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Report No. : |
340712 |
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Report Date : |
11.09.2015 |
IDENTIFICATION DETAILS
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Name : |
BROTHER MACHINERY (ASIA)
LTD. |
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Formerly Known As : |
Mizuho Corporation (HK) Ltd. |
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Registered Office : |
12/F., Park Building, 476 Castle Peak Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
18.01.1996 |
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Com. Reg. No.: |
19626336 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is trader of office machine like all kinds of printers, office machinery and equipment |
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No. of Employee : |
32 |
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) |
|
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 12.5% 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 |
BROTHER MACHINERY
(ASIA) LTD.
12/F., Park
Building, 476 Castle Peak Road, Kowloon, Hong Kong.
PHONE: 852-2777 0010
FAX: 852-2808 1644
Managing
Director: Mr. Koichi Naganuma
Incorporated
on: 18th
January, 1996.
Organization: Private
Limited Company.
Paid Up Capital: US$37,000,000.00
Business Category: Office Machine trader.
Group Net
Sales: ¥707,237
million (Year ended 31-03-2015)
Employees: 32.
Main Dealing
Banker: The Bank of Tokyo-Mitsubishi
UFJ Ltd., Hong Kong Branch.
Banking
Relation: Good.
Registered Head Office:-
12/F., Park
Building, 476 Castle Peak Road, Kowloon, Hong Kong.
Tsimshatsui Repairing Centre:-
Room
626, 6/F., Ocean Centre, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Shumshuipo Repairing Centre:-
Room 201-204,
2/F., New Golden Computer Square, 85-95 Yuen Chau Street, Shumshuipo, Kowloon,
Hong Kong
Holding Company:-
Brother
Industries, Ltd., Japan.
Associated Companies:-
Betop Staff Ltd.,
Japan.
Brother (China)
Ltd., China.
Brother Commercial
(Thailand) Ltd., Thailand.
Brother Enterprise
Ltd., Japan.
Brother Finance
(Japan) Ltd., Japan.
Brother Industries
(Philippines) Inc., Philippines.
Brother Industries
(Shenzhen) Ltd., China.
Brother Industries
(Vietnam) Ltd., Vietnam.
Brother Industries
Saigon Ltd., Vietnam.
Brother Industries
Technology (M) Sdn. Bhd., Malaysia.
Brother
International (Aust.) Pty. Ltd., Australia.
Brother
International (Gulf) FZE Turkey Branch, Turkey.
Brother
International (Gulf) FZE, USA.
Brother International
(HK) Ltd., Hong Kong.
Brother
International (India) Private Ltd., India.
Brother
International (Malaysia) Sdn. Bhd., Malaysia.
Brother
International (NZ) Ltd., New Zealand.
Brother
International (Vietnam) Co. Ltd., Vietnam.
Brother International
Corporation, Japan.
Brother
International Korea Co. Ltd., Korea.
Brother
International Philippines Corporation, Philippines.
Brother
International S.A. (Pty) Ltd., South Africa.
Brother
International Singapore Pte. Ltd., Singapore.
Brother
International Taiwan Ltd., Taiwan.
Brother Living
Service Co. Ltd., Japan.
Brother Logitech
Ltd., Japan.
Brother Machinery
Shanghai Ltd., China.
Brother Machinery
Vietnam Co. Ltd., Vietnam.
Brother Machinery
Xian Co. ltd., China.
Brother Real
Estate Ltd., Japan.
Brother Sales
Ltd., Japan.
Brother System
Technology Development (Hangzhou) Ltd., China.
Brother Technology
(Shenzhen) Ltd., China.
Mie Brother
Precision Industries Ltd., Japan.
Nissei
Corporation, Japan.
PT Brother
International Sales Indonesia, Indonesia.
Standard Corp.,
Japan.
Taiwan Brother
Industries Ltd., Taiwan.
Xing Inc., Japan.
Zhuhai Brother
Industries Co. Ltd., China.
