|
Report Date : |
13.04.2012 |
IDENTIFICATION DETAILS
|
Name : |
OERLIKON TEXTILE FAR EAST LTD. |
|
|
|
|
Registered Office : |
Room 2806, 28/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
24.08.1973 |
|
|
|
|
Com. Reg. No.: |
03951230 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer and Exporter of Manmade fibres, other textile products, etc. |
|
|
|
|
No. of Employees : |
28 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment Behaviour : |
No Complaints |
|
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
OERLIKON TEXTILE
FAR EAST LTD.
ADDRESS: Room 2806, 28/F., China
Resources Building, 26 Harbour Road, Wanchai, Hong Kong.
PHONE: 2827 4314
FAX: 2827 5250
E-MAIL: info.textile.hk@oerlikon.com
Managing Director: Mr. Jurg
Fedier
Incorporated on: 24th
August, 1973.
Organization: Private
Limited Company.
Capital: Nominal:HK$100,000.00
Issued: HK$100,000.00
Business Category: Textile Product Trader.
Group Sales:- (Year
ended 31-12-2011)
CHF 4,182
million (Whole Group)
CHF 2,037
million (Oerlikon Textile Segment)
Employees:
28.
Main Dealing Banker: Deutsche Bank AG, Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
Room 2806, 28/F., China Resources Building, 26 Harbour Road, Wanchai,
Hong Kong.
Immediate Holding Company:-
Oerlikon Textile GmbH & Co. KG, Germany.
Intermediate Holding Companies:-
W. Reiners Verwaltungs-GmbH, Germany.
Penultimate Holding Company:-
Saurer AG, Switzerland.
Ultimate Holding Company:-
OC Oerlikon Corporation AG, Switzerland.
Subsidiary:-
Oerlikon Textile Technology (Beijing) Co. Ltd., China.
Sister & Affiliated Companies:-
Oerlikon Group of Companies
AFETAU Automation GmbH, Germany.
Aktiengesellschaft Adolph Saurer, Switzerland.
Barmag Liegenschaften GmbH & Co. KG, Germany.
Fairfield Atlas Ltd., India.
Fairfield Manufacturing Co. Inc., USA.
Graziano Trasmissioni India Pvt. Ltd., India.
Graziano Trasmissioni North America Inc., USA.
Graziano Trasmissioni UK Ltd., UK.
GTG-Graziano Trasmissioni Group AG, Switzerland.
InnoDisc AG, Switzerland.
Jintan Texparts Components Co. Ltd., China.
Melco Industries Inc., USA.
OC Oerlikon Balzers AG, Liechtenstein.
OC Oerlikon Management AG, Switzerland.
Oerlikon (China) Technology Co. Ltd., China.
Oerlikon Balzers Coating (Suzhou) Co. Ltd., China.
Oerlikon Balzers Coating (Thailand) Co. Ltd., Thailand.
Oerlikon Balzers Coating Austria GmbH, Austria.
Oerlikon Balzers Coating Benelux N.V., Belgium.
Oerlikon Balzers Coating France SAS, France.
Oerlikon Balzers Coating Germany GmbH, Germany.
Oerlikon Balzers Coating India Ltd., India.
Oerlikon Balzers Coating Italy S.p.A., Italy.
Oerlikon Balzers Coating Korea Co. Ltd., South Korea.
Oerlikon Balzers Coating Luxembourg S.à r.l., Luxembourg.
Oerlikon Balzers Coating Mexico S.A. de C.V., Mexico.
Oerlikon Balzers Coating Poland Sp.z o.o., Poland.
Oerlikon Balzers Coating SA, Switzerland.
Oerlikon Balzers Coating Singapore Pte. Ltd., Singapore.
Oerlikon Balzers Coating UK Ltd., UK.
Oerlikon Balzers Coating USA Inc., USA.
Oerlikon Balzers Hartec GmbH, Germany.
Oerlikon Balzers Kaplama Sanayi ve Ticaret Ltd. Sirketi, Turkey.
Oerlikon Balzers Revestimentos Metálicos Ltda., Brazil.
Oerlikon Balzers Sandvik Coating AB, Sweden.
Oerlikon Balzers Sandvik Coating Oy, Finland.
Oerlikon Balzers-ELAY Coating S.A., Spain.
Oerlikon Czech s.r.o., Czech Republic.
Oerlikon Deutschland Holding GmbH, Germany.
