MIRA INFORM REPORT

 

 

Report Date :           

20.07.2011

 

IDENTIFICATION DETAILS

 

Name :

INGERSOLL-RAND (HONG KONG) LIMITED

 

 

Formerly Known As :

NT Asia (HongKong) Limited 

 

 

Registered Office :

Units A-E, 15/F, China Overseas Building, 136 Hennessy Road, Wan Chai, Hong Kong Island

 

 

Country :

Hong Kong

 

 

Financials (as on) :

31.03.2011

 

 

Date of Incorporation :

21.09.1982

 

 

Com. Reg. No.:

116760 

 

 

Legal Form :

Private Limited Company 

 

 

Line of Business :

Manufacture, export and sale of door hardware, access control equipment and security management system

 

RATING & COMMENTS

 

MIRA’s Rating :

B

 

RATING

STATUS

PROPOSED CREDIT LINE

26-40

B

Capability to overcome financial difficulties seems comparatively below average.

Small

 

Status :

Moderate

 

 

Payment Behaviour :

Unknown

 

 

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

 

Country Name

Previous Rating

                   (31.12.2010)                  

Current Rating

(31.03.2011)

Hong Kong

a2

a2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

Company summary  Bottom of Form

 

 

Subject's Registered Name (in English ~ Chinese):

Ingersoll-Rand (Hong Kong) Limited

Companies Registry No. (CR No.):

116760 

Subject's Business Name (in English ~ Chinese):

N/A 

 

Registered Address:

Units A-E, 15/F, China Overseas Building, 136 Hennessy Road, Wan Chai, Hong Kong Island, Hong Kong. 

 

Previous 1 Address:

23/F, 625 King's Road, North Point, Hong Kong Island, Hong Kong. 

 

Operating/Business Address:

Units 15A-15E, 15/F, China Overseas Building, 139 Hennessy Road, Wan Chai, Hong Kong Island, Hong Kong. 

Telephone:

22350600 

Fax:

25651409 

Email:

julia_chik@ap.irco.com 

Website:

company.ingersollrand.com (IR Group) 

 

NACE - Code & Industry:

36.63 - Other manufacturing not elsewhere classified 

Certification:

N/A 

Business/Industry Trend:

Ordinary 

Public Filings Compliance:

Compliant 

 

 

NACE - General name for economic activities in the European Union. The NACE-Code system is based on the European standard for industry classification and was introduced in 1970. In 1990 a revised version became applicable.

 

Public Filings Compliance - looks into a number of compliance requirements such as whether Subject is promptly filing its annual return (e.g. within 42 days after the anniversary of the date of incorporation (for private companies having a share capital); whether Subject's individual director is reporting a residential address and/or whether Subject is reporting its status under the Mortgage and Charges section for Total Amount Outstanding.... etc.

 

 

CORPORATE STRUCTURE

 

The following statutory information is based on the examination of Subject's file at the Companies' Registry (CR),

Hong Kong.

 

(For Public Limited Company - Listed, only Substantial Shareholders ("SS") are listed, as based on the latest available annual or interim reports. It is noted that some of the shares held (including long, short and other positions) might have been duplicated due to capacities of "Beneficial owner", "Interest of controlled corporation", "Interest of spouse", "Family interest", etc., which mean the total number of shares held by SS may exceed the authorized and/or issued shares. Duplicate holding (if any) will be elaborated under the "Notes to Substantial Shareholders" on the Structure Remark section.)

 

 

Co. File Examined

15 Jul 2011 

Companies Registry No. (CR No.)

116760 

Business Registration No. (BR No.)

08122294 

Legal Status 

Private Limited Company 

Active Status 

Live 

Date of Incorporation / Registration 

21 Sep 1982 

 

Name Changed From 

Date of Change(s) 

Laidlaw & Thomson Asia Limited 

30 Apr 1992 

NT Asia (HongKong) Limited 

1 Nov 2002 

 

Authorized Share Capital

HKD300,000 

No. of Shares Issued

30,000  

Issued Share Capital

HKD300,000  

Paid up Capital (excluding premium)

HKD300,000 

Class of Share

Ordinary  

 

Last Annual Return Date

21 Sep 2010 

Year(s) of "Annual Return of No Change" Filed

N/A 

Branches/Trading As

N/A 

Chief Executive

YU Feng ~

Company Secretary

Name

ID/CR No.

