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Report Date : |
27.09.2012 |
IDENTIFICATION DETAILS
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Name : |
ITEMA ( |
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Formerly Known As : |
Somet ( |
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Registered Office : |
Room 808, 8/F., Tower 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon Bay, Kowloon |
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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. |
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No. of Employees : |
08 |
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 : |
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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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 re-exports, is about
four times GDP. 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, helped it to make an initial
recovery more quickly than many observers anticipated, it again faces a
possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system deposits in Hong
Kong by the end of 2011, an increase of over 59% since the beginning of the
year. 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 exports 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 28 million in 2011, outnumbering visitors
from all other countries combined. Hong Kong has also established itself as the
premier stock market for Chinese firms seeking to list abroad. In 2011 mainland
Chinese companies constituted about 43% of the firms listed on the Hong Kong
Stock Exchange and accounted for about 56% 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. Growth slowed to
5% in 2011. Credit expansion and tight housing supply conditions caused Hong
Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in
2011. Lower and middle income segments of the population are increasingly
unable to afford adequate housing. Hong Kong continues to link its currency
closely to the US dollar, maintaining an arrangement established in 1983.
Source : CIA
ITEMA (ASIA)
LTD.
Room 808, 8/F., Tower 1, Enterprise Square, 9 Sheung Yuet Road,
Kowloon Bay, Kowloon, Hong Kong.
PHONE: 2317 1212, 2317 1420
FAX: 2317 1612
E-MAIL: info@itemaasia.com
Managing Director: Ms. Lee Wing
Yan, Eva
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:
8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 808, 8/F., Tower 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon
Bay, Kowloon, Hong Kong.
Holding Company:-
ITEMA S.p.A, Italy. [Formerly
Promatech S.p.A.]
Ultimate Holding Company:-
ITEMA Holding S.p.A., Italy.
Associated/Affiliated Companies:-
ITEMA Group of Companies
ITEMA (Shanghai) Textile Machinery Co. Ltd., China.
ITEMA (Switzerland) Ltd., Switzerland.
ITEMA America Inc., USA.
ITEMA International B.V., the Netherlands.
ITEMA Spinning India Ltd., India.
ITEMA Weaving (India) Private Ltd., India.
ITEMA Weaving (Japan) Ltd., Japan.
ITEMA Weaving Machinery (China) Co. Ltd., China.
Shandong Istma Textile Machinery Co. Ltd., China.
etc.
18344757
0483728
Managing Director: Ms. Lee Wing
Yan, Eva
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 28-06-2011)
|
Name |
|
No. of shares |
|
ITEMA Holding S.p.A. Via Cav. Gianni Radici 4, 24020 Colzate, Italy. |
|
1 |
|
Promatech S.p.A. [Now known as
ITEMA S.p.A.] Via Cav. Gianni Radici 4, 24020 Colzate, Italy. |
|
9,999 |
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|
|
–––––– |
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Total: |
10,000 ===== |
(As per registry dated 28-06-2011)
|
Name (Nationality) |
Address |
|
LEE Wing Yan |
Flat H, 5/F., Glamour Garden, 1-5 Chik Fai Street, Shatin,
New Territories, Hong Kong. |
|
Giacomo SALA |
Building N. 2-27G, 2128 Hua Shan Road, Xuhui District, Shanghai,
China. |
|
Danilo Enrico ARIZZI |
Via M. Merisi 32/A, Albino (BG), Italy. |
(As per registry dated 28-06-2011)
|
Name |
Address |
Co. No. |
|
Forward Secretarial Services Ltd. |
Room 1117, 11/F., Hollywood Plaza, 610 Nathan Road, Mongkok, Kowloon,
Hong Kong. |
0575813 |
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 (Asia)
Ltd., name changed to the present style on 29th January, 2001.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer
and Exporter.
Lines: All
kinds of textile machinery and equipment.
Brand Names: “Sultex”, “Somet”, and “Vamatex”.
Employees: 8.
Commodities Imported: Europe and other foreign advanced countries.
Markets: China,
Taiwan, other Asian countries, Europe, etc.
Annual Turnover: HK120~150 million.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: As
per contracted.
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$3,333,334.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 28-06-2011)
Mortgage or Charge: (See
attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
normal condition.
Facilities:
Making rather
active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Intesa Sanpaolo S.p.A., Hong Kong
Branch.
Standing:
Normal.
ITEMA (Asia) Ltd. is a wholly-owned subsidiary of ITEMA S.p.A. (formerly
known as Promatech S.p.A.), an Italy-based firm which in turn is a subsidiary
of ITEMA Holding S.p.A., also an Italy-based company. The subject is a member of the ITEMA Group
and has got the ISO 9001 certification.
ITEMA Group is an international textile machinery and equipment
provider. Its history is more than 150
years in Europe. It is a leading global
textile machinery group that was established in December 2001 following the merger
of some important firms working in the various sectors on this market. The subject is trading in the Group’s
products.
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:-
|
Brand Name |
Brand Product/Service |
Brand Remarks |
|
Somet (Brand Owner) |
Machine – Weaving |
Rapier and air jet |
|
Vamatex (Brand Owner) |
Machine – Weaving |
Rapier and air jet |
The subject’s products are marketed in China, exported to Japan, Taiwan,
Southeast Asia, other Asian countries, etc.
It belongs to the division of “ITEMA Weaving”.
The subject has had a wholly-owned subsidiary in China known as ITEMA
Weaving Machinery (China) Co. Ltd. [ITEMA Shanghai] which is in Shanghai. This firm is engaged in manufacturing rapier
weaving machines. Currently, it has
about 100 employees.
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.
In 2009, the Group’s associate Sultex Ltd. changed name to ITEMA
(Switzerland) Ltd. a manufacturer of weaving machinery and member of the
Italy-based ITEMA Group and has moved its headquarters from Ruti to
Wetzikon. The changes were part of
structural moves at ITEMA to merge Promatech, Sultex, Itema Weaving Machinery
(China) and First S.p.A. into one streamlined company with a single
headquarters location sharing management, marketing, sales and service
functions with an integrated data system and supply chain. The consolidation was previously announced
during ITMA Asia + CITME 2008 in Shanghai, China.
The Shanghai firm is managed by Mr. Giacomo Sala who is an Italian. Sala is also a director of the subject.
In 2011, the Group’s Promatech S.p.A. changed name to ITEMA S.p.A. which
is currently the parent company of the subject.
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 Hong Kong is about seventeen years and
nine months.
On the whole, in view of the background and parentage of the subject,
consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
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 |
|
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., Hong Kong. |
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 |
|
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., Hong Kong. |
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 |
|
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., Hong Kong. |
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.58 |
|
UK Pound |
1 |
Rs.86.60 |
|
Euro |
1 |
Rs.68.94 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
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 |
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 |
|
---- |
NB |
New Business |
---- |
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.