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Report Date : |
13.06.2014 |
IDENTIFICATION DETAILS
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Name : |
FREUDENBERG & VILENE INTERNATIONAL LTD. |
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Registered Office : |
8/F., Loyal Centre, 828 Cheung Sha Wan Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.10.1980 |
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Com. Reg. No.: |
06871407 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of Interlinings, linings |
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No. of Employees |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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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, 2014
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
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
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
|
Source
: CIA |
FREUDENBERG &
VILENE INTERNATIONAL LTD.
ADDRESS: 8/F., Loyal Centre, 828
Cheung Sha Wan Road, Kowloon, Hong Kong.
PHONE: 852-2786 8368
FAX: 852-2786 2847
E-MAIL: vilene@fvihk.com
Managing Director: Mr. Urs Peter Heggli
Incorporated on: 10th October, 1980.
Organization: Private Limited
Company.
Capital: Nominal: HK$100,000,000.00
Issued: HK$100,000,000.00
Business Category: Importer,
Exporter and Wholesaler.
Freudenberg Group Total Sales:
€5,646.1 million (Year ended
31-12-2013)
Employees: 25.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
FREUDENBERG &
VILENE INTERNATIONAL LTD.
ADDRESS:
Registered Head
Office:-
8/F., Loyal Centre, 828 Cheung Sha Wan Road, Kowloon, Hong Kong.
Holding
Companies:-
Freudenberg Trading (Hong Kong) Ltd., Hong Kong. (Same address)
Japan Vilene (Hong Kong) Ltd., Hong Kong.
Associated
Companies:-
A.Y.N. Accessories Trading Ltd., Hong Kong.
A.Y.N. Fashion Accessories Ltd., Hong Kong.
Freudenberg & Co. KG, Germany.
Freudenberg & Vilene Filter (Changchun) Co. Ltd., China.
Freudenberg & Vilene Filter (Thailand) Co. Ltd., Thailand.
Freudenberg & Vilene Interlinings (Nantong) Co. Ltd., China.
Freudenberg & Vilene International Ltd., China.
Freudenberg & Vilene International Ltd., Philippines.
Freudenberg & Vilene International Ltd., Singapore.
Freudenberg & Vilene International Ltd., Vietnam.
Freudenberg & Vilene Nonwovens (Dalian) Co. Ltd., China.
Freudenberg & Vilene Nonwovens (Guangzhou) Co. Ltd., China.
Freudenberg & Vilene Nonwovens (Nantong) Co. Ltd., China.
Freudenberg & Vilene Nonwovens (Suzhou) Co. Ltd., China.
Freudenberg & Vilene Nonwovens (Taiwan) Co. Ltd., Taiwan.
Freudenberg Beteiligungs GmbH, Germany.
Freudenberg España S.A., Spain.
Freudenberg Evolon S.a.r.l., France.
Freudenberg Far Eastern Spunweb Co. Ltd., Taiwan.
Freudenberg Household Products Ltd., Hong Kong.
Freudenberg Nao-Tecidos Ltda., Brazil.
Freudenberg Nonwovens (Pty) Ltd., South Africa..
Freudenberg Nonwovens India Pvt. Ltd., India.
Freudenberg Nonwovens Ltd. Partnership, UK.
Freudenberg Nonwovens North America, USA.
Freudenberg Spunweb Company, USA.
Freudenberg Telas sin Tejer S.A., Paraguay.
Freudenberg Telas sin Tejer S.A., Peru.
Freudenberg Telas sin Tejer S.A., Venezuela.
Freudenberg Vilene s.r.o., Czech Republic.
Freudenberg Vilene Sp.zo.o, Poland.
Freudenberg Vilene Telas sin Tejer S.A., Panama.
Freudenberg Vitech Ltd., USA.
Freudenberg Vliesstoffe KG, Germany.
FV Logistik KG, Germany.
FV Service KG, Germany.
Japan Vilene Co. Ltd., Japan.
Korea Vilene Co. Ltd., Korea.
etc.