Oerlikon Deutschland Vertriebs GmbH, Germany.
Oerlikon Drive Systems (Suzhou) Co. Ltd., China.
Oerlikon Fibrevision Ltd., UK.
Oerlikon France Holding SAS, France.
Oerlikon Graziano Group S.p.A., Italy.
Oerlikon Graziano S.p.A., Italy.
Oerlikon Heberlein Temco Wattwil AG, Switzerland.
Oerlikon IT Solutions AG, Switzerland.
Oerlikon Laser Systems GmbH, Germany.
Oerlikon Leybold Vacuum (Tianjin) International Trade Co. Ltd., China.
Oerlikon Leybold Vacuum Dresden GmbH, Germany.
Oerlikon Leybold Vacuum Equipment (Tianjin) Co. Ltd., China.
Oerlikon Leybold Vacuum France SAS, France.
Oerlikon Leybold Vacuum GmbH, Germany.
Oerlikon Leybold Vacuum India Pvt. Ltd., India.
Oerlikon Leybold Vacuum Italia S.r.l., Italy.
Oerlikon Leybold Vacuum Japan Co. Ltd., Japan.
Oerlikon Leybold Vacuum Korea Ltd., South Korea.
Oerlikon Leybold Vacuum Nederland B.V., Netherlands.
Oerlikon Leybold Vacuum Schweiz AG, Switzerland.
Oerlikon Leybold Vacuum Singapore Pte. Ltd., Singapore.
Oerlikon Leybold Vacuum Spain S.A., Spain.
Oerlikon Leybold Vacuum Taiwan Ltd., Taiwan.
Oerlikon Leybold Vacuum UK Ltd., UK.
Oerlikon Leybold Vacuum USA Inc., USA.
Oerlikon Licensing Arbon GmbH, Switzerland.
Oerlikon Management USA Inc., USA.
Oerlikon Mechatronics AG, Switzerland.
Oerlikon Nihon Balzers Coating Co. Ltd., Japan.
Oerlikon Optics UK Ltd., UK.
Oerlikon Optics USA Inc., USA.
Oerlikon Real Estate GmbH, Germany.
Oerlikon Saurer Arbon AG, Switzerland.
Oerlikon SEA Pte. Ltd., Singapore.
Oerlikon Solar (Shanghai) Trading Co. Ltd., China.
Oerlikon Solar AG, Switzerland.
Oerlikon Solar Holding AG, Switzerland.
Oerlikon Solar IP AG, Switzerland.
Oerlikon Solar Singapore Pte. Ltd., Singapore.
Oerlikon Solar USA Inc., USA.
Oerlikon Solar-Lab SA, Switzerland.
Oerlikon Taiwan Ltd., Taiwan.
Oerlikon Tekstil Middle East Tekstil Makinalari Dis Ticaret A.S.,
Turkey.
Oerlikon Textile China Investments Ltd., Hong Kong.
Oerlikon Textile Components Far East Ltd., Hong Kong.
Oerlikon Textile Components GmbH, Germany.
Oerlikon Textile Components Singapore Pte. Ltd., Singapore.
Oerlikon Textile do Brasil Máquinas Ltda., Brazil.
Oerlikon Textile Inc., USA.
Oerlikon Textile India Pvt. Ltd., India.
Oerlikon Textile Machinery (Wuxi) Co. Ltd., China.
Oerlikon Textile Trading & Services Ltd., Hong Kong.
Oerlikon Trading AG, Switzerland.
Oerlikon USA Holding Inc., USA.
Oerlikon USA Inc., USA.
Oerlikon Vacuum Holding GmbH, Germany.
Oerlikon Vermietungs- und Verwaltungsgesellschaft mbH, Germany.
Oerlikon Vermögens-Verwaltungs GmbH, Germany.
OOO Oerlikon Balzers Rus, Russia.
OOO Oerlikon Rus, Russia.
OT Textile Verwaltungs GmbH, Switzerland.
Peass Industrial Engineers Ltd., India.
SAC Saurer Automotive Components B.V., Netherlands.
Saurer China Equity Ltd., Hong Kong.
Saurer Financing LP, USA.
Saurer Group Investments Ltd., Cayman Islands.
Saurer Holding GmbH, Austria.
Saurer Jintan Textile Machinery Co. Ltd., China.
Saurer Management AG, Switzerland.
Unaxis GmbH, Switzerland.
