MIRA INFORM REPORT
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Report Date : |
22.05.2013 |
IDENTIFICATION DETAILS
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Name : |
GIMELLI LABORATORIES COMPANY LIMITED |
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Registered Office : |
Units A-C, 18/F, CDW Building, 388 Csatle Peak Road, Tsuen Wan, New
Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.08.1991 |
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Com. Reg. No.: |
321758 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacture (Original Equipment Manufacturing (OEM) and Private Label)
and trading of electrical and dental products |
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No. of Employees : |
1500+ (China
Factory) 32 (Hong Kong
Office) |
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 – March 31st 2013
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Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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 |
company OVERVIEW
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NACE stands for
"Nomenclature Generale des Activites Economiques dans I`Union
Europeenne" (General Name for Economic Activities in the European
Union). NACE code system is the European standard for industry
classifications and was introduced in 1970. In 1990 a revised version became
applicable. The latest 2008 version is based on "International Standard
Industrial Classification of all economic activities" (ISIC) of the
United Nations. The codes start with numeric (e.g. 1. Agriculture, forestry
and fishing) are from the 1990 version and those ones start with alphabet
(e.g. A - Agriculture, forestry and fishing) are from the latest 2008
version. |
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Public Filings Compliance - looks into a number
of compliance requirements such as whether Subject is promptly filing its
annual return (e.g. within 42 days after the anniversary of the date of
incorporation (for private companies having a share capital); whether
Subject's individual director is reporting a residential address and/or
whether Subject is reporting its status under the Mortgage and Charges
section for Total Amount Outstanding.... etc. |
ALL FIGURES QUOTED
IN LOCAL CURRENCY UNLESS OTHERWISE STATED
company SUMMARY
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CORPORATE STRUCTURE
The following statutory
information is based on the examination of Subject's file at the Companies'
Registry (CR), Hong Kong. (For Listed Company,
only Substantial Shareholders ("SS") are listed, as based on the
latest available annual or interim reports. It is noted that some of the
shares held (including long, short and other positions) might have been
duplicated due to capacities of "Beneficial owner", "Interest
of controlled corporation", "Interest of spouse", "Family
interest", etc., which mean the total number of shares held by SS may
exceed the authorized and/or issued shares. Duplicate holding (if any) will
be elaborated under the "Notes to Substantial Shareholders" on the
Structure Remark section.)
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HISTORY SUMMARY
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Change of
Ownership & Capital/ Share Allotment/Other Changes |
No significant changes in business has
been reported since its inception. |
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Appointment
and/or Resignation of Directors or Secretary |
N/A |
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Admission or
Retirement of Sole Proprietor/Partner |
N/A |
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Parent |
Gimelli International (Holdings) Limited, parent,
is a Cayman Island company, is 40.8% owned by Techtronic Industries Group
which is under the flagship of Techtronic Industries Company Limited
("TTI") listed on Hong Kong Stock Exchange under stock code 669.
The remaining is 59.2% stake is believed ultimately held by Gimelli
Productions AG, which is the flagship of Gimelli Group ("the
Group"). |
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RELATED NEWS/FINDINGS
N/A |
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MANAGEMENT BACKGROUND
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Profile/Responsibility and Business Capacity indicated are based on -on-file, sources, and
enquiries and investigations recently conducted but do not necessarily
represent the full or most updated. For example, the status indicated under
Business Capacity is based on the date shown (if available) as recorded,
which might have been changed at the time the report is compiled. |
FINANCIAL
Current Interviews & Investigations
Its directors were not available for
interview during our report compilation. |
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Private companies in Hong Kong (include private limited, sole
proprietorship and partnership) are not required to file or disclose their
financial information for public inspection. |
GROUP PROFILE & FINANCIALS
N/A |
BANKING
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TRADE RECORD
A trade survey currently
conducted reveals the following:
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TOTAL DEBT SCANNER (TDS)
TDS reveals if subject has been listed
as debtor in our debt database in the past 5
years and that is subject
to the "Code of Practice
on Consumer Credit Data" issued
by Office of the Privacy Commissioner for Personal Data, Hong Kong. Accounts
are sometimes placed for collection even though the existence or amount of
the debt is disputed. It should be noted that the collection record contained
in the report might have been paid, terminated, vacated, settled or released
prior to the date of report compiled. Search Result:
None found in our
database
None found in our
database
None found in our
database |
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PUBLIC FILINGS
Mortgages and Charges (M&C)
M&C records, if any,
are extracted from the Companies Registry, Hong Kong ("CRHK").
Details of "Creating Instrument" and "Description of Property
Mortgaged or Charged" are available subject to the prevailing fees as
per document charged by CRHK. Please indicate/select "Full
Mortgage/Charge" when ordering our services/reports (e.g.: Total Limited
Company Search or Total Company Credit Report). Request for Full mortgage/Charge
made 7 days after the report delivery will be treated as a new order and is
subject to our "Official Document Retrieval (ODR)" service charge +
related government fees. M&C brief particulars may not be available from
CRHK for mortgage/charge registered before 28 Feb 2005.