Group Companies:-
Freudenberg Group Companies
Burgmann Dalian Co. Ltd., China.
Burgmann Shanghai Ltd., China.
Capol GmbH, Germany.
Chem-Trend (Deutschland) GmbH, Germany.
Chem-Trend Chemicals (Shanghai) Co. Ltd., China.
Chem-Trend Industria e Comercio de Produtos Quimicos Ltda., Brazil.
Eagle Burgmann Australasia Pty. Ltd., Australia.
EagleBurgmann do Brasil Vedacoes Ltda., Brazil.
EagleBurgmann Espey GmbH, Germany.
EagleBurgmann Germany GmbH & Co. KG, Germany.
Freudenberg DS Tooling Centre GmbH & Co. KG, Germany.
Freudenberg Filtration Technologies (Aust) Pty. Ltd., Australia.
Freudenberg Filtration Technologies SE & Co. KG, Germany.
Freudenberg Haushaltsprodukte Augsburg GmbH, Germany.
Freudenberg Interlining SE & Co. KG, Germany.
Freudenberg S.A. Telas sin Tejer, Argentina.
Freudenberg Schwab Vibration Control GmbH & Co. KG, Germany.
Freudenberg Sealing Technologies GmbH & Co. KG, Germany.
Freudenberg Vliesstoffe SE & Co. KG, Germany.
Freudenberg-NOK-Componentes Brasil Ltda., Brazil.
Helix Medical Europe GmbH, Germany.
Integral Accumulator GmbH & Co. KG, Germany.
Kluber Lubrication Argenting S.A., Argentina.
Kluber Lubrication Benelux S.A./N.V., Belgium.
Kluber Lubrication Lubrificantes Especiais Ltda., Brazil.
Kluber Lubrication Munchen SF & Co. KG, Germany.
Lederer GmbH, Germany.
Merkel Freudenberg Fluidtechnic GmbH, Germany.
OKS Spezialschmierstoffe GmbH, Germany.
SurTec Deutschland GmbH Zwingenberg, Germany.
SurTec do Brasil Ltda., Brazil.
etc.
06871407
0087831
Managing Director: Mr. Urs Peter
Heggli
Nominal Share Capital: HK$100,000,000.00 (Divided into 1,000,000 shares
of HK$100.00 each)
Issued Share Capital: HK$100,000,000.00
(As per registry dated 10-10-2013)
|
Name |
|
No. of shares |
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Freudenberg Trading (Hong Kong) Ltd., Hong Kong. |
|
500,000 |
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Japan Vilene (Hong Kong) Ltd., Hong Kong. |
|
500,000 |
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–––––––– |
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Total: |
1,000,000 ======= |
(As per registry dated 15-11-2013)
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Name (Nationality) |
Address |
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Urs Peter HEGGLI |
1256, DD253, 7 Miles, Clearwater Bay Road, Kowloon, Hong Kong. |
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Dr. Frank Georg HEISLITZ |
Erlenweg 5, 65719 Hofheim, Germany. |
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Masahiro KIMURA |
3-8-46-1106, Saiwai-cho, Kawaguchi-city 332-0016, Japan. |
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Yasuhiro ESAKI |
3-8-1-208, Nakaumagome, Ota-Ku, Tokyo 143‑0027, Japan. |
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Bruce Robert OLSON |
Laurentiusstrasse 74, 51465 Bergisch, Germany. |
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Alexander Karl ROZMAN [Altemate to Dr. Frank Georg HEISLITZ] |
Flat A, 9/F., Tower 5, Bel-Air on the Peak, Island South, Hong
Kong. |
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Stephan Alexander WIRTZ [Altemate to Yasubiro ESAKI] |
2/F., 17 Broom Road, Happy Vallery, Hong Kong. |
(As per registry dated 10-10-2013)
|
Name |
Address |
Co. No. |
|
Secreco Ltd. |
8/F., Gloucester Tower, The Landmark, 15 Queen’s Road Central, Hong
Kong. |
0139490 |
The subject was incorporated on 10th October, 1980 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: Interlinings,
linings.
