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Report No. : |
334003 |
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Report Date : |
28.07.2015 |
IDENTIFICATION DETAILS
|
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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|
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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 Employee : |
7 |
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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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|
|
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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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
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 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.
ADDRESS: 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.
Issued Share Capital: HK$10,000.00
Business Category: Importer
and Exporter.
Annual Turnover: HK180~220 million.
Employees: 7.
Main Dealing Banker: The Hong
Kong & 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.
18344757
0483728
Managing Director: Ms. Lee Wing
Yan, Eva
HK$10,000.00
(As per registry dated 28-06-2014)
|
Name |
|
No. of shares |
|
ITEMA S.p.A. Via Cav. Gianni Radici, 4 24020
Colzate (Bergamo), Italy. |
|
10,000 ===== |
(As per registry dated 28-06-2014)
|
Name (Nationality) |
Address |
|
LEE Wing Yan |
Flat H, 5/F., Glamour Garden, 1-5 Chik Fai Street, Shatin,
New Territories, Hong Kong. |
|
Giacomo SALA |
c/o 2, Stock Hoschgasse 68, 8008 Zurich, Switzerland. |
|
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 28-06-2014)
|
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
Annual Turnover: HK180~220
million.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
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 |
|
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.
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.
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 about 90 people, 65 of whom 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.
One of the directors of the subject Mr. Danilo Enrico Arizzi 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.
Another director of the subject Giacomo SALA is also Managing Director
of Switzerland ITEMA.
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.
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 Colzate, ITEMA has 395
workers of the 835 total in the world.
In Shanghai, ITEMA moved to a new, energy-efficient and ergonomic site,
with the Grand Opening on 6th March, 2014.
In October 2014, ITEMA announced plans to boost its Regional Hub of
ITEMA Asia based in Hong Kong which is the subject, in line with its strategy
to build up a stronger presence in important weaving markets throughout Asia
Pacific (APAC). Effective November 1st,
ITEMA relocated Cristiano Capitanio, APAC Regional Head of Sales, to Hong Kong
in a move to enhance local presence and increase efficiency when serving
ITEMA’s growing APAC Customer base, representing a sizeable part of ITEMA’s
global turnover.
The annual sales turnover of the subject ranges from HK$180 to 220
million. Business is rather active. Making a small profit every year.
The history of the subject in Hong Kong is over twenty years and six
months. 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.64.00 |
|
|
1 |
Rs.99.43 |
|
Euro |
1 |
Rs.70.61 |
INFORMATION DETAILS
|
Analysis Done by
: |
SUM |
|
|
|
|
Report Prepared
by : |
NIT |
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.