Vocis Ltd., UK.
Zinser Textile Systems Pvt. Ltd., India.
etc.
03951230
0035084
Managing Director: Mr. Jurg
Fedier
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry dated 24-08-2011)
|
Name |
|
No. of shares |
|
Oerlikon Textile GmbH & Co. KG Remscheid-Lennep, Leverkuser Str. 65, Germany. |
|
100,000 ====== |
(As per registry dated 24-08-2011)
|
Name (Nationality) |
Address |
|
Jürg FEDIER |
Glärnischstrasse 136, 8805 Richterswil, Switzerland. |
|
Jan Markus RÖTTGERING |
Waldweg 42, D-41844 Wegberg, Germany. |
|
Ralf SCHILKEN |
Mathilde-Anneke-Str. 66, Sprockhoevel 45549, Germany. |
(As per registry dated 24-08-2011)
|
Name |
Address |
|
LIM Wai Cheong |
Flat A, 7/F., 2 Park Road, Hong Kong. |
The subject was incorporated on 24th August, 1973 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Barmag Far East
Ltd., name changed to Saurer Far East Ltd. on 4th June, 2004; and further to
the present style on 23rd August, 2007.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: Manmade
fibres, other textile products, etc.
Employees: 28.
Commodities Imported: India, China, other Asian countries, etc.
Markets: Europe,
etc.
Group Sales:-
|
Period |
Whole Group |
Oerlikon
Textile Segment |
|
Year ended 31-12-2007 |
CHF 5,404 million |
- |
|
Year ended 31-12-2008 |
CHF 4,632 million |
CHF 1,690 million |
|
Year ended 31-12-2009 |
CHF 2,877 million |
CHF 1,046 million |
|
Year ended 31-12-2010 |
CHF 3,601 million |
CHF 1,653 million |
|
Year ended 31-12-2011 |
CHF 4,182 million |
CHF 2,037 million |
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: Various
terms.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of
HK$1.00 each)
Issued Share Capital: HK$100,000.00
Mortgage or Charge:-
Date of Fixed and Floating Security Document: 13-09-2010
Amount: The “Liabilities”, which are defined
in the Deed as meaning all present and future amounts, obligations, covenants
and duties
Property:
1) Fixed Charges and Assignments: The
Chargor, as legal and beneficial owner and as continuing security for the due
and punctual payment and discharge of all Liabilities, (i) charges in favour of
the Security Agent, the Property; (ii) charges in favour of the Security Agent,
by way of first fixed charge, all its present and future
2) Floating Charge: The Chargor, as legal
and beneficial owner and as continuing security for the due and punctual
payment and discharge of all Liabilities, charges in favour of the Security
Agent by way of first floating charge its undertaking and all its assets
3) Assignment: The Chargor, as legal and
beneficial owner and as continuing security for the due and punctual payment
and discharge of all Liabilities assigns to the Security Agent absolutely all
the Chargor’s present and future
Mortgagee: Wilmington Trust (London) Ltd.,
England. [Security Agent]
Group Equity Attributable to Shareholders:-
CHF 1,858
million (Year ended 31-12-2007)
CHF 1,093
million (Year ended 31-12-2008)
CHF 493 million
(Year ended 31-12-2009)
CHF 1,430 million (Year ended 31-12-2010)
CHF 1,586
million (Year ended 31-12-2011)
Profit or Loss: Group business is profitable.
Condition:
Keeping
in a good manner.
Facilities:
Making
active use of general banking facilities.
Payment:
Met
trade commitments as required.
Commercial Morality: Satisfactory.
Banker:
Deutsche
Bank AG, Hong Kong Branch.
Standing:
Good.
Oerlikon Textile Far East Ltd. is a wholly-owned subsidiary of Oerlikon
Textile GmbH & Co. KG [OTG] which is a Germany-based firm. In turn, OTG is a subsidiary company of OC
Oerlikon Corporation AG [OCOC], a Switzerland-based firm which is the holding
company of the Oerlikon Group.
The subject is trading in all kinds of manmade fibre and other textile
products. It is part of OTG. Commodities are sourced from Asian countries
and re-exported to worldwide countries, especially Switzerland and other
European countries.
At the beginning of 2007, the Swiss high-tech group OCOC acquired Saurer
AG [Saurer]. The Oerlikon Group now
consists of five segments, including the new business units from Saurer. The Textile division of Saurer becomes the
segment Oerlikon Textile, Barmag becomes Oerlikon Barmag and forms one of the
five business units in the Textile segment.
