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Report Date : |
29.01.2014 |
IDENTIFICATION DETAILS
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Name : |
ILLIES EAST ASIA LTD. |
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Registered Office : |
Unit 1602-1603, 16/F., Stelux House, |
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Country : |
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Date of Incorporation : |
03.02.1970 |
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Com. Reg. No.: |
04063513 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Machine tools, plastic and rubber, textiles |
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No. of Employees : |
16 |
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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A1 |
A1 |
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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 |
ILLIES EAST ASIA LTD.
ADDRESS: Unit 1602-1603, 16/F., Stelux House, 698 Prince Edward Road East, San Po Kong, Kowloon, Hong Kong.
PHONE: 852-2721 3533, 2722 0749
FAX: 852-2351 5301, 2723 9412, 2723 9412, 2723 1261
E-MAIL: hongkong-iea@illies.de
hkg-mt@illies.de
Managing Director: Dr. Frank Oberndorff
Incorporated on: 3rd February, 1970.
Organization: Private Limited Company.
Capital: Nominal:HK$300,000.00
Issued: HK$300,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 16. (Including associate)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory
Registered Head Office:-
Unit 1602-1603, 16/F., Stelux House, 698 Prince Edward Road East, San Po Kong, Kowloon, Hong Kong.
Holding Company:-
C. Illies & Co. Handelsgesellschaft mbH, Germany.
Ultimate Holding Company:-
C. Illies & Co., Germany.
Associated/Affiliated Companies:-
Illies Group of Companies
C. Illies & Co. Ltd., Japan. [Also known as K.K. Irisu]
C. Illies & Co., Vietnam.
C. Illies Trading (Shanghai) Co. Ltd. Beijing Branch, China.
C. Illies Trading (Shanghai) Co. Ltd., Chengdu Branch, China.
C. Illies Trading (Shanghai) Co. Ltd., China.
C. Illies Trading (Shanghai) Co. Ltd., Guangzhou Branch, China.
C. Illies Trading (Shanghai) Co. Ltd., Qingdao Branch, China.
C. Illies Trading (Shanghai) Co. Ltd., Xiamen Branch, China.
CICO Engineering Co. Ltd., Hong Kong. (Same address)
Illies Engineering (Taipei) Ltd., Taiwan.
Illies Engineering India Pvt. Ltd., India.
Illies Italia S.r.l., Italy.
Korea Illies Engineering Co. Ltd., South Korea.
P.T. Illies Engineering Indonesia, Indonesia.
etc.
04063513
0019473
Managing Director: Dr. Frank Oberndorff
Nominal Share Capital: HK$300,000.00 (Divided into 30 shares of HK$10,000.00 each)
Issued Share Capital: HK$300,000.00
SHAREHOLDERS: (As per registry dated 03-02-2013)
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Name |
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No. of shares |
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C. Illies & Co. Handelsgesellschaft mbH Valentinskamp 18, 20354 Hamburg, Germany. |
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29 |
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Pacific Engineering GmbH Valentinskamp 18, 2000 Hamburg 36, Germany. |
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1 |
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–– |
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Total: |
30 == |
DIRECTORS: (As per registry dated 18-12-2013)
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Name (Nationality) |
Address |
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Carl Michael ILLIES |
Eichenallee 14, 21521 Wohltorf, Germany. |
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Frank OBERNDORFF |
6-6-301 Moto-zazbu 3 Chome, Minato-ku, Tokyo, 106-0046, Japan. |
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Michael Harry Emil SPATZ |
Gneisenaustrasse 28, 20253 Hamburg, Germany. |
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Septimus Ltd. |
4/F. & 5/F., Central Tower, 28 Queen’s Road Central, Hong Kong. |
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Tertius Ltd. |
4/F. & 5/F., Central Tower, 28 Queen’s Road Central, Hong Kong. |
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Michael HENNIG |
330-413 Sungbuk-dong, Sungbuk-gu Seoul, South Korea. |
SECRETARY: (As per registry dated 03-02-2013)
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Name |
Address |
Co. No. |
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Stevensec Ltd. |
4/F. & 5/F., Central Tower, 28 Queen’s Road Central, Hong Kong. |
0879348 |
The subject was incorporated on 3rd February, 1970 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Illies Engineering (H.K.) Ltd., name changed to the present style on 17th January, 1995.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Machine tools, plastic and rubber, textiles
Employees: 16. (Including associate)
Commodities Imported: Germany and other European countries.
