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Report No. : |
345260 |
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Report Date : |
23.10.2015 |
IDENTIFICATION DETAILS
|
Name : |
OERLIKON TEXTILE FAR EAST LTD. |
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Registered Office : |
Room 3608, 36/F., |
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Country : |
Hongkong |
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Date of Incorporation : |
24.08.1973 |
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Com. Reg. No.: |
03951230 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of Manmade Fibres, Other Textile Products. |
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No. of Employees : |
25 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
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
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
|
Hongkong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
HONGKONG - 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.
|
Source
: CIA |
OERLIKON TEXTILE FAR EAST LTD.
ADDRESS: Room
3608, 36/F., China Resources Building, 26 Harbour Road, Wanchai, Hong Kong.
(Formerly located at: Room
2806, 28/F., China Resources Building, 26 Harbour Road, Wanchai, Hong Kong.)
PHONE: 852-2827
4314
FAX: 852-2827
5250
E-MAIL: info.textile.hk@oerlikon.com
Managing Director: Mr. Jurg Fedier
Incorporated on: 24th August, 1973.
Organization: Private Limited Company.
Issued Share Capital: HK$100,000.00
Business Category: Textile
Product Trader.
Group Sales:- (Year ended 31-12-2014)
CHF 3,215 million (Whole Group)
CHF 1,073 million (Manmade Fibre Segment)
Employees: 25.
Main Dealing Banker: Deutsche
Bank AG, Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
Room 3608, 36/F., China Resources Building, 26 Harbour Road, Wanchai,
Hong Kong.
Immediate Holding Company:-
Oerlikon Textile GmbH & Co. KG, Germany.
Intermediate Holding Companies:-
W. Reiners Verwaltungs-GmbH, Germany.
Ultimate Holding Company:-
OC Oerlikon Corporation AG, Switzerland.
Subsidiary:-
Oerlikon Textile Technology (Beijing) Co. Ltd., China.
Sister & Associated Companies:-
Oerlikon Group of Companies
AV Ausbildungsverbund Monchengladbech GmbH, Germany.
Dr. Schippers Unterstutzungskasse GmbH, Germany.
Fairfield Atlas Ltd., India.
Fairfield Manufacturing Co. Inc., USA.
Graziano Trasmissioni India Pvt. Ltd., India.
Graziano Trasmissioni UK Ltd., UK.
InnoDisc AG, Switzerland.
Melco Industries Inc., USA.
OC Oerlikon Balzers AG, Liechtenstein.
OC Oerlikon Management AG, Switzerland.
OC Oerlikon Textile Holding AG, Switzerland.
OC Oerlikon Textile Schweiz AG, Switzerland.
Oerlikon (China) Technology Co. Ltd., China.
Oerlikon (Liechtenstein) Holding AG, Liechtenstein.
Oerlikon Advanced Technologies AG, Liechtenstein.
Oerlikon Balzers Coating (Suzhou) Co. Ltd., China.
Oerlikon Balzers Coating (Thailand) Co. Ltd., Thailand.
Oerlikon Balzers Coating Austria GmbH, Austria.
Oerlikon Balzers Coating Benelux N.V., Belgium.
Oerlikon Balzers Coating France SAS, France.
Oerlikon Balzers Coating Germany GmbH, Germany.
Oerlikon Balzers Coating India Pvt. Ltd., India.
Oerlikon Balzers Coating Italy S.p.A., Italy.
Oerlikon Balzers Coating Korea Co. Ltd., South Korea.
Oerlikon Balzers Coating Luxembourg S.à r.l., Luxembourg.
Oerlikon Balzers Coating Malaysia Sdn. Bhd., Malaysia.
Oerlikon Balzers Coating Mexico S.A. de C.V., Mexico.
Oerlikon Balzers Coating Philippines Inc., Philippines.
Oerlikon Balzers Coating Poland Sp.z o.o., Poland.
Oerlikon Balzers Coating SA, Switzerland.
Oerlikon Balzers Coating Singapore Pte. Ltd., Singapore.
Oerlikon Balzers Coating Spain S.A.U., Spain.
Oerlikon Balzers Coating UK Ltd., UK.
Oerlikon Balzers Coating USA Inc., USA.
Oerlikon Balzers Costing AG, Liechtenstein.
Oerlikon Balzers Kaplama Sanayi ve Ticaret Ltd. Sirketi, Turkey.
Oerlikon Balzers Revestimentos Metálicos Ltda., Brazil.
Oerlikon Balzers Sandvik Coating AB, Sweden.
Oerlikon Balzers Sandvik Coating Oy, Finland.
Oerlikon China Equity Ltd., Hong Kong.
Oerlikon Friction Systems (Germany) GmbH, Germany.
Oerlikon Deutschland Holding GmbH, Germany.
Oerlikon Deutschland Vertriebs GmbH, Germany.
Oerlikon Drive Systems (Suzhou) Co. Ltd., China.
Oerlikon Drive Systems GmbH, Switzerland.
Oerlikon Eldim (NL) B.V., Netherlands.
