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MIRA
INFORM REPORT
|
Report Date : |
08.10.2008 |
IDENTIFICATION
DETAILS
|
Name : |
THE CIT
GROUP/COMMERCIAL SERVICES (ASIA)
LTD. |
|
|
|
|
Registered Office : |
Suite 4306-4307, 43/F., Tower One, Times Square, 1 Matheson Street, Causeway
Bay |
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|
Country : |
Hong Kong |
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|
Date of Incorporation : |
05.09.1995. |
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|
Com. Reg. No.: |
19490175 |
|
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|
|
Legal Form : |
Private Limited Company |
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|
Line of Business : |
International
Trade Financing. |
RATING &
COMMENTS
|
MIRA’s Rating : |
A |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Clear |
name of the company
THE
CIT GROUP/COMMERCIAL SERVICES
(ASIA) LTD.
ADDRESS
Suite 4306-4307, 43/F.,
Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong.
PHONE: 2913 5300
FAX: 2845 2788
E-MAIL: enquiry@citcshk.com
MANAGEMENT
Chief
Representative: Mr. Patrick Tang
SUMMARY
Incorporated on: 5th September, 1995.
Organization: Private Limited Company.
Capital: Nominal: US$10,000.00
Issued: US$10,000.00
Business Category: International Trade Financing.
Group Net Revenue: US$3,600.4 million (Year ended 31-12-2007)
Group Employees: 6,700. (As at 31-12-2007)
Main Dealing Banker: JPMorgan Chase Bank, Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
Suite 4306-4307,
43/F., Tower One, Times Square, 1 Matheson Street, Causeway Bay, Hong Kong.
L/C Handling Department:-
7/F., CITIC Tower,
1 Tim Mei Avenue, Central, Hong Kong.
Holding Company:-
CIT Group Inc.,
USA.
Affiliated Divisions:-
CIT Equipment Rental & Finance
CIT Capital Finance
CIT Specialty Finance
CIT Structured Finance
Affiliated Divisions:-
CIT Group of Companies
1143986 Ontario Ltd., Canada.
1243029 Ontario Inc., Canada.
1244771 Ontario Ltd., Canada.
1309673 Ontario Ltd., Canada.
1641964 Ontario Ltd., Canada.
2705 Parkhill Drive Ltd. Partnership, Canada.
3918041 Canada Inc., Canada.
544211 Alberta Ltd., Canada.
555565 Alberta Ltd., Canada.
555566 Alberta Ltd., Canada.
991102 Alberta Ltd., Canada.
991122 Alberta Ltd., Canada.
Adams Capital Ltd., Barbados.
Agilent Financial Services Ltd., UK.
Aireal Technologies of Harrisburg LLC, US.
AlphaGen Power LLC, US.
Arrendadora Capita Corporation S.A. de C.V., Mexico.
Asset Finance (Bermuda) Ltd., Bermuda.
ATMOR Properties Inc., US.
Baffin Shipping Co. Inc., US.
Banco Commercial Investment Trust do Brasil S.A., Brazil.
Barrow Capital Ltd., Barbados.
Broad River OL-1 LLC, US.
Broad River OL-2 LLC, US.
Broad River OL-3 LLC, US.
Broad River OL-4 LLC, US.
BRSP LLC, US.
Bunga Bebaru Ltd., Bermuda.
Business Technology Finance Ltd., UK.
C.I.T. Foreign Sales Corporation One Ltd., Barbados.
C.I.T. Leasing Corporation, US.
Canadian Income Partners I Ltd. Partnership, Canada.
Canadian Income Partners II Ltd. Partnership, Canada.
Canadian Income Partners III Ltd. Partnership, Canada.
Capita Colombia Holdings Corporation, US.
Capita Corporation, US.
Capita International LLC, US.
Capita Premium Corporation, US.
Capita Servicios S.A. de C.V., Mexico.
Capital Partners Fund I, Canada.
Capital Syndication Corporation, US.
CCG Trust Corporation, Barbados.
