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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
CAMTEK H.K. LTD. |
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Registered Office : |
Unit 4404, 44/F., Hopewell Centre, 183 Queen’s Road East, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.02.1998 |
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Com. Reg. No.: |
21617826 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Printed Circuit Board (PCB) and IC
Substrates. |
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No. of Employees : |
8 |
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) |
|
Hong Kong |
A2 |
A2 |
|
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 |
CAMTEK H.K. LTD.
Unit 4404, 44/F., Hopewell Centre, 183 Queen’s Road East, Wanchai,
Hong Kong.
PHONE: 852-2632 7645
FAX: 852-2632 7340
Managing Director: Mr. Ray Porat
Incorporated on: 27th
February, 1998.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Turnover: US$84,547,000 (Year ended 31-12-2012)
Employees:
8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
CAMTEK H.K. LTD.
Registered Head
Office:-
Unit 4404, 44/F., Hopewell Centre, 183 Queen’s Road East, Wanchai, Hong
Kong.
Holding Company:-
Camtek Ltd., Israel.
Ultimate Holding
Company:-
Priortech Ltd., Israel.
Associated Companies:-
Camtek (Europe) NV., Belgium.
Camtek Electronic Technologies (Suzhou) Co. Ltd., China.
Camtek Imaging Technology (Suzhou) Co. Ltd., China.
Camtek Japan Ltd., Japan.
Camtek Korea Ltd., Korea.
Camtek South East Asia Pte. Ltd., Singapore.
Camtek Taiwan Ltd., Taiwan.
Camtek USA Inc., US.
Penta-I Ltd., Israel.
SELA - Semiconductor Engineering Laboratories Ltd., Israel.
Sela Semiconductor Engineering Laboratories Inc., US.
21617826
0637633
Managing Director: Mr. Ray Porat
Nominal Share Capital: HK$10,000.00
(Divided into 1,000 shares of HK$10.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 27-02-2013)
|
Name |
|
No. of shares |
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Camtek Ltd. South Industrial Zone, Migdal Haemek, 10556, Israel. |
|
999 |
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Priortech Ltd. South Industrial Zone, Migdal Haemek, 10556, Israel. |
|
1 |
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|
|
––––– |
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Total: |
1,000 ==== |
(As per registry dated 27-02-2013)
|
Name (Nationality) |
Address |
|
Ray PORAT |
Apartment B, 12/F., Pine Crest, 65 Repulse Bay Road, Hong Kong. |
|
Aharon SELA |
Gilon, D.N. Misgav 20103, Israel. |
|
Rafi AMIT |
Suite 1807, 18/F., Block 1, Hong Kong Parkview, 88 Tai Tam Reservoir Road,
Hong Kong. |
(As per registry dated 27-02-2013)
|
Name |
Address |
Co. No. |
|
VCC Secretaries Ltd. |
Suites 3801 & 3805, 38/F., Cosco Tower, Grand Millennium Plaza,
183 Queen’s Road Central, Hong Kong. |
0163831 |
The subject was incorporated on 27th February, 1998 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: Printed
Circuit Board (PCB) and IC Substrates.
Employees: 8.
Commodities Imported: US, Europe, etc.
Markets: Asian
countries, Europe, etc.
Group Turnover: US$
75,463,000 (Year ended
31-12-2008)
US$ 53,521,000
(Year ended 31-12-2009)
US$ 87,780,000
(Year ended 31-12-2010)
US$107,028,000 (Year ended 31-12-2011)
US$ 84,547,000
(Year ended 31-12-2012)
Terms/Sales:
L/C or
as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 1,000
shares of HK$10.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See
attachment)
Group Net Income/(Loss): (US$
9,557,000) (Year ended
31-12-2008)
(US$11,842,000) (Year ended 31-12-2009)
US$ 2,816,000
(Year ended 31-12-2010)
US$ 5,378,000
(Year ended 31-12-2011)
US$ 3,000
(Year ended 31-12-2012)
Group Profit or Loss: Made
a very small profit in 2012.
Condition:
Keeping
in a satisfactory manner.
Facilities:
Making
rather active use of general banking facilities.
Payment:
Met
trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Citibank, N.A., Hong Kong.
Standing: Satisfactory.
