Assignment of
Receivables and Charge Over Proceeds – General Property: In consideration of the Chargee entering or agreeing to enter into the
Invoice Discounting / Factoring Agreement and / or providing or continuing to
provide services, banking facilities or other financial accommodation to such
extent and for so long as the Chargee may think fit to the Client, the
Client, as beneficial owner and by way of security for payment of the Secured
Monies. assigns, and agrees to assign, to the Chargee all Non-purchased debts;
and charges by way of first fixed charge to the Chargee all the Client’s
right, title, interest and benefit, present and future, of and in: all specified Debts; the Factoring Proceeds; and the Receipt Account together with all sums standing to the credit of
the Receipt Account until all the Secured Monies have been fully and
irrevocably paid or discharged. Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong. |
(i) All monies and liabilities in any currency owing by the Client;
(ii) Interest on such monies; (iii) All expenses of the Chargee in perfecting
or enforcing this Agreement on a full indemnity basis. |
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10-12-2013 |
Instrument: Assignment of
DC proceeds Property: By way of assignment or agreement to assign in each case as beneficial
owner. All monies in any currency
representing proceeds payable or to be paid to the Customer under the
Documentary Credits. Mortgagee: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong. |
All monies and liabilities in any currency owing by the Customer to
the Bank |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.74 |
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1 |
Rs.94.65 |
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Euro |
1 |
Rs.70.79 |
INFORMATION DETAILS
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Analysis Done by
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KAR |
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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.