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Report Date : |
11.10.2013 |
IDENTIFICATION DETAILS
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Name : |
X-Rite Asia Pacific Ltd. |
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Registered Office : |
36/F., @Convoy, 169 Electric Road, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
19.08.1993 |
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Com. Reg. No.: |
17538353 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Marketing Office (Innovative Colour Solutions) |
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No. of Employees : |
30 |
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) |
|
Hongkong |
A2 |
A2 |
|
Risk Category |
ECGC Classification |
|
Insignificant |
A1 |
|
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 |
HONGKONG - 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
X-RITE
ASIA PACIFIC LTD.
ADDRESS: 36/F., @Convoy, 169 Electric Road,
North Point, Hong Kong.
PHONE: 852-2368 7738, 2568 6283
FAX: 852-2885 8610
E-MAIL: info_ap@xrite.com
Managing Director
& President: Mr. Ronald William
Voigt
Incorporated on: 19th August, 1993.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$100.00
Business Category: Marketing Office.
Group Turnover: US$237,552,000 (Year ended 31-12-2011)
Employees: 30.
Main Dealing Banker: Citibank N.A., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
36/F.,
@Convoy, 169 Electric Road, North Point, Hong Kong.
Holding Company:-
X-Rite Holdings
Inc., US.
X-Rite Global
Incorporated, US.
Intermediate Holding Company:-
X-Rite
Incorporated
4300 44th Street,
SE, Grand Rapids, MI 49512, US.
Ultimate Holding Company:-
Danaher
Corporation, US.
Associated Companies:-
Amazys Holding
Beteiligungen GmbG, Switzerland.
Amazys Holding
GmbH, Switzerland.
GretagMacbeth
(Italy) S.R.L., Italy.
GretagMacbeth
(Shanghai) Co. Ltd., China.
Gretag-Macbeth
GmbH, Germany.
GretagMacbeth LLC,
US.
Pantone Europe
GmbH, Germany.
Pantone Japan
Inc., US.
Pantone LLC, US.
X-Rite (Shanghai)
Color Management Co. Ltd., China.
X-Rite (Shanghai)
International Trading Ltd., China.
X-Rite Europe
GmbH, Switzerland.
X-Rite GmbH, Germany.
X-Rite Iberica,
Spain.
X-Rite India Pvt.
Ltd., India.
X-Rite Italy
S.r.l., Italy.
X-Rite K.K.,
Japan.
X-Rite Ltd., UK.
X-Rite
Méditerranée SARL., France.
etc.
17538353
0445501
Managing Director
& President: Mr. Ronald William
Voigt
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry
dated 19-08-2013)
|
Name |
|
No. of shares |
|
X-Rite Holdings Inc. 4300 44th Street, SE, Grand Rapids, MI 49512, US. |
|
50 |
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X-Rite Global, Incorporated 4300 44th Street, SE, Grand Rapids, Mi 49512, US. |
|
50 |
|
|
|
––– |
|
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Total: |
100 === |
(As per registry
dated 19-08-2013)
|
Name (Nationality) |
Address |
|
Ronald William VOIGT |
241 Saddleback DR. NE, Grand Rapids, MI 49525, US. |
|
Jeffrey Dominic MC KEE |
5705 Manchester Hills Drive, S.E., Grand Rapids, Michigan
49546-9036, US. |
(As per registry
dated 19-08-2013)
|
Name |
Address |
Co. No. |
|
Tricor Tengis Ltd. |
Level 28, Three Pacific Place, 1 Queen’s Road East, Hong
Kong. |
0041027 |
The subject was incorporated on 19th August, 1993 as a private limited liability company under the Hong Kong Companies Ordinance.
It was originally registered under the name of Wimpole Ltd., name changed to the present style on 25th November, 1993.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Marketing Office.
Lines: Innovative Colour Solutions
Trade Mark: “X-RITE”.
Employees: 30.
Commodities Imported: US, etc.
Markets: Hong Kong, China, Japan, other Asian countries, etc.
Group Turnover: US$248,710,000 (Year ended 31-12-2007)
US$261,491,000 (Year ended 31-12-2008)
US$191,667,000 (Year ended 31-12-2009)
US$222,740,000 (Year ended 31-12-2010)
US$237,552,000 (Year ended 31-12-2011)
Terms/Sales: 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$100.00
Group Net Income/(Loss):-
(US$
20,822,000) (Year ended
31-12-2007)
(US$ 117,824,000) (Year ended 31-12-2008)
(US$
25,242,000) (Year ended
31-12-2009)
US$
3,641,000 (Year ended
31-12-2010)
US$
49,361,000) (Year ended
31-12-2011)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a normal manner.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Citibank N.A., Hong Kong.
Standing: Normal.
X-Rite Asia Pacific Ltd. is equally owned by X-Rite Holdings Inc. and X‑Rite
Global Incorporated, both are US-based firm.
The subject in fact is a member of the X-Rite Group [X-Rite].
X-Rite is the global leader in colour science and technology. The Company, which now includes colour
industry leader Pantone, Inc., develops, manufactures, markets and supports
innovative colour solutions through measurement systems, software, colour
standards and services. X-Rite’s expertise
in inspiring, selecting, measuring, formulating, communicating and matching
colour helps users get colour right the first time and every time, which
translates to better quality and reduced costs.
X-Rite serves a range of industries, including printing, packaging,
photography, graphic design, video, automotive, paints, plastics, textiles,
dental and medical.
Ron Voigt has been named president of X-Rite since 31st January, 2013.
Pantone LLC, a wholly owned subsidiary of X-Rite, Incorporated, has been
the world’s colour authority for nearly 50 years, providing design
professionals with products and services for the colourful exploration and
expression of creativity. Always a
source for colour inspiration, Pantone also offers paint and designer-inspired
products and services for consumers.
Danaher Corporation is a science and technology leader that designs,
manufactures, and markets innovative products and services to professional,
medical, industrial and commercial customers.
Its premier brands are among the most highly recognized in each of the
markets they serve. The Danaher Business
System provides a foundation to our 59,000 associates around the world, serving
customers in more than 125 countries.
Danaher’s sales in 2012 by geographic destination were: North America,
46% (including 43% in the United States); Europe, 26%; Asia/Australia, 21% and
all other regions, 7%.
Danaher’s product identification business is a leading global provider
of equipment and consumables for variable printing, marking and coding on a
wide variety of consumer and industrial products. It entered the product identification market
through the acquisition of Videojet in 2002, and has expanded its product and
geographic coverage through various subsequent acquisitions, including the
acquisitions of Willett International Limited in 2003, Linx Printing
Technologies PLC in 2005, EskoArtwork in 2011 and X‑Rite in 2012.
Danaher’s product identification products are primarily marketed under
the ESKO, FOBA, LINX, PANTONE, VIDEOJET and X-RITE brands. Manufacturing facilities are located in North
America, Europe, South America, and Asia.
Sales are generally made through its direct sales personnel and
independent distributors.
For the year ended31st December, 2011 the sales of the X-Rite Group
amounted to US$237.6 million (2010:US$ 222.7 million); net income amounted to
US$49.4 million (2010: US$3.6 million).
Business was good in the past two years.
However, it had made losses during the years between 2007 and 2009. This was the reason why X-Rite was acquired
by the Danaher Group in 2012.
The subject is fully supported by Danaher Group. History is over twenty years.
On the whole, consider the subject good for normal credit requirements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.14 |
|
|
1 |
Rs.99.02 |
|
Euro |
1 |
Rs.83.87 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIT |
RATING EXPLANATIONS
|
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 |
|
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 |
|
<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.