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MIRA
INFORM REPORT
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Report No. : |
508322 |
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Report Date : |
09.05.2018 |
IDENTIFICATION DETAILS
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Name : |
ITEMA (ASIA) LIMITED |
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Registered Office : |
Room
808, 8/F., Tower 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon Bay,
Kowloon, Hong Kong. |
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Country : |
Hongkong |
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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 all kinds of Textile Machinery and Equipment |
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No. of Employees : |
8 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A |
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Credit Rating |
Explanation |
Rating Comments |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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Status : |
Good |
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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
|
Country Name |
Previous Rating (30.09.2017) |
Current Rating (31.12.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately 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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 4.4% in 2014, but slowed to 2.9% in 2015. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities
|
Source
: CIA |
Company name and address
ITEMA (ASIA)
LIMITED
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
MANAGEMENT
Managing Director: Ms.
Lee Wing Yan, Eva
SUMMARY
Incorporated on: 28th
June, 1994.
Organization: Private
Limited Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer and Exporter.
Annual Turnover: HK200~300
million.
Employees:
8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
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 Middle
East Dubai DMCC, United Arab Emirates.
ITEMA Spinning India Ltd., India.
ITEMA Weaving (India) Private Ltd., India.
ITEMA Weaving (Japan) Ltd., Japan.
ITEMA Weaving Machinery (China) Co. Ltd.,
China.
Lamiflex
S.p.A., Italy.
Noecha S.r.l.,
Italy.
Shandong Istma
Textile Machinery Co. Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
18344757
COMPANY FILE NUMBER
0483728
MANAGEMENT
Managing Director: Ms. Lee Wing Yan, Eva
ISSUED SHARE CAPITAL
HK$10,000.00
SHAREHOLDER
(As per registry dated 28-06-2017)
|
Name |
|
No. of shares |
|
ITEMA S.p.A. Via Cav. Gianni Radici, 4 24020 Colzate
(Bergamo), Italy. |
|
10,000 ===== |
DIRECTORS
(As per registry dated 28-06-2017)
|
Name (Nationality) |
Address |
|
LEE Wing Yan |
1/F., 79 Sheung Keng Hau Village, Taiwai,
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 15, 9/F., World-Wide Industrial
Center, |
SECRETARY
(As per registry dated 28-07-2017)
|
Name |
Address |
Co. No. |
|
Forward Business Management Ltd. |
Room 15, 9/F., World-Wide Industrial
Center, 43-47 Shan Mei Street, Fotan, Shatin, New Territories, Hong
Kong. |
1894638 |
HISTORY
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.
OPERATIONS
Activities: Importer
and Exporter.
Lines: All
kinds of textile machinery and equipment.
Brand Names:
“Sultex”, “Somet”,
and “Vamatex”.
Employees: 8.
Commodities
Imported: Europe,
China and other foreign advanced countries.
Markets: China,
Taiwan, other Asian countries, Europe, etc.
Annual Turnover: HK200~300 million.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying:
As per contracted.
FINANCIAL INFORMATION
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Business is
normal.
Facilities:
Making active
use of general banking facilities.
Payment:
Regular.
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.
GENERAL
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.
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.
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.
The Group is significant for its Air-Jet, Projectile and Rapier weaving
machines.
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, India,
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.
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 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, about 65 of whom are dedicated to customer
service.
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 In recent
years, a new company in the United Arab Emirates has been set up. This company is known as ‘ITEMA Middle East
Dubai DMCC, United Arab Emirates’.
Now, the
Group has 835 employees in 50 countries while about 400 are in Colzate,
ITEMA. The annual turnover of the Group
is about EUR 400 million.
The
annual sales turnover of the subject ranges from HK$200 to 300 million. Business is rather active. Making a small profit every year.
The
history of the subject in Hong Kong is over twenty-three years and five
months. Business is chiefly handled by
Ms. Eva Lee who is a Hong Kong businesswoman.
She is also Managing Director of the subject.
On the
whole, in view of the background, history and parentage of the subject,
consider it good for normal business engagements.
MORTGAGE OR CHARGE
|
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 |
INR 67.08 |
|
|
1 |
INR 91.14 |
|
Euro |
1 |
INR 80.08 |
|
HKD |
1 |
INR 8.58 |
Note:
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
|
Analysis Done by
: |
PRA |
|
|
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Report Prepared
by : |
NIT |
RATING EXPLANATIONS
|
Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
|
A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
|
B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
|
C |
Medium High Risk |
Business dealings permissible preferably
on secured basis |
|
D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the
business is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
·
Promoters
/ Management background
·
Payment
record
·
Litigation
against the subject
·
Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.