MIRA INFORM REPORT

 

 

Report Date :           

07.03.2012

 

IDENTIFICATION DETAILS

 

Correct Name :

FREUDENBERG  &  VILENE  INTERNATIONAL  LTD.

 

 

Registered Office :

8/F., Loyal Centre, 828 Cheung Sha Wan Road, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

10.10.1980

 

 

Com. Reg. No.:

06871407

 

 

Legal Form :

Private Limited Company.

 

 

Line of Business :

Importer, Exporter and Wholesaler of Interlinings, linings, etc.

 

 

No. of Employees :

25

 

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 – September 30th, 2011

 

Country Name

Previous Rating

                   (30.06.2011)                  

Current Rating

(30.09.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company name

 

FREUDENBERG  &  VILENE  INTERNATIONAL  LTD.

 

 

cOmpany ADDRESS

 

8/F., Loyal Centre, 828 Cheung Sha Wan Road, Kowloon, Hong Kong.

PHONE:            2786 8368

FAX:                 2786 2847

E-MAIL:                        vilene@fvihk.com

 

 

MANAGEMENT

 

 

Managing Director:  Mr. Urs Peter Heggli

 

 

SUMMARY

 

Incorporated on:                         10th October, 1980.

 

Organization:                             Private Limited Company.

           

Capital:                                     Nominal:           HK$100,000,000.00

Issued:              HK$100,000,000.00

 

Business Category:                    Importer, Exporter and Wholesaler.

 

Freudenberg Group Total Sales:  €5,481 million  (Year ended 31-12-2010)

 

Employees:                               25.

 

Main Dealing Banker:                 The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:                       Good.

Company ADDRESS

 

Registered Head Office:-

8/F., Loyal Centre, 828 Cheung Sha Wan Road, Kowloon, Hong Kong.

 

Holding Companies:-

Freudenberg Trading (Hong Kong) Ltd., Hong Kong.  (Same address)

Japan Vilene (Hong Kong) Ltd., Hong Kong.

 

Associated Companies:-

·         A.Y.N. Accessories Trading Ltd., Hong Kong.

·         A.Y.N. Fashion Accessories Ltd., Hong Kong.

·         Freudenberg & Co. KG, Germany.

·         Freudenberg & Vilene Filter (Changchun) co. Ltd., China.

·         Freudenberg & Vilene Filter (Thailand) Co. Ltd., Thailand.

·         Freudenberg & Vilene Interlinings (Nantong) Co. Ltd., China.

·         Freudenberg & Vilene International Ltd., China.

·         Freudenberg & Vilene International Ltd., Philippines.

·         Freudenberg & Vilene International Ltd., Singapore.

·         Freudenberg & Vilene International Ltd., Vietnam.

·         Freudenberg & Vilene Nonwovens (Dalian) Co. Ltd., China.

·         Freudenberg & Vilene Nonwovens (Guangzhou) Co. Ltd., China.

·         Freudenberg & Vilene Nonwovens (Nantong) Co. Ltd., China.

·         Freudenberg & Vilene Nonwovens (Suzhou) Co. Ltd., China.

·         Freudenberg & Vilene Nonwovens (Taiwan) Co. Ltd., Taiwan.

·         Freudenberg Beteiligungs GmbH, Germany.

·         Freudenberg España S.A., Spain.

·         Freudenberg Evolon S.a.r.l., France.

·         Freudenberg Far Eastern Spunweb Co. Ltd., Taiwan.

·         Freudenberg Household Products Ltd., Hong Kong.

·         Freudenberg Nao-Tecidos Ltda., Brazil.

·         Freudenberg Nonwovens (Pty) Ltd., South Africa..

·         Freudenberg Nonwovens India Pvt. Ltd., India.

·         Freudenberg Nonwovens Ltd. Partnership, UK.

·         Freudenberg Nonwovens North America, USA.

·         Freudenberg SA Telas sin Tejer, Argentina.

