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Report No. : |
355740 |
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Report Date : |
24.12.2015 |
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 : |
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 : |
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No. of Employee : |
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 – March 31, 2015
|
Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong Kong by the end of 2014. 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 47.3 million in 2014, 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 2014 mainland Chinese companies constituted about 50% of the firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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 4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic liberalization of trade in services in Guangdong Province under the Closer Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong and the mainland. The new measures, effective from March 2015, cover a negative list and a most-favored treatment provision, and will improve access to the mainland's service sector for Hong Kong-based companies.
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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
MANAGEMENT:
Managing Director & President:
Mr. Ronald William Voigt
Incorporated on: 19th August, 1993.
Organization: Private Limited
Company.
Issued Share Capital: HK$100.00
Business Category: Marketing Office.
Group Turnover: US$19,913.8
million (Year ended 31-12-2014)
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.
Holding Company:-
X-Rite Europe GmbH, Switzerland.
Ultimate Holding
Company:-
Danaher Corporation, USA.
Associated
Companies:-
X-Rite GmbH, Germany.
X-Rite Incprorated, USA.
Danaher Group of Companies
17538353
0445501
Managing Director & President:
Mr. Ronald William Voigt
HK$100.00
(As per registry dated 19-08-2015)
|
Name |
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No. of shares |
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X-Rite Europe GmbH Althardstrasse 70, 8105 Regensdorf, Switzerland. |
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100 === |
(As per registry dated 19-08-2015)
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Name (Nationality) |
Address |
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Frank Talbot MC FADEN |
9412 Crimson Leaf Terrace, Potomac, MD 20854-5491, USA. |
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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 19-08-2015)
|
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
Markets: Hong Kong, China,
Japan, other Asian countries
Group Turnover: 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)
US$19,913.8 million (Year ended 31-12-2014)
US$13,929.8 million (9 months ended 26-09-2014)
US$14,678.3 million (9 months ended 02-10-2015)
Terms/Sales: As per contracted.
Terms/Buying: As per contracted.
Issued Share Capital: HK$100.00
Group Net Income/(Loss):-
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)
US$2,598.4 million (Year ended
31-12-2014)
US$1,936.7 million (9 months
ended 26-09-2014)
US$2,668.8 million (9 months
ended 02-10-2015)
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 contracted.
Commercial Morality: Satisfactory.
Banker: Citibank N.A.,
Hong Kong.
Standing: Good.
Formerly X-Rite Asia Pacific Ltd. was equally owned by X-Rite Holdings
Inc. and X‑Rite Global Incorporated, both were US-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 its 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.
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. It helps protect the world’s food supply, improve
packaging design and quality, verify pharmaceutical dosages and authenticity
and power innovative machines. Its
product identification business develops and manufactures equipment,
consumables and software for various printing, marking, coding, design and
colour management applications on consumer and industrial products. Its automation business provides mechanical
and electromechanical motion control solutions for the automation market. 2014 sales for this segment by geographic
destination were: North America, 45%; Europe, 30%; Asia/Australia, 17% and all
other regions, 8%. The Industrial
Technologies segment consists of the following lines of business.
The Group entered the product identification market through the
acquisition of Videojet in 2002, and have 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.
Its product identification businesses design, manufacture, and market
the following products and services:
it provides a variety of equipment used to print bar codes, date codes,
lot codes and other information on primary and secondary packaging. Its equipment can apply high-quality
alphanumeric codes, logos and graphics to a wide range of surfaces at a variety
of line speeds, angles and locations on a product or package.
it is a leading global supplier of integrated solutions for packaging,
sign and display finishing, commercial printing and professional
publishing. It provides software for
artwork creation, structural design, workflow automation, quality assurance and
online collaboration, flexo computer-to-plate imagers and digital finishing
systems.
it provides innovative colour solutions through measurement systems,
software, colour standards and related services. Its expertise in inspiring, selecting,
measuring, formulating, communicating and matching colour helps users improve
the quality and effectiveness of their products and reduce costs.
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.
Customers in this industry choose suppliers based on a number of
factors, including printer speed and accuracy, equipment uptime and reliable
operation without interruption, ease of maintenance, service coverage and the
other factors described under “‑ Competition.”
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 our
direct sales personnel and independent distributors.
For the year ended 31st December, 2014, the sales of the Group amounted
to US$19,913.8 million (2013: US$19,118.0 million), net earnings were
US$2,598.4 million (2013: US$2,696.0 million).
Consolidated sales for the year ended 31st December, 2014 increased 4.0%
compared to 2013. Sales from existing
businesses contributed 3.5% growth and sales from acquired businesses
contributed 1.5% growth on a year-over-year basis. The impact of currency translation reduced
reported sales by 1.0% as the US dollar was, on average, stronger against other
major currencies during 2014 as compared to exchange rate levels during 2013.
The subject is fully supported by Danaher Group. History is over twenty-two years and four
months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.20 |
|
|
1 |
Rs.98.30 |
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Euro |
1 |
Rs.72.41 |
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HKD |
1 |
Rs.8.51 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
ANK |
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 |
-- |
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.