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Report Date : |
06.05.2013 |
IDENTIFICATION DETAILS
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Name : |
ITEMA (ASIA) LTD |
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Formerly Known As : |
SOMET (ASIA) LTD |
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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 : |
Hong Kong |
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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 : |
8 Employees |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
|
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 levies excise duties on only four commodities, namely: hard alcohol,
tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping
laws. 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 9.1% of total system deposits in Hong
Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese
companies constituted about 46.6% of the firms listed on the Hong Kong Stock
Exchange and accounted for about 57.4% 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,
and less than 2% in 2012. Credit expansion and tight housing supply conditions
caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in
2012. 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.
ADDRESS: 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
eva@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: HK150~200
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.
ITEMA S.p.A.,
Italy. [Formerly Promatech S.p.A.]
ITEMA Holding
S.p.A., Italy.
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 28-06-2012)
|
Name |
|
No.
of shares |
|
ITEMA S.p.A. Via Cav. Gianni Radici,
n° 4 in Colzate (Bergamo), Italy. |
|
10,000 ===== |
(As per registry dated 28-06-2012)
|
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 28-06-2012)
|
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, China and
other foreign advanced countries.
Markets: China, Taiwan, other Asian countries,
Europe, etc.
Annual
Turnover: HK150~200
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$677,000.00
(Total amount outstanding on all mortgages and charges as per last
Annual Return dated 28-06-2012)
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.
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Intesa Sanpaolo
S.p.A., Hong Kong Branch.
Standing: Good.
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 ISO9001 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:-
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
Group exhibited its ITEMA products at ITMA ASIA + CITME 2012.
The
most recent important event for the company was the opening of ITEMA India Ltd.
which was held September 24, in Coimbatore, India. ITEMA India, which is located in a new
1,600-square-meter building, provides sales and marketing functions including a
showroom, after-sales and spare-parts service and an electronic circuit board
repair centre and training centre for end-user technicians for the Somet,
Vamatex and Savio companies.
From
the ITEMA India headquarters in Coimbatore, offices in Mumbai, Gunthur and
Delhi which operate in the relevant areas with support of seven representative
agencies are coordinated. ITEMA India
employs a total of 87 people, 63 of which are dedicated to customer
service. If necessary, these customer
service agents can cover other Middle and Far East countries from Turkey to
Iran and Indonesia.
The
annual sales turnover of the subject ranges from HK$150 to 200 million. Business is rather active. Making a small profit every year.
The
history of the subject in Hong Kong is over eighteen years.
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 |
|
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 |
|
31-07-2012 |
Instrument: Security
Agreement over Bank Account Property: By way of a
first fixed charge all of the Chargor’s rights in respect of any amount standing
to the credit of the Account from time to time & the debt represented by
it Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment & satisfaction of all present & future
obligation & liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.95 |
|
UK Pound |
1 |
Rs.83.80 |
|
Euro |
1 |
Rs.70.49 |
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 |
|
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.