Passport No.

Issuing Country

Address

Tricor Strath Limited Previous Name:
Strath Nominees Limited

004873 

N/A 

N/A 

Level 28, Three Pacific Place, 1 Queen's Road East, Hong Kong Island, Hong Kong.  


Shareholders/ Subscribers

 

(as at 21 Sep 2010) 

Shareholders/ Subscribers 

ID/CR No.

Passport No.

Issuing Country

Address 

No. of Shares 

Class of Share 

% Of Share Capital 

Schlage Lock Company

N/A

N/A

N/A 

2720 Tobey Drive, Indianapolis, IN 46219, United States.

29,999 

Ordinary

99.99

Von Duprin LLC

N/A

N/A

N/A 

2720 Tobey Drive, Indianapolis, IN 46219, United States.

1 

Ordinary

0.00

 

 

 

 

Total: 

30,000 

 

 


Directors

(as at 16 Mar 2011) 

Directors

ID/CR No.

Passport No.

Issuing Country

Address

WANG Quankai 

N/A 

G04563064 

China 

183, 1588 Mingzhong Road, Shanghai 201612, China.

YU Feng

N/A 

G24528816 

China 

Room 1201, Building 2, Lane 289, Ou Yang Road, Hongkou District, Shanghai 200081, China.

 

 

HISTORY SUMMARY 

 

Change of Ownership & Capital/ Share Allotment/Other Changes

No significant changes in business have been reported since 1 Nov 2002, when its name was changed to present style. 

Appointment and/or Resignation of Directors or Secretary

As of 16 Mar 2011, GILL Jeswant Singh and WU Linling resigned as directors, YU Feng and WANG Quankai were appointed as directors concurrently. 

Admission or Retirement of Sole Proprietor/Partner

N/A 

Parent

Schlage Lock Company, parent, specializes in mechanical and electronic security locks and accessories. It supplies both residential and commercial clients, which include schools, hospitals, hotels, airports, and condominiums. In addition to hardware such as door knobs and deadbolts, Schlage offerings include wireless security products, biometrics, and CCTV. Its products can be found at major retailers such as Home Depot and Lowe's. Schlage is part of Ingersoll-Rand Security Technologies, itself a subsidiary of commercial and industrial products manufacturer Ingersoll-Rand. 

Schlage Lock Company 
Address: 2315 Briargate Parkway, Colorado Springs, CO 80920, USA 
Tel: +1-800-847-1864 
Fax: +1-800-452-0663 
Website: www.schlage.com 

*** 

Schlage Lock Company, parent, is a wholly-owned subisidary of Ingersoll-Rand PLC ("the Company" or "Ingersoll-Rand"), which is publicly listed on New York Stock Exchange under the stock code "IR" and is the flagship of the IR Group (Ingersoll-Rand PLC and its subsidiaries & associates). 

Ingersoll-Rand PLC 
Address: 170/175 Lakeview Dr. Airside Business Park Swords, Dublin, Ireland 
Tel: +353-01-8707400 
Website: company.ingersollrand.com 

Ingersoll-Rand plc, formerly Ingersoll-Rand Company Limited, along with its subsidiaries, is a diversified, global company that provides products, services and solutions to enhance the quality of air in homes and buildings, transport and protect food and perishables, secure homes and commercial properties, and enhance industrial productivity. The Company operates through four segments: Climate Solutions, Residential Solutions, Industrial Technologies and Security Technologies. The Company generates revenue primarily through the design, manufacture, sale and service of a diverse portfolio of industrial and commercial products that include brand names, such as Club Car, Hussmann, Ingersoll-Rand, Schlage, Thermo King and Trane. 

