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Report Date : |
20.02.2013 |
IDENTIFICATION DETAILS
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Name : |
ITOH DENKI ASIA
LTD. |
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Registered Office : |
Unit F, 22/F., 8 Hart Avenue, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.01.2001 |
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Com. Reg. No.: |
31514646 |
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Legal Form : |
private limited liability company |
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Line of Business : |
Importer, Exporter and Manufacturer of Motorised conveyor rollers and drums, etc. |
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No. of Employees : |
5. |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
ITOH DENKI
ASIA LTD.
Unit F, 22/F., 8 Hart Avenue, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2427 2576
FAX: 2427 2203
Managing Director: Mr. Etsuji
Kuroda
Incorporated on: 5th January, 2001.
Organization: Private Limited Company.
Capital: Nominal: HK$250,000.00
Issued: HK$250,000.00
Business Category: Importer, Exporter and Manufacturer.
Employees: 5.
Main Dealing Banker: The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Banking Relation: Good.
ITOH DENKI
ASIA LTD.
Registered
Head Office:-
Unit F, 22/F., 8 Hart Avenue, Tsimshatsui, Kowloon,
Hong Kong.
Holding
Company:-
Itoh Electric Co. Ltd., Japan.
Associated
Companies:-
Itoh Denki Europe SAS, France.
Itoh Denki Shanghai Co. Ltd., China.
Itoh Denki USA Inc., US.
31514646
0743409
Managing Director: Mr. Etsuji
Kuroda
Nominal Share Capital: HK$250,000.00 (Divided into 250,000 shares of
HK$1.00 each)
Issued Share Capital: HK$250,000.00
(As per registry dated 05-01-2013)
|
Name |
|
No.
of shares |
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Itoh Electric
Co., Ltd. 1146-2 Asazuma-Cho, Kasai-City, Hyogo-Pref, Japan. |
|
249,999 |
|
Etsuji KURODA |
|
1 |
|
|
|
––––––– |
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Total: |
250,000 ====== |
(As per registry dated 05-01-2013)
|
Name (Nationality) |
Address |
|
Etsuji KURODA |
Suite 3-3305,
Harbourview Horizon Hotel, 12 Hung Lok Road, Hunghom, Kowloon, Hong Kong. |
|
Kazuo ITO |
223 Kurita
Hojyo-Cho, Kasai-City, Hyogo-Prefecture, Japan. |
(As per registry dated 05-01-2013)
|
Name |
Address |
Co.
No. |
|
Tricor Secretaries Ltd. |
Level 28, Three Pacific Place, 1 Queen’s
Road East, Hong Kong. |
0014900 |
The subject was incorporated on
5th January, 2001 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.
Activities: Importer, Exporter and Manufacturer.
Lines: Motorised conveyor rollers and drums, etc.
Employees: 5.
Commodities Imported: Japan, etc.
Markets: Japan, China, other Asian countries, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$250,000.00 (Divided into 250,000 shares of HK$1.00 each)
Issued Share Capital: HK$250,000.00
Profit or Loss: Making a small profit every year.
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 Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Standing: Good.
Having issued 250,000
ordinary shares of HK$1.00 each, Itoh Denki Asia Ltd. is wholly owned by Itoh
Electric Co., Ltd. [Itoh Electric] which is a Japan-based firm.
The subject is trading in
all kinds of machine parts which are manufactured by its holding company Itoh
Electric. Products are exported to China,
South Korea, Taiwan, other Asian countries, etc. Itoh Electric is engaged in
designing and manufacturing motorised conveyor rollers and drums.
Itoh Electric is
headquartered in Kasai, Japan, and has over 50 years of experience in motor
manufacturing since its business inaugurated in 1946. Accumulated extensive know-how and technology
through the long history and dedicated technical staff have enabled us to
develop the first low profile motorised conveyor roller in the world named
Power Moller in 1976, and has allowed it to integrate a state-of-the-art
mechanical and electronics technologies into motorised roller to provide
innovative solution, maintaining its leadership in material handling industry.
In addition, Itoh
Electric’s strength also lies in manufacturing every motorised rollers and
drums entirely from components under quality control, taking advantage of the
production equipment, designed and built by its own staff.
Itoh Electric is an
ISO-9001 and ISO-14001 certified company.
Itoh Electric has extensively
developed its global distribution network.
It already has established a subsidiary with manufacturing plant in
Cluses, France in 1987 to service the European, the Middle East and African
market; and another one in Wilkes-Barre, PA, the United States in 1996 to
service the North and South American market.
The subject is the regional
headquarters in Southeast Asia of Itoh Electric. Furthermore, Itoh Denki Shanghai Co., Ltd.
was founded in Shanghai, China in February, 2007 in order to penetrate the
China market.
According to Itoh Electric,
it has 250 employees in Japan with sales offices in Tokyo and Nagoya,
Japan. Its head office is in 1146-2
Asazuma-Cho, Kasai, Hyogo 679-0180 Japan.
President and CEO is Mr. Kazuo Itoh.
The annual sales turnover
of Kazuo Itoh ranges from JPY 4.5 to 5.0 billion. Overall business is active.
The subject is fully
supported by Itoh Electric.
As the history of the
subject is over 12 years in Hong Kong, on the whole, consider it good for
normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
|
|
1 |
Rs.84.09 |
|
Euro |
1 |
Rs.72.44 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
<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.