Centennial Aviation (Bermuda) 1 Ltd., Bermuda.
Centennial Aviation (France) 1 SARL, France.
Centennial Aviation (France) 2 SARL, France.
Centennial Aviation (France) 3 SARL, France.
Centennial Aviation (France) 4 SARL, France.
Centennial Aviation (Ireland) 1 Ltd., Ireland.
Centennial Aviation (Ireland) 2 Ltd., Ireland.
Centennial Aviation (Ireland) 3 Ltd., Ireland.
Centennial Aviation (Ireland) 4 Ltd., Ireland.
Centennial Aviation (Ireland) 5 Ltd., Ireland.
Centennial Aviation (Ireland) 6 Ltd., Ireland.
Centennial Aviation (Ireland) 7 Ltd., Ireland.
Centennial Aviation (Ireland) 8 Ltd., Ireland.
Centennial Aviation (Ireland) 9 Ltd., Ireland.
CFHE Funding Co. LLC, US.
Chessman S.a.r.l., Luxembourg.
CICL Caribbean International Capital Ltd., Barbados.
CIEL Caribbean International Equipment Ltd., Barbados.
CIT (France) S.A., France.
CIT (France) SAS, France.
CIT (PL) Ltd., UK.
CIT (SF) Ltd., UK.
CIT (UK) Unit Investment Holdings LLC, US.
CIT Acceptance LLC, US.
CIT Aerospace (Australia) Pty. Ltd., Australia.
CIT Aerospace Asia Pte. Ltd., Singapore.
CIT Aerospace Belgium Sprl, Belgium.
CIT Aerospace International (Aruba) A.V.V., Aruba.
CIT Aerospace International Leasing II, Ireland.
CIT Aerospace International Leasing III, Ireland.
CIT Aerospace International Leasing IV, Ireland.
CIT Aerospace International Leasing, Ireland.
CIT Aerospace International, Ireland.
CIT Asset Finance (UK) Ltd., UK.
CIT Asset Management LLC, US.
CIT Bank Ltd., UK.
CIT Bank, US.
CIT Brisk Winds Aircraft Leasing Ltd., Ireland.
CIT Broad River LLC, US.
CIT Business Credit Canada Inc., Canada.
CIT Canada Funding ULC, Canada.
CIT Capita Colombia S.A. Compania de Financiamiento Comercial, Colombia.
CIT Capital Aviation (UK) Ltd., UK.
CIT Capital Finance (Ireland) Ltd., Ireland.
CIT Capital Finance (UK) Ltd., UK.
CIT Capital Funding Inc., US.
CIT Capital Securities LLC, US.
CIT Capital USA Inc., US.
CIT Cayman Blue Lagoon Leasing Ltd., Cayman Islands.
CIT Cayman Coconut Palm Leasing Ltd., Cayman Islands.
CIT Cayman Sandy Keys Leasing Ltd., Cayman Islands.
CIT China 12 Inc., US.
CIT China 13 Inc., US.
CIT China 2 Inc., US.
CIT China 3 Inc., US.
CIT China 6 Inc., US.
CIT China 7 Inc., US.
CIT CLO Holding Corporation, US.
CIT CLO I Ltd., Cayman Islands.
CIT Commercial (UK) Ltd., UK.
CIT Commercial Real Estate Brokerage LLC, US.
CIT Commercial Services (Europe) GmbH, Germany.
CIT Commercial Services-Pan Pacific Ltd., US.
CIT Communications Finance Corporation, US.
CIT CRE LLC, US.
CIT Credit Finance Corporation, US.
CIT Credit Group USA Inc., US.
CIT Credit Pty. Ltd., Australia.
CIT DCC Inc., US.
CIT Destin White Sands Aircraft Leasing Inc., US.
CIT DFS Inc., US.
CIT Emerald Isle Leasing Ltd., Ireland.
CIT Equipment Finance (UK) Ltd., UK.
CIT Equipment Rentals (UK) Ltd., UK.
CIT Finance & Leasing Corporation, China.
CIT Finance No. 1 (Ireland) Ltd., Ireland.