Climate Solutions 

The Company’s Climate Solutions segment delivers refrigeration and heating, ventilation and air conditioning (HVAC) solutions worldwide. Encompassing the transport and stationary refrigeration markets, as well as the commercial HVAC markets, this segment offers customers a range of products, services and solutions to manage controlled temperature environments. This segment includes brands, such as Hussmann, Thermo King and Trane. The principal products offered by the Climate Solutions segment include aftermarket parts and service, diesel-powered temperature control systems, air cleaners, display merchandisers, air conditioners, furnaces, air exchangers, heat pumps, air handlers, humidifiers, airside and terminal devices, installation contracting, applied systems, package heating and cooling systems, auxiliary idle reduction, refrigerated containers, auxiliary temperature management, refrigeration and electrical houses, boilers, refrigeration systems, building management systems, surface and air sanitation, bus and rail HVAC systems, thermostats/controls, coils and condensers, unitary systems, containers and gensets, vehicle-powered truck refrigeration systems, control systems, and walk-in coolers and freezers. 

Residential Solutions 

The Company’s Residential Solutions segment offers products to homeowners throughout North America and parts of South America. It offers customers a range of products, services and solutions, including mechanical and electronic locks, HVAC systems, indoor air quality solutions, advanced controls, portable security systems and remote home management. This segment comprises brands, such as American Standard, Schlage and Trane. The principal products offered by the Residential Solutions segment include air cleaners, furnaces, air conditioners, heat pumps, air exchangers, humidifiers, air handlers, package heating and cooling systems, boilers, portable security products, door locks, latches and locksets, thermostats/controls, electrical security products, unitary systems, and electronic access-control systems. 

Industrial Technologies 

The Company’s Industrial Technologies segment offers its global customers a range of products, including compressed air systems, tools, pumps, fluid handling systems, golf and utility vehicles in addition to micro turbines. This segment includes the Club Car and Ingersoll Rand brands. The Company’s principal products in this segment include air and electric tools, air balancers, fluid-handling equipment, air compressors and accessories, lubrication equipment, air motors, material handling equipment, air treatment, microturbines, blowers, piston pumps, diaphragm pumps, utility vehicles, and engine-starting systems. 

Security Technologies 

The Company’s Security Technologies segment offers solutions that include electronic and biometric access control systems and software, locks and locksets, door closers, exit devices, steel doors and frames, portable security devices, decorative hardware, cabinet hardware, as well as time, attendance and personnel scheduling systems. These products serve a range of markets, including the commercial construction and residential housing market, healthcare, retail, maritime and transport industries, as well as educational and governmental facilities. This segment includes the CISA, LCN, Schlage and Von Duprin brands. The Company’s principal products in this segment include automatic doors, doors and door frames (steel), biometric access control systems, electrical security products, door closers and controls, electronic access-control systems, door locks, latches and locksets, and exit devices. 

 

RELATED NEWS /FINDINGS

 

N/A

 

 

MANAGEMENT BACKGROUND

 

Name

CHIK Julia 

Position (Title)

Administrative Manager 

Nationality

N/A 

Sex

Female 

Email

julia_chik@ap.irco.com 

Experience

N/A 

Profile / Responsibility

She is mainly in charge of its customer services, administration, management and operation. 

Business Capacity

N/A

Court Action

As Defendant


None found in our database

 

Name

YU Feng ~

Position (Title)

Chief Executive 

Nationality

China 

Sex

Male 

Experience

16-20 years 

Profile / Responsibility

President of the IR Group in Asia Pacific region, is currently overseeing the Group's overall management, operation and policymaking in Asia Pacific. He mainly stations in Shanghai. 

Business Capacity

Company Name

CR/BR No.

Capacity

As at:

Ingersoll-Rand (Hong Kong) Limited

116760 

Director 

16 Mar 2011 

Court Action

As Defendant


None found in our database

 

Profile/Responsibility and Business Capacity indicated are based on -on-file, sources, and enquiries and investigations recently conducted but do not necessarily represent the full or most updated records. For example, the status indicated under Business Capacity is based on the date shown (if available) as recorded, which might have been changed at the time the report is compiled.

 

 

FINANCIAL

 

Current Interviews & Investigations

Its directors were not available for interview during the report compilation. 

Interviewed Miss CHIK Julia, Administration Manager, declined to disclose any financial information or business trend on the grounds of company privacy. 