Oerlikon France Holding SAS, France.
Oerlikon Friction Systems (US) Inc., US.
Oerlikon Graziano S.p.A., Italy.
Oerlikon IT Solutions AG, Switzerland.
Oerlikon Leybold Vacuo do Brasil LTDA., Brazil.
Oerlikon Leybold Vacuum (Tianjin) International Trade Co. Ltd., China.
Oerlikon Leybold Vacuum Dresden GmbH, Germany.
Oerlikon Leybold Vacuum Equipment (Tianjin) Co. Ltd., China.
Oerlikon Leybold Vacuum France SAS, France.
Oerlikon Leybold Vacuum GmbH, Germany.
Oerlikon Leybold Vacuum India Pvt. Ltd., India.
Oerlikon Leybold Vacuum Italia S.r.l., Italy.
Oerlikon Leybold Vacuum Japan Co. Ltd., Japan.
Oerlikon Leybold Vacuum Korea Ltd., South Korea.
Oerlikon Leybold Vacuum Nederland B.V., Netherlands.
Oerlikon Leybold Vacuum Schweiz AG, Switzerland.
Oerlikon Leybold Vacuum Singapore Pte. Ltd., Singapore.
Oerlikon Leybold Vacuum Spain S.A., Spain.
Oerlikon Leybold Vacuum Taiwan Ltd., Taiwan.
Oerlikon Leybold Vacuum UK Ltd., UK.
Oerlikon Leybold Vacuum USA Inc., USA.
Oerlikon Management USA Inc., USA.
Oerlikon Metaplas GmbH, Germany.
Oerlikon Metco (Canada) Inc., Canada.
Oerlikon Metco (US) Inc., US.
Oerlikon Metco AG, Switzerland.
Oerlikon Metco Coating GmbH, Germany.
Oerlikon Metco Europe GmbH, Germany.
Oerlikon Metco Holding GmbH, Germany.
Oerlikon Metco Management AG, Switzerland.
Oerlikon Metco Surface Technology (Shanghai) Co. Ltd., China.
Oerlikon Metco WOKA GmbH, Germany.
Oerlikon Nihon Balzers Coating Co. Ltd., Japan.
Oerlikon Real Estate GmbH, Germany.
Oerlikon Rus LLC, Russia.
Oerlikon Surface Solutions AG, Switzerland.
Oerlikon Textile China Investments Ltd., Hong Kong.
Oerlikon Textile do Brasil Máquinas Ltda., Brazil.
Oerlikon Textile Inc., USA.
Oerlikon Textile India Pvt. Ltd., India.
Oerlikon Textile Machinery (Wuxi) Co. Ltd., China.
Oerlikon Textile Systems Far East Ltd., Hong Kong.
Oerlikon USA Holding Inc., USA.
Oerlikon USA Inc., USA.
Oerlikon Vacuum Holding GmbH, Germany.
Oerlikon Vermietungs- und Verwaltungsgesellschaft mbH, Germany.
Oerlikon Vermögens-Verwaltungs GmbH, Germany.
OOO Oerlikon Balzers Rus, Russia.
OT Textile Verwaltungs GmbH, Switzerland.
Peass Industrial Engineers Ltd., India.
SAC Oerlikon Automotive Components B.V., Netherlands.
TH Licensing Inc., US.
Unaxis GmbH, Switzerland.
Vocis Ltd., UK.
etc.
03951230
0035084
Managing Director: Mr. Jurg Fedier
HK$100,000.00
(As per registry dated 24-08-2015)
|
Name |
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No. of shares |
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Oerlikon Textile GmbH & Co. KG Remscheid-Lennep, Leverkuser Str. 65, Germany. |
|
100,000 ====== |
(As per registry dated 24-08-2015)
|
Name (Nationality) |
Address |
|
Ralf SCHILKEN |
Mathilde-Anneke-Str. 66, Sprockhoevel 45549, Germany. |
|
WANG Jun |
Room 1001, Building T22 Seasons Park, No. B, 36 Dongzhimen Wai Da
Street, Dongcheng District, Beijing, China. |
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Furg FEDIER |
Glarnischstrasse 136, 8805 Richterswil, Switzerland. |
(As per registry dated 24-08-2015)
|
Name |
Address |
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LIM Wai Cheong |
Room 3608, 36/F., China Resources Building, 26 Harbour Road, Wanchai,
Hong Kong. |
The subject was incorporated on 24th
August, 1973 as a private limited liability company under the Hong Kong
Companies Ordinance.
Originally the subject was
registered under the name of Barmag Far East Ltd., name changed to Saurer Far
East Ltd. on 4th June, 2004; and further to the present style on 23rd August,
2007.
Formerly the subject was located at
Room 2806, 28/F., China Resources Building, 26 Harbour Road, Wanchai, Hong Kong
and further to the present address in October 2014.
Apart from these, neither material
change nor amendment has been ever traced and noted.
Activities: Importer
and Exporter.
Lines: Manmade
fibres, other textile products
Employees: 25.
Commodities Imported: India,
China, other Asian countries, etc.
