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Report Date : |
13.03.2013 |
IDENTIFICATION DETAILS
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Name : |
BELIMO
ACTUATORS LTD. |
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Formerly Known as: |
Belimo Automation
Hong Kong Ltd., |
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Registered Office : |
Room 207-208, 2/F., New Commerce Centre, 19 On Sum Street, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
20.04.1995 |
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Com. Reg. No.: |
19001655 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of damper actuators, motors, etc. |
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No. of Employees : |
15 |
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 : |
Satisfactory |
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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 – June 30th, 2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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 |
Hong Kong - ECONOMIC OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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Source
: CIA |
BELIMO ACTUATORS
LTD.
Room 207-208, 2/F., New Commerce Centre, 19 On Sum Street, Shatin, New Territories, Hong Kong.
PHONE: 2687 1716
FAX: 2687 1795
E-MAIL: info.hongkong@belimo.ch
sales@belimo.com.hk
Managing Director: Ms. Cheung Mei Ying
Incorporated on: 20th April, 1995.
Organization: Private Limited Company.
Capital: Nominal: HK$20,000.00
Issued: HK$10,000.00
Business Category: Importer and Exporter.
Group Net Sales: CHF 416.0 million (Year ended 31-12-2011)
Employees: 15.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 207-208, 2/F., New Commerce Centre, 19 On Sum Street, Shatin, New Territories, Hong Kong.
Holding Company:-
Belimo Holding AG, Switzerland.
Associated
Companies:-
Belimo Actuators (Shanghai) Trading Ltd., China.
Belimo Actuators Pty. Ltd., Australia.
Belimo Aircontrols (USA) Inc., US.
Belimo Aircontrols (CAN) Inc., Canada.
Belimo Automatioin Handelsgesellschaft, Austria.
Belimo Automation AG, Switzerland.
Belimo Automation FZE, U.A.E.
Belimo Automation Norge A/S, Norway.
Belimo Automation UK Ltd., UK.
Belimo Brasil - Comercio de Austmacao Ltda., Brazil.
Belimo Customization (Shanghai) Co. Ltd., China.
Belimo Customization (USA) Inc., US.
Belimo Finland Oy, France.
Belimo Iberica de Servomotores S.A., Spain.
Belimo Servomtori S.r.l., Italy.
Belimo Silowniki S.A., Poland.
Belimo Stellantriebe Vertriebs GmbH, Germany.
Belimo Technology (USA) Inc., US.
19001655
0511611
Managing Director: Ms. Cheung Mei Ying
Nominal Share Capital: HK$20,000.00 (Divided into 200 shares of HK$100.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 20-04-2012)
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Name |
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No.
of shares |
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Belimo Holding AG Brunnenbachstrasse 1, CH-8340
Hinwil, Switzerland. |
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99 |
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Matthias Friedrich HAAS |
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1 |
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––– |
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Total: |
100 === |
(As per registry dated 15-06-2012)
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Name (Nationality) |
Address |
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Wolf Jacques
SANCHE |
Rosenweg 28B, CH-8708
Maennedorf, Switzerland. |
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Beat Conrad
TRUTMANN |
Chlupfwisstrasse 39, 8165
Oberweningen, Switzerland. |
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CHEUNG Mei
Ying |
G/F., 15 Ha Wun Yiu, Tai Po,
New Territories, Hong Kong. |
(As per registry dated 20-04-2012)
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Name |
Address |
Co.
No. |
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Secreco Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road
Central, Hong Kong. |
0139490 |
The subject was incorporated on 20th April, 1995 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Belimo Automation Hong Kong Ltd., name changed to the present style on 3rd November, 1997.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of damper actuators, motors, etc.
Employees: 15.
Commodities Imported: Europe, etc.
Markets: Hong Kong, China, Southeast Asia, etc.
Group Net Sales: CHF 426.4 million (Year ended 31-12-2010)
CHF 416.0 million (Year ended 31-12-2011)
CHF 216.0 million (6 months ended 30-06-2011)
CHF 217.5 million (6 months ended 30-06-2012)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$20,000.00 (Divided into 200 shares of HK$100.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or
Charge:-
Date of Security Over Deposits: 04-12-2012
Amount: Amount secured
Property: A deposit with chargee in the amount HK$80,000 under Account No. 139-338875
Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Group Net Income: CHF 61.3 million (Year ended 31-12-2010)
CHF 51.6 million (Year ended 31-12-2011)
CHF 26.4 million (6 months ended 30-06-2011)
CHF 29.6 million (6 months ended 30-06-2012)
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: Normal.
Having issued 100 ordinary shares of HK$100.00 each, Belimo Actuators Ltd. is chiefly owned by Belimo Holding AG [Belimo], a Switzerland-based firm holding 99% interests.
The subject is trading in the same products as Belimo.
As one of the world’s leading manufacturer of damper actuators, Belimo is a Switzerland based company with product range including volume controlled damper actuators and fire damper actuators for use in general HVAC systems. Belimo also handles the design, development and manufacturing of controllers and pressure sensors for variable air volume (VAV) system.
It offers a wide selection of actuators for on/off, modulating and spring return operation at various torque levels from 2Nm, 4Nm, 8Nm, 15Nm and 30Nm. Its products are easy to install, simple in design, have a complete range and are compatible with almost all control suppliers. It has sold 8 millions units worldwide with less than 0.3% failure rate. In 1993, Belimo in Switzerland won the Quality Award in Paris. It also has got ISO 9001 certification.
Belimo is a listed technology company with a staff of 1,172 as at year ended 2011 worldwide. It has developed, manufactured and distributed electric actuators for air dampers and valve technology for heating, ventilation and air conditioning systems since 1975. With its comprehensive range of products, it has become world leaders in this specific market.
Belimo in Asia Pacific serves its customers business needs in a more efficient manner with its standard product offering and global presence, which enable it to offer its customers with the best customized solutions in HVAC industry.
The subject has had an associated company in China known as Belimo Actuators (Shanghai) Trading Ltd. This firm services the customers in Eastern China.
Belimo participated in the 23rd China Refrigeration Exhibition which had been held at the New China International Exhibition Centre in Beijing from April 11th to 13th, 2012.
For the year ended 31st December, 2011, the net sales of the group amounted to CHF 416.0 million (2010: CHF 426.4 million), group net income amounted to CHF 51.6 million (2010: CHF 61.3 million).
The subject is fully supported by the Group.
As the history of the subject is about 18 years in Hong Kong, on the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.54.34 |
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UK Pound |
1 |
Rs.80.89 |
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Euro |
1 |
Rs.70.73 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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.