MIRA
INFORM REPORT
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Report Date : |
30.05.2007 |
IDENTIFICATION DETAILS
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Name : |
PHILIPS ELECTRONICS HONG KONG LTD. |
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Registered Office : |
Level 5-9, |
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Country : |
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Date of Incorporation : |
27-8-1997 |
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Com. Reg. No.: |
621912 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trading of electrical products & components. |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Maximum Credit Limit : |
Up To USD 5,000,000 |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
name & address
PHILIPS ELECTRONICS HONG KONG LTD.
LEVEL 5-9,
1 QUEEN'S ROAD EAST, WANCHAI, HONG KONG.
TEL : 852 28215888
FAX : 852 28613578
EXECUTIVE SUMMARY
INCORPORATION DATE :
27-8-1997
REGISTRATION NO. :
621912
REGISTERED LEGAL FORM : PRIVATE
LIMITED COMPANY
CHIEF EXECUTIVE : HO KIAM KONG (DIRECTOR)
STAFF STRENGTH :
3,000 (IN HK)
AUTHORIZED CAPITAL :
HK$6,000M = 600M SHARES @ HK$10.-
PAID-UP
CAPITAL :
HK$4,621.98M
BUSINESS LINE :
TRADING OF ELECTRICAL PRODUCTS & COMPONENTS
TURNOVER :
US$35,616M (GROUP, YEAR ENDED 31-12-2006)
EQUITIES :
N/A (GROUP, YEAR ENDED 31-12-2006)
PAYMENT : GOOD
RECOMM.
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
FAIRLY STABLE
OPERATIONAL TREND : STEADY
GENERAL REPUTATION :
AVERAGE
EXCHANGE RATE :
HKD 7.80350 = USD1 AS OF 2007-5-30
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD –
The correct name address of SC is the heading one instead of `Philips
Electronic Hong Kong Ltd.' given by you.
SC is a private limited company registered under incorporation file no.
621912 on 27-8-1997.
SC's shareholders & directors are shown to be as follows:
Shareholders (as at 27-8-2006) Number
of shares held
- Philips Electronics
- Koninklijke Philips Electronics N.V. 194,500,000
- Philips Hong Kong Ltd. 1
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462,198,000
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Directors (as at 6-11-2006)
- Ho Kiam Kong / K179628(3)
- Vaartjes Wiebo Jan / R292831(A)
- Stassen Thomas Hubert Franciscus / R291797(0)
- Schevers Adrianus Antonius / R015469(0)
The above registration information is based on SC's annual return filed
at Companies Registry within the last 2 years.
Our current search revealed certain material change or amendment of SC
has been recorded within the last 2 years & noted as follows:
Shares allotments on 31-12-2005:
Allottee(s) No.
of share(s)
Koninklijke Philips Electronics N.V. 194,500,000
Partial change in SC's directorship as follows:
Name(s) of resigned director(s) Resignation
date
Pang Shing Lok Eddie 1-6-2005
Wente Andreas 1-7-2006
Lam Yip Chin May Mazy 18-8-2006
Van den Akker Carlo Anthony 6-11-2006
Name(s) of newly appointed director(s) Appointment
date
Stassen Thomas Hubert Franciscus 1-6-2005
Lam Yip Chin May Mazy 1-7-2006
Schevers Adrianus Antonius 14-8-2006
Vaartjes Wiebo Jan 6-11-2006
SC is a subsidiary of Philips Electronics China B.V. whose partial
information is as follows:
- Year established: 1987
- Registered address:
Groenewoudseweg 1,
- Business line: As an overseas
holding co. with diverse interests in manufacturing & supply of electronic
products.
- Civil litigation & winding-up petition: None in our database
The said co., is, in turn, is a subsidiary of Royal Philips Electronic
N.V., a public co. listed on NYSE with stock ticker "PHG [ADR]", whose
partial information is as follows:
- Year established: 1891
(founded)
- Registered address:
- Business line: As a holding co. with diverse interests in
manufacturing & supply of:
~ consumer electronic products
(e.g. TVs, VCRs, DVD players, phones, etc.)
~ lighting products
(e.g. lamps, light bulbs, etc.)
~ domestic appliances and personal care products
(e.g. electric shavers, steam irons, vacuum cleaners, rice cookers,
etc.)
~ others
(e.g. semiconductors, medical systems, etc.)
- No. of employees: 159,226 (as
at 31-12-2005)
- Civil litigation & winding-up petition records: None in our database
- Turnover: US$35,616M (year
ended 31-12-2006)
Partial financial data of the said company:
Items Fiscal
yr 31-12-2006 Fiscal yr 31-12-2005
Current assets : US$19,754M US$17,892M
Current
liabilities : US$12,054M US$12,054M
Fixed assets &
non-current assets : US$31,073M US$22,213M
Tangible
worth/(net deficit) : US$38,773M US$28,051M
Turnover : US$35,616M US$36,000M
Net income/(net
loss) : US$1,426M US$1,541M
Vaartjes Wiebo Jan, director:
Currently active in SC's day-to-day operations & is responsible for
its management.
