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Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
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Name : |
ESAOTE CHINA LTD. |
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Formerly Known As : |
MULTI GAIN TRADING LTD |
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Registered Office : |
18/F., 135 Bonham Strand Trade Centre, 135 Bonham |
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Country : |
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Date of Incorporation : |
16.12.1996 |
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Com. Reg. No.: |
20490912 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of Medical Products |
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No of Employees : |
20 |
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 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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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 has no tariffs
on imported goods, and it levies excise duties on only four commodities,
whether imported or produced locally: 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, its continued reliance on foreign trade and investment
leaves it vulnerable to renewed global financial market volatility or a slowdown
in the global economy. 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service sector
for Hong Kong-based companies.
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Source
: CIA |
ESAOTE CHINA LTD.
ADDRESS: 18/F., 135 Bonham
Strand Trade Centre, 135 Bonham Strand, Sheung Wan, Hong Kong.
PHONE: 852-2545 8386
FAX: 852-2543 3068
E-MAIL: esaote@esaotechina.com
Managing Director: Mr. Michael
Kurt Conroy
Incorporated on: 16th December, 1996.
Organization: Private Limited Company.
Capital: Nominal: HK$8,000,000.00
Issued: HK$8,000,000.00
Business Category: Medical
Product Trader.
Group Turnover: EUR 300 - 350 million.
Employees: 20.
Main Dealing Banker: BNP
Paribas, Hong Kong Branch.
Banking Relation: Good.
Registered Head Office:-
18/F., 135 Bonham Strand Trade Centre, 135 Bonham Strand, Sheung Wan,
Hong Kong.
Esaote Spa, Italy.
Esaote Asia Pacific Diagnostic Pvt. Ltd., India.
Esaote Benelux B.V., Netherlands.
Esaote Benelux N.V., Belgium.
Esaote Biomedical Deutschland GmbH, Germany.
Esaote Espana S.A.U., Spain.
Esaote Europe B.V., Netherlands.
Esaote France S.A.R.L., France.
Esaote Latinoamerica S.A., Argentina.
Esaote Medical Imaging B.V., Netherlands.
Esaote Medical S.A.S., France.
Esaote North America Inc., USA.
Shenzhen Esaote Medical Technology Co. Ltd., China.
20490912
0581680
Managing Director: Mr. Michael
Kurt Conroy
Nominal Share Capital: HK$8,000,000.00 (Divided into 800,000 shares of
HK$10.00 each)
Issued Share Capital: HK$8,000,000.00
(As per registry dated 16-12-2013)
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Name |
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No. of shares |
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Turquandia Ltd., Hong Kong. |
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1 |
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Esaote S.p.A. Via Angelo Siffredi, 58-16153 Genoa, Italy. |
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799,999 |
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––––––– |
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Total: |
800,000 ====== |
(As per registry dated 16-12-2013)
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Name (Nationality) |
Address |
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Alberto BONI |
11/F., Parkland Drive, Discovery Bay, Lantau Island, Hong Kong. |
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JIN Xuekun |
1507, 5 Lou, 11 Jiaomen Beilu, Fengtai District, Beijing, 100068,
China. |
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Michael Kurt CONROY |
Flat A, 2/F., Coastline Villa, Peninsula Village, 30 Discovery Bay
Road, Discovery Bay City, Lantau Island, Hong Kong. |
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Daniel NOVACEK |
Jahnstr, 47 82319 Starnberg, Germany. |
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Renzo MUZI |
Via Gardanesi, 106-22, Lipomo (Como) Italy. |
(As per registry dated 16-12-2013)
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Name |
Address |
Co. No. |
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Tricor Tengis Ltd. |
Level 54, Hopewell Centre, 183 Queen’s Road East, Hong Kong. |
0041027 |
The subject was incorporated on 16th December, 1996 as a private limited
liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Multi Gain
Trading Ltd., name was changed to the present style on 17th January, 1997.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Medical Product Trader.