Records reveal that IR Group's Total Revenue and Net Loss for the 3-month ended 31 Mar 2011 were USD3,138.0 million and USD77.6 million respectively. Subject is one of the contributors to these figures.

 

Private companies in Hong Kong (include private limited, sole proprietorship and partnership) are not required to file or disclose their financial information for public inspection.

 

GROUP PROFILE & FINANCIALS

Interim Income Statement:

In Millions of U.S. Dollars
(except for per share items)

2011
2011-03-31
Period Length
3 Months

2010
2010-12-31
Period Length
3 Months

2010
2010-09-30
Period Length
3 Months

2010
2010-06-30

2011-03-31
Period Length
3 Months

2010
2010-03-31
Restated
2011-03-31
Period Length
3 Months

Revenue

3,138.0

3,711.7

3,730.3

3,871.2

2,765.9

Other Revenue, Total

--

--

--

--

--

Total Revenue

3,138.0

3,711.7

3,730.3

3,871.2

2,765.9

Cost of Revenue, Total

2,249.8

2,700.8

2,651.4

2,797.1

2,009.2

Gross Profit

888.2

1,010.9

1,078.9

1,074.1

756.7

Selling/General/Admin. Expenses, Total

655.0

692.2

664.5

687.9

614.6

Research & Development

--

--

--

--

--

Depreciation/Amortization

--

--

--

--

--

Interest Expense, Net - Operating

--

--

--

--

--

Interest/Investment Income - Operating

--

--

--

--

--

Interest Expense(Income) - Net Operating

--

--

--

--

--

Unusual Expense (Income)

1.3

5.1

6.2

--

2.6

Other Operating Expenses, Total

--

--

--

--

--

Total Operating Expense

2,906.1

3,398.1

3,322.1

3,485.0

2,626.4

Operating Income

231.9

313.6

408.2

386.2

139.5

Interest Expense, Net Non-Operating

(68.3)

(70.9)

(70.2)

(71.1)

(71.0)

Interest/Invest Income - Non-Operating

5.3

5.0

9.3

2.5

2.5

Interest Income(Exp), Net Non-Operating

--

--

--

--

--

Gain (Loss) on Sale of Assets

--

--

--

--

--

Other, Net

(0.2)

6.2

1.9

3.3

3.3

Net Income Before Taxes

168.7

253.9

349.2

320.9

74.3

Provision for Income Taxes

41.5

35.3

72.1

63.2

54.1

Net Income After Taxes

127.2

218.6

277.1

257.7

20.2

Minority Interest

(6.1)

(7.5)

(5.4)

(5.5)

(4.6)

Equity In Affiliates

--

--

--

--

--

U.S. GAAP Adjustment

--

--

--

--

--

Net Income Before Extra. Items

121.1

211.1

271.7

252.2

15.6

Accounting Change

--

--

--

--

--

Discontinued Operations

(198.7)

1.0

(39.5)

(64.0)

(14.2)

Extraordinary Item

--

--

--

--

--

Tax on Extraordinary Items

--

--

--

--

--

Net Income

(77.6)

212.1

232.2

188.2

1.4

Annual Income Statement:

In Millions of U.S. Dollars
(except for per share items)

2010
2010-12-31
Period Length
12 Months

2009
2009-12-31
Restated
2010-12-31
Period Length
12 Months

2008
2008-12-31
Restated
2010-12-31
Period Length
12 Months

2007
2007-12-31
Reclassified
2009-12-31
Period Length
12 Months

2006
2006-12-31
Restated
2007-12-31
Period Length
12 Months

Revenue

14,079.1

13,101.8

13,045.0

8,763.1

8,033.7

Other Revenue, Total

--

--

--

--

--

Total Revenue

14,079.1

13,101.8

13,045.0

8,763.1

8,033.7

Cost of Revenue, Total

10,158.5

9,542.2

9,547.5

6,272.0

5,768.4

Gross Profit

3,920.6

3,559.6

3,497.5

2,491.1

2,265.3

Selling/General/Admin. Expenses, Total

2,656.9

2,634.6

2,278.6

1,433.3

1,266.8

Research & Development

--

--

--

--

--

Depreciation/Amortization

--

--

--

--

--

Interest Expense, Net - Operating

--

--

--

--

--

Interest/Investment Income - Operating

--

--

--

--

--

Interest Expense(Income) - Net Operating

--

--

--

--

--

Unusual Expense (Income)