Total Amount outstanding
as of the date of this Return on all mortgages and charges which are required
to be registered with the Registrar of Companies pursuant to sections 80 and 82
of the Companies Ordinance |
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TOTAL WRIT SCANNER (TWS)
TWS reveals if subject has been listed
as Defendant/Debtor/Respondent, Plaintiff/Creditor/Applicant, in liquidation
or bankruptcy within our court database in the past 7 years and that is subject to the "Code of Practice on
Consumer Credit Data" issued
by Office of the Privacy Commissioner for Personal Data, Hong Kong. It should
be noted that the court record contained in a report might have been paid,
terminated, vacated, settled or released prior to the date of a report was
compiled. Civil claims are filed as the result of disputes of a commercial or
other nature. The Defendant/Debtor/Respondent is not liable nor the
Plaintiff/Creditor/Applicant eligible to the claim until judgement is
obtained from the relevant court, which is not open for public inspection at
present. Only the latest 50 records will be shown when total records exceed
50. Search Result: Subject As Defendant
None found in our
database As Plaintiff
None found in our
database Comments
Related Members As Defendant
None found in our
database Comments
Related Companies As Defendant
None found in our
database Comments
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OPERATION & ACTIVITIES
Business Lines
Product/Production
Supplies/Purchases
Markets
Brands
Premises and Staff
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TOTAL PROPERTY OWNERSHIP SEARCH
(TPOS)
TPOS reveals if subject has been involved
in property transaction record in our database since 1996. TPOS does not represent the full record
or history of all transactions relating to the registered charges, mortgages
or ownerships. Some of the charges, mortgages or ownerships might have been
released and/or changed. There could be latest mortgages, charges, ownerships
or transactions not reflected. TPOS also checks on Subject's
shareholder, director, sole proprietor, partner (collectively listed under "Related Members" in this section) and/or related
company while related records will be revealed when appropriate. Search Result:
No Trace
No Trace
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RELATED COMPANIES
Related companies mean Parent
Company, Subsidiary Company, Director's Other Business/Capacity, etc.
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ECONOMIC AND TRADE INFORMATION ON HONG KONG
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2009 |
2010 |
2011 |
Forecast/Latest |
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Population, Mid-year
(million) |
6.97 |
7.02 |
7.07 |
7.14a |
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Gross Domestic Product
(US$billion) |
208.0 |
223.3 |
243.2 |
250.5-252.9b |
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GDP Per Capita (US$) |
29,800 |
31,800 |
34,400 |
35,100-35,400b |
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Real GDP Growth (%) |
-2.6 |
+7.1 |
+5.0 |
+1-2b |
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Inflation (% Change in
Composite CPI) |
+0.5 |
+2.4 |
+5.3 |
+4.7c |
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Unemployment Rate,
seasonally adjusted (%) |
5.4 |
4.4 |
3.4 |
3.2d |
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Retail Sales Growth (%) |
+0.6 |
+18.3 |
+24.9 |
+13.1c |
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Visitor Arrival Growth
(%) |
+0.3 |
+21.8 |
+16.4 |
+15.5c |
a 2012; b government forecast for 2012; c year-on-year change in
January-June 2012; d April-June 2012.
Merchandise
Trade Performance
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2010 |
2011 |
January-June 2012 |
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US$billion |
Growth % |
US$billion |
Growth % |
US$billion |
Growth % |
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Total Exports |
388.6 |
+22.8 |
427.9 |
+10.1 |
207.6 |
+0.3 |
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Domestic Exports |
8.9 |
+20.4 |
8.4 |
-5.5 |
3.6 |
-19.4 |
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Re-exports |
379.7 |
+22.8 |
419.8 |
+10.5 |
204.0 |
+0.7 |
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Imports |
431.4 |
+25.0 |
482.6 |
+11.9 |
236.0 |
+1.4 |
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Total Trade |
820.0 |
+23.9 |
910.5 |
+11.0 |
443.6 |
+0.9 |
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Trade Balance |
-42.8 |
N/A |
-54.8 |
N/A |
-28.4 |
N/A |
Service Trade
Performance
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2010 |
2011 |
January-June 2012 |
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US$billion |
Growth % |
US$billion |
Growth % |
US$billion |
Growth % |
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Exports |
105.7 |
+23.1 |
121.2 |
+14.6 |
60.2 |
+7.6 |
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Imports |
50.8 |
+16.3 |
55.8 |
+9.8 |
27.4 |
+3.7 |
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Total Trade |
156.5 |
+20.8 |
177.0 |
+13.1 |
87.6 |
+6.4 |
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Trade Balance |
54.9 |
N/A |
64.9 |
N/A |
32.8 |
N/A |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.55.04 |
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UK Pound |
1 |
Rs.83.95 |
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Euro |
1 |
Rs.70.93 |
INFORMATION DETAILS
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Report Prepared
by : |
MNL |
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.