MIRA INFORM
REPORT
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Report Date : |
07.07.2011 |
IDENTIFICATION DETAILS
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Name : |
HONG
KONG GREE ELECTRIC
APPLIANCES SALES LTD. |
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Registered Office : |
Room 2612, 26/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.06.2005 |
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Com. Reg. No.: |
35757995 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of all kinds of air-conditioners |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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Payment
Behaviour : |
Usually Correct |
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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 31st, 2011
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Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
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Hong Kong |
a2 |
a2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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Off-credit |
D |
Bottom of Form
Company name
HONG KONG
GREE ELECTRIC APPLIANCES
SALES LTD.
Company ADDRESS
Room 2612, 26/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 3165 8898
FAX: 3165 1030
E-MAIL: larry@gree.com.cn
MANAGEMENT
Managing Director: Mr. Lam Hou Kong, Larry
SUMMARY
Incorporated on: 21st June, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Importer and Exporter.
Group Turnover: RMB60,807,242,452.83 (Year ended 31-12-2010)
Employees: 20.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Company ADDRESS
Registered Head
Office:-
Room 2612, 26/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Gree Electric Appliances Inc. of Zhuhai, China.
Ultimate Holding
Company:-
Zhuhai Gree Group Co. Ltd., China.
Associated/Affiliated
Companies:-
Gree Group of Companies
· Cong Ty Lien Doanh Gree Electric (Vietnam), Vietnam.
· Gree (Zhongshan) Small Home Appliances Co. Ltd., China.
· Gree Electric Appliances (Chongqing) Co. Ltd., China.
· Gree Electric Appliances (Hefei) Co. Ltd., China.
· Gree Electric Appliances (Wuhan) Co. Ltd., China.
· Gree Electric Appliances (Zhengzhou) Co. Ltd., China.
· Gree Electric Appliances do Brasil Ltda., Brazil.
· Gree Electric Enterprises (Maanshan) Ltd., China.
· Hefai Landa Compressor Co. Ltd., China.
· Shanghai Gree Air Conditioners Sales Co. Ltd., China.
· Zhuhai Gree Daikin Device Co. Ltd., China.
· Zhuhai Gree Daikin Precision Mold Co. Ltd., China.
· Zhuhai Gree Electric Enterprises Ltd., China.
· Zhuhai Gree Group Finance Co. Ltd., China.
· Zhuhai Gree Xinyuan Electronic Co. Ltd., China.
· Zhuhai Kaibang Motor Manufacture Co. Ltd., China.
· Zhuhai Meilanda Refrigeration Co. Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
35757995
COMPANY FILE NUMBER
0978477
MANAGEMENT
Group Vice Chairman & President: Ms. Dong Ming Zhu
Managing Director: Mr. Lam Hou Kong, Larry
Manager: Mr. Yuen Sin Sum, Sam
CAPITAL
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
SHAREHOLDER
(As per registry
dated 21-06-2011)
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Name |
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No. of shares |
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Gree Electric Appliances Inc. of Zhuhai Jinji West Road, Zhuhai 519070, Guangdong, China. |
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100,000 ====== |
DIRECTORS
(As per registry
dated 21-06-2011)
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Name (Nationality) |
Address |
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XIAO Youyuan |
Room 303, Block 20, 38 Gongbei Gang Yi Road, Zhuhai, Guangdong, China. |
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DONG Ming Zhu |
Zhuhai Shi, Xiangzhou Qu, Jiu Zhou Da Dao, Zhong 2106, Hao 20, Dong 202, China. |
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LAM Hou Kong |
6/F., Mei Foo Sun Chuen, 1-B Humbert Street, Kowloon, Hong Kong. |
SECRETARY
(As per registry
dated 21-06-2011)
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Name |
Address |
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YUEN Sin Sum |
Flat 9, 3/F., Shing Chung House, Mei Chung Court, Tai Wai, Shatin, New Territories, Hong Kong. |
HISTORY
The subject was incorporated on 21st June, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer and Exporter.
Lines: All kinds of air-conditioners.
Employees: 20.
Commodities Imported: China (main), etc.
Markets: China, other Asian countries, Europe, Australia, Middle East, Central & South America,
North America, etc.
Group Turnover: RMB42,199,715,679.53 (Year ended 31-12-2008)
RMB42,637,291,053.26 (Year ended 31-12-2009)
RMB60,807,242,452.83 (Year ended 31-12-2010)
Group Profit Attributable to Shareholders:-
· RMB1,966,518,865.23 (Year ended 31-12-2008)
· RMB2,913,450,350.15 (Year ended 31-12-2009)
· RMB4,275,721,624.27 (Year ended 31-12-2010)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
FINANCIAL INFORMATION
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitment as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
· Sumitomo Mitsui Banking Corporation, Hong Kong Branch.
· Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Deutsche Bank AG, Hong Kong Branch.
· Citibank N.A., Hong Kong Branch.
Standing: Normal.
