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MIRA
INFORM REPORT
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Report Date : |
11.08.2011 |
IDENTIFICATION DETAILS
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Name : |
ITEMA ( |
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Registered Office : |
Room 808, 8/F., Tower 1, |
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Country : |
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Date of Incorporation : |
28.06.1994. |
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Com. Reg. No.: |
18344757 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of textile machinery and equipment. |
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 : |
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 – December 31, 2010
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Country Name |
Previous Rating (30.09.2010) |
Current Rating (31.12.2010) |
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A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Company name
ITEMA (
ADDRESS
Room 808, 8/F., Tower 1,
PHONE: 2317 1212, 2317
1420
FAX: 2317 1612
E-MAIL: info@itemaasia.com
eva@itemaasia.com
MANAGEMENT
Managing Director: Ms. Lee Wing
Yan, Eva
SUMMARY
Incorporated on: 28th
June, 1994.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer and Exporter.
Annual Turnover: HK120~150
million.
Employees:
9.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd.,
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 808, 8/F., Tower 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon
Bay, Kowloon, Hong Kong.
Holding Company:-
Itema International B.V., The
Ultimate Holding Company:-
ITEMA Holding
Affiliated Companies:-
ITEMA Group of Companies
ITEMA (
ITEMA (
ITEMA America Inc.,
ITEMA Spinning India Ltd.,
ITEMA Weaving (
ITEMA Weaving (
ITEMA Weaving Machinery (
Shandong Istma Textile Machinery Co. Ltd.,
etc.
BUSINESS REGISTRATION NUMBER
18344757
COMPANY FILE NUMBER
0483728
MANAGEMENT
Managing Director: Ms. Lee Wing Yan,
Eva
CAPITAL
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDERS
(As per registry dated 28-06-2010)
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Name |
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No. of shares |
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ITEMA Holding S.p.A. Via Cav. Gianni Radici 4, 24020 Colzate (BG), |
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1 |
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Itema International B.V. Vinoly Building, Claude Debussylaan 24, 1082 MD-Amsterdam, The |
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9,999 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 28-06-2010)
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Name (Nationality) |
Address |
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LEE Wing Yan |
Flat H, 5/F., |
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Fabio MAZZUCCHETTI |
Via Beretta, 39 Ranica (BG), |
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Danilo Enrico ARIZZI |
Via M. Merisi 32/A, Albino (BG), |
SECRETARY
(As per registry dated 28-06-2010)
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Name |
Address |
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Forward Secretarial Services Ltd. |
Room 1117, 11/F., |
575813 |
HISTORY
The subject was incorporated on 28th June, 1994 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Somet (
Apart from these, neither material change nor amendment has been ever
traced and noted.
OPERATIONS
Activities: Importer
and Exporter.
Lines: All
kinds of textile machinery and equipment.
Employees: 9.
Commodities Imported:
Markets:
Annual Turnover: HK120~150 million.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: As
per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Indebtedness: HK$6,000,000.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 28-06-2010)
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
normal condition.
Facilities:
Making fairly
active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd.,
Intesa Sanpaolo S.p.A., Hong Kong Branch.
Standing:
GENERAL
Itema (
ITEMA Group is an international textile machinery and equipment
provider. Its history is more than 150
years in
ITEMA Group is providing the following textile machinery and equipment
in 4 different business areas::-
ITEMA Weaving — Fabric forming solutions including weaving machines,
weaving accessories, spare parts and services.
Leading brands carried are “Sulzer
Textil”, “Somet”, “Vamatex” and “Fimtextile”.
ITEMA Spinning — Thread forming solutions including spinning, winding
and twisting machines, accessories, spare parts and services. Leading brand carried is “Savio”.
ITEMA Electronics — Electronic technology solutions including joint
development and manufacturing of components.
Leading brands carried are “Eutron”, “Loepfe”, “BMS Vision” and “Sedo”.
ITEMA Knitting — Fabric forming solutions including knitting machines,
accessories, spare parts and services.
Leading brand carried is “Steiger”.
The subject is trading in the following main products and brand names:-
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Brand Name |
Brand Product/Service |
Brand Remarks |
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Somet (Brand Owner) |
Machine – Weaving |
Rapier and air jet |
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Vamatex (Brand Owner) |
Machine – Weaving |
Rapier and air jet |
The subject’s products are marketed in
The subject has had a wholly-owned subsidiary in
ITEMA Weaving (textile machines and accessories) with the
4 product brands “Itema Shanghai”, “Somet”, “Sulzer Textil”, “Vamatex”,
finally “First” and “Fimtextile” for the accessories.
