MIRA
INFORM REPORT
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Report Date : |
17.10.2008 |
IDENTIFICATION
DETAILS
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Name : |
TAI PING
CARPETS LTD. |
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Registered Office : |
26/F., Regent Centre, Tower A, 63 Wo Yi Hop Road, Kwai Chung,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.05. 1986. |
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Com. Reg. No.: |
10313186 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer and Exporter of all kinds of Carpets. |
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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
Exists |
name of the company
TAI
PING CARPETS LTD.
ADDRESS
26/F., Regent Centre,
Tower A, 63 Wo Yi Hop Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 2848 7668, 2526 6231,
2521 6281
FAX: 2845 9363, 2845 9364
E-MAIL: manager@taipingcarpets.com
MANAGEMENT
Managing
Director: Mr. Mak Wai Man, Raymond
SUMMARY
Incorporated on: 16th May, 1986.
Organization: Private Limited Company.
Capital: Nominal: HK$20,000,000.00
Issued: HK$20,000,000.00
Business Category: Carpet Manufacturer and Trader.
Group Turnover: HK$1,121,884,000 (Year ended 31-12-2007)
Group Employees: 3,400. (As at 30-06-2008)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
26/F., Regent
Centre, Tower A, 63 Wo Yi Hop Road, Kwai Chung, New Territories, Hong Kong.
Showroom:-
213, Prince’s
Building, 10 Chater Road Central, Hong Kong.
[Tel: 2522
7138; E-mail: hk@taipingcarpets.com]
Factory:-
Tai Ping
Industrial Park, 51 Ting Kok Road, Tai Po, New Territories, Hong Kong.
China Factory:
Shatou, Chaozhou, Guangdong Province, China.
Holding Company:-
Hong Kong Carpet
(Holdings) Ltd., Hong Kong.
Ultimate Holding Company:-
Tai Ping Carpets
International Ltd., Bermuda/Hong Kong.
Affiliated Companies:-
Tai Ping Carpets Group of Companies
Carpets Itnernational Thailand Public Co. Ltd., Thailand.
Costigan Ltd., British Virgin Islands.
Edwards Fields Inc., USA.
Foshan Nanhai Tai Ping Carpets Co. Ltd., China.
J.S.L. Carpet Corporation, USA.
Luard Enterprsies Ltd., British Virgin Islands.
Philippine Carpet Manufacturing Corporation, Philippines.
Premier Yarn Dyers Inc., USA.
Suzhou Shuilian Mattress Co. Ltd., China.
Tai Ping Carpets (S) Pte. Ltd., Singapore.
Tai Ping Carpets Americas Inc., USA.
Tai Ping Carpets Europe S.A.S., France.
Tai Ping Carpets India Private Ltd., Ind.a
Tai Ping Carpets Interieur GmbH, Germany.
Tai Ping Carpets Latin America S.A., Argentina.
Weihai Shanhua Floorcovering Products Co. Ltd., China.
Weihai Shanhua Huabao Carpet Co. Ltd., China.
Weihai Shanhua Premier Carpet Co. Ltd., China.
Weihai Shanhua Weavers Carpet Co. Ltd., China.
White Oak Carpet Mills Inc., USA.
etc.
BUSINESS REGISTRATION NUMBER
10313186
COMPANY FILE NUMBER
169364
MANAGEMENT
Executive Director
& Chief Executive Officer: Mr.
James Howard Kaplan
Managing Director
(Commercial, Asia): Mr. Richard Neil
Morris
Managing
Director: Mr. Mak Wai Man, Raymond
CAPITAL
Nominal Share
Capital: HK$20,000,000.00 (Divided into 2,000,000 shares of HK$10.00 each)
Issued Share
Capital: HK$20,000,000.00
SHAREHOLDERS
(As per registry dated 16-05-2008)
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Name |
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No. of shares |
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Hong Kong Carpet
(Holdings) Ltd., Hong Kong. |
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1,999,999 |
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MAK Wai Man, Raymond |
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1 |
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–––––––– |
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Total: |
2,000,000 ======= |
DIRECTORS
As per registry dated 16-05-2008)
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Name (Nationality) |
Address |
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FU Chi Wing,
Jason |
9/F., 451 Lockhart Road, Wanchai, Hong
Kong. |
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James Howard
KAPLAN |
860 Broadway, 4/F., New Yori, NY 10003,
USA. |
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Richard Neil
MORRIS |
7 Kim Tian Place, 03-63, Singapore 160007. |
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MAK Wai Man,
Raymond |
5/F., Rear Block, 70-72 Queen’s Road West,
Hong Kong. |
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SHI Wai Chu,
Clara |
Flat 6, 10/F., Block 41, Heng Fa Chuen,
Chai Wan, Hong Kong. |
SECRETARY
MAK Wai Man,
Raymond (As per registry dated
16-05-2008)
HISTORY
The company was
incorporated on 16th May, 198616th May, 1986 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly the
subject’s office was located at 32/F., Bank of America Tower, 12 Harcourt Road,
Hong Kong, moved to the present address in January 1997.
