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MIRA
INFORM REPORT
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Report No. : |
492433 |
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Report Date : |
15.02.2018 |
IDENTIFICATION DETAILS
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Name : |
SYNVENTIVE MOLDING SOLUTIONS CO., LIMITED |
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Registered Office : |
C/o P & T Corporate Consultants Ltd., 18/F., Tung Sun Commercial
Centre, 194-200 Lockhart Rod, Wanchai |
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Country : |
Hongkong |
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Date of Incorporation : |
18.04.2001 |
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Com. Reg. No.: |
32196239 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Designer and Manufacturer of hot runner systems and components |
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No. of Employees : |
No Employees in Hong Kong. NOTE: It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there. |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
C |
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Credit Rating |
Explanation |
Rating Comments |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Slow but Correct |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to
link its currency closely to the US dollar, maintaining an arrangement
established in 1983.
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 aided a more rapid initial recovery 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 9.4% of
total system deposits in Hong Kong by the end of 2015. 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. Mainland
visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million,
reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong
has also established itself as the premier stock market for Chinese firms
seeking to list abroad. In 2015, mainland Chinese companies constituted about 51%
of the firms listed on the Hong Kong Stock Exchange and accounted for about
62.1% 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. 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 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.
Credit expansion and a tight housing supply have caused Hong Kong
property prices to rise rapidly; consumer prices increased 4.4% in 2014, but
slowed to 2.9% in 2015. Lower- and middle-income segments of the population are
increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most
evident in the banking and finance sector. Initiatives like the Hong
Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong
Shanghai Gold Connect are all important steps towards opening up the Mainland’s
capital markets and has reinforced Hong Kong’s leading role as China’s offshore
RMB market. Additional connect schemes from bonds to commodities and other
investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
Company name and address
SYNVENTIVE
MOLDING SOLUTIONS CO., LIMITED
ADDRESS:
Registered
Office:-
c/o P & T Corporate Consultants Ltd.
18/F., Tung Sun Commercial Centre, 194-200
Lockhart Rod, Wanchai, Hong Kong.
Holding
Company:-
Synventive Holding B.V., The Netherlands.
Ultimate
Holding Company:-
Barnes Group Inc., United States.
Associated/Affiliated
Companies:-
Barnes
Group of Companies
AS Monterrer S. de R.L. de C.V., Mexico.
Associated Spring (Tianjin) Co. Ltd., China.
Associated Spring (UK) Ltd., U.K.
Associated Spring Asia Pte. Ltd., Singapore.
Associated Spring Corporation, U.S.
Associated Spring do Brasil Ltda., Brazil.
Associated Spring Mexico S.A., Mexico.
Associated Spring Raymond (Shanghai) Co.
Ltd., China.
Associated Spring Raymond GmbH, Germany.
Barnes Corporation, U.S.
Barnes Financing Delaware LLC, U.S.
Barnes Group (Bermuda) Ltd., Bermuda.
Barnes Group (Delaware) LLC, U.S.
Barnes Group (Germnay) GmbH, Germany.
Barnes Group (Scotland) Ltd., Scotland.
Barnes Group (Thailand) Ltd., Thailand.
Barnes Group (U.K.) 2 Ltd., U.K.
Barnes Group (U.K.) Ltd., U.K.
Barnes Group Acquisition GmbH, Germany.
Barnes Group Canada Corp., Canada.
Barnes Group Finance Co. (Bermuda) Ltd.,
Bermuda.
Barnes Group Finance Co., U.S.
Barnes Group Holding LLC, U.S.
Barnes Group Inc., U.S.
Barnes Group Luxembourg (No. 1) S.a.r.l.,
Luxembourg.
Barnes Group Luxembourg (No. 2) S.a.r.l.,
Luxembourg.
Barnes Group Spain S.R.L., Spain.
Barnes Group Switzerland GmbH, Switzerland.
Barnes Industrial Group India Private Ltd.,
India.
Barnes Korea Ltd., Korea.
Blitz F16-34 GmbH, Germany.
Curtiss Industries (U.K.) Ltd., U.K.
Foboha (Germany) GmbH, Germany.
Foboha (Suzhou) Co. Ltd., China.
Foboha (Switzerland) AG, Switzerland.
Foboha US Inc., U.S.
Heinz Hanggi GmbH, Switzerland.
HPE S.p.A., Italy.
Manner Hong Kong Ltd., Hong Kong.
manner Japan Co.Ltd., Japan.
Manner USA Inc., U.S.
Otto Manner GmbH, Germany.
Otto Manner Immobilien GmbH, Germany.