16.2

52.7

3,740.3

0.0

--

Other Operating Expenses, Total

--

--

--

--

--

Total Operating Expense

12,831.6

12,229.5

15,566.4

7,705.3

7,035.2

Operating Income

1,247.5

872.3

(2,521.4)

1,057.8

998.5

Interest Expense, Net Non-Operating

(283.2)

(301.6)

(243.2)

(136.2)

(133.6)

Interest/Invest Income - Non-Operating

27.6

(15.6)

57.4

34.4

(20.4)

Interest Income(Exp), Net Non-Operating

--

--

--

--

--

Gain (Loss) on Sale of Assets

--

--

--

--

--

Other, Net

14.7

34.3

6.5

(4.2)

13.1

Net Income Before Taxes

1,006.6

589.4

(2,700.7)

951.8

857.6

Provision for Income Taxes

224.8

79.6

(192.3)

204.4

92.6

Net Income After Taxes

781.8

509.8

(2,508.4)

747.4

765.0

Minority Interest

(22.9)

(24.9)

(20.0)

(23.3)

--

Equity In Affiliates

--

--

--

--

--

U.S. GAAP Adjustment

--

--

--

--

--

Net Income Before Extra. Items

758.9

484.9

(2,528.4)

724.1

765.0

Accounting Change

--

--

--

--

--

Discontinued Operations

(116.7)

(33.6)

(96.4)

3,233.6

267.5

Extraordinary Item

--

--

--

--

--

Tax on Extraordinary Items

--

--

--

--

--

Net Income

642.2

451.3

(2,624.8)

3,957.7

1,032.5

Preferred Dividends

--

--

--

--

--

General Partners' Distributions

--

--

--

--

--

Miscellaneous Earnings Adjustment

--

--

--

--

--

Pro Forma Adjustment

--

--

--

--

--

Interest Adjustment - Primary EPS

--

--

--

--

--

Income Available to Com Excl ExtraOrd

758.9

484.9

(2,528.4)

724.1

765.0

Income Available to Com Incl ExtraOrd

642.2

451.3

(2,624.8)

3,957.7

1,032.5

Basic Weighted Average Shares

324.70

321.10

300.60

290.70

319.90

Basic EPS Excluding Extraordinary Items

2.337

1.510

(8.411)

2.491

2.391

Basic EPS Including Extraordinary Items

1.978

1.405

(8.732)

13.614

3.228

Dilution Adjustment

--

--

0.0

--

--

Diluted Weighted Average Shares

339.80

329.10

300.60

295.30

323.10

Diluted EPS Excluding ExtraOrd Items

2.233

1.473

(8.411)

2.452

2.368

Diluted EPS Including ExtraOrd Items

1.890

1.371

(8.732)

13.402

3.196

DPS - Common Stock Primary Issue

0.280

0.500

0.720

0.720

0.680

Gross Dividends - Common Stock

90.7

160.8

212.9

209.8

217.6

Total Special Items

45.3

109.6

3,780.3

0.0

--

Normalized Income Before Taxes

1,051.9

699.0

1,079.6

951.8

857.6

Effect of Special Items on Income Taxes

10.1

14.8

1,323.1

0.0

--

Inc Tax Ex Impact of Sp Items

234.9

94.4

1,130.8

204.4

92.6

Normalized Income After Taxes

817.0

604.6

(51.2)

747.4

765.0

Normalized Inc. Avail to Com.