CIT Finance No. 2 (Ireland) Ltd., Ireland.
CIT Financial (Alberta) ULC, Canada.
CIT Financial (Barbados) Srl, Barbados.
CIT Financial (Hong Kong) Ltd., Hong Kong.
CIT Financial (Korea) Ltd., Korea.
CIT Financial de Puerto Rico Inc., Puerto Rico.
CIT Financial Ltd. of Puerto Rico, US.
CIT Financial Ltd., Canada.
CIT Financial USA Inc., US.
CIT FSC Eight Ltd., Bermuda.
CIT FSC Eighteen Ltd., Bermuda.
CIT FSC Four Ltd., Bermuda.
CIT FSC Nine Ltd., Bermuda.
CIT FSC Nineteen Ltd., Bermuda.
CIT FSC Six Ltd., Bermuda.
CIT FSC Sixteen Ltd., Bermuda.
CIT FSC Ten Ltd., Bermuda.
CIT FSC Thirty Ltd., Bermuda.
CIT FSC Three Ltd., Bermuda.
CIT FSC Twelve Ltd., Bermuda.
CIT FSC Twenty Ltd., Bermuda.
CIT FSC Twenty-Eight Ltd., Bermuda.
CIT FSC Twenty-Five Ltd., Bermuda.
CIT FSC Twenty-Four Ltd., Bermuda.
CIT FSC Twenty-Nine Ltd., Bermuda.
CIT FSC Twenty-One Ltd., Bermuda.
CIT FSC Twenty-Seven Ltd., Bermuda.
CIT FSC Twenty-Six Ltd., Bermuda.
CIT FSC Twenty-Three Ltd., Bermuda.
CIT FSC Twenty-Two Ltd., Bermuda.
CIT FSC Two Ltd., Bermuda.
CIT Funding (Barbados) Srl, Barbados.
CIT Funding (Ireland) Ltd., Ireland.
CIT Funding (Nederland) B.V., Netherlands.
CIT Funding Co. II LLC, US.
CIT Funding Co. III LLC, US.
CIT Funding Co. IV LLC, US.
CIT Funding Co. LLC, US.
CIT Funding Co. V LLC, US.
CIT Funding Mexico LLC, US.
CIT Funding Pty. Ltd., Australia.
CIT Global Vendor Services S.A., Colombia.
CIT Group (Australia) Ltd., Australia.
CIT Group (Austria) GmbH, Austria.
CIT Group (Belgium) NV, Belgium.
CIT Group (Germany) GmbH, Germany.
CIT Group (Hungary) Financial Servicing Ltd. Liability Co., Hungary.
CIT Group (Nederland) B.V., Netherlands.
CIT Group (New Zealand) Ltd., New Zealand.
CIT Group (NFL) Ltd., UK.
CIT Group (NJ) LLC, US.
CIT Group (Nordic) AB, Sweden.
CIT Group (Portugal) – Renting Lda., Portugal.
CIT Group (Singapore) Pte. Ltd., Singapore.
CIT Group (Switzerland) AG, Switzerland.
CIT Group (Taiwan) Ltd., Taiwan.
CIT Group (UK) Funding Public Ltd. Co., UK.
CIT Group (UK) Ltd., UK.
CIT Group (UK) Property Ltd., UK.
CIT Group (UK) Services Ltd., UK.
CIT Group (UK) Vendor Services Ltd., UK.
CIT Group Beteiligungs (Germany) AG i.L., Germany.
CIT Group Capital Finance (Singapore) Pte. Ltd., Singapore.
CIT Group Finance (Ireland), Ireland.
CIT Group Financial (Ireland) Ltd., Ireland.
CIT Group Funding Co. of Delaware LLC, US.
CIT Group Germany A.G. & Co. OHG, Germany.
CIT Group Holding (Germany) GmbH, Germany.
CIT Group Holdings (UK) Ltd., UK.
CIT Group Holdings BV, Netherlands.
CIT Group Italy S.p.A., Italy.