Otto Manner Innovation GmbH, Germany.
Otto Manner Prazisionsformenbau AG,
Switzerland.
Priamus System Technologies GmbH, Germany.
Priamus System Technologies LLC, U.S.
Prizmus System Technologies AG, Switzerland.
Raymond Distribution-Mexico S.A. de C.V.,
Mexico.
Ressorts SPEC SAS, France.
Schmidl Werkzeug-und Vorrichtungsbau GmbH
& Co. KG, Germany.
Seeger-Orbis GmbH & Co. OHG, Germany.
Stromsholmen AB, Sweden.
Synventive Acquisition BV, Netherlands.
Synventive Acquisition GmbH, Germany.
Synventive Acquisition Inc., U.S.
Synventive Acquisition UK Ltd., U.K.
Synventive Acquisition Unlimited, U.K.
Synventive BV, Netherlands.
Synventive Fertigungstechnik GmbH, Germany.
Synventive Holding GmbH, Germany.
Synventive Holding Ltd.,U.K.
Synventive Holding SAS, France.
Synventive Molding Solutions (Suzhou) Co.
Ltd., China.
Synventive Molding Solutions BV,
Netherlands.
Synventive Molding Solutions Canada Inc.,
Canada.
Synventive Molding Solutions GmbH, Germany.
Synventive Molding Solutions Inc., U.S.
Synventive Molding Solutions K.K., Japan.
Synventive Molding Solutions LDA, Portugal.
Synventive Molding Solutions LLC, U.S.
Synventive Molding Solutions Ltd., U.K.
Synventive Molding Solutions Ltda., Brazil.
Synventive Molding Solutions Pte. Ltd.,
Singapore.
Synventive Molding Solutions S.R.L., Italy.
Synventive Molding Solutions s.r.o., Czech
Republic.
Synventive Molding Solutions SAS, France.
Synventive Molding Solutions SL, Spain.
Synventive Moulding Solutions JBJ Private
Ltd., India.
Synventive Parent Inc., U.S.
The Wallace Barnes Company, U.S.
Thermoplay Brasil Sistemas de Injecao Ltda.,
Brazil.
Thermoplay Deutschland GmbH, Germany.
Thermoplay France S.a.r.l., France.
Thermoplay Hot Runner Systems (Beijing) Co.
Ltd., China.
Thermoplay India Private Ltd., India.
Thermoplay Portugal Unipessoal Ltda.,
Portugal.
Thermoplay S.p.A., Italy.
Thermoplay U.K. Ltd., U.K.
Windsor Airmotive Asia Pte. Ltd., Singapore.
BUSINESS REGISTRATION NUMBER
32196239
COMPANY FILE NUMBER
0754011
DATE OF INCORPORATION
18th April, 2001.
ISSUED SHARE CAPITAL
HK$100,000.00
CONTACT PERSON
Mr. Anoop Raghvan (India mobile phone number
91-7776 092 345)
SHAREHOLDERS
(As per registry dated 18-04-2017)
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Name |
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No.
of shares |
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Synventive Holding B.V. Griendweg 7, B-9, 3295 KV’s Gravendeel.
Netherlands. |
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99,000 |
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Synventive Molding Solutions B.V. Griendweg 7, B-9, 3295 KV’s Gravendeel.
Netherlands. |
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1,000 |
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––––––– |
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Total: |
100,000 ====== |
DIRECTORS
(As per registry dated 18-04-2017)
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Name (Nationality) |
Address |
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Mark David MOSS |
21 Carriage House Land, Boxford, MA 01921,
U.S.A. |
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John Dallas JOFRE |
8 Juan Luna Street, San Lorenzo Vill,
Makati City, Philippines. |
SECRETARY
(As per registry dated 18-04-2017)
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Name |
Address |
Co.
No. |
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P & T Corporate Consultants Ltd. |
18/F., Tung Sun Commercial Centre, |
1168431 |
HISTORY
The subject was incorporated on 18th April, 2001 as a Private Limited
Liability Company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Key Value
Investments Ltd., name changed to the present style on 23rd November, 2001.
Apart from these, neither material change nor amendment has been ever
traced and noted.
GENERAL
Synventive Molding Solutions Co., Limited is a subsidiary company of
Synventive Holding B.V. [Synventive] which is registered in The
Netherlands. The ultimate holding
company of the subject is Barnes Group Inc. [Group], a US based and listed
company.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at ‘18/F., Tung Sun Commercial Centre, 194-200 Lockhart
Rod, Wanchai, Hong Kong’ known as ‘P & T Corporate Consultants Ltd.’ which
is handling its correspondences and documents.
