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Report Date : |
08.10.2014 |
IDENTIFICATION DETAILS
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Name : |
X-RITE ASIA PACIFIC LTD. |
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Registered Office : |
Suite 2801, 28/F., AXA Tower, Landmark East, 100 How Ming Street, Kwun Tong, Kowloon |
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Country : |
Hongkong |
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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 : |
Subject belongs to
the Industrial Technologies segment. This segment is a leading global
provider of equipment, consumables and software for various printing,
marking, coding, design and colour management applications on consumer and
industrial products. |
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No. of Employees : |
25. |
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
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hongkong |
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 |
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 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.
|
Source
: CIA |
X-RITE ASIA PACIFIC
LTD.
ADDRESS: Suite
2801, 28/F., AXA Tower, Landmark East, 100 How Ming Street,
Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2368 7738, 2568 6283,
2535 1916
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$19,118.0 million (Year ended 31-12-2013)
Employees: 25.
Main Dealing Banker: Citibank
N.A., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
Suite 2801, 28/F., AXA Tower, Landmark East, 100 How Ming
Street, Kwun Tong, Kowloon, Hong Kong.
X-Rite Europe GmbH, Switzerland.
Danaher Corporation, USA.
X-Rite GmbH, Germany.
X-Rite Incprorated, USA.
Danaher Group of Companies
17538353
0445501
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 19-08-2014)
|
Name |
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No. of
shares |
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X-Rite Europe GmbH Althardstrasse 70, 8105 Regensdorf, Switzerland. |
|
100 === |
(As per registry
dated 19-08-2014)
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Name (Nationality) |
Address |
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Frank Talbot MC FADEN |
9412 Crimson Leaf Terrace, Potomac, MD 20854-5491, USA. |
|
Ronald William VOIGT |
241 Saddleback DR. NE, Grand Rapids, MI 49525, USA. |
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Jeffrey Dominic MC KEE |
5705 Manchester Hills Drive, S.E., Grand Rapids,
Michigan 49546-9036, USA. |
(As per registry
dated 19-08-2014)
|
Name |
Address |
Co. No. |
|
Tricor Tengis Ltd. |
Level 54, Hopewell Centre, 183 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.
Formerly the subject
was located at 36/F., @Convoy, 169 Electric Road, North Point, Hong Kong,
moved to the present address in November 2013.
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: 25.
Commodities Imported: USA,
etc.
Markets: Hong
Kong, China, Japan, other Asian countries, etc.
Group Turnover: US$10,516.7
million (Year ended 31-12-2009)
US$12,550.0
million (Year ended 31-12-2010)
US$16,090.5
million (Year ended 31-12-2011)
US$18,260.4
million (Year ended 31-12-2012)
US$19,118.0
million (Year ended 31-12-2013)
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$1,151.7
million (Year ended 31-12-2009)
US$1,793.0
million (Year ended 31-12-2010)
US$2,172.3
million (Year ended 31-12-2011)
US$2,392.2
million (Year ended 31-12-2012)
US$2,695.0
million (Year ended 31-12-2013)
Profit or Loss: Group
business is profitable.
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.
Formerly X-Rite Asia
Pacific Ltd. was equally owned by X-Rite Holdings Inc. and X‑Rite Global
Incorporated, both were USA-based firm.
Now, the subject is a
wholly-owned subsidiary of X-Rite Europe GmbH, a Switzerland-based company.
In 2012, Danaher
Corporation acquired X-Rite Inc. which was the subject’s intermediate holding
company.
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 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.
Danaher has been
listed on New York Stock Exchange. It
has had the following five segments:-
· Test & Measurement;
· Environmental;
· Life Science & Diagnostics;
· Dental; &
· Industrial Technologies.
The subject belongs
to the Industrial Technologies segment. This segment is a leading global
provider of equipment, consumables and software for various printing, marking,
coding, design and color management applications on consumer and industrial
products. The segment is also a leading global provider of electromechanical
motion control solutions for the industrial automation and packaging markets. 2013 sales for this segment by geographic
destination were: North America, 45%; Europe, 30%; Asia/Australia, 16% and all
other regions, 9%. The Industrial
Technologies segment consists of the following lines of business.
Product
Identification
The Group entered the
product identification market through the acquisition of Videojet in 2002, and
have expanded our 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.
Typical users of the
product identification business’ products include food and beverage
manufacturers, pharmaceutical manufacturers, retailers, commercial printing,
packaging and mailing operations, graphic design firms, and paints, plastics
and textile manufacturers. Its 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 ended
31st December, 2013, the sales of the Group amounted to US$19,118.0 million,
net earnings were US$2,696.0 million.
The subject is fully
supported by Danaher Group. History is
over twenty-one years.
On the whole,
consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.36 |
|
|
1 |
Rs.98.71 |
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Euro |
1 |
Rs.77.47 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.