CIT Group Location (France) SAS, France.
CIT Group Securities (Canada) Inc., Canada.
CIT Group SF Holding Co. Inc., US.
CIT Healthcare LLC, US.
CIT Holdings (Barbados) Srl, Barbados.
CIT Holdings (Ireland) Ltd., Ireland.
CIT Holdings (No. 2) Ireland, Ireland.
CIT Holdings B.V., Netherlands.
CIT Holdings Canada Inc., Canada.
CIT Holdings LLC, US.
CIT Home Lending Securitization Co. LLC, US.
CIT Industrial Finance (UK) Ltd., UK.
CIT Industrie Bank (Germany) GmbH, Germany.
CIT Industrie Leasing (Germany) GmbH, Germany.
CIT Insurance Agency Inc., US.
CIT International (Malaysia) Sdn. Bhd., Malaysia.
CIT Italy S.p.A., Italy.
CIT Lease Holdings Ltd., UK.
CIT Leasing (Bermuda) Ltd., Bermuda.
CIT Leasing (Germany) GmbH, Germany.
CIT Leasing Chile Ltda., Chile.
CIT Lending Services Corporation, US.
CIT Lodi LLC, US.
CIT Luxembourg Cobblestone Leasing S.a.r.l., Luxembourg.
CIT Malaysia One Inc., Malaysia.
CIT Malaysia Two Inc., Malaysia.
CIT Mezzanine Partners of Canada Ltd., Canada.
CIT Millbury Inc., US.
CIT Peakers LLC, US.
CIT Programme Management (UK) Ltd., UK.
CIT Programme Rentals (UK) Ltd., UK.
CIT Project Finance Manager LLC, US.
CIT Real Estate Holding Corporation, US.
CIT Realty LLC, US.
CIT Small Business Lending Corporation, US.
CIT Technologies Corporation, US.
CIT Technology Finance (Germany) GmbH, Germany.
CIT Technology Financing Services I LLC, US.
CIT Technology Financing Services II LLC, US.
CIT Technology Financing Services Inc., US.
CIT Telecom Exchange Rentals (UK) Ltd., UK.
CIT Vendor Finance (UK) Ltd., UK.
CLM VII LLC, US.
CLM VIII LLC, US.
CMG Capital Ltd., Barbados.
CMS Funding Co. LLC, US.
Computer Associates Financial Services Pty. Ltd., Australia.
Crystech LLC, US.
Cummins Capital Ltd., Barbados.
Danka Equipment Rentals Ltd., UK.
Dell Credit Co. LLC, US.
Dell Financial Services (Australia) Pty. Ltd., Australia.
Dell Financial Services (New Zealand) Pty. Ltd., New Zealand.
Dell Financial Services Canada Ltd., Canada.
Durham Capital Ltd., Barbados.
Edgeview Partners LLC, US.
Education Funding Capital I LLC, US.
Education Funding Resources II LLC, US.
Education Funding Resources III LLC, US.
Education Funding Resources LLC, US.
Education Lending Services Inc., US.
Education Loan Servicing Corporation, US.
Emerald Funding (Netherlands) C.V., Netherlands.
Emerald Funding (No. 2) C.V., Netherlands.
Emerald Holdings C.V., Netherlands.
Equipment Acceptance Corporation , US.
Equipment Protection Services (Europe) Ltd., Ireland.
ERF Finance Ltd., UK.
ERF Leasing Ltd., UK.
Erie Capital Ltd., Barbados.
Essex Capital Ltd., Barbados.
EVP Securities LLC, US.
FH Transaction Corporation, US.
Flex Asset Management Corporation, US.
Flex Holdings LLC, US.
Flex Leasing Corporation, US.
Flex Leasing I LLC, US.
Flex Leasing II LLC, US.
Flex Mexico Corporation, US.
Flugzeug Ltd., Ireland.
Franchise Portfolio 1 Inc., US.
Franchise Portfolio 2 Inc., US.
Frontenac Capital Ltd., Barbados.
Gardner Merchant Rentals Ltd., UK.