19626336
0536318
Managing
Director: Mr. Koichi Naganuma
US$37,000,000.00
(As
per registry dated 18-01-2015)
|
Name |
|
No. of shares |
|
Brother Industries, Ltd. 15-1, Naeshiro-Cho, Mizuho-Ku, Nagoya-Shi, 467-8561, Japan. |
|
37,000,000 |
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|
|
––––––––– |
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Total: |
37,000,000 ======== |
(As
per registry dated 18-01-2015)
|
Name (Nationality) |
Address |
|
Yasuyuki
HASEGAWA |
15 Daito, Kochino Cho, Konan City, Aichi
Prefecture, Japan. |
|
Tatsuya KITAMURA |
805-2 Yagoto-Tendo, Tenpaku-Ku, Nagoya-City,
Aichi, Japan. |
|
Yoshimi ITO |
404 Cen 18 Road 101 Gulshan2 Dhaka 1212
Bangladesh. |
|
Koichi NAGANUMA |
Kameshiro 4-12, Mizuho-Ku, Nagoya, Aichi,
Japan. |
(As
per registry dated 18-01-2015)
|
Name |
Address |
Co. No. |
|
Prime
Professional Services Ltd. |
Unit 2405, 24/F., World Wide House, 19 Des Voeux Road
Central, Hong Kong. |
1124542 |
The
subject was incorporated on 18th January, 1996 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Mizuho Corporation (HK) Ltd., name
changed to Brother International (HK) Ltd. on 26th March, 1999, and further to
the present style on 10th March, 2014.
Formerly
the subject was located at ‘Unit 620-2 & 6, 6/F., Ocean Centre,
5 Canton Road, Tsimshatsui, Kowloon, Hong Kong’, moved to the present
address in April 2015.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Office Machine trader.
Lines: All kinds of printers,
office machinery and equipment
Employees: 32.
Commodities
Imported: China, Japan, etc.
Markets: Hong Kong, China, other Asian
countries, Europe.
Group Net Sales:
¥502,830
million (Year ended 31-03-2011)
¥497,390 million (Year ended 31-03-2012)
¥516,067
million (Year ended 31-03-2013)
¥616,835
million (Year ended 31-03-2014)
¥707,237
million (Year ended 31-03-2015)
Terms/Sales: CAD, L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Paid Up Capital:
HK$37,000,000.00
Group Net Income:
¥26,238
million (Year ended 31-03-2011)
¥19,525
million (Year ended 31-03-2012)
¥17,826
million (Year ended 31-03-2013)
¥19,221
million (Year ended 31-03-2014)
¥53,969
million (Year ended 31-03-2015)
Profit or Loss: Making a small profit every year.
Condition: Keeping
in an active manner.
Facilities: Making
rather active use of general banking facilities.
Payment: Met
trade commitments as required.
Commercial
Morality: Satisfactory.
Banker: The
Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Standing: Good.
Brother
Machinery (Asia) Ltd. formerly was jointly owned by Brother International Corp.
[BIC], holding 8.1%, and Brother Industries, Ltd. [Brother], holding
91.9%. Both were Japan-based
companies. On 1 April, 2014, BIC
transferred all its shares to Brother and since then, the subject has become a
wholly-owned subsidiary of Brother.
The
subject moved to the present new address in April 2015. This is also the industrial sewing machine
department of the subject.
However
its repairing centre is still located at Tsimshatsui, Kowloon,
Hong Kong. Another repairing centre
has been set up in Shumshuipo, Kowloon, Hong Kong.
The subject is trading in the
following commodities:
·
Laser Printer
·
Fax Machine
·
Multi-Purpose Printer
·
Bar Code Machine
·
Scanner
·
ScanCut
·
Digital Textile Printer, Labeller
·
Household Sewing Machine
·
Industrial Sewing Machine
·
Lathe
·
Spare parts and Consumables, etc.
Brother
is a listed company in Japan.
The
subject is an office machinery and equipment trader. It is a member of the Brother Group of
companies
For
more than a century, Brother has won recognition as a brand synonymous with
delivering product innovation and customer satisfaction. Being a Japanese company founded in 1908,
Brother has 16 production facilities and 51 sales companies operating in 44
countries in different regions today.
Brother
is now a leading brand that produces quality innovative products for the print
and imaging, labelling and sewing markets.
Now,
overseas sales of the Group account for about 80% of the Group’s total sales.
For
the year ended 31st March, 2015, the net sales of the Group amounted to ¥707,237
million (2014: ¥616,835 million), grew by 14.7% as compared with previous
year. Net income amounted to ¥53,969
million (2014: ¥19,221 million), grew by 180.8%.
For
the year ended 31st March, 2015, over 60% of the Group’s employees are in Asia,
Oceania, the Middle East and Africa.
The
Group’s China factory is chiefly in Xi’an, Shaanxi Province, China while the
Group’s China sales company is in Shanghai, China. The CEO and Chairman of the Shanghai Company
is Mr. Yasuyuki Hasegawa.
The
Managing Director of the subject in Hong Kong is Mr. Koichi Naganuma who is a
Japanese.
As
the history of the subject is over 19 years and seven months in Hong Kong, on
the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.58 |
|
|
1 |
Rs.102.29 |
|
Euro |
1 |
Rs.74.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
RATING EXPLANATIONS
|
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 |
-- |
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.