Registered residential address: House 130, The Portofino, 132 Pak To
Ave, Clearwaterbay, N.T., HK.
Credit history
check : This refers to a check of our
database whether the said person has been involved in any of
the following
records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Ho Kiam Kong, director:
- In his late 40's
- He has over 10 years of experience in present field
Registered residential address: Unit 18G, 163 The Emerald Forest,
Credit history
check : This refers to a check of our
database whether the said person has been involved in any of
the following
records stored by us within the last 6 years:
Civil litigation
as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent payment
records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Ownership background appraisal:
Rating : 1 Obtained scores : 93 (see explanatory notes
below)
Keys : 1 : scores
81-100 : Excellent
2
: scores 61-80 : Good
3
: scores 46-60 : Average
4
: scores 21-45 : Fair
5
: scores 01-20 : Poor
The rating indicates the personal financial & operational strength
of SC's major principals. It is calculated
from a composite of scores obtained from the following 5 factors which carry
equal weight in our analysis:
Personal financial strength, credit history & trade reputation,
business experience & track record, market connection and management skill.
During our report preparation, the principals could not be contacted
while the staff members hesitated to release financial information without the
principals' consent.
As per current co. search, total amount of indebtedness of SC in respect
of all mortgages and charges which are required to be registered with Companies
Registry as at 27-8-2006 was NA.
Banking relations are maintained principally with:
- HSBC
- China Construction Bank (
- Citibank N.A.
- ABN AMRO Bank N.V.
This section will contain the civil litigations & winding-up
petitions filed against SC for the last 6 years (as stored in our database),
and the mortgage/charge records filed by SC for the last 2 years. In
Civil litigation/winding-up petitions : ( )
see below (X) see attached sheet
Note : In
Mortgage/charge record(s) : None filed since its incorporation date.
Overall payment appraisal :
( ) Excellent (X) Good (
) Average ( ) Fair
( ) Poor (
) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits and
ability to pay. It is based on the 3
weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment records and our debt collection record concerning SC.
Trade payment
experience : SC did not provide any name of
trade/service suppliers and we have no other
sources to conduct
the enquiry at present.
Delinquent
payment record : None in our database.
Debt
collection record : No overdue amount
owed by SC was placed to us for collection within the last 6 years.
Business categories :
SC is engaged in trading of electrical products & components.
Items available include audio & video equipment (e.g. DVD players
& recorders, home theatre systems, LCD TVs), household appliances (e.g.
steam irons, vacuum cleaners, water purifiers, food processors, rice cookers,
shavers, etc.), light bulbs, lamps, cellular phones, corded & cordless
phones, office automation, scientific testing equipment & related
accessories.
A portion is sold under its own brand(s) 'Philips'.
SC is also the global headquarters for audio business unit, domestic
appliances & personal care division, lighting division and medical division
of Royal Philips Electronic N.V.
SC also operates its business under the following business names:
- Light Factory
- Electronic Devices Ltd.
- LCD Factory
- Philips DAP
- Philips Medical Systems Greater
- Electronic Devices Ltd.
- Power Components
- Philips Design
- Philips Sound Solutions APAC
- Philips Medical Systems
- Philips Consumer Electronics
- Philips Semiconductors Competence Centre
Principal purchases :
Major
types of sourcing :
Merchandise
Local--type
of suppliers : Nil
Buying
terms : Nil
Overseas--supplying
countries : PR China,
Buying
terms : T/T
& intercompany account basis
Principal market :
Local--type
of customers : Manufacturers &
wholesalers
Selling
terms : COD & credit
of 30 days
Overseas--buying
countries : Worldwide
Selling
terms : L/C &
T/T
Total number of employees : 3,000 (in HK).
Location : Maintaining its office at the heading business
address which occupies a gross area of 75,000 square feet at a commercial
building in a commercial & residential district.
Condition inside the premises
during our visit :
Office/factory layout : Standard.
Other offices & factories of SC include the following:
- Address: 5/F,
Philips Electronics Bldg.,
- Tel: 852-24896878
- Fax: 852-25205065
- Address: Unit
501-5, 5/F,
- Tel: 852-23197888
- Fax: 852-23197700
- Address: Level 9, Tower
1, Grand Century Place,
- Tel: 852-26662888
- Fax: 852-26644183
- Address: 1/F,
- Tel: 852-24944108
- Fax: 852-24010530
SC is
not known to have any subsidiary at present.
SC is considered a well-maintained business with solid base
to meet fairly large amount of credit dealings.
-- Asset Tracing --
Upon our current investigation, our database & sources consulted
indicate that SC was not involved in any property transaction (both purchase
& disposal) in
Royal Philips Electronic N.V.'s share price movements are as follows:
- Closed on 29-5-2007: US$41.27
- Year high / low: US$42.84/ US$27.36
- Price earning ratio: 24.60
APPENDIX
SUPPLEMENTARY INFORMATION:
1. SC's
civil litigations check
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)