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MIRA
INFORM REPORT
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Report No. : |
507357 |
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Report Date : |
18.05.2018 |
IDENTIFICATION DETAILS
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Name : |
BROS MACAO COMMERCIAL OFFSHORE LIMITED |
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Registered Office : |
Avenida da Praia Grande, No. 371, Edificio eng
Ou, No. 7 andar A, em Macau |
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Country : |
Macau |
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Financials (as on) : |
30.09.2017 [Consolidated] |
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Date of Incorporation : |
03.08.2004 |
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Com. Reg. No.: |
SO 19480 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Providing the financial services for its group
companies. |
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No. of Employees : |
About 18,000 |
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 |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Satisfactory |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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Macau |
A2 |
A2 |
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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 |
MACAU - ECONOMIC OVERVIEW
Since opening up its locally-controlled casino industry to foreign competition in 2001, Macau has attracted tens of billions of dollars in foreign investment, transforming the territory into one of the world's largest gaming centers. Macau's gaming and tourism businesses were fueled by China's decision to relax travel restrictions on Chinese citizens wishing to visit Macau. In 2016, Macau's gaming-related taxes accounted for more than 76% of total government revenue.
Macau's economy slowed dramatically in 2009 as a result of the global economic slowdown, but strong growth resumed in the 2010-13 period, largely on the back of tourism from mainland China and the gaming sectors. In 2015, this city of 646,800 hosted nearly 30.7 million visitors. Almost 67% came from mainland China. Macau's traditional manufacturing industry has slowed greatly since the termination of the Multi-Fiber Agreement in 2005. Services export — primarily gaming — increasingly has driven Macau’s economic performance. Mainland China’s anti-corruption campaign brought Macau’s gambling boom to a halt in 2014, with spending in casinos contracting 34.3% in 2015. As a result, Macau's inflation-adjusted GDP contracted 21.5% in 2015 and another 2.1% in 2016 - down from double-digit expansion rates in the period 2010-13 - but the economy recovered handsomely in 2017.
Macau continues to face the challenges of managing its growing casino industry, risks from money-laundering activities, and the need to diversify the economy away from heavy dependence on gaming revenues. Macau's currency, the pataca, is closely tied to the Hong Kong dollar, which is also freely accepted in the territory.
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Source : CIA |
Company Details
Company Identification Details
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Registered
Name: |
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Registered
Address: |
Avenida da Praia Grande, No. 371, Edificio eng Ou, No.
7 andar A, em Macau |
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Date
of Registration: |
2004-08-03 |
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Business Registered Number: |
SO 19480 |
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Private
Limited Liability Company |
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Registered Capital: |
MOP 5,000,000 (USD 610,000) (As of 2018.5, 1 MOP = 0.122 USD) |
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Principal Activities: |
Providing the financial services for its group
companies. |
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Staff: |
About
18,000 Employees (Group) |
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Listed
at Stock Exchange: |
No |
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Information Ended at: |
2018-05-03 |
Note: Subject declined
to disclose its staff number; we obtained the relevant information from public
files.
History
Subject was incorporated on 2004-08-03 with Business Registered Number
SO 19480 as Private Limited Liability Company in
Macau.
Corporate Structure
Parent Company
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Name: |
Bros
Eastern Investment Co. Limited |
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Address: |
6/F,
Leader Industrial Centre, Phase 2, 188-202 Texaco Road, Tsuen Wan, New
Territories, Hong Kong |
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Date
of Foundation: |
2010-4-9 |
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Registered
Number: |
1440643 |
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Legal Form: |
Private
Limited Liability Company |
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Tel.: |
+852-2615-3888 |
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Fax: |
+852-2615-3899 |
Ultimate Parent
Company
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Address: |
17/F.,
Yiting Building, Hefeng Chuangyi Plaza, No. 475, Dongbei Rd., Jiangdong
Dist., Ningbo City, Zhejiang Province, China |
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2004-4-29 |
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Registered Number: |
913302007614542424 |
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Legal Form: |
Joint Stock Company |
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Listed
at Stock Exchange: |
Yes;
Stock code:601339 |
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Tel.: |
+86-574-8714-2999 |
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Fax: |
+86-574-8714-9581 |
Major Related
Companies
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1 |
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Name: |
Shenzhen
Bros Eastern Textile Limited (Literal Translation) |
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Address: |
24/F.,
Jinyun Centre Building, No. 6033, Shennan Avenue, Futian Dist., Shenzhen
City, Guangdong Province, China |
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Tel.: |
+86-755-2810-9999 |
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Fax: |
+86-755-2810-9222 |
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2 |
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Name: |
Bros
Textile (Shenzhen) Limited (literal translation) |
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Address: |
No.