Camtek H.K. Ltd. is a wholly-owned subsidiary of Camtek Ltd. [Camtek]
which is an Israel-based firm.
The subject is a key member of Camtek Group. Camtek is a listed firm in the United States. Including its associates, subsidiaries,
Camtek is also referred to Group.
Camtek provides automated solutions dedicated for enhancing production
processes and yield in two industries: Semiconductor Fabrication and Packaging,
Printed Circuit Board (PCB) and IC Substrates.
Camtek addresses the specific needs of these interconnected industries
with dedicated solutions based on an advanced platform of technologies
including intelligent imaging, image processing, sample preparation and digital
material deposition. Camtek’s solutions
range from micro-to-nano by applying its technologies to the industry-specific
requirements.
Camtek’s innovations have made it a technological leader. It has sold more than 2,800 AOI systems in 34
countries around the world, winning significant market share in all its served
markets. Camtek’s customer base includes
the majority of the largest PCB manufacturers worldwide, as well as leading
semiconductor manufacturers and subcontractors.
Camtek is part of a group of companies engaged in various aspects of
electronic packaging including advanced substrates based on thin film
technology.
Organized in eight subsidiaries in the United States, Europe, Japan,
China, Hong Kong, Taiwan, South Korea and Singapore, Camtek provides local
service, spare parts, training, demo and sales services to its customers
wherever they are located.
In 2009, Camtek invested in the development of two potential new growth
engines by acquiring the assets and certain liabilities of Printar Ltd. and the
entire share capital of SELA – Semiconductor Engineering Laboratories Ltd.,
both are Israeli companies.
The total revenues of Camtek in 2012 amounted to US$84.5 million (2011:
US$107 million).
In 2012 Camtek recorded net income of just US$3,000 after recording net
income of US$5.4 and US$2.8 million in 2011 and 2010, respectively. Despite
having had net income in 2012, 2011 and 2010, Camtek incurred net losses of
US$11.8 million, US$9.6 million and US$7.7 million in 2009, 2008 and 2007,
respectively. It may not be able to
achieve or increase profitability on a quarterly or annual basis in 2013. The failure to generate consistent
profitability could have a material adverse effect on the market price of its
shares.
In 2012 Camtek’s operations provided US$4.0 million in cash. In 2011 its operations provided US$9.8
million in cash and in 2010 it used US$0.04 million in cash. On 31st December, 2012, it had cash and cash
equivalents of US$18.9 million, in addition to which it had US$7.2 million in
short-term deposits, against which are bank loans of US$6.3 million. It may use cash in its operations during 2013
for working capital and investment activities and may continue to incur significant
additional legal expenses and other costs associated with certain patent
infringement actions all of which may reduce its available cash resources and
harm its operations.
The majority of its sales are in the Asia Pacific region. In 2012, its sales in the Asia Pacific region
accounted for approximately 79% of its total revenues, of which approximately
30% of its total revenues were from sales in China and Hong Kong, 20% from
sales in South Korea and 13% from sales in Taiwan. In addition, parts of the manufacturing and
assembly of its AOI systems for the PCB industry are made in its manufacturing
facility in Suzhou City, Jiangsu Province, China.
For the year ended 31st December, 2012, the Camtek Group had 484 persons
(same period of 2011: 528).
The subject is fully supported by Camtek. History in Hong Kong is over fifteen years.
On the whole, consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
10-11-2008 |
Instrument: Security Over Deposits with the Bank Limited
Company - Under Seal Property: Initially HK$700,000 or equivalent & all monies whether now or
hereafter standing to the credit of the company’s deposit with the Bank under
deposit No. 400-167193 and whatever currency it may subsequently be denominated
in, any renewal of such deposit & the interest thereon together with any
further moneys in any deposit account with the Bank at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities owing at any
time plus interest and all expenses |
|
07-06-2010 |
Instrument: Deposit Deed Property: By way of a first fixed charge and as continuing security for the
Obligations, the company charges and assigns absolutely all its rights, title
to and interest in the accounts and all deposits from time to time in the
account and comprising the accounts maintained with Citibank, N.A., Hong Kong
Branch and Citibank (Hong Kong) Ltd. Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys now or at any time in the future owing by the Company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
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 |
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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 |
|
---- |
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.