MIRA INFORM REPORT
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Report No. : |
331414 |
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Report Date : |
18.07.2015 |
IDENTIFICATION DETAILS
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Name : |
LAMIFLEX-ASIA LTD. |
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Registered Office : |
Unit 3, Block C, 7/F., Cheong Wah Factory Building, 39-41 Sheung Heung
Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.11.2007 |
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Com. Reg. No.: |
38665565 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
SUBJECT
IS IMPORTER, EXPORTER AND WHOLESALER OF TEXTILE MACHINERY AND SUPPLIES |
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No. of Employee : |
5 |
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 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
Company
name
LAMIFLEX-ASIA
LTD.
Address
Unit 3, Block C,
7/F., Cheong Wah Factory Building, 39-41 Sheung Heung Road, Kowloon, Hong Kong.
(Your
enquiry given as: LAMIFLEX ASIA LTD of the same address.)
PHONE: 852-2766 2838
FAX: 852-2766 2839
E-MAIL: info@lamiflex-asia.com.hk
MANAGEMENT
Managing
Director: Mr. Chan Chi Shek
SUMMARY
Incorporated
on: 16th November, 2007.
Organization: Private Limited Company.
Issued Share
Capital: HK$500,000.00
Business Category:
Importer, Exporter and Wholesaler.
Employees: 5.
Main Dealing
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Head Office:-
Unit 3, Block C, 7/F., Cheong Wah Factory
Building, 39-41 Sheung Heung Road, Kowloon, Hong Kong.
Associated Companies:-
Jiangyin Lamiflex
Textile Service Co. Ltd., China.
Lamiflex
Composites S.r.l, Italy.
Lamiflex S.p.A,
Italy.
New Composites
S.r.l., Italy.
Tin Shing Co.,
Hong Kong.
Walter Emmermann
GmbH, Germany.
BUSINESS
REGISTRATION NUMBER
38665565
COMPANY
FILE NUMBER
1186430
MANAGEMENT
Managing
Director: Mr. Chan Chi Shek
ISSUED
SHARE CAPITAL
HK$500,000.00
SHAREHOLDERS
(As
per registry dated 16-11-2014)
|
Name |
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No.
of shares |
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Jan
MAEHL |
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100,000 |
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CHAN
Chi Shek |
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65,000 |
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Francesco
Carrara Castelli |
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40,000 |
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David
Carrara |
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40,000 |
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Federico
Carrara Castelli |
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40,000 |
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Elio
Carrara |
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37,500 |
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Luigina
BERNINI |
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92,500 |
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Nicole Claire FERRARI |
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85,000 |
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––––––– |
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Total: |
500,000 ====== |
DIRECTORS
(As
per registry dated 16-11-2014)
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Name (Nationality) |
Address |
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Jan MAEHL |
Cornehlsweg 9, 22359 Hamburg, Germany. |
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Luigina BERNINI |
Via Paglia Giorgio 1, 24122 Bergamo,
Italy. |
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Adriano FERRARI |
Via B, Croce 42, 24069 Trescore Balneario,
Italy. |
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CHAN Chi Shek |
Flat G, 3/F., Wah Keung Building, 36 Ha
Heung Road, Kowloon, Hong Kong. |
SECRETARY
(As
per registry dated 16-11-2014)
|
Name |
Address |
Co.
No. |
|
CTS
Secretarial Services Ltd. |
3/F., The Strand, 49 Bonham Strand, Sheung Wan, Hong Kong. |
0343563 |
HISTORY
The
subject was incorporated on 16th November, 2007 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.
OPERATIONS
Activities: Importer, Exporter and
Wholesaler.
Lines: Textile machinery and
supplies
Employees: 5.
Commodities
Imported:Italy, etc.
Markets: China, other Asian countries,
Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: As per contracted.
FINANCIAL
INFORMATION
Issued Share
Capital: HK$500,000.00
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: Normal.
GENERAL
Having
issued 500,000 ordinary shares of HK$1.00 each, Lamiflex-Asia Ltd. is jointly
owned by Germany, Hong Kong, Italy and British merchants.
The
subject is a textile machinery and supplies trader. The followings are its Product Category:-
1. Rapier
looms;
2. Looms
for medium-heavy fabrics;
3. Looms
for terry weaving;
4. Jacquard
label weaving machine; &
5. Rapier
belt, head, etc.
“LAMIFLEX”
stands for the Rapier Tapes and Drive Wheels in the market, 100% made in
Italy. This brand has been serving the
rapier weaving industry for nearly 40 years.
The
subject is a member of the Italian Lamiflex Group, the major responsibility is
to take care of the group’s textile spare parts (such as Rapier Tapes, Drive
wheels, Fibre Parts for Rapier Looms) business in Asia.
The
subject also works as a stock house of spare parts by maintaining a certain
level of stock so that Lamiflex products can be delivered within 2-3 days to
those customers who are in need.
The
main objective of the subject is to continuously improve the service to its
customers in Asia and also assure that customers can get the 100% Original
Lamiflex products.
The
subject is serving the following countries/regions: China, South Korea,
Indonesia, Thailand, Taiwan, Hong Kong, Macau, Vietnam, India, Pakistan,
Bangladesh, Singapore, Malaysia, Cambodia, Myanmar, Laos, The Philippines and
Tajikistan.
Apart
from supplying original Lamiflex products, the subject is also capable of
sourcing and supplying other textile machinery spare parts for various kinds of
machines and applications, and customers can always choose either original
parts, very high quality non-original European spare parts or parts with
reasonable quality at lower cost made in other countries, depends on the
customer’s preference and budget.
The
subject has had an associated company in China known as Jiangyin Lamiflex
Textile Service Co. Ltd.
The
subject’s business is chiefly handled by Mr. Chan Chi Shek. History in Hong Kong is over seven years and
eight months.
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.63.49 |
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1 |
Rs.99.43 |
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Euro |
1 |
Rs.69.14 |
INFORMATION DETAILS
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Analysis Done by
: |
SAN |
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Report Prepared
by : |
ASH |
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.