GATX Asset Residual Management Canada Ltd., Canada.
GFSC Aircraft Acquisition Financing Corporation , US.
Graybar Financial Services LLC, US.
Grey Capital Ltd., Barbados.
Groupe Financier Laplante (1997) Inc., Canada.
Haliburton Capital Ltd., Barbados.
Hamilton Leasing Ltd., UK.
Hastings Transition Company Inc., US.
Highlands Insurance Co. Ltd., Barbados.
HNZF Pty. Ltd., New Zealand.
Hudson Shipping Co. Inc., US.
Hunter Leasing Ltd., Australia.
Image Financial Services Inc., Canada.
Interlab Holding Corporation, US.
Ironbridge Capital Ltd., Barbados.
Ittelson-Beaumont Fund, US.
Jam Funding Corporation, US.
Joly Capital Ltd., Barbados.
Kanata Capital Ltd., Barbados.
Memphis Peaking Power LLC, US.
Millenium Leasing Co. I LLC, US.
Millennium Leasing Co. II LLC, US.
Montana OL1 LLC, US.
Montana OP1 LLC, US.
Montana OPCM1A LLC, US.
Montana OPCM1B LLC, US.
MultiGen LLC, US.
Namekeepers LLC, US.
NCT Capital Inc., US.
NCT Receivables LLC, US.
New Broad River LLC, US.
New Creditcorp SPC LLC, US.
Newcourt Common Holdings LLC, US.
Newcourt Financial (Australia) Pty. Ltd., Australia.
Newcourt Financial CIS LLC, Russia.
Newcourt Financial España S.A., Spain.
Newcourt Financial Polska Sp. zo.o, Poland.
Nobrega Gas Storage LLC, US.
North American Exchange Inc., US.
North Romeo Storage Corporation, US.
Owner-Operator Finance Co., US.
Pasadena Owner Participant LP, US.
RockGen OL-1 LLC, US.
RockGen OL-2 LLC, US.
RockGen OL-3 LLC, US.
RockGen OL-4 LLC, US.
SBR OP-1 LLC, US.
SBR OP-2 LLC, US.
SBR OP-3 LLC, US.
SBR OP-4 LLC, US.
SE Holdco Inc., Canada.
SE Services Entity Inc., Canada.
Snap-On Credit LLC, US.
South Point OL-1 LLC, US.
South Point OL-2 LLC, US.
South Point OL-3 LLC, US.
South Point OL-4 LLC, US.
Sovereign AC LLC, US.
Sovereign ACII LLC, US.
Sovereign BP LLC, US.
Sovereign BW LLC, US.
Sovereign FT LLC, US.
Sovereign JCS LLC, US.
Sovereign JCSII LLC, US.
Sovereign JO LLC, US.
Sovereign LS LLC, US.
Sovereign LSII LLC, US.
Sovereign LSIII LLC, US.
Sovereign SP LLC, US.
Sovereign Ventures NNN LLC, US.
Sovereign WW LLC, US.
Sovereign WWII LLC, US.
Student Loan Xpress Foundation, US.
Student Loan Xpress Inc., US.
SW Holding Corporation, US.
TCC Attala OL LLC, US.
TCC Attala OP LLC, US.
The Capita Corporation de Mexico S.A. de C.V., Mexico.
The Capita Corporation do Brasil Ltda., Brazil.
The CIT GP Corporation II, US.
The CIT GP Corporation III, US.
The CIT GP Corporation V, US.
The CIT GP Corporation, US.
The CIT Group Foundation Inc., US.
The CIT Group Securitization Corporation II, US.
The CIT Group Securitization Corporation III, US.
The CIT Group Securitization Corporation IV, US.
The CIT Group Securitization Corporation, US.
The CIT Group/BC Securities Investment Inc., US.
The CIT Group/BCC Inc., US.
The CIT Group/Business Credit Inc., US.
The CIT Group/Capital Finance Inc., US.
The CIT Group/Capital Transportation Inc., US.
The CIT Group/CmS Securities Investment Inc., US.