Lines: All
kinds of medical diagnostic equipment, etc.
Brand Name: Esaote.
Employees: 20.
1,300. (Group)
Commodities Imported: Europe,
etc.
Markets: Hong Kong, China, other Asian countries, etc.
Annual Turnover: EUR 300
- 350 million.
Terms/Sales: As per contracted.
Terms/Buying: As per contracted.
MEMBERSHIPS: The Hong Kong General Chamber of
Commerce, Hong Kong.
[Membership No. HKE0372]
Italian Trade
Commission, Italy.
The Italian
Chamber of Commerce in Hong Kong and Macao, Hong Kong.
Nominal Share Capital: HK$8,000,000.00 (Divided into 800,000 shares of
HK$10.00 each)
Issued Share Capital: HK$8,000,000.00
Indebtedness: US$4,000,000.00 (Total amount outstanding on all mortgages
and charges as per last Annual Return dated 16-12-2013)
Mortgage or Charge:-
Date of Deed of Charge on Deposit: 06-09-2013
Amount: To
secure the payment and discharge of all present and future indebtedness,
obligations and/or liabilities of the Company
Property: The
Company charges and agrees to charge to the Bank by way of first fixed charge
and as continuing security for discharge of all Liabilities, all existing and
future rights and interest of the Company in all the moneys from to time standing
to the credit of the account no. 00001-207129-049-86 & 00001-207129-101-27
Mortgagee: BNP
Paribas, Hong Kong Branch.
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: BNP Paribas, Hong Kong Branch.
Standing: Good.
Having issued 800,000 ordinary shares of HK$10.00 each, Esaote China
Ltd. is wholly owned by Esaote S.p.A. [Esaote/Group, when including associates]
which is an Italy-based company.
The subject is a member of the Esaote Group of companies. It is engaged in the same lines of business
as Esaote.
Esaote is one of the world’s leading producers of medical diagnostic
systems. It is well established as a
Europe-based leading ultrasound manufacturer, and internationally acknowledged
to be the world leader in dedicated MRI.
The Esaote Group is also one of the main players in the sector of
Information Technology for healthcare.
In January 2006 a new Company - called Imaging S.p.A. - was created in
order to purchase 100% of Esaote S.p.A. and its subsidiaries. Imaging was created by financial investors (Intesa
San Paolo S.p.A., IMI Investimenti S.p.A, Tower 7 S.a.r.l., Mps Venture SGR
S.p.A, Banca Carige S.p.A) and by the managers of the Esaote Group. During 2006 and 2007 Imaging S.p.A. was a
shareholder of Esaote and had no operative functions.
In November 2009 Esaote is acquired by Tutti S.p.A., a consortium of
investors led by Ares Life Sciences holding 40% of the share capital, and
including IMI Investimenti S.p.A, Tower 7 S.a.r.l, MPS Venture SGR S.p.A, Banca
Carige S.p.A and a group of Esaote management, holding a combined 60% stake.
During its life Esaote has undergone a steady growth, achieving net
sales of about EUR 325,3 million in 2012 with a strong contribution of
international sales equal to about 60%.
Almost 85% of Esaote’s consolidated sales are derived from highly
competitive markets such as European countries, the United States and China.
Today the Esaote Group has about 1,300 employees, 50% of which work
abroad. The R&D structures employ
about 270 qualified technicians (equal to 20% of total staff) and enjoy the
co-operation of international research centres and universities.
The Group is engaged in the following business scope:-
·
Manufacturing & Process Engineering;
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Medical device;
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Software & ICT platforms;
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Research & Development;
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Satellite Activities; &
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Marketing.
The business of the Group is active.
History in Hong Kong is about 17 years and eight months.
On the whole, in view of the parentage and background of the subject,
consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.06 |
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1 |
Rs.101.84 |
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Euro |
1 |
Rs.81.55 |
INFORMATION DETAILS
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Analysis Done by
: |
SUM |
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Report Prepared
by : |
SHG |
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.