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Report No. : |
303955 |
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Report Date : |
24.01.2015 |
IDENTIFICATION DETAILS
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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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Country : |
Hongkong |
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Date of Incorporation : |
01.01.1996 |
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Com. Reg. No.: |
19597030-000-01 |
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Legal Form : |
Partnership |
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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 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
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Hongkong |
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 |
HONGKONG - 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. 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
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.
|
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
Manager: Mr. Frank Bruwer
Establishment: 1st January, 1996.
Organization: Partnership.
Capital: Not disclosed.
Business Category: Designer,
Manufacturer and Distributor.
Employees: 50.
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.
etc.
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: 50.
Commodities Imported: Europe,
China, other Asian countries, etc.
Markets: Hong
Kong, other Asian countries, Europe, North America, etc.
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, etc.
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, etc.
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.
The subject is trading in haberdashery such as snap buttons imported
from Germany and Italy.
The subject’s associated factory Prym Fashion Zhongshan Co. Ltd.
[Zhongshan Prym] 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.
Prym Fashion has production sites and sales offices in over 60 countries
around the world.
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 3,600 employees worldwide.
In Hong Kong, the subject has over 50 employees.
In July 2012, the subject set up a branch company in Tai Wan, Shatin,
New Territories, Hong Kong.
In November 2012, the subject set up another branch company in
Kwun Tong, Kowloon, Hong Kong.
However, this company has ceased business since 31st December, 2012.
The history of the subject in Hong Kong is over nineteen years.
On the whole, in view of the background and history of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.50 |
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|
1 |
Rs.92.16 |
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Euro |
1 |
Rs.69.62 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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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.