163, Huawang Rd., Dalang St., Longhua New Dist., Shenzhen City, Guangdong
Province, China |
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Tel.: |
+86-755-2803-3999 |
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Fax: |
+86-755-2810-9989 |
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3 |
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Name: |
Bros
Spinning (Shenzhen) CO., Ltd. |
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Address: |
North
of Huawang Road, Dalang Sub-district, Bao'an District, Shenzhen, China |
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Tel.: |
+86
755 2803 3999 |
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Fax: |
+86
755 2810 9989 |
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4 |
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Name: |
Brotex
(Vietnam) Co., Ltd |
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Address: |
Lot
34-6, Road D11, Phuoc Dong IP Phuoc Dong Commune, Go Dau District, Tay Ninh
Province Vietnam |
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Tel.: |
+84
663 530 999 |
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Fax: |
+84
663 530 885 |
Shareholder
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Subscription Amount |
Proportion of
Investment (%) |
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Bros
Eastern Investment Co. Limited |
5,000,000 |
100% |
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Total |
5,000,000 |
100% |
Major
Shareholder Information:
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Address: |
6/F, Leader
Industrial Centre, Phase 2, 188-202 Texaco Road, Tsuen Wan, New Territories,
Hong Kong |
Management Information
Core
Management
Administrators
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1 |
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Name: |
Yeung
Wai Kwok |
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Address: |
Room
E, 59th Floor, Chelsea Court Tower North, Tsuen Wan, New
Territories, Hong Kong |
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Marital
Status: |
Married
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Gender: |
Male
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2 |
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Name: |
Yang
Ying |
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Address: |
Flat
C, 10/F., Qunfa Garden, No. 11, Yinhuangzi Avenue, Macau |
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Marital
Status: |
Unmarried |
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Gender: |
Female |
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3 |
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Name: |
Chan
I Cheng |
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Address: |
Unit
L, 9/F., Wanhui Garden, No. 423, Yongcheng St., Taipa Macau |
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Marital
Status: |
Unmarried |
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Gender: |
Female |
Personnel
Structure
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Total
Employees |
Operation
Information
Offices
& Factories
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Office |
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Address: |
Avenida da Praia Grande, No. 371, Edificio eng Ou, No.
7 andar A, em Macau |
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Area: |
145.85
square meter |
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Owned
/Rented: |
Owned |
Premises
Information
Office
address:
|
Address: |
Avenida da Praia Grande, No. 371, Edificio eng Ou, No.
7 andar A, em Macau |
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Owners: |
Bros
Macao Commercial Offshore Limited |
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Matriz: |
71957 |
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Nature: |
Urban |
Operation
Information
Subject
is engaged in providing the financial services for its group companies.
It
is introduced that subject’s group has factories in the Mainland of China for
yarn production.
It
is introduced that the annual production capacity of group’s factories is about
150,000 tons.
The
products sold by the group is with brand “Bros”.
Subject’s
group has sales offices in many cities of the Mainland of China such as
Shanghai, Foshan City of Guangdong Province, Qingdao City of Shandong Province,
etc.
Financial Information
The subject has no obligation to supply its
financial statement to the third party according to the relevant policy in
Macao and the only source from which we can obtain the information is the subject
itself.
Subject’s relevant staff rejected to disclose the
financial information; from other sources we could not obtain such information,
either.
We found the brief consolidated financial
information of subject’s ultimate parent company (Bros Eastern Co.
Limited) from public files for reference.
Balance Sheet
Unit: CNY
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Consolidated |
2017-09-30 |
2016-12-31 |
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6,038,324,107.21 |
5,387,503,396.55 |
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Current assets |
5,702,292,195.43 |
6,152,067,281.85 |
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Total
Assets |
11,740,616,302.64 |
11,539,570,678.40 |
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Non-current
liabilities |
1,918,868,146.73 |
1,939,368,838.79 |
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Current
liabilities |
2,628,113,999.79 |
2,303,670,377.22 |
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4,546,982,146.52 |
4,243,039,216.01 |
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Total Equity |
7,193,634,156.12 |
7,296,531,462.39 |
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Total
Equity and liabilities |
11,740,616,302.64 |
11,539,570,678.40 |
Profit and Loss
Account
Unit: CNY
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Consolidated |
2017-01-01~ 2017-09-30 |
2016 |
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4,565,034,005.69 |
5,471,673,752.95 |
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Total operating costs |
3,736,711,133.91 |
4,982,573,597.00 |
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405,085,255.13 |
635,605,665.63 |
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Profit/loss
before income tax |
423,010,374.27 |
668,569,879.47 |
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Net
Profit/loss |
387,189,693.01 |
604,975,710.81 |
Bankers
Subject declined to disclose its bank details; from
other source we cannot obtain the relevant information, either.
Special Note
Interview Details:
|
Name: |
Ms.
Lu |
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Department: |
Financial
Department |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 67.72 |
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1 |
INR 91.65 |
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Euro |
1 |
INR 79.89 |
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MOP |
1 |
INR 8.42 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
VAR |
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Report Prepared
by : |
SYL |
RATING EXPLANATIONS
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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 |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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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.