The CIT Group/Commercial Services Inc., US.
The CIT Group/Consumer Finance Inc., US.
The CIT Group/Corporate Aviation Inc., US.
The CIT Group/Equipment Financing Inc., US.
The CIT Group/Equity Investments Inc., US.
The CIT Group/Factoring One Inc., US.
The CIT Group/FM Securities Investment Inc., US.
The CIT Group/LsC Securities Investment Inc., US.
The CIT Group/Sales Financing Inc., US.
The CIT Group/Securities Investment Inc., US.
The CIT Group/Venture Capital Inc., US.
The Equipment Insurance Co., US.
Torontosudden Ltd., UK.
Waste to Energy II LLC, US.
WBH Generating Co. LLC, US.
Wellington Capital Corporation, Barbados.
Western Star Finance (Australia) Pty. Ltd., Australia.
Western Star Finance Inc., US.
Worrell Capital Ltd., Barbados.
etc.
BUSINESS REGISTRATION NUMBER
19490175
COMPANY FILE NUMBER
524711
MANAGEMENT
Chief
Representative: Mr. Patrick Tang
CAPITAL
Nominal Share
Capital: US$10,000.00 (Divided into 10,000 shares of US$1.00 each)
Issued Share
Capital: US$10,000.00
SHAREHOLDERS
(As per registry dated 05-09-2008)
|
Name |
|
No. of shares |
|
CIT Group Inc. 1 CIT Drive, Livingston,
New Jersey 07039, USA. |
|
9,999 |
|
CIT Holdings B.V. Amsteldijk 166,
1079 LH Amsterdam, The Netherlands. |
|
1 |
|
|
|
–––––– |
|
|
Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 05-09-2008)
|
Name (Nationality) |
Address |
|
Mitchell Forst COHEN |
10
Ramada, Irvine, California, CA 92620, USA. |
|
John F. DALY |
3
Forest Court, Morganville, New Jersey 07751, USA. |
|
James Ronald MORTIMER Jr. |
8
School Avenue, Chatham, New Jersey 07928, USA. |
SECRETARY
(As per registry dated 05-09-2008)
|
Name |
Address |
Co. No. |
|
B.
& McK. Nominees Ltd. |
1401, Hutchison House, 10 Harcourt Road, Hong Kong. |
54552 |
HISTORY
The subject was incorporated
on 5th September, 1995 as a private limited liability company under the Hong
Kong Companies Ordinance.
Formerly the
subject was located at Room 4209, 42/F., Gloucester Tower, 11 Pedder
Street, Central, Hong Kong, moved to the present address in March 2008.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities &
Lines: International Trade Financing.
Group Employees: 6,700.
(As at 31-12-2007)
Business
Territories: North
and Latin America, Europe, Asia Pacific Rim, etc.
Group Net Revenue: US$2,162.4 million (Year ended 31-12-2003)
US$2,438.1
million (Year ended 31-12-2004)
US$2,879.2
million (Year ended 31-12-2005)
US$3,015.4 million
( Year ended 31-12-2006)
US$3,600.4
million (Year ended 31-12-2007)
Terms/Services: As per contracted.
MEMBERSHIP
The American
Chamber of Commerce in Hong Kong.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKC0663]
FINANCIAL INFORMATION
Nominal Share Capital:
US$10,000.00 (Divided into 10,000 shares of US$1.00 each)
Issued Share
Capital: US$10,000.00
Group Net
Income/(Loss): US$ 566.9 million (Year ended 31-12-2003)
US$
753.6 million (Year ended
31-12-2004)
US$ 936.4 million (Year
ended 31-12-2005)
US$1,015.8 million (Year ended
31-12-2006)
(US$ 111.0 million) (Year ended 31-12-2007)
Group Net Worth: US$5,394.2 million (As at 31-12-2003)
US$6,055.1
million (As at 31-12-2004)
US$6,962.7
million (As at 31-12-2005)
US$7,751.1
million (As at 31-12-2006)
US$6,960.6
million (As at 31-12-2007)
Profit & Loss: Group made profits in the past four
years except 2007.