Apart from these,
neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Manufacturer and Exporter.
Lines: All kinds of carpets.
Trade Mark: TAI PING.
Office Space: 13,000 sq.ft. – owned by the Group
Group Employees: 3,400. (As at 30-06-2008)
Raw Materials: Imported from New Zealand, etc.
Markets: Worldwide countries.
Group Turnover:-
HK$ 900,026,000 (Year ended 31-12-2006)
HK$1,121,884,000 (Year ended 31-12-2007)
HK$ 491,876,000 (6 months ended 30-06-2007) – Unaudited
HK$ 620,233,000 (6 months ended 30-06-2008) – Unaudited
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
MEMBERSHIP
Federation of Hong
Kong Industries, Hong Kong.
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKT0022]
FINANCIAL INFORMATION
Nominal Share
Capital: HK$20,000,000.00 (Divided into 2,000,000 shares of HK$10.00 each)
Issued Share Capital:
HK$20,000,000.00
Alternation of
Capital:-
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16-05-1986 |
paid up |
HK$ 20.00 |
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27-06-1986 |
paid up |
HK$ 19,999,980.00 |
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–––––––––––––––– |
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Total: |
paid up |
HK$ 20,000,000.00 ============== |
Group Profit After
Tax:-
HK$37,020,000 (Year ended 31-12-2006)
HK$93,971,000 (Year ended 31-12-2007)
HK$23,160,000 (6 months ended 30-06-2007) – Unaudited
HK$31,042,000 (6 months ended 30-06-2008) – Unaudited
Group Net Worth: HK$773,861,000 (As at 31-12-2006)
HK$897,313,000 (As at 31-12-2007)
HK$934,570,000 (As at 30-06-2008) – Unaudited
Profit & Loss: The Group makes profits every year.
Condition: Keeping in an active state.
Facilities: Making active use of general
banking facilities.
Payment: So
far so good.
Commercial
Morality: Good.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
GENERAL
Tai Ping Carpets Ltd.
is a wholly owned subsidiary of Hong Kong Carpet (Holdings) Ltd. [HKCHL] which
is in turn a wholly owned subsidiary of Tai Ping Carpets International Ltd.
[TPCIL]. TPCIL was incorporated on
1st December, 1989 as the holding company in of the Group. In February 1990, HKCHL, ex-listed holding
company, underwent a reorganisation of group structure by way of a scheme of
arrangement. As a result, HKCHL became
a wholly-owned subsidiary of TPCIL and the shareholders of HKCHL became
shareholders of TPCIL. The listing has
been replaced by TPCIL. HKCHL went
public in October 1973.
The Tai Ping
Carpets Group is principally engaged in the manufacture, import, export and
sale of carpets; trading in interior furnishings; and property holding. Through subsidiaries, it manufactures and
markets “TAI PING” carpets and rugs.
The Group has
manufacturing interests in Hong Kong, the Philippines, Thailand, China and New
Zealand. The Group’s products are sold
in the United States, Europe and Asia.
Tai Ping Carpets
is one of the world’s leading custom handtufted carpet manufacturers. The main factory is in China Guangdong with
sales offices and distributors in over 10 countries.
Tai Ping Carpets
mill belongs to Tai Ping Carpets Group, it was located in the Pearl River Delta
of Guangdong Province. It is the carpet
manufacturer for all members of Tai Ping Carpets Group. The factory covers 40,000 sq.m. with 52
carpet machines and 800 workers. It
also has its dying workshop and spinning workshop.
Tai Ping Carpets
is manufacturing carpets for refurbishment projects including luxury palaces,
leading hotels, clubs, commercial buildings, as well as private
residences. It offers a wide range of
custom products covering Handtufted Carpets, Axminster Woven Carpets,
Computerized Yarn Placement Carpets, Machine Tufted and Wilton Carpets.
Tai Ping Carpets
factory in Guangdong, China got the ISO 9001 certification in 2002. In 2003, the factory got ISO 14001
environmental management certification.
Tai Ping Carpets
is a “Wools of New Zealand” brand partner.
A carpet carrying the Wools of New Zealand brand provides assurance of a
high proportion of quality New Zealand wool in its pile content.
As at 30th June,
2008, the Group employed 3,400 employees.
The management of
the Group considers that the sales momentum will continue in the years ahead
and the Group will continue to make profits.
The subject is
fully supported by the Group.
On the whole,
consider the subject good for normal business engagements.
REMARKS
Brief information of
the principal director:-
Mr. James Howard
KAPLAN, aged 52, has been an Executive Director and Chief Executive Officer
since 2003. Prior to joining TPCIL,
Mr. Kaplan was Divisional Vice-President of the high-end global furniture
manufacturer Knoll International. He
holds a Bachelor of Arts Degree from Lafayette College.
Court case record:-
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Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
Sept. 1994 |
Lam Wun Lee and others |
Tai Ping Carpets Ltd. |
Damages |
Not stated |
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.48.68 |
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UK Pound |
1 |
Rs.84.37 |
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Euro |
1 |
Rs.65.70 |
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. |
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%)