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MIRA INFORM REPORT
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Report No. : |
485455 |
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Report Date : |
15.01.2018 |
IDENTIFICATION DETAILS
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Name : |
FORBO INTERNATIONAL HONG KONG LIMITED |
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Registered Office : |
Suite 805A, 8/F., Tsimshatsui Centre, 66 Mody Road, Tsimshatsui,
Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
06.12.2007 |
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Com. Reg. No.: |
38742979 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Flooring Systems, Movement
Systems. |
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No. of Employees : |
6 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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Hongkong |
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 |
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 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
FORBO
INTERNATIONAL HONG KONG LIMITED
ADDRESS: Suite
805A, 8/F., Tsimshatsui Centre, 66 Mody Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: N.A.
MANAGEMENT
Managing Director:
Mr. Ernst Mathias Schneider
SUMMARY
Incorporated on: 6th December, 2007.
Organization: Private Limited Company.
Issued Share Capital: HK$1.00
Business Category: Importer,
Exporter and Wholesaler.
Group Net Sales: CHF 1,185.5 million (FY2016)
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head
Office:-
Suite 805A, 8/F., Tsimshatsui Centre, 66 Mody Road,
Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Forbo Finanz AG, Switzerland.
Ultimate Holding
Company:-
Forbo Holding AG, Switzerland.
Associated/Affiliate
Companies:-
Forbo Holding Group
of Companies
Forbo Floorcoverings Pty. Ltd., Australia.
Forbo Flooring Austria GmbH, Austria.
Forbo Flooring Canada Corp., Canada.
Forbo Flooring India Pvt. Ltd., India.
Forbo Flooring N.V., Belgium.
Forbo Ireland Ltd., Ireland.
Forbo Korea Ltd., South Korea.
Forbo Movement Systems (China) Co. Ltd., China.
Forbo Pisos Ltda., Brazil.
Forbo Shanghai Co. Ltd., China.
Forbo Siegling (China) Co. Ltd., China.
Forbo Siegling Austria Ges.m.b.H., Austria.
Forbo Siegling Brasil Ltda., Brazil.
Forbo Siegling Canada Corp., Canada.
Forbo Siegling Movement Systems India Pvt. Ltd., India.
Forbo Siegling Pty. Ltd., Australia.
etc.
BUSINESS
REGISTRATION NUMBER
38742979
COMPANY
FILE NUMBER
1192528
MANAGEMENT
Managing Director:
Mr. Ernst Mathias Schneider
ISSUED
SHARE CAPITAL
HK$1.00
SHAREHOLDER
(As per registry dated 06-12-2017)
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Name |
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No. of shares |
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Forbo Finanz AG Lindenstrasse 8, P.O. Box 1041, CH-6341 Baar,
Switzerland. |
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1 = |
DIRECTORS
(As per registry
dated 06-12-2017)
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Name (Nationality) |
Address |
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Urs Heinrich UEHLINGER |
Zwischenweg 10, 8702 Zollikon, Switzerland. |
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Ernst Mathias SCHNEIDER |
57H The Masterpiece, K11, 18 Hanoi Road, Kowloon, Hong
Kong. |
SECRETARY
(As per registry
dated 06-12-2017)
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Name |
Address |
Co. No. |
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Hongkong Managers & Secretaries Ltd. |
Unit 1607-1608, 16/F., Citicorp Centre, 18 Whitfield
Road, Causeway Bay, Hong Kong. |
0020984 |
HISTORY
The subject was
incorporated on 6th December, 2007 as a private limited liability company under
the Hong Kong Companies Ordinance.
Originally the subject
was registered under the name of Fobro Siegling Hong Kong Ltd., name
changed to the present style on 10th October, 2011.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: Flooring
systems, movement systems.
Employees: 6.
Group employees: 5,346.
(FY2016)
Commodities Imported: Europe,
etc.
Markets: Hong
Kong, other Asian countries, etc.
Group Net Sales: CHF
1,201.1 million (FY2012)
CHF 1,199.7
million (FY2013)
CHF 1,226.8
million (FY2014)
CHF 1,139.1
million (FY2015)
CHF 1,185.5
million (FY2016)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL
INFORMATION
Issued Share Capital: HK$1.00
Group Profit: CHF
130.1 million (FY2012)
CHF 110.2
million (FY2013)
CHF 123.4
million (FY2014)
CHF 115.7
million (FY2015)
CHF 127.6
million (FY2016)
Profit or Loss: Made
small profits in past years.
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
Forbo International
Hong Kong Limited was incorporated on 6th December, 2007.
According to our spot
investigation, its registered address is located at ‘Suite 805A, 8/F.,
Tsimshatsui Centre, 66 Mody Road, Tsimshatsui, Kowloon, Hong Kong’.
According to the
Companies Registry of Hong Kong, the subject has issued just one ordinary share
of HK$1.00 which is owned by Forbo Finanz AG.
This company is registered in Switzerland.
The directors of the
subject are Mr. Urs Heinrich Uehlinger and Mr. Ernst Mathias Schneider, both of
whom are Swiss.
The latter currently
is residing in Hong Kong.
The ultimate holding
company of the subject is Forbo Holding Ltd. [Forbo] which is a listed company
in Switzerland.
The subject is
trading in the products of Forbo, more or less.
Forbo is a leading
manufacturer of flooring systems, building and construction adhesives as well
as power transmission and conveyor belt solutions.
In 2016, Forbo
generated net sales of CHF 1,185.5 million (previous year: CHF 1,139.1
million), a gain of 4.1%; due to positive currency effects, this equates to a
sales increase of 3.5% in local currencies.
Its Group profit for the year from continuing operation s amounted to
CHF 127.6 million, grew by 10.3% as compared with CHF 115.7 million in 2015.
Both divisions
contributed to this solid growth. Net
sales at Flooring Systems rose by 3.4% to CHF 818.0 million (previous year: CHF
791.3 million), both, in the corporate currency and in local currencies. Its attractive product range of new and
innovative collections, especially for customers in the private sector, also
had an impact and is rather successful.
The Group backed this up by selectively expanding its distribution
structures.
Movement Systems
reported net sales of CHF 367.5 million (previous year: CHF 347.8 million), a
gratifying increase of 5.7%, or 3.7% in local currencies. The factors driving
the repeated increase were high-quality, application-specific product
innovations, generating added value for its customers across a wide range of
industries, and the further expansion of its sales and service structures,
especially in growth markets.
The Group employs
more than 5,300 people and has an international network of 24 production and
distribution companies, 6 assembly operations and 45 pure sales organizations
in a total of 36 countries.
Forbo is
headquartered in Baar in the canton of Zug, Switzerland.
The subject is fully
supported by Forbo.
The business of the
subject is chiefly handled by Mr. Ernst Mathias Schneider in Hong Kong. History in Hong Kong is over ten years and a
month.
On the whole,
consider it good for normal credit requirements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.53 |
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1 |
INR 86.05 |
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Euro |
1 |
INR 76.53 |
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HKD |
1 |
INR 8.10 |
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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PRA |
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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
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Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
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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.