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Report Date : |
03.04.2012 |
IDENTIFICATION DETAILS
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Name : |
L.K. MACHINERY INTERNATIONAL LTD. |
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Registered Office : |
Unit A, 8/F., |
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Country : |
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Date of Incorporation : |
03.11.2004 |
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Com. Reg. No.: |
37649596 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of Microprocessor controlled hot chamber die-casting machines, microprocessor controlled cold chamber die-casting machines, plastic injection moulding machines, plastic processing machinery and equipment, metal working machinery and equipment. |
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No. of Employees : |
4,100 Approximately |
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
L.K. MACHINERY
INTERNATIONAL LTD.
ADDRESS: Unit A, 8/F., Mai Wah Industrial
Building, 1-7 Wah Sing Street, Kwai Chung, New Territories, Hong Kong.
PHONE: 3412 5500, 3412 5592
FAX: 3412 5511
E-MAIL: sales@lkmachinery.com.hk
inquiry@lktechnolgy.com
Managing Director: Mr. Chung Yuk
Ming
Incorporated on: 3rd
November, 2004.
Organization: Private
Limited Company.
Capital: Nominal: HK$20,000,000.00
Issued: HK$10,000,000.00
Business Category: Sale of Die-Casting Machines and Plastic Injection Moulding
Machines.
Group Revenue: HK$2,602,564,000 (Year ended 31-03-2011)
Group Employees: Approx.
4,100. (As at 30-09-2011)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Unit A, 8/F., Mai Wah Industrial Building, 1-7 Wah Sing Street,
Kwai Chung, New Territories, Hong Kong.
Immediate Holding Company:-
Sky River International Ltd., British Virgin Islands.
Intermediate Holding Company:-
L.K. Technology Holdings Ltd., Cayman Islands/Hong Kong.
Ultimate Holding Company:-
Girgio Industries Ltd., British Virgin Islands.
Associated & Affiliated Companies:-
LK Group of Companies
Best Truth Enterprises Ltd., British Virgin Islands.
Chongqing L.K. Machinery Co. Ltd., China.
Cyberbay Pte. Ltd., Singapore.
Fuxin L.K. Northern Machinery Co. Ltd., China.
Fuxin Lida Steel Casting Co. Ltd., China.
Gold Millennium Ltd., British Virgin Islands.
Gold Progress Ltd., Hong Kong.
Idra S.r.l., Italy.
L.K. Machinery (Shenzhen) Co. Ltd., China.
L.K. Machinery Co. Ltd., Hong Kong.
L.K. Machinery Corporation, Taiwan.
L.K. Machinery Inc., USA.
L.K. Precision Machinery (Kunshan) Co. Ltd., China.
L.K. Tech (Tianjin) Co. Ltd., China.
Lucky Prosper Ltd., Hong Kong.
Ningbo L.K. Machinery Co. Ltd., China.
Ningbo L.K. Technology Co. Ltd., China.
Power Excel International Ltd., Hong Kong.
Shanghai Atech Machinery Co. Ltd., China.
Shenzhen Leadwell Technology Co. Ltd., China.
Zhongshan L.K. Machinery Co. Ltd., China.
etc.
37649596
0931438
Group Chairperson: Ms. Chong Siw
Yin
Managing Director: Mr. Chung Yuk
Ming
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 03-11-2011)
|
Name |
|
No. of shares |
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Sky River International Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola, British
Virgin Islands. |
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10,000,000 ======== |
(As per registry dated 01-03-2012)
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Name (Nationality) |
Address |
|
CHONG Siw Yin |
House K, Lakeview Garden, 21 Yau On Street, Shatin, New Territories,
Hong Kong. |
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CHUNG Yuk Ming |
Flat E, 46/F., Block 8, East Point City, Tseung Kwan O,
New Territories, Hong Kong. |
|
CHAN Kwok Keung |
Room 11, 5/F., Southern Garden, 2 O’Brien Road, Wanchai, Hong Kong. |
|
FUNG Chi Yuen |
Flat E, 22/F., Tower 2, Tierra Verde, Tsing Yi, New Territories,
Hong Kong. |
|
LIU Zhuo Ming |
House K, Lakeview Garden, 21 Yau On Street, Shatin, New Territories,
Hong Kong. |
(As per registry dated 03-11-2011)
|
Name |
Address |
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WONG Kin Ming |
Flat D, 35/F., Tower 6, Sky Tower, 38 Sung Wong Toi Road, Tokwawan,
Kowloon, Hong Kong. |
The subject was incorporated on 3rd November, 2004 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of L.K. Technology
Holdings Ltd., name changed to LKM (Hong Kong) Ltd. on 15th September, 2006 and
further to the present style on 23rd January, 2007.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer
and Exporter.
