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MIRA INFORM REPORT
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Report No. : |
502747 |
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Report Date : |
11.04.2018 |
IDENTIFICATION DETAILS
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Name : |
BROTHER MACHINERY (ASIA) LIMITED |
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Registered Office : |
12/F., PeakCastle, 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 : |
Trader of all kinds of printers, office
machinery and equipment |
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No. of Employees : |
18 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities. In 2017, Chief Executive Lam announced plans to increase government spending on research and development, education, and technological innovation with the aim of spurring continued economic growth through greater sector diversification.
|
Source
: CIA |
Company
name and address
BROTHER MACHINERY
(ASIA) LIMITED
ADDRESS: 12/F., PeakCastle, 476 Castle Peak Road,
Kowloon, Hong Kong.
PHONE: 852-2111 1255
FAX: 852-2110 9311
MANAGEMENT:
Managing Director: Mr. Koichi Naganuma
SUMMARY
Incorporated on: 18th January, 1996.
Organization:
Private Limited
Company.
Issued Share Capital: US$37,000,000.00
Business Category: Office Machine trader.
Group Net Sales: ¥641,185
million (Year ended 31-03-2017)
Employees:
18.
Main Dealing Banker: The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
12/F., PeakCastle, 476 Castle Peak Road,
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, UAE.
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 Logitec 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.
etc.
BUSINESS
REGISTRATION NUMBER
19626336
COMPANY
FILE NUMBER
0536318
MANAGEMENT
Managing Director: Mr. Koichi Naganuma
ISSUED
SHARE CAPITAL
US$37,000,000.00
SHAREHOLDER
(As per registry dated 18-01-2018)
|
Name |
|
No. of
shares |
|
Brother
Industries Ltd. 15-1,
Naeshiro-Cho, Mizuho-Ku, Nagoya-Shi, 467-8561, Japan. |
|
37,000,000 ======== |
DIRECTORS
(As per registry dated 18-01-2018)
|
Name (Nationality) |
Address |
|
Yasuyuki
HASEGAWA |
15
Daito, Kochino Cho, Konan city, Aichi Prefecture, Japan. |
|
Yoshimi
ITO |
404 Cen
18 Road 101 Gulshan2 Dhaka 1212 Bangladesh. |
|
Koichi
NAGANUMA |
Kameshiro
4-12, Mizuho-Ku, Nagoya, Aichi, Japan. |
|
Toshiaki
YAMADA |
2-1611,
Kamakuradai Midori-Ward, Nagoya City, Aichi Prefecture, Japan. |
|
Tsuyoshi
OKISHIO |
4804-13
Shimoyamanouchi Inajima-cho, Inazawa, Aichi 492-8207, Japan. |
SECRETARY
(As per registry dated 18-01-2018)
|
Name |
Address |
Co. No. |
|
Prime Professional
Services Ltd. |
Unit
2405, 24/F., World Wide House, 19 Des Voeux Road Central, Hong
Kong. |
1124542 |
HISTORY
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 changed 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 October 2015.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Office
Machine trader.
Lines: All
kinds of printers, office machinery and equipment
Employees: 18.
Commodities Imported: China, Japan, etc.
Markets: Asian
countries, Europe.
Group Net Sales in International Financial
Reporting Standards:
¥682,119 million (Year ended 31-03-2016)
¥641,185 million (Year ended 31-03-2017)
¥700,000 million (Year ended 31-03-2018) [Forecast]
¥476,867 million (9 months ended 31-12-2016)
¥534,162 million (9 months ended 31-12-2017)
Terms/Sales:
L/C or as per
contracted.
Terms/Buying:
L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION
Issued Share Capital: US$37,000,000.00
Group Profit in International Financial
Reporting Standards:
(Attributable to shareholders)
¥41,238 million (Year ended 31-03-2016)
¥47,242 million (Year ended 31-03-2017)
¥48,500 million (Year ended 31-03-2018) [Forecast]
¥38,667 million (9 months ended 31-12-2016)
¥38,838 million (9 months ended 31-12-2017)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an active
manner.
Facilities:
rather active use of general banking
facilities
Payment:
Regular.
Commercial Morality: Satisfactory.
Banker:
The Bank of
Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Standing:
Very Good.
GENERAL
Brother Machinery (Asia) Limited formerly was jointly owned by
Brother International Corp., holding 8.1%, and Brother Industries, Ltd.
[Brother], holding 91.9%. Both were
Japan-based companies.
Now, the subject is a wholly-owned subsidiary of Brother which 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.
The subject moved to the present address in October 2015. Formerly it had shared the office with its
associated company Brother International (HK) Ltd. but now it has got its own
office.
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 consists of six segments:
1. Printing & Solutions Business
Printers, All-in-Ones, Facsimiles, Labelling
Systems, Label Printers, Scanners, etc.
2. Personal & Home Business
Home Sewing Machines, Home Cutting Machine,
etc.
3. Machinery & Solution Business
Industrial Sewing Machines, Garment Printers,
Machine Tools, Reducers and Gears, etc.
4. Network & Contents Business
Online Karaoke Systems, Management of Karaoke
Clubs, Content Services, etc.
5. Industrial Part
6. Domino Business
Coding & Marking Equipment, Digital
Printing Equipment, etc.
Brother is now a leading brand that produces quality innovative
products for the print and imaging, labelling and sewing markets. Key products include laser printers,
Multi-Function Centres (MFCs), fax machines, labellers, label printers, and a
wide range of home and industrial sewing machines.
Now, overseas sales of the Group account for over 80% of the
Group’s total sales.
Now, Brother has established its original “Brother Green Label”
for the products, in conformity with ISO 14021 and JIS Q14021. Besides, it has been providing all its
products in accordance with the RoHS Directive for all market areas (excluding
machine tools).
For the year ended 31st March, 2017, the net sales of the Group
amounted to ¥641.2 billion (2016: ¥682.1 billion), decreased by 6.0%; net
income amounted to ¥47.2 billion (2016: ¥41.2 billion), increased by 14.6%.
These figures are International Financial Reporting Standards
[IFRS].
For the 9 months ended 31st December, 2017, the net sales of the
Group amounted to ¥534.2 billion (same period of 2016: ¥476.9 billion),
increased by 12.0%; net income amounted to ¥38.8 billion (same period of 2016:
¥38.7 billion), increased by 0.3%.
For the year ended 31st March, 2017, the Group had 36,929
employees (2016: 36,307 employees).
About 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 who is also one of the directors of the subject.
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 22 years and two month in
Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
INR 64.94 |
|
|
1 |
INR 91.75 |
|
Euro |
1 |
INR 79.90 |
|
HKD |
1 |
INR 8.31 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
VIV |
|
|
|
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.