·         Freudenberg Spunweb Company, USA.

·         Freudenberg Telas sin Tejer S.A., Paraguay.

·         Freudenberg Telas sin Tejer S.A., Peru.

·         Freudenberg Telas sin Tejer S.A., Venezuela.

·         Freudenberg Vilene s.r.o., Czech Republic.

·         Freudenberg Vilene Sp.zo.o, Poland.

·         Freudenberg Vilene Telas sin Tejer S.A., Panama.

·         Freudenberg Vitech Ltd., USA.

·         Freudenberg Vliesstoffe KG, Germany.

·         FV Logistik KG, Germany.

·         FV Service KG, Germany.

·         Japan Vilene Co. Ltd., Japan.

·         Korea Vilene Co. Ltd., Korea.

etc.

 

 

BUSINESS REGISTRATION NUMBER

 

06871407

 

 

COMPANY FILE NUMBER

 

0087831

 

 

MANAGEMENT

 

Managing Director:  Mr. Urs Peter Heggli

 

 

CAPITAL

 

Nominal Share Capital:   HK$100,000,000.00 (Divided into 1,000,000 shares of HK$100.00 each)

 

Issued Share Capital:     HK$100,000,000.00

 

 

SHAREHOLDERS

(As per registry dated 10-10-2011)

 

Name

 

No. of shares

Freudenberg Trading (Hong Kong) Ltd., Hong Kong.

 

500,000

Japan Vilence (Hong Kong) Ltd., Hong Kong.

 

500,000

 

 

––––––––

 

Total:

1,000,000

=======

 

DIRECTORS  

(As per registry dated 10-10-2011)

 

Name

(Nationality)

 

Address

Yoshiaki MIZUTANI

11-96-502 Otani-Cho, Nishinomiya City, Hyogo, Japan.

 

Toshio YOSHIDA

No. 2-19-7 Heiwadai, Nerima-ku, Tokyo, Japan.

 

Dr. Heino Jan FREUDENBERG

Ludolf Krehl Strasse29, 69120 Heidelberg, Germany.

 

Bruce Robert OLSON

Laurentiusstrasse 74, 51465 Bergisch Gladbach, Germany.

 

Urs Peter HEGGLI

1256, DD253, 7 Miles, Clearwater Bay Road, Kowloon, Hong Kong.

 

Alexander Karl ROZMAN [Alternate to Heino Jan FREUDENBERG]

Flat A, 9/F., Tower 5, Bel-Air on the Peak, Island South, Hong Kong.

 

Kathrin Anne SIEGEL [Alternate to Yoshiaki MIZUTANI]

Flat D, 29/F., Tower 3, Hillsborough Court, 18 Old Peak Road, Hong Kong.

 

 

SECRETARY

(As per registry dated 10-10-2011)

 

Name

Address

Co. No.

Secreco Ltd.

8/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong Kong.

0139490

 

 

HISTORY

 

The subject was incorporated on 10th October, 1980 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 Wholesaler.

 

Lines:                                       Interlinings, linings, etc.

 

Employees:                               25.

 

Commodities Imported:               Imported from Japan, Germany, etc.

 

Markets:                                   Hong Kong, China, other Asian countries, etc.

 

Freudenberg Group Total Sales:  €5,053 million  (Year ended 31-12-2006)

€5,341 million  (Year ended 31-12-2007)

€5,050 million  (Year ended 31-12-2008)

€4,201 million  (Year ended 31-12-2009)

€5,481 million  (Year ended 31-12-2010)

 

Terms/Sales:                             L/C or as per contracted.

 

Terms/Buying:                           L/C, T/T, D/P, etc.

 

 

MEMBERSHIP

 

The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKF0228]

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital:   HK$100,000,000.00 (Divided into 1,000,000 shares of HK$100.00 each)

 

Issued Share Capital:     HK$100,000,000.00

 

Freudenberg Group Profit/(Loss):

€219 million       (Year ended 31-12-2006)

€275 million       (Year ended 31-12-2007)

€176 million       (Year ended 31-12-2008)

(€250 million)     (Year ended 31-12-2009)

€322 million       (Year ended 31-12-2010)

 

Profit or Loss:                Making a small profit every year.

