MIRA
INFORM REPORT
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Report Date : |
11.05.2007 |
IDENTIFICATION DETAILS
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Name : |
ITEMA ( |
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Registered Office : |
Unit 619, 6/F, Chevalier Commercial Centre, |
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Country : |
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Date of Incorporation : |
28-6-1994 |
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Com. Reg. No.: |
483728 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturing & export of textile machines. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
name & address
ITEMA (
UNIT 619, 6/F, CHEVALIER COMMERCIAL CENTRE,
TEL : 852 23171212
FAX : 852 23171612
EXECUTIVE SUMMARY
INCORPORATION DATE :
28-6-1994
REGISTRATION NO. :
483728
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : LEE WING YAN (DIRECTOR)
STAFF STRENGTH :
10
AUTHORIZED CAPITAL :
HK$10,000 = 10,000 SHARES @ HK$1.-
PAID-UP CAPITAL
: HK$10,000
BUSINESS LINE :
MANUFACTURE & EXPORT OF TEXTILE MACHINES
TURNOVER :
EUR605M (GROUP, YEAR ENDED 31-12-2005)
EQUITIES :
N/A (GROUP, YEAR ENDED 31-12-2005)
PAYMENT :
AVERAGE
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.81855 = USD1 AS OF 2007-5-9
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
SC is a private limited company registered under incorporation file no.
483728 on 28-6-1994.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 28-6-2006) Number
of shares held
- Itema International B.V. 9,999
- ITEMA Holding S.p.A. 1
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10,000
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Directors (as at
28-6-2006)
- Lee Wing Yan / K262802(3)
- Mazzucchetti Fabio / Y454279
- Arizzi Danilo Enrico / Y270461
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
No material change or amendment regarding SC has been traced & noted
within last 2 years.
SC is a subsidiary of Itema International B.V. whose partial information
is as follows:
Year established : NA
Registered/business
address : Frederik Rosekestraat 123,
1C76EE-Amsterdam, The Netherlands.
Business line : As an overseas
investment holding co.
No. of employees : 2,700 (group, as at 31-12-2005)
Civil litigation & winding-up petition : None in our database
Turnover :
EUR605M (group, year ended 31-12-2005)
Lee Wing Yan, director:
- In her early 30's
- Embarked upon her career to present field as an executive trainee in
her early 20's
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: Flat H, 5/F,
Property ownership: Current land search indicates the said premises
ownership as follows:
- Owner(s) : Lee Wing Yan
- Date of purchase & consideration : 27-9-2000 / $1.46M
- Date of mortgage & secured amount : 14-11-2000 / ANS
- Mortgagee : CITIC Ka Wah Bank Ltd.
Credit history
check : This refers to a check of our
database whether the said person has been involved in any of
the following
records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Arizzi Danilo Enrico, director:
- In his 40's
- He is by Italian nationality
- Embarked upon his career to present field as an executive trainee in
his early 20's
Currently residing in
Registered residential address: Via M Merisi 32/A, Albino,
Credit history
check : This refers to a check of our
database whether the said person has been involved in any of
the following
records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Ownership background appraisal:
Rating : 2 Obtained scores : 62 (see explanatory notes
below)
Keys : 1 : scores
81-100 : Excellent
2
: scores 61-80 : Good
3
: scores 46-60 : Average
4
: scores 21-45 : Fair
5
: scores 01-20 : Poor
The rating indicates the personal financial & operational strength
of SC's major principals. It is
calculated from a composite of scores obtained from the following 5 factors
which carry equal weight in our analysis:
Personal financial strength, credit history & trade reputation,
business experience & track record, market connection and management skill.
Upon a current contact, Lee Eva, SC's finance officer, declined
forwarding any financial information on the ground that it is the company's
policy not releasing any data to a third party without the benefit of knowing the
identity of the inquiring party.
Outside sources indicated that turnover of SC was EUR605M group for the
year ended 2005.
As per current co. search, total amount of indebtedness of SC in respect
of all mortgages and charges which are required to be registered with Companies
Registry as at 28-6-2006 was nil.
Banking relations are maintained principally with:
- HSBC
- CITIC Ka Wah Bank Ltd.
This section will contain the civil litigations & winding-up petitions
filed against SC for the last 6 years (as stored in our database), and the
mortgage/charge records filed by SC for the last 2 years. In
Civil litigation/winding-up petitions : (X) see below ( )
see attached sheet
Date :
28-1-2003 & 3-4-2003
Defendant(s) : SC
Plaintiff(s) : A Link Express HK Ltd.
Cause of claim : Service Charge
Claimed amount : ANS
Mortgage/charge record(s) : None filed within the last 2 years as per
our current search.
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 2001, 2002
Year(s) in which mortgage satisfaction record(s) are filed: 2003
Overall payment appraisal :
( ) Excellent (
) Good (x) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment experience
(through current enquiry with SC's suppliers), our delinquent payment records
and our debt collection record concerning SC.
Trade payment
experience : SC did not provide any name of
trade/service suppliers and we have no other
sources to conduct
the enquiry at present.
Delinquent
payment record : None in our database.
Debt
collection record : No overdue
amount owed by SC was placed to us for collection within the last 6 years.
Business categories :
SC is engaged in manufacturing & export of textile machines.
Items available include wearing machines, spinning & electronics
machines, rapier looms, air jet looms and others.
SC is the brand owner of Somet and Vamatex of which rapier looms and air
jet looms are produced and sold under their brand.
Principal purchases :
Major
types of sourcing : Raw
materials, parts & accessories
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : PR China, SE Asia &
Europe
Buying
terms : L/C, T/T
& intercompany account basis
Principal market :
Local--type
of customers : Wholesalers
Selling
terms : COD &
credit of 30 days
Overseas--buying
countries : PR China,
Selling
terms : L/C &
T/T
Total number of employees : 10.
Location : Maintaining
its office at the heading business address which occupies a gross area of 1,500
square feet at an industrial building in an industrial district.
Condition inside the premises during our
visit :
Office/factory layout : Standard.
SC's oversea affiliates:
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- Shanghai Promatech Textile Machinery Trading Co., Ltd. (in PR China)
- Itema (
- Shinko Sangyo Co., Ltd. (in
- Nicolas C. Manago Trading (in the
- Tech Trade Co., Ltd. (in
- Unimatech (in
- Franco Pacific Vietnam Co., Ltd. (in
- F.P. Textile Ltd. (in
From all indications, SC is believed to have made a steady and
successful trend of development. Credit
in the range of moderate to fairly large amount can be considered.
-- Asset Tracing --
Upon our current investigation, our database & sources consulted
indicate that SC was not involved in any property transaction (both purchase
& disposal) in
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
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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 |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average/normal. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)