Employees: 25.
Commodities Imported: Imported from Japan, Germany
Markets: Hong
Kong, China, other Asian countries, etc.
Freudenberg Group Total Sales: €5,681.3 million (Year ended 31-12-2012)
€5,646.1 million (Year ended
31-12-2013)
Terms/Sales:
L/C
or as per contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKF0228]
Nominal Share Capital: HK$100,000,000.00
(Divided into 1,000,000 shares of HK$100.00 each)
Issued Share Capital: HK$100,000,000.00
Freudenberg Group Profit from Operation:
€531.6
million (Year ended 31-12-2012)
€457.3
million (Year ended 31-12-2013)
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:
Very
Good.
Having issued 1 million ordinary shares of HK$100.00 each, Freudenberg
& Vilene International Ltd. is equally owned by Freudenberg Trading
(Hong Kong) Ltd. and Japan Vilene (Hong Kong) Ltd. which both are
Hong Kong-registered firms.
The subject is a member of the Freudenberg Group which is the largest
and most diverse manufacturer of nonwovens in the world. The subject is a clothing accessories
trader. It is now responsible for
marketing of the Group’s products in Hong Kong, China and Southeast Asia.
Freudenberg Group is a family-owned group of companies active on the
global stage. Its 16 Business Groups
operate on various markets and in various sectors of industry.
Freudenberg Group offers its customers in the automotive, mechanical and
plant engineering, textile and clothing, construction, mining and heavy
industry, energy, chemical, oil and gas sectors tailor-made, innovative
technological products and services.
Customer groupings also include companies in the medical technology,
civil aviation, rail vehicles and semiconductor sectors.
Freudenberg Group develops and manufactures seals, vibration control
technology components, filters, nonwovens, surface treatment products, release
agents and specialty lubricants, medical technology, and mechatronic products.
Freudenberg Group develops software solutions and IT services primarily
for small- and medium-sized enterprises.
Final users enjoy the benefits of the Group’s state-of-the-art household
products marketed under the vileda®, O’Cedar®, Gala®, SWASH® and Wettex®
brands.
Freudenberg Group is committed to partnerships with customers, and
believes in a long-term orientation, financial solidity and the excellence of
over 40,000 associates in 60 countries around the globe.
Freudenberg & Co. Kommanditgesellschaft (limited partnership) is the
strategic parent company of the Freudenberg Group. Under its umbrella, Freudenberg SE acts as
the parent company of the various Business Groups, with responsibility for
managing business operations.
Freudenberg Group is a family company.
It is owned by some 320 heirs to the founding father Carl Johann
Freudenberg.
For the year ended 2013, the sales of the Group amounted to
€5,646.1 million, 2013 sales fell below the 2012 level (€5,681.3
million). The inclusion of Vibracoustic
before the company was integrated in the TrelleborgVibracoustic joint venture
in July 2012 should be taken into consideration here. If the inclusion of Vibracoustic for part of
2012 is eliminated, sales rose by 6.7 percent from €5,291.4 million in 2012 to
€5,646.1 million in 2013.
Profit from operations amounted to €457.3 million (previous year:
€531.6 million) and consolidated profit totalled €398.8 million (previous
year: €437.7 million).
The decline in consolidated profit is principally due to high one-off
extraordinary income in 2012.
Freudenberg Group holds a minority interest, either direct or via
subsidiaries, in several companies, most of which are consolidated under the
equity method. The most important
minority shareholdings held by the Group concern the Japanese companies NOK
Corporation and Japan Vilene Co. Ltd. [JVC], both Tokyo, where the Group holds
an interest of approximately 25.1% in the former and an interest of 33.4% in
the latter company.
At 31st December, 2013, the Group’s workforce totalled 33,245 employees
(previous year: 30,786 employees).
On the whole, fully supported by the Freudenberg Group, the subject is
considered good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.33 |
|
UK Pound |
1 |
Rs.99.68 |
|
Euro |
1 |
Rs.80.30 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
SDA |
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 |
|
|
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 |
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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.