Lines: Microprocessor
controlled hot chamber die-casting machines, microprocessor controlled cold
chamber die-casting machines, plastic injection moulding machines, plastic
processing machinery and equipment, metal working machinery and equipment.
Trade Marks: “L.K.”
and “POTENZA”
Total Floor Space: 1,300
sq.m. – owned by the company and the Group.
Group Employees: Approx. 4,100. (As at
30-09-2011)
Raw Materials: Imported from Japan, Germany, Sweden, etc. and also
bought in Hong Kong.
Markets: Europe,
US, Canada, Australia, Hong Kong, China, Taiwan, Japan, Thailand, Indonesia,
etc.
Group Revenue:-
HK$ 969,375,000
(Year ended 31-03-2007)
HK$1,261,972,000 (Year ended 31-03-2008)
HK$1,192,487,000 (Year ended 31-03-2009)
HK$1,408,364,000 (Year ended 31-03-2010)
HK$2,602,564,000 (Year ended 31-03-2011)
HK$1,239,037,000 (6 months ended 30-09-2010) ‑ Unaudited
HK$1,675,963,000 (6 months ended 30-09-2011) ‑ Unaudited
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: Various
terms.
Hong Kong Critical Components Manufacturers Association, Hong Kong.
Nominal Share Capital: HK$20,000,000.00 (Divided into 20,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Alternation of Capital:-
|
03-11-2004 |
paid up |
HK$ 1.00 |
|
09-05-2011 |
paid up |
HK$ 9,999,999.00 |
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|
–––––––––––––––– |
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Total: |
paid up |
HK$ 10,000,000.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$20,000,000.00 |
on |
09-05-2011 |
Mortgage or Charge:-
Date of Assignment
of DC Proceeds: 23-12-2010
Amount: All loans
or other advances made or to be made by the Bank to the Customer against
documents submitted under a Documentary Credit, all monies and liabilities in
any currency owing by the Customer to the Bank at any time, whether separately
or jointly, actually or contingently, present or future, interest on all loans
and advances and such monies and all expenses of the Bank in perfecting or
enforcing the Assignment
Property: By
way of assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing
proceeds payable or to be paid to the Customer under the Documentary Credits,
all the Customer’s right, title and interest in the said Documentary Credits
and the benefit of all powers and remedies for enforcing the Documentary
Credits
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Group Net Profit/(Loss):-
HK$ 60,275,000 (Year
ended 31-03-2007)
HK$115,421,000 (Year ended 31-03-2008)
(HK$ 52,213,000) (Year
ended 31-03-2009)
HK$ 3,235,000 (Year
ended 31-03-2010)
HK$259,138,000 (Year ended 31-03-2011)
HK$131,479,000 (6 months ended 30-09-2010) ‑
Unaudited
HK$146,588,000 (6 months ended 30-09-2011) ‑
Unaudited
Profit or Loss: Operation is profitable since FY2010.
Condition:
Business is active.
Facilities: Making active use of general banking
facilities.
Payment:
Met trade
commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
The Bank of East
Asia Ltd., Hong Kong.
Hang Seng Bank
Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
The Bank of
Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
DBS Bank
(Hong Kong) Ltd., Hong Kong.
Public Bank
(Hong Kong) Ltd., Hong Kong.
Standing:
Good.
L.K. Machinery International Ltd. is a wholly-owned subsidiary of Sky
River International Ltd. [Sky River] which is a BVI-registered firm. In turn, Sky River is a wholly-owned subsidiary
of L.K. Technology Holdings Ltd. [LKTH], a Cayman Islands-registered firm.
LKTH is a listed firm in Hong Kong.
Its shares have been listed on The Stock Exchange of Hong Kong Ltd.
bearing stock code 558 since 16th October, 2006. LKTH is an investment holding company of the
LK Group.
The LK Group is principally engaged in designing, manufacturing and
marketing hot chamber and cold chamber die-casting machines and plastic
injection moulding machines. The
products of the Group are sold mainly to the manufacturers of different
industries in China. The Group’s
products featuring 80 different models in 15 series under three major product
categories. Die-casting machines are
used for the die-casting of non-ferrous molten metals into different types of
metallic consumer and industrial products such as automotive parts and
components, computer, communication and consumer products, and household
electrical products.
The subject is engaged in marketing die-casting machines and plastic
injection moulding machines. Prime
markets are Hong Kong, China, and other Asian countries.