Markets: Hong Kong, China, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$300,000.00 (Divided into 30 shares of HK$10,000.00 each)
Issued Share Capital: HK$300,000.00
Profit & Loss: Making a small profit every year.
Condition: Keeping in an active manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met on time.
Commercial Morality: Good.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Illies East Asia Ltd. is a wholly-owned subsidiary of C. Illies & Co. Handelsgesellschaft mbH, a Germany-based firm. The ultimate holding company C. Illies & Co. [Illies] is also a Germany-based firm.
The head office of Illies is in Hamburg, Germany. However, in April 2005, Mr. Andre Roland Louis Piedavent, the old managing director of the subject, moved to Hong Kong and has been stationing in this region since then. Mr. Piedavent was one of the Chief Executive Officers of the Illies Group. Now, he has retired.
The subject has had a main associated company CICO Engineering Co. Ltd. [CICO], a Hong Kong-registered firm also located at its operating address. CICO is also a subsidiary of the Illies Group.
Illies is an international trading company, established by German merchants in Japan in 1859. It is a privately owned company having more than 400 employees in the world.
Illies is a reliable partner to a wide range of innovative industries by offering technology, engineering and service solutions. The followings are the expertise of the Group:-
Establishing long-term presence and sophisticated infrastructure in dynamic economies
Comprehensive and qualified marketing of technical investment goods and maintaining related after sales capabilities
Sourcing and procurement of machinery components, modules and semi-finished products from China
Being an intercultural mediator for its business partners
Minimising risks of international trade in complex industrial projects
Consulting regarding market building and international marketing
Currently, Illies is trading in the following commodities and offering clients
with the following products or technologies:-
Textile Products
Paper and Graphics
Machine Tools
Vacuum Technologies
Plastic and Rubber
Engineering Projects
Illies has set up an associated company in Shanghai known as C. Illies Trading (Shanghai) Co. Ltd. [Illies Shanghai], China. Now, Illies Shanghai has set up branch offices in Guangzhou, Beijing, Chengdu, Qingdao, Xiamen, etc. Illies Shanghai Guangzhou office is administered by one of the directors of the subject Niels Plate who is a Germany-passport holder. Most of the time, he is stationing in Guangzhou.
Besides the Shanghai firm, Illies has set up offices in Germany, Uzbekistan, Russia, Indonesia, India, Taiwan, the UAE, Vietnam, South Korea, Japan, Italy, etc.
The Group’s associated company in India is known as Illies Engineering India Pvt. Ltd. This firm is in Mumbai, India.
The Illies Group has got a main associated company Illies Graphik GmbH [Illies Graphik] in Hamburg, Germany. For more than 25 years, Illies Graphik is the exclusive importer for RYOBI offset printing machines. For sales partners and customers Illies Graphik serves as the manufacturer in Germany.
In 2012, strategic decision of the Illies Group to focus on its core competences in Asia. Thus, the activities in Eastern Europe and Kazakhstan are discontinued, as well as discontinuation of the European distribution for Ryobi sheetfed offset presses.
In October 2013, Illies Group took part in the K-Fair as a successful exporter of machinery in the plastics industry.
The subject’s history in Hong Kong is over forty-three years. It is fully supported by the Illies Group. The annual sales turnover of the Group is very significant.
On the whole, consider the subject 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.62.99 |
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1 |
Rs.104.61 |
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Euro |
1 |
Rs.86.17 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.