Oerlikon Barmag is an established mechanical engineering company in the
manmade fibre industry and can look back over decades of development and
construction of highly productive and innovative spinning lines and texturing
machines.
In addition to spinning and texturing systems, the core competencies
include the manufacture of components for manmade fibre production such as
extruders, winders, pumps and godets.
Oerlikon Barmag consistently extended its product range to
polycondensation systems and components for chemical and industrial
applications.
The Oerlikon Group is one of the innovative and research-intensive
industrial groups in the world. Six of
the Group’s business units are active in machine and plant engineering: textile
machines, thin-film coating, production plants for thin-film silicon solar
modules, vacuum systems, drive systems and advanced technology. In 2009, more than 16,000 employees at 157
sites in 36 countries generated sales of CHF 2.8 billion.
The leading technology solutions of the Oerlikon Group provides its
customers with decisive advantages – both industrial and commercial customers
as well as private end consumers.
Customers like Sony, Bosch, CMC, Kraft Foods, Ferrari, Reliance and
Caterpillar use production technologies and components from Oerlikon Group to
attain their own success with high-tech products such as solar modules, cars,
computers, machine tools, jeans, shirts, oil platforms, tyres – and much
more. All Formula 1 engines receive a
highly-resilient coating from Oerlikon Group to enhance their performance. 60% of all twines used in industrially
manufactured rugs are produced on textile machines from Oerlikon Group. The most modern solar modules currently
available today are made in Oerlikon Group thin-film coating plants.
Oerlikon Group invests around CHF 250 million every year in R&D and
has nearly 1,500 highly-qualified developers and scientists around the world
working on the innovations of tomorrow.
OCOC is a globally leading company in the field of solar, thin film,
vacuum propulsion, textile and precision technology. Based on these core competencies, OCOC
develops production systems, components, and services for high-technology
products. The Oerlikon Group’s
commercial activities centre on turn-key solutions for the manufacturing of
thin film silicon solar modules [Oerlikon Solar], protective coatings for
precision tools and components [Oerlikon Coating], systems for producing
vacuums and conveying process gases [Oerlikon Vacuum], equipment for textile
production [Oerlikon Textile] and propulsion technology [Oerlikon Drive
Systems] as well as aerospace and production systems for nanotechnology
applications [Oerlikon Advanced Technologies].
The Group’s key figures for 2011 at a glance:-
Sales increased by 16 % to CHF 4,182 million from CHF 3,601 million in
the previous year, fueled by orders received in the first half of the year and
a full order book.
Net profit grew markedly to CHF 224 million (previous year: CHF 5
million).
Order intake decreased by 11 % to CHF 4,043 million (previous year: CHF
4,520 million) as market demand continued to normalize as expected.
Order backlog decreased by 13% and totaled CHF 1,481 million (previous
year: CHF 1,702 million).
Regionally in 2011, the Group sharpened its focus on Asia, and
especially China, in order to take full advantage of opportunities in the
region. Oerlikon has been doing business
in Asia for almost 50 years and can draw on the strong positions it already
holds in these key markets. The site in
Suzhou, China, is now the Group’s largest location worldwide. Sales in Asia rose strongly, climbing to 49%
in 2011 from 44% in 2010. Oerlikon also
launched initiatives in other growth markets to strike a geographical balance
for its business over the mid- and long-term.
At Oerlikon Textile, sales rose by 23% in FY 2011, climbing to CHF 2,037
million. Earnings before interest
expense and taxation [EBIT] totaled CHF 183 million (previous year: CHF 21
million), resulting in a record EBIT margin of 9%. Order intake decreased as expected, but was
nonetheless very strong at CHF 1,977 million (previous year: CHF 2,509
million). At Oerlikon Barmag, orders
extend in part through 2014. Order
backlog decreased slightly to CHF 1,053 million (previous year: CHF 1,197
million).
As at 31st December, 2011, the Oerlikon Group had 17,227 employees
(2010: 16,657).
The subject is fully supported by Oerlikon Textile segment and
ultimately by the Oerlikon Group.
On the whole, in view of the parentage and background of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.44 |
|
|
1 |
Rs.81.96 |
|
Euro |
1 |
Rs.67.60 |
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 |
|
-- |
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.