MIRA
INFORM REPORT
|
Report Date : |
07.08.2010 |
IDENTIFICATION DETAILS
|
Name : |
CARRIER ASIA LIMITED |
|
|
|
|
Registered Office : |
5/F., |
|
|
|
|
Country : |
|
|
|
|
|
Date of Incorporation : |
27.12.1985 |
|
|
|
|
Com. Reg. No.: |
10065179 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Engineer, Contractor and Importer/Distributor of full
range of Carrier commercial and industrial
air conditioning system, central air-conditioners, refrigerating machinery
and equipment; Maintenance Services to repair all kinds of air-conditioning
equipment and system. |
RATING & COMMENTS
|
MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
Regular |
|
|
|
|
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 April 1, 2010
|
Country Name |
Previous Rating (31.12.2009) |
Current Rating (01.04.2010) |
|
|
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Name of the Company
CARRIER ASIA
LTD.
ADDRESS
5/F.,
PHONE: 2694
5333 (Office & Service Department)
FAX: 2691
2642 (Office)
E-MAIL: eva.hui@carrier.utc.com
michelle.lam@carrier.utc.com
MANAGEMENT
Managing Director:
Mr. Ross Shuster
SUMMARY
Incorporated on: 27th
December, 1985.
Organization: Private
Limited Company.
Capital: Nominal: HK$77,473,000.00
Issued: HK$77,473,000.00
Business Category: Air-conditioning Equipment Distributor,
Engineer and Contractor.
Annual Turnover: HK$350~400
million.
Employees: 500.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd.,
Banking Relation: Good.
ADDRESS
Registered
Head Office:-
5/F., Manhattan Place, 23 Wang Tai Road, Kowloon Bay,
Kowloon, Hong Kong.
Immediate
Holding Company:-
United Technologies Far East Ltd.,
Intermediate
Holding Company:-
Carrier Corporation
[Tel: 1-860-674-3000; Fax: 1-860-674-3139]
Ultimate
Holding Company:-
United Technologies Corporation [UTC]
United
[Tel: 1-860-728-7000]
Affiliated
Companies:-
Carrier
Group of Companies
Caricor Ltd.,
Carrier (
Carrier (
Carrier Air Conditioning (N.Z.) Ltd.,
Carrier Air Conditioning Pty. Ltd.,
Carrier Aircon Ltd.,
Carrier Aire Acondicionado de Venezuela S.A.,
Carrier ARCD Pte. Ltd.,
Carrier
Carrier Asia Pacific Operations,
Carrier
Carrier Comfort Co. Ltd.,
Carrier EMEA,
Carrier Espana S.A.,
Carrier Espana Servicio S.A.,
Carrier GmbH & Co. KG,
Carrier Guam Inc.,
Carrier Hellas Airconditioning SA,
Carrier Hellas SA,
Carrier Holdings Ltd.,
Carrier Hong Kong Ltd.,
Carrier InterAmerica Corporation,
Carrier
Carrier Middle East Ltd., UAE.
Carrier
Carrier
Carrier
Carrier S.A., France.
Carrier S.A./N.V.,
Carrier
Carrier
Carrier
Carrier Transicold Ceska Republika spol. s.r.o.,
Carrier Transicold
Carrier Transicold Pte. Ltd.,
Carrier Transicold
Carrier Vietnam Air Conditioning Co. Ltd.,
Concepcion-Carrier
NTC Carrier,
Q-Carrier (B) Sdn.
Toshiba Carrier Corporation,
Toshiba Carrier UK Ltd.,
UTS Carrier, UAE.
etc.
BUSINESS REGISTRATION NUMBER
10065179
COMPANY FILE NUMBER
163620
MANAGEMENT
Managing Director:
Mr. Ross Shuster
Marketing Officer:
Ms. Eva Hui
CAPITAL
Nominal Share Capital: HK$77,473,000.00 (Divided into
7,747,300 shares of HK$10.00 each)
Issued Share Capital: HK$77,473,000.00
SHAREHOLDER
(As
per registry dated 27-12-2009)
|
Name |
|
No. of shares |
|
United Technologies Far East Ltd., |
|
7,747,300 ======= |
DIRECTORS
(As
per registry dated 12-01-2010)
|
Name (Nationality) |
Address |
|
LEUNG Yiu Kwong |
Flat 22, 11/F., Block 1, Middleton Tower, 140 Pok Fu Lam
Road, Hong Kong. |
|
LO Ying Kit, Richard |
Flat B, 11/F., Block 12, City Garden, 233 Electric Road,
North Point, Hong Kong. |
|
Prasad MATHEWS (alias Malcolm) |
2/F., |
|
Ross SHUSTER |
No. 299 Green Hills, Lane 418, |
SECRETARY
(As
per registry dated 27-12-2009)
|
Name |
Address |
|
WU Jing Wan |
5/F., Manhattan Place, 23 Wang Tai Road, Kowloon Bay,
Kowloon, Hong Kong. |
HISTORY
The subject was incorporated on 27th December, 1985 as a private
limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of
Mallia Ltd., name changed to Carrier China Ltd. on 1st August, 1986; and
further to the present style on 13th May, 2006.
Formerly, the subject was located at 2/F., Sun King Factory
Building, 1‑7 Shing Chuen Road, Tai Wai, Shatin, New Territories,
Hong Kong, moved to 19/F., Tower 1, Enterprise Square, 9 Sheung Shuet Road,
Kowloon Bay, Kowloon, Hong Kong on 25th November, 2006; and further to the
present address in August 2009.
