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MIRA INFORM REPORT
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Report No. : |
516747 |
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Report Date : |
23.06.2018 |
IDENTIFICATION DETAILS
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Name : |
NILORN EAST ASIA
LIMITED |
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Registered Office : |
Unit 1701, 17/F., Westley Square, 48 Hoi Yuen Road, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
02.08.2000 |
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Com. Reg. No.: |
31220990 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Labels, Packaging, and Accessories. |
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No. of Employees : |
100. (Including Associates in
Asia) |
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 : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.12.2017) |
Current Rating (01.04.2018) |
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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, which took effect in
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 2.6% in 2016, but
slowed to 2.0% in 2017. 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. In
2017, Chief Executive Lam announced plans to increase government spending on
research and development, education, and technological innovation with the aim
of spurring continued economic growth through greater sector diversification.
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Source
: CIA |
Company
name & address
NILORN EAST ASIA LIMITED
ADDRESS: Unit 1701, 17/F.,
Westley Square, 48 Hoi Yuen Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2371 2218
FAX: 852-2371 2629
MANAGEMENT
Managing Director: Mr. Andrew
Peter Lyall Hoppe
SUMMARY
Incorporated on: 2nd August, 2000.
Organization: Private Limited Company
Issued Share Capital: HK$2.00
Business Category: Importer,
Exporter and Wholesaler.
Group Net Revenue: SEK 680.4 million (2017)
Employees: 100. (Including Associates in Asia)
Main Dealing Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
NILORN EAST ASIA LIMITED
ADDRESS
Registered Head
Office:-
Unit 1701, 17/F., Westley Square, 48 Hoi Yuen Road, Kwun Tong, Kowloon,
Hong Kong.
Holding Company:-
Nilorngruppen AB, Sweden.
Associated
companies:-
Nilorngruppen Group of Companies.
BUSINESS
REGISTRATION NUMBER
31220990
COMPANY
FILE NUMBER
0726251
MANAGEMENT
Managing Director: Mr. Andrew
Peter Lyall Hoppe
ISSUED
SHARE CAPITAL
HK$2.00
SHAREHOLDER
(As per registry dated 02-08-2017)
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Name |
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No. of shares |
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Nilorngruppen AB Wieslanders vag 3, 504 31 Boras, Sweden. |
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2 = |
DIRECTORS
(As per registry dated 02-08-2017)
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Name (Nationality) |
Address |
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Andrew Peter Lyall HOPPE |
Flat C, 37/F., Block 1, The Victoria Towers, 188 Canton Road,
Tsimshatsui, Kowloon, Hong Kong. |
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Krister Carl Magnus MAGNUSSON |
Bondovagen 4, 435 39 Molnlycke, Sweden. |
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Claes Anders Gustaf AF WETTERSTEDT |
Hallstad 121, S523 95 Almestad, Sweden. |
SECRETARY
(As per registry dated 02-08-2017)
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Name |
Address |
Co. No. |
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Fidelity Financial Consulting Ltd. |
Suite D, 6/F., Ho Lee Commercial Building, 38-44 D’Aguliar Street,
Central, Hong Kong. |
0736663 |
HISTORY
The subject was incorporated on 2nd August, 2000 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Lucky Cyber
Ltd., name changed to Nilorn-Calmon Far East Ltd. on 8th September, 2000, and
changed further to the present style on 22nd December, 2006.
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of labels, packaging, and accessories.
Employees: 100. (Including associates in Asia)
Commodities Imported: Europe, Asia,
etc.
Markets: Worldwide
countries, etc.
Group Net Revenue (Unit: SEK’
million):-
2013: 382.8
2014: 457.5
2015: 527.2
2016: 610.5
2017: 680.4
Terms/Sales: CAD, L/C, Advanced T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
FINANCIAL
INFORMATION
Issued Share Capital: HK$2.00
Group Net Income (Unit: SEK’
million):-
2013: 34.6
2014: 41.7
2015: 39.0
2016: 56.2
2017: 65.0
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: Regular.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Satisfactory.
GENERAL
Nilorn East Asia Limited is a wholly-owned subsidiary of Nilorngruppen
AB [Nilorn], a Sweden-bases and listed company.
It is also a key member of the Nilorn Group, a company established in
Sweden. The Group produces and supplies
garment trims and accessories for clients throughout Europe. It has also become heavily involved in the
design aspects of branding, in order to increase the brand awareness for its
clients.
The Nilorn Group operates sales and production offices throughout Europe
and also has offices/partnerships in India, Bangladesh and Turkey, in addition
to the Hong Kong office. The subject
employs approximately 100 staff and handles Product Development, Order handling
and Delivery for all Far East based customers.
The subject has been substantially grown as more garment production was
moved to China and the other Asian countries.
Nylon is a unique global company with heritage from 1970 with expertise
in adding value to brands in the world of labels, packaging, and
accessories. It offers complete,
creative and tailor-made concepts in the areas of branding, design, product development
and logistic solutions. Its offices and
manufacturing bases are located in: Sweden, Denmark, Belgium, Switzerland,
Germany, Italy, United Kingdom, Portugal, Turkey, Hong Kong, China, India,
Bangladesh and Pakistan.
Its main product lines are as follow:-
Labels
Packaging
Accessories (buttons, silicone, leather, etc.)
For the year ended 2017, the net revenue of Nilorn amounted to SEK 680.4
million, grew by 11.4% as compared with SEK 610.5 million in FY 2016, net
income for the year was SEK 65.0 million, grew by 15.7% as compared with SEK
56.2 million in FY 2016.
Currently, Nilorn has more than 1,000 customers worldwide. According to Nilorn, it has a broad customer
base in Europe which are leading fashion and branding companies.
The following companies are some the significant ones:
Polarn O. Pyet, GANT, CLINTON, DRESS MANN, TIGER, HENRI LLOYD, joules,
Fred Perry, Lyle & Scott, Jacques Vert, ginatricto, Superdry, Tom Tailor,
etc.
For the year ended 2017, Nilorn had 446 employees.
The subject is fully supported by Nilorn. Business is active in Hong Kong. History in Hong Kong is over 17 years and
seven months.
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 67.77 |
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1 |
INR 89.95 |
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Euro |
1 |
INR 78.85 |
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HKD |
1 |
INR 8.65 |
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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NIS |
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Report Prepared
by : |
TPT |
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
·
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.