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Report Date : |
30.01.2014 |
IDENTIFICATION DETAILS
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Name : |
ITEMA (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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|
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No. of Employees : |
07 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 : |
Regular |
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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 – December 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
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.
Room 808, 8/F., Tower 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon Bay,
Kowloon, Hong Kong.
PHONE: 852-2317 1212, 2317 1420
FAX: 852-2317 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:
7.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ITEMA (ASIA) LTD.
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.
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 28-06-2013)
|
Name |
|
No. of shares |
|
ITEMA S.p.A. Via Cav. Gianni Radici, n° 4 in Colzate (Bergamo), Italy. |
|
10,000 ===== |
(As per registry dated 23-07-2013)
|
Name (Nationality) |
Address |
|
LEE Wing Yan |
Flat H, 5/F., Glamour Garden, 1-5 Chik Fai Street, Shatin,
New Territories, Hong Kong. |
|
Giacomo SALA |
Via XX Settembre 6, Osnago (LC), Italy. |
|
Danilo Enrico ARIZZI |
Via M. Merisi 32/A, Albino (BG), Italy. |
|
Forward Business Management Ltd. |
Room 1117, 11/F., Hollowood Plaza, 610 Nathan Road, Mongkok, Kowloon,
Hong Kong. |
(As per registry dated 28-06-2013)
|
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: 7.
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
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.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing:
Very 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 was created by Radici Group in 2001.
ITEMA Group is an international textile machinery and equipment
provider. Its predecessor and history
have 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.
In 2011, Alpha private equity fund acquired from ITEMA Group 100% of
Savio Macchine Tessili S.p.A. and its controlled units.
The important event for the company was the opening of ITEMA India Ltd.
on 24th September, 2005, in Coimbatore, India.
ITEMA India, which is located in a new 1,600-sq.m. 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, and Vamatex 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 90 people, 65 of which are dedicated to
customer service. These customer service
agents can cover other the Middle East and Asia Pacific regions from Turkey to
Iran and Indonesia.
The President of the subject is Mr. Danilo Enrico Arizzi who is an
Italian. The new CEO of the ITEMA Group
Mr. Carlo Rogora was appointed in 2011.
The annual Group turnover of ITEMA ranges from EUR 250 to 260 million.
However, 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 nineteen 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.62.73 |
|
|
1 |
Rs.103.86 |
|
Euro |
1 |
Rs.85.60 |
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.