Apart from these, neither material change nor amendment has
been ever traced and noted.
OPERATIONS
Activities & Lines: Engineer, Contractor and
Importer/Distributor of full range of Carrier
commercial and industrial air conditioning system, central air-conditioners,
refrigerating machinery and equipment; Maintenance Services to repair all kinds
of air-conditioning equipment and system.
Employees: 500.
Commodities Imported: Mainly bought from
Markets: Hong Kong, Macau and
Annual Turnover: HK$350~400 million.
Terms/Sales: As
per contracted.
Terms/Buying: On
various terms.
MAIN JAPANESE SUPPLIER
Toyo Carrier Engineering Co.
Ltd.,
FINANCIAL INFORMATION
Nominal Share Capital:
HK$77,473,000.00 (Divided into 7,747,300 shares of HK$10.00 each)
Issued Share Capital: HK$77,473,000.00
Profit & Loss: Business is profitable.
Condition: Keeping
in an active state.
Facilities: Making active use of general banking
facilities.
Payment: So
far so good.
Commercial Morality: Good.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd.,
Standing: Good.
GENERAL
Having issued 7,747,300
ordinary shares of HK$10.00 each, Carrier Asia Ltd. is a wholly-owned
subsidiary of United Technologies Far East Ltd., a Hong Kong-registered
firm which is in turn a subsidiary of Carrier Corporation [Carrier]. Carrier is a US-based firm owned by United
Technologies Corporation [UTC], the
Carrier has got
another subsidiary in
Carrier HK is a
member of The Hong Kong Air Conditioning and Refrigeration Association Ltd.,
The subject is
the Export Department of Carrier in
Now, the
subject is a 19% owner of Sinostride Technology.
Carrier has
operations in
In July 2008,
Carrier set up a joint venture with Guangdong Midea Electric Co. which is in
In 2008, the
Olympic Game was held in
At present,
Carrier HK offers clients with the following services:-
Air Conditioning
Engineering
Preventive
Maintenance
Comprehensive
Maintenance
Repairing and
Overhauling
Building
Operation Management
Retrofit System
Improvement Plan
Anti-corrosion
Coil Treatment
Carrier, a
world-renowned air-conditioner maker based in the
Carrier first
came to
The Carrier
brand includes multi-featured window type and split-type air‑conditioners
for domestic use; packages for medium-sized, commercial and industrial offices/plants;
and systems for giant-sized spaces. In
With over 50
years air conditioning experience in Hong Kong, Carrier HK has received
numerous qualifications recognized by different public and private sectors:-
Hong Kong
Building Department Registered Electrical Contractor
Hong Kong EMSD
Approved Contractors of Engineering Repairs
Hong Kong
Marine Department Approved Air-Conditioning and Ventilation Contractors
Hong Kong
Housing Authority Approved Specialist Contractors for Maintenance and
Improvement Works of all Installations
Hong Kong
Housing Society HVAC Contractor for most property developers
Voluntary
Subcontractor Registration Scheme organized by Provisional Construction
Industry Co-ordination Board as a Registered Subcontractor
Hong Kong
Government Specialist Contractor in Air Conditioning Installation [Group II Contracts/Subcontracts of
unlimited value]
ISO 9001: 2000
Certificate HKQAA Approved Suppliers of Materials and Specialist Contractors
for Public Works
Member of The
Hong Kong Air Conditioning and Refrigeration Association Ltd.,
Besides
marketing its own branded products, Carrier HK also carries other brands such
as Trane,
In August 1986,
Carrier started to penetrate the
Headquartered
in
Formerly,
Carrier HK was directly a wholly-owned subsidiary of Carrier until September
1999. Since then, Carrier HK has been
wholly owned by United Technologies Far East Ltd. which is a joint venture
between Carrier and Otis Elevator Co. of the
Carrier HKs
ultimate holding company, UTC, is a public company listed on the New York
Stock Exchange with major business units including Pratt & Whitney aircraft engines, Carrier heating and air conditioning
systems, Otis elevators and
escalators, Chubb electronic
security and fire protection products, Hamilton
Sundstrand aerospace and industrial systems, and Sikorsky helicopters.
UTC, the 47th
largest employer in the world, employs over 210,000 people, operates in more
than 180 countries.
Currently, UTC
has over 4,000 locations in 62 countries.
UTC is a global
technology corporation with a long history of pioneering innovation in
aerospace, aviation, helicopter design, climate control, elevator design and
hydrogen fuel cells.
Currently, UTC
conducts its business through six principal segments: Otis, Carrier, UTC Fire
& Security, Pratt & Whitney, Hamilton Sundstrand and Sikorsky. Carrier is one of the segments. At 31st December, 2009, Carriers business
backlog was US$2,199 million as compared with US$1,996 million at 31st
December, 2008. Substantially all the
business backlog at 31st December, 2009 is expected to be realized as
sales in 2010.
The subject is
fully supported by Carrier.
On the whole,
in view of the parentage and background of the subject, consider it good for
normal business engagements.
COURT
CASES: None per
our.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.46.02 |
|
|
1 |
Rs.73.21 |
|
Euro |
1 |
Rs.60.70 |
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 |
This score serves as a reference to assess SCs 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.