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MIRA INFORM REPORT
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Report No. : |
499378 |
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Report Date : |
27.03.2018 |
IDENTIFICATION DETAILS
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Name : |
ES FIBERVISIONS
HONG KONG LIMITED |
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Registered Office : |
Unit No. 2810, 28/F., The Metropolis Tower, 10 Metropolis Drive,
Hunghom, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.11.1999 |
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Com. Reg. No.: |
30539196 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All Kinds of Bi-Component Fibres. |
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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 (30.09.2017) |
Current Rating (31.12.2017) |
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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, 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
ES FIBERVISIONS HONG KONG LIMITED
ADDRESS: Unit No. 2810, 28/F., The Metropolis
Tower, 10 Metropolis Drive, Hunghom, Kowloon, Hong Kong.
PHONE: 852-2970 5555
FAX: 852-2970 5678
MANAGEMENT
Managing Director: Mr. Yozo
Shimomura
SUMMARY
Incorporated on: 29th November, 1999.
Organization: Private Limited Company.
Issued Share Capital: HK$61,601,000.00
Business Category: Importer,
Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Name
ES FIBERVISIONS HONG KONG LIMITED
ADDRESS
Registered Head
Office:-
Unit No. 2810, 28/F., The Metropolis Tower, 10 Metropolis Drive,
Hunghom, Kowloon, Hong Kong.
Holding Company:-
ES FiberVisons Holding ApS, Denmark.
Subsidiary
Company:-
ES FiberVisions China Ltd., China.
Associated
Companies:-
Chisso ES Asia Co. Ltd., China.
ES FiberVisions (Shanghai) Co. Ltd., China.
ES FiberVisions (Thailand) Co. Ltd., Thailand.
ES FiberVisions Co. Ltd., Japan.
ES FiberVisions Inc., U.S.
ES FiberVisions LP, U.S.
ES FiberVisions Suzhou Co. Ltd., China.
FiberVisions (China) A/S, Denmark.
FiberVisions (China) Textile Products Ltd., China.
FiberVisions A/S, Denmark.
FiberVisions Corporation, U.S.
FiberVisions LP, U.S.
FiberVisions Manufacturing Co., U.S.
FiberVisions Vemogensverwaltungs mbH, Germany.
Guangzhou ES Fibers Co. Ltd., China.
Indorama Ventures Public Co. Ltd., Thailand.
JNC Corporation, Japan.
JNC Fibers Corporation, Japan.
JNC Nonwoven (Thailand) Co. Ltd., Thailand.
etc.
BUSINESS
REGISTRATION NUMBER
30539196
COMPANY
FILE NUMBER
0696095
MANAGEMENT
Managing Director: Mr. Yozo
Shimomura
ISSUED
SHARE CAPITAL
HK$61,601,000.00 (616,010 fully paid ordinary shares)
SHAREHOLDERS
(As per registry dated 29-11-2017)
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Name |
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No. of shares |
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ES FiberVisions Holding ApS. Engdraget 22, DK-6800 Varde, Denmark. |
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616,010 ====== |
DIRECTORS
(As per registry dated 29-11-2017)
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Name (Nationality) |
Address |
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Yozo SHIMOMURA |
5-6-9, Oyuminochuo, Midori-Ku, Chiba Pref, Japan. |
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Masayasu SUZUKI |
3-12-501, Kamitanabe-cho, Takatsuki, Osaka 569-0805, Japan. |
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Tom Jeffrey ZAISER |
7390 Brookstead Xing, Duluth, GA 33097-1921, U.S.A. |
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Prashant DESAI |
1050 Willow Rdg., Athens, GA 30606-7618, Greece. |
SECRETARY
(As per registry dated 29-11-2017)
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Name |
Address |
Co. No. |
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WBC Secretaries Ltd. |
Room 1902, 19/F., China Evergrande Centre, 38 Gloucester Road,
Wanchai, Hong Kong. |
0018669 |
HISTORY
The subject was incorporated on 29th November, 1999 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: All
kinds of bi-component fibres.
Employees: 6.
Commodities Imported: China,
Europe, etc.
Markets: Japan,
other Asian countries, Europe, North America, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
FINANCIAL
INFORMATION
Issued Share Capital: HK$61,601,000.00
(616,010 fully paid ordinary shares)
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
ES FiberVisions Hong Kong Limited is a wholly-owned subsidiary of
ES FiberVisions Holding ApS which is a Denmark-based company.
The subject is a key member of the FiberVisions Group [FiberVisions].
FiberVisions has worldwide manufacturing facilities in bi-component fibres,
which enable it to service global marketers and regional customers with
tailored fibre solutions.
Bi-component fibres from FiberVisions are advanced multifunctional
fibres. Manufactured from two different
polymers, customers have the opportunity of using the polymers for different
purposes.
The sheath material (typically poly-ethylene) has softness but is also
characterized by having a low bonding temperature and can thus be used as
binder material in fibre blends or to other kinds of materials.
The core material (polypropylene or polyester) normally is used to
ensure the integrity of the product.
This core is not melted during bonding and forms a three-dimensional
network in the product, giving the nonwoven product strength.
Generally speaking, FiberVisions
has a vast array of opportunities when designing a unique and tailor-made fibre
to a customer.
The subject is part of the ES FiberVisions [ESFV]. ESFV is a joint venture between FiberVisions
LLC, a subsidiary of Thailand’s Indorama Ventures PCL, and Japan’s JNC
Corporation. ESFV is a 50:50 joint
venture between the two companies.
On 7th December, 2016, the above-mentioned two companies held an opening
ceremony to celebrate the completion of its new plant in Rayong, Thailand. This state-of-the-art facility was
constructed adjacent to Thailand’s largest fibre facility to expand ESFV’s
global production capacity and produce the highest quality bi-component fibre
in a hygienic environment. The plant has
14,000 tons of capacity per year and was designed to allow for future expansion
as ESFV continues to invest globally to meet the needs of its customers.
The ES FiberVisions joint venture is the world’s largest producer of
polyolefin bi-component fibres and has production facilities in China, Denmark,
Japan, Thailand and the United States.
The opening ceremony was hosted by Mr. Aloke Lohia, Group CEO of
Indorama Ventures, Dr. Yasuyuki Gotoh, CEO and President of JNC, Mr. Yozo
Shimomura, Chairman of ESFV and Managing Executive Officer of JNC and Mr. Tom Zaiser,
CEO of FiberVisions.
The subject is trading in the products of the joint venture in Thailand.
The subject is fully supported by FiberVisions. History in Hong Kong is over 18 years and
three 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 64.90 |
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1 |
INR 91.87 |
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Euro |
1 |
INR 80.25 |
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HKD |
1 |
INR 8.26 |
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.