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Report Date : |
13.10.2014 |
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 : |
07 |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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
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.
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., US.
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 28-06-2013)
|
Name |
|
No.
of shares |
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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. |
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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. [ITEMA]. ITEMA is 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 |
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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. Both are members of the Board of Directors of the Group.
For the year ended 2013, ITEMA Group’s revenue, including from the sale of weaving machines and spare parts, was up 25% year on year at some €250 million.
The Group widened its global reach by shipping the Itema-branded weaving machines to 40 countries in 2013 (compared to 39 countries in 2012).
ITEMA Group’s revenue from the sale of Spare Parts was in line with expectations with no significant changes from the previous reporting period. The Spare Parts business unit was recently restructured in order to devise and implement a new strategy, which has already started bringing in encouraging results.
In 2013, the ITEMA implemented a wide range of restructuring and process improvement measures, such as continuing on the path of Lean Manufacturing across the production facilities at both Colzate and Shanghai plants, increasing the ability of the ITEMA to quickly respond to growing market demands for its products. Itema has also introduced important automations of its production processes and far-reaching energy-saving initiatives at the Colzate plant. In Shanghai, Itema is finalizing the move of commercial offices and production plant to a new, energy-efficient and ergonomic site, with the Grand Opening on 6th March, 2014.
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 twenty years. Business is chiefly handled by Ms. Eva Lee who is a Hong Kong businesswoman.
On the whole, in view of the background, history 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.61.16 |
|
UK Pound |
1 |
Rs.98.62 |
|
Euro |
1 |
Rs.77.67 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIS |
RATING EXPLANATIONS
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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.