MIRA INFORM REPORT
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Report Date : |
11.10.2011 |
IDENTIFICATION DETAILS
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Name : |
SOLIDEAL
LTD. |
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Registered Office : |
c/o D S Com Sec Ltd., 1734 Star House, 3 Salisbury Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.03.1983 |
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Com. Reg. No.: |
08799702 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Manufacturer of all kinds of tires, rubber tracks, etc. |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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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 |
Company name
SOLIDEAL LTD.
Company ADDRESS
c/o D S Com Sec Ltd.
1734 Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: Not Available
FAX: Not Available
MANAGEMENT
Managing Director: Mr. Chung Yuk Kuen
SUMMARY
Incorporated on: 11th March, 1983.
Organization: Private Limited Company.
Capital: Nominal: HK$500,000,000.00
Issued: HK$492,056,630.00
Business Category: Importer, Exporter and Manufacturer.
Employees: Nil.
Main Dealing Banker: DBS Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head Office:-
c/o D S Com Sec Ltd.
1734 Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Camoplast Solideal Inc., Canada.
Associated Companies:-
· Camoplast Rockland Ltd., US.
· Camoplast Emporia Ltd., US.
· Camoplast Crocker LLC, US.
· World Tyres Ltd., Hong Kong.
· Solideal USA Inc., US.
· Solideal Canada Inc., Canada.
BUSINESS REGISTRATION NUMBER
08799702
COMPANY FILE NUMBER
0122316
MANAGEMENT
Managing Director: Mr. Chung Yuk Kuen
CAPITAL
Nominal Share Capital: HK$500,000,000.00 (Divided into 500,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$492,056,630.00
SHAREHOLDER
(As per registry
dated 11-03-2011)
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Name |
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No. of shares |
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Camoplast Solideal Inc. 2144 King Street West, Sherbrooke, Quebec, Canada J1J 2E8. |
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492,056,630 ========= |
DIRECTORS
(As per registry
dated 11-03-2011)
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Name (Nationality) |
Address |
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Paul GAINES |
14709 Ballantyne Glen Way, Charlotte, NC 28277, U.S.A. |
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Daniel MASSON |
111 E, Estrada Conde Carvalhal, Funchal 9050, Madeira, Portugal. |
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Normand POTVIN |
2225-286 Chemin Georgeville, Township of Magog, Quebec, J1X 0M8, Canada. |
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Pierre MARCOUILLER |
316 Avenue De La Chapelle, Township of Magog, Quebec, J1X 5V4, Canada. |
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CHUNG Yuk Kuen [Alternative Director to Mr. Normand POTVIN] |
1734 Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 11-03-2011)
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Name |
Address |
Co.
No. |
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D S Com Sec Ltd. |
1734 Star House, 3 Salisbury Road, Tsimshatsui, Kowloon, Hong Kong. |
0127035 |
HISTORY
The subject was incorporated on 11th March, 1983 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Manufacturer.
Lines: All kinds of tires, rubber tracks, etc.
Employees: Nil.
Commodities Imported: Canada, US, Europe, Asian countries, etc.
Markets: Europe, North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL INFORMATION
Nominal Share Capital: HK$500,000,000.00 (Divided into 500,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$492,056,630.00
Mortgage or Charge: (See attachment)
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not very active in Hong Kong.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
· DBS Bank (Hong Kong) Ltd., Hong Kong.
· KBC Bank N.V., Hong Kong Branch.
Standing: Small.
GENERAL
Solideal Ltd. is a wholly-owned subsidiary of Camoplast Solideal Inc. which is a Canada-based firm.
Camoplast Solideal Inc. was formerly known as Camoplast Inc. and changed its name to Camoplast Solideal Inc. in October 2010. It was founded in 1958 and is based in Sherbrooke, Canada.
The subject is a member of the Camoplast Solideal Group [Camoplast Solideal].
The subject does not have its own operating office. Its registered office is in a commercial service firm located at ‘1734 Star House, 3 Salisbury Road, Tsim Sha Tsui, Kowloon, Hong Kong’ known as ‘D S Com Sec Ltd.’ which is handling its correspondences and documents. D S Com Sec Ltd. is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
Camoplast Solideal is a world leader in the design, manufacturing and distribution of off-road tires, rubber tracks, undercarriage systems, wheels, body dressing parts, under-the-hood plastic components and assemblies, molded skis, engine covers, thermal and air induction systems for the construction, agricultural, industrial, powersports, defense and automotive markets (industries).
As a strategic supplier to
leading Original Equipment Manufacturers (OEMs), Camoplast Solideal delivers its products directly to
their assembly lines. It also
distributes most of its products in the replacement market through its
worldwide distribution network.
Camoplast Solideal currently has a global team
of about 8,000 employees. It is operating
advanced R&D centers, manufacturing plants in Canada, the United States,
Europe and Asia, and distribution facilities in all continents.
The subject has had a main associated company World Tyres Ltd. [WTL] in Hong Kong.
WTL was incorporated on 21st January, 1986. However, its registered address is also in the operating address of D S Com Sec Ltd.
It is likely that Camoplast Solideal deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Camoplast Solideal also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The business of the subject in Hong Kong is handled by Mr. Chung Yuk Kuen who is a Hong Kong merchant and one of the directors of the subject.
The subject’s business in Hong Kong is not very active. History in Hong Kong is over twenty-eight years and seven months.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements in small credit amounts.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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27-09-2000 |
Instrument: Security Over Deposits Property: Deposit
of HK$2,500,000 Mortgagee: Overseas Trust Bank Ltd., Hong Kong. [Merged into DBS Bank (Hong Kong) Ltd.] |
To secure such facilities |
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15-09-2001 |
Instrument: Security Over Deposits Property: Deposit
of HK$5,045,331 Mortgagee: Overseas Trust Bank Ltd., Hong Kong. [Merged into DBS Bank (Hong Kong) Ltd.] |
To secure such facilities |
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13-04-2010 |
Instrument: Charge Over Deposits Property: Charged of the aggregate credit balance of all the Charged Accounts from time to time, including all interest accruing from time to time in respect of them. Mortgagee: KBC Bank N.V., Hong Kong Branch. |
All amounts which are or may become payable in respect of principal, interest or otherwise by World Tyres Ltd and/or Solideal Ltd. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.07 |
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UK Pound |
1 |
Rs.76.65 |
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Euro |
1 |
Rs.66.17 |
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.