This consultant company is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The directors of the subject are Mr. Mark David Moss and Mr. John Dallas
Jofre. The former is a US passport
holder while the latter is a UK passport holder.
The subject has had an associated company Synventive Moulding Solutions
JBJ Private Ltd. (Synventive India) which is in Baner, Pune, Maharashtra,
India.
The representative of the subject Mr. Anoop Raghvan is in India. He can be reached at his India mobile phone
number 91-7776 092 345. He is also the
contact person of Synventive India which has seventeen employees in India.
The Group’s China manufacturing base is in Suzhou City, Jiangsu
Province, China. This is also the Asia
headquarters of the Group.
Since the 1970s, Synventive and its predecessors have served customers
in the automotive, electronics, telecommunications, packaging, medical and
consumer/industrial markets.
Synventive is one of the world’s leading manufacturers of hot runner
systems for the plastics injection moulding industry. With a dedication to providing high quality
hot runner products and enabling technologies, Synventive keeps on innovation.
Synventive is a designer and manufacturer of hot runner systems and
components with manufacturing facilities in the North America, Europe and Asia
as well as sales offices and agents in 26 countries of the world.
Synventive’s Plug `n Play® hot runner systems come pre-assembled and
tested, ready for quick installation in the tool resulting in a smooth start
up, increased productivity and a stable process for moulding the high quality
parts. The followings are the main
products of Synventive:-
- Hot Runner Systems;
- activeGate® Controls;
- Temperature Controllers;
- Machine Nozzles;
- Mold Fill Analysis; &
- Spare Parts.
Synventive’s products are widely used in automotive bumpers, to
precision medical and electronic components and even to packaging.
In August 2012, Synventive Molding Solutions became a member of Barnes
Group Inc.
Founded in 1857, Barnes Group Inc. (NYSE:B) is an international
industrial and aerospace manufacturer and service provider, serving a wide
range of end markets and customers. The
highly engineered products, differentiated industrial technologies, and
innovative solutions delivered by Barnes Group are used in far-reaching
applications that provide transportation, manufacturing, healthcare products,
and technology to the world. As at end
of 2016, the Barnes Group had approximately 5,036 (2015: 4,735) employees at
more than 60 locations throughout the world.
The Group operates under two global business segments: Industrial and
Aerospace. The Industrial segment includes
the Molding Solutions, Engineered Components and Nitrogen Gas Products business
units. The Aerospace segment includes
the original equipment manufacturer [OEM] business and the aftermarket
business, which includes maintenance overhaul and repair [MRO] services and the
manufacture and delivery of aerospace aftermarket spare parts.
The followings are the Group’s main financial data:-
Net Sales (Unit: US$’ million)
2012: 928.8
2013: 1,091.6
2014: 1,262.0
2015: 1,194.0
2016: 1,230.8
Net Income (Unit: US$’ million)
2012: 95.2
2013: 270.5
2014: 118.4
2015: 121.4
2016: 135.6
Barnes Group achieved sales of US$1,230.8 million in 2016, an increase
of US$36.8 million, or 3.1%, from 2015.
Its net income was US$135.6 million, grew by 11.7% as compared with US$121.4
million in FY 2015.
During FY 2016, acquired businesses contributed incremental sales of
US$47.4 million. Organic sales (net
sales excluding both foreign currency and acquisition impacts) decreased by
US$1.1 million, or 0.1%, with an increase of 0.5% and a decrease of 1.3% within
the Industrial and Aerospace segments, respectively. Sales in the Industrial segment were impacted
by changes in foreign currency which decreased sales by approximately US$9.6
million as the U.S. dollar strengthened against foreign currencies.
The Asia headquarters of the Group are in Suzhou City, Jiangsu Province,
China. It has set up offices in Shanghai
and Shenzhen Special Economic Zone, China.
In the third quarter of 2016, the Group, through three of its
subsidiaries, completed its acquisition of the molds business of Adval Tech
Holding AG and Adval Tech Holdings (Asia) Pte. Ltd. [FOBOHA]. FOBOHA is headquartered in Haslach, Germany
and operates out of three manufacturing facilities located in Germany,
Switzerland and China.
The subject has been banking with The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is over sixteen years
and six months.
Since the subject does not have its own operating office and has no
employees in Hong Kong, consider it good for business engagements on L/C basis
or in small credit amounts.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 64.13 |
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1 |
INR 89.17 |
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Euro |
1 |
INR 79.39 |
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HKD |
1 |
INR 8.18 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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DIV |
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.