Condition: Keeping in an active state.
Facilities: Making active use of general
banking facilitates.
Payment: So far so good.
Commercial
Morality: Satisfactory.
Banker: JPMorgan Chase Bank, Hong Kong.
Standing: Good.
GENERAL
The CIT Group/Commercial
Services (Asia) Ltd. is a private limited company wholly-owned by CIT Group
Inc. [CIT Group] which is a US-based firm.
CIT Group is listed on the New York Stock Exchange.
The subject is a
division of the Group. The Commercial
Services Division offers a full range of domestic and international customised
credit protection and lending services.
These services include: factoring, working capital and term loans,
receivable management outsourcing, bulk purchases of accounts receivable,
import and export financing and letter of credit programs.
The CIT
Group/Commercial Services is headquartered in New York City, with full service
offices in New York, Los Angeles, Dallas and Charlotte and sales offices in
Miami and Hong Kong (the subject). Bookkeeping
and collection functions are located in a service centre in Danville,
Virginia. The CIT Group/Commercial
Services Inc., a key operating unit within the Group, is the largest factoring
company in the United States. On 15th
September, 2003, CIT Commercial Services acquired US Factoring Assets from GE
Commercial Services.
Started in 1983 as
the Asian Regional Office of the Group, the subject offers a variety of export
finance and risk management products to Asian based exporters of consumer and
hi-tech products. Its services include
the followings:-
·
Traditional without recourse factoring service for exporters selling on
open account.
·
US domestic factoring services for exporters selling through a U.S.
subsidiary.
Off balance sheet financing of accounts receivables.
·
100% risk coverage on overseas buyers.
·
Traditional financing for Asian manufacturers/exporters.
The CIT Group’s
shares are now traded on the New York Stock Exchange under the code name “CIT”.
The Group possesses
the global financial resources, industry expertise and financing product
knowledge to serve client needs across 30 industries and 50 countries. It has forged decades-long partnerships with
many of its more-than-one-million clients with trust, commitment and insightful
ideas. Whether through lending, leasing
or our other financial and advisory services.
Founded in 1908,
CIT has had an unyielding focus on financial solutions for over 100 years. Its financial solutions benefit from
expertise, knowledge and creativity to help its clients’ business meet its
strategic goals and tap unrealized potential.
As a Fortune 500 company and member of the S&P 500, the Group
provides financial solutions for more than 80% of the Fortune 1000.
The Group’s
secured lending, leasing and factoring products include direct loans and
leases, operating leases, leveraged and single investor leases, secured
revolving lines of credit and term loans, credit protection, accounts
receivable collection, import and export financing, debtor-in-possession and
turnaround financing, and acquisition and expansion financing. CIT Group’s consumer finance business
consists primarily of home equity lending, originated largely through a network
of brokers and correspondents.
The global headquarters
of CIT Group is in New York City of the United States, with offices in more
than 30 countries, including Canada, Europe, Latin America, Asia, Australia and
New Zealand.
For the year ended
31st December, 2007, the net revenue of the Group amounted to US$3,600.4
million, grew by 19.4% as compared with US$3,015.4 million in FY 2006; net loss
for 2007 was US$111.0 million as compared with a profit of US$1,015.8 million
in FY 2006.
The Group also has
been affected by the financial crisis in the United States in recent months.
The Group employed
approximately 6,700 people at 31st December, 2007, of which approximately 4,855
were employed in the United States and approximately 1,845 were outside the
United States.
On the whole, in
view of the subject’s background, parentage and lines of business, consider it
good for normal business engagements.
COURT CASES: None
per our.
FOREIGN EXCHANGE
RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.74 |
|
UK Pound |
1 |
Rs.85.19 |
|
Euro |
1 |
Rs.66.12 |
RATING
EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
26-40 |
B |
Unfavourable & favourable factors carry similar weight in credit
consideration. Capability to overcome financial difficulties seems
comparatively below average. |
Small |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
|
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%)