 

Condition:                      Keeping in a satisfactory manner.

 

Facilities:                      Making rather active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Good.

 

 

GENERAL

 

Having issued 1 million ordinary shares of HK$100.00 each, Freudenberg & Vilene International Ltd. is equally owned by Freudenberg Trading (Hong Kong) Ltd. and Japan Vilene (Hong Kong) Ltd. which both are Hong Kong-registered firms.

The subject is a member of the Freudenberg Group which is the largest and most diverse manufacturer of nonwovens in the world.  The subject is a clothing accessories trader.  It is now responsible for marketing of the Group’s products in Hong Kong, China and Southeast Asia.

Freudenberg Group is a family-owned group of companies active on the global stage.  Its 16 Business Groups operate on various markets and in various sectors of industry.

Freudenberg Group offers its customers in the automotive, mechanical and plant engineering, textile and clothing, construction, mining and heavy industry, energy, chemical, oil and gas sectors tailor-made, innovative technological products and services.  Customer groupings also include companies in the medical technology, civil aviation, rail vehicles and semiconductor sectors.

Freudenberg Group develops and manufactures seals, vibration control technology components, filters, nonwovens, surface treatment products, release agents and specialty lubricants, medical technology, and mechatronic products.

Freudenberg Group develops software solutions and IT services primarily for small- and medium-sized enterprises.  Final users enjoy the benefits of the Group’s state-of-the-art household products marketed under the “vileda®”, “O’Cedar®” and “Wettex®” brands.

Freudenberg Group is committed to partnerships with customers, and believes in a long-term orientation, financial solidity and the excellence of over 34,000 associates in 59 countries around the globe.

Freudenberg Group is a family company.  It is owned by some 300 heirs to the founding father Carl Johann Freudenberg.

In the 2010 financial year, the Freudenberg Group reported total sales of €5,481.4 million (previous year: €4,200.8 million), representing a year-on-year increase of €1,280.6 million or 30.5%.  The Group reported a consolidated profit of €321.7 million (previous year: loss of €249.6 million).

There was a disproportionately high rise of €592.2 million in profit from operations to €430.6 million.  This was chiefly attributable to the increase in contribution margins as a result of higher sales.  Furthermore, restructuring expenses to the amount of approximately €183 million impacted the prior‑year result.  The success of these measures, the majority of which were initiated at the end of 2008 and in the first half of 2009 and implemented in 2009/2010, also contributed significantly to the rise in earnings.  Consolidated profit improved by €571.3 million to €321.7 million.

Function costs were significantly higher than the prior year in absolute terms, but declined relative to sales.  One main factor impacting the prior year was that selling expenses and administrative expenses could not be fully adjusted to lower business volumes.  In addition, restructuring measures led to improve cost structures and an increase in contribution margins in FY 2010.

At year-end 2010, the number of companies in the Freudenberg Group totaled 480 located in 59 countries.  422 of these companies were included in the consolidation. 383 companies, including 123 production and 149 sales companies, were fully consolidated.

Freudenberg Group holds a minority interest, either direct or via subsidiaries, in several companies, most of which are consolidated under the equity method.  The most important minority shareholdings held by the Group concern the Japanese companies NOK Corporation and Japan Vilene Co. Ltd. [JVC], both Tokyo, where the Group holds an interest of approximately 25% in the former and an interest of 28% in the latter company.

At 31st December, 2010, the Group’s workforce totaled 34,319 employees (previous year: 32,142 employees).

Fully supported by the Freudenberg Group, the subject is considered good for normal business engagements.

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.50.03

UK Pound

1

Rs.79.32

Euro

1

Rs.66.02

 

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.