ITEMA Group’s companies working on the foreign markets are ITEMA
Shanghai, Shandong Istma Textile Machinery Co. Ltd., ITEMA Spinning India Ltd.,
ITEMA America Inc., etc. Constantly
committed to research and implementing important new products, ITEMA Group has
an approach to the market that sees the customer as its benchmark. With constant annual investments between 4%
and 5% of total group turnover, ITEMA Group’s R&D centres have cutting edge
means at their disposal for carrying out research, designing, building and
experimenting new prototypes and applications.
An area of excellence that can count on a team of specialized
technicians and engineers and on relation networks at international level with
some of the most illustrious research institutes. Even at production level ITEMA Group reaches
parameters of absolute excellence in all its 4 area of business, guaranteeing a
comprehensive range, maximum quality standards, production flexibility and a
widespread presence on the relevant markets the world over.
The subject has got a main associated company Promatech S.p.A.
[Promatech] which is also an Italy-based firm.
Promatech is also a textile machinery and equipment trader. It is a large group of companies having
affiliated companies in North America, South America, Western and Eastern
Europe, Africa, the Middle East, Asia, Australia, etc. Its business is active and significant.
The ITEMA Group is supposed to be part of the Promatech Group. The subject is fully supported by the ITEMA
Group and the Promatech Group as well.
The annual sales turnover of the subject ranges from HK$120 to 150
million. Business is rather active. Making a small profit every year.
The history of the subject in
On the whole, in view of the background and parentage of the subject,
consider it good for normal business engagements.
COURT CASES: None
per our.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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28-08-2002 |
Instrument: Trade Finance Security Deed Property: By the Deed, all the Company’s right, title, interest and benefit to
and in all and any moneys now or at any time due or owing to the Company Mortgagee: IntesaBci S.p.A., Hong Kong
Branch. [Renamed to Banca Intesa S.p.A.
and further to Intesa Sanpaolo S.p.A.] |
All the Company’s obligations and liabilities |
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20-01-2009 |
Instrument: Assignment of DC Proceeds Property: By way of assignment or agreement to assign in each case as beneficial
owner. All monies in any currency
representing proceeds payable or to be paid to the Customer under the
Documentary Credits, all the Customer’s right, title and interest in the said
Documentary Credits and the benefit of all powers and remedies for enforcing
the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., |
All loans or other advances made or to be made by the Bank to the
Customer against documents submitted under a Documentary Credit, all monies
and liabilities in any currency owing by the Customer to the Bank at any
time, whether separately or jointly, actually or contingently, present or
future, interest on all loans and advances and such monies and all expenses
of the Bank in perfecting or enforcing the Assignment |
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21-04-2010 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of HK$6,666,666.68 or its
equivalent in other foreign currencies under Deposit A/C No. 508‑188885,
whatever currency it may subsequently be denominated in, any renewal of such
deposit and the interest thereon together with any further monies in any
deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., |
Amount secured – (i) all monies in any currency owing by the Company to
the chargee at any time, actually or contingently, in any capacity, alone or
jointly with any other person; (ii) interest on such monies, to the date on
which the chargee receives payment, at the rates payable by the Company or
which would have been payable but for any circumstance which restricts
payment and (iii) all expenses of the chargee in perfecting or enforcing the
charge |
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21-04-2010 |
Instrument: Security Over Deposits Property: A deposit with chargee in the amount of HK$500,000.00 or its equivalent
in other foreign currencies under Deposit A/C No. 508-188885, whatever
currency it may subsequently be denominated in, any renewal of such deposit
and the interest thereon together with any further monies in any deposit
account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., |
Amount secured – (i) all monies in any currency owing by the Company
to the chargee at any time, actually or contingently, in any capacity, alone or
jointly with any other person; (ii) interest on such monies, to the date on
which the chargee receives payment, at the rates payable by the Company or
which would have been payable but for any circumstance which restricts
payment and (iii) all expenses of the chargee in perfecting or enforcing the
charge |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.45.20 |
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1 |
Rs.73.51 |
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Euro |
1 |
Rs.64.76 |
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 |
Capability to overcome financial difficulties seems comparatively
below average. |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.