For the year ended 31st March, 2010, the sales of the LK Group amounted
to HK$2,602.6 million, grew by 84.8% as compared with HK$1,408.4 million in FY
2010; profit for the year was HK$259.1 million, grew substantially as compared
with HK$3.2 million in FY 2010.
During the FY 2011, with the continuing strong growth in macro economy
in the PRC, the Group’s revenue from the PRC reached HK$2,000,000,000 for the
first time to HK$2,065,388,000, demonstrating an increase of over 77% as
compared to the corresponding period last year.
Although the overall recovery of European and the US economy remained
slow, the performance of Idra S.r.l. [Idra] in the European market showed
improvement, the delivery of General Motors’ order in the United States and the
outstanding performance in the emerging market doubled the Group’s revenue
among the European, North American and the emerging market. The Group’s revenue from overseas markets for
the year amounted to HK$537,176,000, representing a remarkable increase of
approximately 123% as compared to HK$240,399,000 in the corresponding period
previous year.
For the six months ended 30th September, 2011 [First Half Year],
following the business growth momentum of last year, the Group achieved a new
record in its revenue and profits.
Revenue was HK$1,675,963,000, representing an increase of approximately
35% as compared to HK$1,239,037,000 of the
corresponding
period of previous year. Profit
attributable to the owners of the Group amounted to HK$150,228,000,
representing an increase of approximately 13% as compared to the profit of
HK$132,905,000 of the corresponding period last year. The smaller increase in net profit than revenue
was mainly due to the change of product mix, and the rapid growth of the
relatively low margin business of the computerised numerical controlled [CNC]
machines which contributed a substantial rise in revenue.
During the First Half Year, to tackle the soaring inflation in China,
the PRC government implemented tight monetary policies, as a result, many
small-to-medium size companies are incapable to invest in equipment due to
failure in securing bank facilities.
Meanwhile, the deteriorating European debt crisis and the prolonging
weak US economy fetched another disaster to those export-oriented
companies. Despite the volatile external
environment and the austerity macro-economic measures imposed by China, the
Group implemented timely adjustment to its strategies and captured
opportunities arising from the blooming development of the consumer goods like
smart phones and tablet
personal computers. Besides, keeping
abreast of the market trend of using automatic equipment by the manufacturers,
the Group placed large effort in promoting its CNC machines, plastic injection
moulding machines and large tonnage automatic diecasting machine cells,
resulting to an increase in the revenue of these three core business sectors,
namely die-casting machines, plastic injection moulding machines and CNC machines,
and achieved a record performance. The
revenue of the Group burst the cap of HK$1,600,000,000 to HK$1,675,963,000 in
the First Half Year, representing an increase of approximately 35% as compared
to that of the corresponding period last year.
During the First Half Year, revenue from China realized the first-ever
breakthrough of HK$1,400,000,000 to HK$1,444,160,000, up 38% as compared to
that of corresponding period last year.
The improvement of Idra in both the European market and the emerging
market albeit the overall sluggish recovery of the European economy, caused revenue from overseas market of the
Group to reach HK$231,803,000, representing a growth of 19% over the
corresponding period of previous year.
As at 30th September, 2011, the Group employed approximately 4,100 full
time staff.
The subject is fully supported by the LK Group.
On the whole, consider the subject good for normal business engagements.
Brief information of directors:-
Ms. CHONG Siw Yin, aged 55, is the Chairperson of the Board and an
Executive Director of LKTH. Ms. Chong
joined the Group in March 1988, and was appointed as an Executive Director in
August 2004. She is also a director of
certain subsidiaries of LKTH. Ms. Chong
is responsible for the strategic planning, administration and human resources
management of the Group and has over 23 years of management experience.
Mr. CHUNG Yuk Ming, aged 63, is an Executive Director of LKTH. Mr. Chung joined the Group in February
2001 as a director of L.K. Machinery Co. Ltd.
He was appointed as an Executive Director in September 2004. Mr. Chung is also a director of certain
subsidiaries of LKTH. He is responsible
for the strategic planning, the finance and investment of the Group. Mr. Chung has over 29 years of working
experience in various sectors, including automobile, toys, electronics and
telecommunication. Before joining the
Group, he was an executive director of Kader Holdings Co. Ltd., and Shougang
Concord Grand (Group) Ltd. (previously known as Kader Investment Co. Ltd.),
both of which are publicly listed companies in Hong Kong. Mr. Chung holds a Master degree in Business
Administration from the University of East Asia of Macau. He is a fellow member of the Hong Kong
Institute of Directors.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.15 |
|
|
1 |
Rs.81.80 |
|
Euro |
1 |
Rs.68.34 |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively below
average. |
Small |
|
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 |
|
<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.