GENERAL
Having issued 100,000 ordinary shares of HK$1.00 each, Hong Kong Gree Electric Appliances Sales Ltd. is wholly owned by Gree Electric Appliances Inc. of Zhuhai [Gree] which is a China-based firm. The ultimate holding company is Zhuhai Gree Group Co. Ltd., also a China-based firm.
The subject is engaged in marketing Gree’s products. Gree’s products are air‑conditioners and dehumidifiers bearing the brand name of “Gree”.
Gree, founded in 1991, has become the world’s largest specialized air conditioner company integrating R&D, manufacture, sales and service. It is one of the “Top 100 Chinese Listed Companies” ranked by Fortune for consecutive eight years.
“Gree” brand air conditioners produced by Gree are the air conditioning brand that ranked “World Brand” by General Administration of Quality Supervision, Inspection and Quarantine in China. Today, “Gree” brand products are distributed to more than 100 countries and regions in the world. Since 1995, Gree’s sales volume and market share have been No. 1 in Chinese air conditioner industry for consecutive 15 years; since 2005, its sales volume of residential air conditioner has occupied global No. 1 for consecutive five years.
As a specialized air conditioner manufacturer, Gree is presenting advanced and high quality air conditioning products to global consumers. It is now possessing six manufacture bases respectively in Zhuhai (headquarters), Chongqing, Hefei, Brazil, Pakistan and Vietnam as well, with totally more than 62,000 employees. It had worked out both residential air conditioners and commercial air conditioners of 20 varieties, 400 series, and 7,000 models to satisfy different demands by different consumers. It is possessing nearly 3,000 technical patents. The GMV digital VRF system, centrifugal type water chiller and sine wave D.C. inverter driven air conditioner filled the absence in production of high-tech products among Chinese enterprises. Being the model that develops from “made-in-China” enterprise to “created-in-China” one, Gree had gained wide reputation in the international industry.
Now, Gree is a listed firm in China with shares traded in the Shenzhen Stock Exchange. Its stock code is 000651.
For the year ended 31st December, 2010, the sales of the Gree Group amounted to RMB60,807.2 million, grew by 42.6% as compared with RMB42,637.3 million in FY 2009; profit attributable to shareholders amounted to RMB4,275.7 million, grew by 46.8% as compared with RMB2,913.5 million in FY 2009. As at 31st December, 2010, the Gree Group had 62,044 employees.
In order to penetrate the international market further, the subject has taken part in fairs and exhibitions held in Italy, Russia, South Africa, Australia, the United States, etc.
The subject is fully supported by the Gree Group.
On the whole, consider the subject good for normal business engagements.
COURT CASES: None per our.
MORTGAGE OR CHARGE
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Date |
Particulars |
Amount |
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02-06-2008 |
Instrument: Assignment of DC Proceeds re export bills restricted to other banks for negotiation/payment Property: By way of assignment or agreement to assign in each case as beneficial owner. All monies in any currency representing proceeds payable or to be paid to the Customer under the Documentary Credits, all the Customer’s right, title and interest in the said Documentary Credits and the benefit of all powers and remedies for enforcing the Documentary Credits Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the Customer against documents submitted under a Documentary Credit, all monies and liabilities in any currency owing by the Customer to the Bank at any time, whether separately or jointly, actually or contingently, present or future, interest on all loans and advances and such monies and all expenses of the Bank in perfecting or enforcing the Assignment |
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13-01-2011 |
Instrument: Security Agreement Property: 1) Pursuant to Clause 2 (Charge) of the Agreement 2) Pursuant to Clause 3 (Negative Pledge) of the Agreement 3) Pursuant to Clause 5 (Effectiveness of Security) of the Agreement 4) Pursuant to Clause 8 (Right of Set-off and Application of Monies) of the Agreement Mortgagee: Deutsche Bank AG, Hong Kong Branch. |
All the Chargor’s present and future obligations, indebtedness and liabilities |
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13-01-2011 |
Instrument: An Agreement of Cash Pledge Property: 1) Pursuant to Clause 2 (Pledge) of the Agreement 2) Pursuant to Clause 3 (Pledge Account and Perfection of Pledge) of the Agreement 3) Pursuant to Clause 4 (General Undertakings) of the Agreement 4) Pursuant to Clause 6.2(i) (Enforcement) of the Agreement 5) Pursuant to Clause 6.4 (Enforcement) of the Agreement 6) Pursuant to Clause 11 (Savings) of the Agreement Mortgagee: Deutsche Bank (China) Co. Ltd., Guangzhou Branch on behalf of Deutsche Bank AG, Hong Kong Branch. |
All present and future moneys, debts, obligations and liabilities |
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18-01-2011 |
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 and the debt represented by it Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future obligations and liabilities |
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15-03-2011 |
Instrument: Deposit Deed Property: By way of a first fixed charge and as a continuing security for the Obligations, the Company charges and assigns absolutely all its rights, title to and interest in the Accounts and all Deposits Mortgagee: Citibank N.A., Hong Kong Branch. |
All moneys |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.38 |
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UK Pound |
1 |
Rs.71.24 |
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Euro |
1 |
Rs.64.16 |
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 |
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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NB |
New Business |
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.