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Report Date : |
27.11.2013 |
IDENTIFICATION DETAILS
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Name : |
DURLUM ASIA LTD. |
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Registered Office : |
5/F., Shui Fung Building, 51-53 Johnston Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
12.02.1999 |
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Com. Reg. No.: |
22281141 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Metal ceiling,
lighting systems |
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No. of Employees : |
08 |
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
|
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
Source
: CIA
DURLUM ASIA LTD.
ADDRESS: 5/F., Shui Fung Building, 51-53 Johnston Road, Wanchai, Hong Kong.
PHONE: 852-2891 5111
FAX: 852-2893 5111
E-MAIL: info@durlumasia.com
Managing Director: Mr. Gary David McKean
Incorporated on: 12th February, 1999.
Organization: Private Limited Company.
Capital: Nominal:HK$20,000.00
Issued: HK$20,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
5/F., Shui Fung Building, 51-53 Johnston Road, Wanchai, Hong Kong.
Holding Company:-
Durlum Group GmbH, Germany.
Associated
Companies:-
Durlum Group of Companies
Durlum AG, Switzerland.
Durlum GmbH, Germany.
Durlum India Pvt. Ltd., India.
Durlum Nederland B.V., Netherlands.
Durlum Singapore Pte. Ltd., Singapore.
Durlum-Austria GmbH, Austria.
Durlumen S.A., France.
Durlum-Leuchten GmbH, Germany.
Plafond Durlumen S.A., France.
ZI Austria GmbH, Austria.
ZI Jena GmbH, Germany.
Z-I Lichtsysteme GmbH, Germany.
etc.
22281141
0667536
Managing Director: Mr. Gary David McKean
Nominal Share Capital: HK$20,000.00 (Divided into 20,000 shares of HK$1.00 each)
Issued Share Capital: HK$20,000.00
SHAREHOLDERS: (As per registry dated 12-02-2013)
|
Name |
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No. of shares |
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Gary David McKEAN |
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8,000 |
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Durlum Group GmbH, An der Wiese 5, D-79650 Schopfheim, Germany. |
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12,000 |
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–––––– |
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Total: |
20,000 ===== |
DIRECTORS: (As per registry dated 12-02-2013)
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Name (Nationality) |
Address |
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Matthias Leo Georg REUTER |
Staltenstrasse 16, D-79650 Schopfheim, Germany. |
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Gary David McKEAN |
43 Choi Yuen Tsuen, Mui Wo, Lantau Island, Hong Kong. |
SECRETARY: (As per registry dated 12-02-2013)
|
Name |
Address |
Co. No. |
|
Cornerstone Corporate Services Ltd. |
Flat E, 16/F., Neich Tower, 128 Gloucester Road, Wanchai, Hong Kong. |
0516230 |
The subject was incorporated on 12th February, 1999 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 1/F., Fook Wo Building, 10-20 Tai Wo Street, Wanchai, Hong Kong, moved to the present address in January 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Metal ceiling, lighting systems
Employees: 8.
Commodities Imported: Germany, other European countries, etc.
Markets: Hong Kong, China, Asian countries, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$20,000.00 (Divided into 20,000 shares of HK$1.00 each)
Issued Share Capital: HK$20,000.00
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Having issued 20,000 ordinary shares of HK$1.00 each, Durlum Asia Ltd. was jointly owned by four German merchants. In 2012, the shareholders of the subject were reshuffled. Now, the subject is jointly owned by Mr. Gary David McKean, holding 40% interests, Durlum Group GmbH, a Germany‑based company holding 60%.
Mr. Gary David McKean is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently.
The subject in fact is a member of the Germany based Durlum Group of companies, internationally known for their innovative design and expertise in the manufacture of metal ceiling and lighting systems. The subject is also a project contractor.
The subject is trading in the following products:
Lighting Fixtures & Fittings (Include indirect, spot-mirror for office & street),
Acoustic Ceiling Tile & Partition (Metal ceiling include clip-in, lay‑in, lay-on, hook-on & open cell)
The Group’s dedication to research and exploration of new technology so that it can maintains its position as a global leader in its field. The Group’s history is about sixty years and it has got the ISO 9001 certification.
The subject was founded on the principle of facilitating the transfer of new technology from Europe to consultants and architects in Hong Kong and the Asia Pacific region. Located in Hong Kong since 1999, the subject has been engaged in and completed more than eighty projects in the Asia Pacific Region.
According to the subject, it was engaged in the following projects in Hong Kong and the other Asian countries:-
Airport:
Alor Star Airport, Malaysia
Changi Airport Terminal 3, Singapore
Hong Kong International Airport, Hong Kong
Railway Station:
Central Station Extension and Tunnels, Hong Kong
Hang Hau MTR Station, Hong Kong
Hong Kong Airport Express Station, Hong Kong
KCRC West Rail Siu Hong Station, Hong Kong
KCRC West Rail Tuen Mun Station, Hong Kong
Lai King MTR Station, Hong Kong
North Point MTR Station, Hong Kong
Tiu Keng Leng MTR Station, Hong Kong
Tung Chung MTR Station, Hong Kong
Commercial Building:
AIG Tower, Hong Kong
Dragonair Headquarters, Hong Kong
Esprit Headquarters, Hong Kong
Nestle Tower, Philippines
Science Park Phase 1a, Hong Kong
Science Park Phase 1b, Hong Kong
Tai Tung Arcade, Hong Kong
Tap Saic Cultural Department Office, Macau
The Children’s Place, Hong Kong
Topworth Investments Ltd, Hong Kong
Woods Bagot Office Lighting, Hong Kong
Shopping Centre:
Fishermen's Wharf Shopping Centre, Hong Kong
Hollywood Plaza, Hong Kong
Jade Pearl Shopping Centre, Hong Kong
Kwai Chung Phase III, Hong Kong
Lok Fu Shopping Centre, Hong Kong
On Ting Shopping Centre, Hong Kong
Sau Mau Ping Shopping Mall, Hong Kong
Shatin Shopping Centre, Hong Kong
Wellcome Stores Supermarkets, Hong Kong
Hospital:
Baptist Hospital, Hong Kong
Caritas Hospital, Hong Kong
Hong Kong Hospital, Hong Kong
K L Hospital, Malaysia
Northern District Hospital, Hong Kong
Pamela Youde Nethersole Eastern Hospital, Hong Kong
Tseung Kwan O Hospital, Hong Kong
Tuen Mun Government Rehabilitation Building, Hong Kong
Yan Chai Hospital, Hong Kong
Residential Building:
Bamboo Grove Clubhouse, Hong Kong
Chinese Square Show Flats, Macau
Ocean Point - Sham Tseng Residential Development, Hong Kong
Sham Tseng Lot 265, Hong Kong
Shun Lee Estate, Hong Kong
STDM Faraway Villa, Macau
Others:
Metro Park Hotel, Hong Kong
Salotto Furniture Showroom, Hong Kong
Shenzhen Exhibition Centre, China
Durlum Group has had agents or associated companies in India, South Korea, Macau, Malaysia, Singapore, the Netherlands, France, Austria, Germany, Taiwan, Thailand, Vietnam, etc.
The history of the subject in Hong Kong is over fourteen years.
On the whole, in view of the background of the subject, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.62.45 |
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|
1 |
Rs.100.86 |
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Euro |
1 |
Rs.84.50 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
-- |
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.