Markets: Europe,
etc.
Group Sales:-
|
Period |
Whole Group |
Manmade Fibre Segment |
|
Year ended 31-12-2013 |
CHF 2,770 million |
CHF 1,130 million |
|
Year ended 31-12-2014 |
CHF 3,215 million |
CHF 1,037 million |
|
6 months ended 31-06-2014 |
CHF 1,492 million |
CHF 570 million |
|
6 months ended 31-06-2015 |
CHF 1,563 million |
CHF 417 million |
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$100,000.00
Group Net Income: CHF 201
million (Year ended 31-12-2014)
CHF 202 million (Year ended 31-12-2015)
CHF 122 million (6 months ended 31-06-2014)
CHF
87 million (6 months ended
31-06-2015)
Group Equity Attributable to Shareholders:-
CHF 2,027 million (Year ended 31-12-2013)
CHF 2,188 million (Year ended 31-12-2014)
Profit or Loss: Group
business is profitable.
Condition: Keeping in a good manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Deutsche Bank AG, Hong Kong Branch.
Standing: Good.
Oerlikon Textile Far East Ltd. is a
wholly-owned subsidiary of Oerlikon Textile GmbH & Co. KG [OTG] which is a
Germany-based firm. In turn, OTG is a
subsidiary company of OC Oerlikon Corporation AG [OCOC], a Switzerland-based
firm which is the holding company of the Oerlikon Group.
The subject is trading in all kinds
of manmade fibre and other textile products.
It is part of OTG. Commodities
are sourced from Asian countries and re-exported to worldwide countries,
especially Switzerland and other European countries.
At the beginning of 2007, the Swiss
high-tech group OCOC acquired Saurer AG [Saurer]. The Oerlikon Group now consists of five
segments, including the new business units from Saurer. The Textile division of Saurer becomes the
segment Oerlikon Textile, Barmag becomes Oerlikon Barmag and forms one of the
five business units in the Textile segment.
Oerlikon Barmag is an established
mechanical engineering company in the manmade fibre industry and can look back
over decades of development and construction of highly productive and
innovative spinning lines and texturing machines.
In addition to spinning and
texturing systems, the core competencies include the manufacture of components
for manmade fibre production such as extruders, winders, pumps and godets. Oerlikon Barmag consistently extended its
product range to polycondensation systems and components for chemical and
industrial applications.
The Oerlikon Group is one of the
innovative and research-intensive industrial groups in the world.
The Group’s business segments are
the following four:-
·
Surface Solutions Segment;
Manmade Fibres Segment;
Drive Systems Segment;
&
Vacuum Segment.
The leading technology solutions of
the Oerlikon Group provides its customers with decisive advantages – both
industrial and commercial customers as well as private end consumers. Customers like Sony, Bosch, CMC, Kraft Foods,
Ferrari, Reliance and Caterpillar use production technologies and components
from Oerlikon Group.
For the year ended 31st December,
2014, the sales of the Group amounted to CHF 3,215 million (2013: CHF 2,770
million); net income for the year was CHF 202 million (2013: CHF 201 million).
Oerlikon reported positive
operational performance in 2014.
Subsequent to effects from the acquisition and divestment, EBITDA was at
CHF 525 million, while EBIT reached CHF 360 million, corresponding to strong
margins of 16.3 % and 11.2 % respectively.
For the fourth consecutive year, the Group achieved an EBITDA margin
exceeding 15 % and a double-digit EBIT margin, even after absorbing the
one-time integration and acquisition accounting effects from the Metco
transaction.
For the first half-year of 2015, the
Group increased its orders by 8.7% to CHF 1,524 million while sales went up by
4.8 % to CHF 1,563 million (same period of 2013: CHF 1,492 million). At constant exchange rates, the Group’s sales
increased by 10.3%, amounting to CHF 1,646 million. The EBITDA margin for the first half-year was
at 16.9 %.
The Group’s solid profitability also reflects the positive impacts from
its operational excellence initiatives and prudent cost management. Net income for the first half of 2015
amounted to CHF 87 million (same period of previous year: CHF 122 million).
The major strategic milestone in
2014 was the acquisition of Metco from Sulzer AG – this is the Group’s tenth
strategic portfolio-shaping transaction since 2010. Acquiring Metco was an important step for
Oerlikon, creating a global technology leader for surface solutions. The new Surface Solutions Segment, consisting
of Oerlikon Balzers and Oerlikon Metco, significantly strengthens and broadens
the Group’s technological capability and creates its largest Segment.
As at 30th June, 2015, the Oerlikon
Group had 15,629 employees (2014: 15,656).
The subject is fully supported by
Oerlikon Manmade Fibres Segment and ultimately by the Oerlikon Group.
On the whole, in view of the
parentage and background of the subject, consider it good for normal business
engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.64.89 |
|
|
1 |
Rs.100.39 |
|
Euro |
1 |
Rs.73.52 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAS |
|
|
|
|
Report Prepared
by : |
NIT |
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 |
|
|
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 |
|
|
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 |
|
|
<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.