794.1

579.7

(71.2)

724.1

765.0

Basic Normalized EPS

2.446

1.805

(0.237)

2.491

2.391

Diluted Normalized EPS

2.337

1.761

(0.237)

2.452

2.368

Annual Balance Sheet:

In Millions of U.S. Dollars
(except for per share items)

2010
2010-12-31

2009
2009-12-31
Reclassified
2010-12-31

2008
2008-12-31
Reclassified
2009-12-31

2007
2007-12-31

2006
2006-12-31
Reclassified
2007-12-31

Cash

--

--

--

--

--

Cash & Equivalents

1,014.3

876.7

550.2

4,735.3

355.8

Short Term Investments

--

--

--

0.1

0.7

Cash and Short Term Investments

1,014.3

876.7

550.2

4,735.4

356.5

Accounts Receivable - Trade, Net

2,344.2

2,094.2

2,512.1

1,660.7

1,481.7

Notes Receivable - Short Term

--

--

--

--

--

Receivables - Other

--

--

--

--

--

Total Receivables, Net

2,344.2

2,094.2

2,512.1

1,660.7

1,481.7

Total Inventory

1,400.8

1,176.1

1,615.1

827.2

837.7

Prepaid Expenses

--

--

--

--

--

Other Current Assets, Total

611.4

722.5

722.3

477.4

2,861.9

Total Current Assets

5,370.7

4,869.5

5,399.7

7,700.7

5,537.8

Property/Plant/Equipment, Total - Gross

3,258.4

3,153.3

3,020.5

1,782.2

1,651.7

Accumulated Depreciation, Total

(1,481.9)

(1,264.5)

(1,052.0)

(877.3)

(783.5)

Property/Plant/Equipment, Total - Net

1,776.5

1,888.8

1,968.5

904.9

868.2

Goodwill, Net

6,560.2

6,606.0

6,620.1

3,993.3

3,837.2

Intangibles, Net

4,872.9

5,042.8

5,214.1

724.6

712.8

Long Term Investments

--

--

--

--

--

Note Receivable - Long Term

--

--

--

--

--

Other Long Term Assets, Total

1,410.6

1,583.9

1,722.1

1,052.7

1,189.9

Other Assets, Total

--

--

--

--

--

Total Assets

19,990.9

19,991.0

20,924.5

14,376.2

12,145.9

Accounts Payable

1,318.6

1,065.3

1,046.5

721.2

757.6

Payable/Accrued

--

--

--

--

--

Accrued Expenses

2,144.7

2,010.6

2,114.5

1,773.5

1,100.5

Notes Payable/Short Term Debt

713.2

665.2

2,150.0

59.9

452.7

Current Port. of LT Debt/Capital Leases

48.4

526.5

200.4

681.1

626.7

Other Current liabilities, Total

0.0

30.0

--

0.0

1,174.9

Total Current Liabilities

4,224.9

4,297.6

5,511.4

3,235.7

4,112.4

Long Term Debt

2,922.3

2,904.9

2,773.7

712.7

905.2

Capital Lease Obligations

--

--

--

--

--

Total Long Term Debt

2,922.3

2,904.9

2,773.7

712.7

905.2

Total Debt

3,683.9

4,096.6

5,124.1

1,453.7

1,984.6

Deferred Income Tax

1,675.4

1,930.3

2,184.8

539.9

--

Minority Interest

94.8

103.9

100.7

97.5

73.6

Other Liabilities, Total

3,109.2

3,682.5

3,692.5

1,882.5

1,649.9

Total Liabilities

12,026.6

12,919.2

14,263.1

6,468.3

6,741.1

Redeemable Preferred Stock, Total

--

--

--

--

--

Preferred Stock - Non Redeemable, Net

--

--

--

--

--

Common Stock, Total

328.2

320.6

318.8

272.6

306.8

Additional Paid-In Capital

2,571.7

2,347.6

2,246.0

0.0

--

Retained Earnings (Accumulated Deficit)

5,389.4

4,837.9

4,547.4

7,388.8

5,456.1

Treasury Stock - Common

--

--

--

--

--

ESOP Debt Guarantee

--

--

--

--

--

Unrealized Gain (Loss)

--

--

--

--

--

Other Equity, Total

(325.0)

(434.3)

(450.8)

246.5

(358.1)

Total Equity

7,964.3

7,071.8

6,661.4

7,907.9

5,404.8

Total Liabilities & Shareholders' Equity

19,990.9

19,991.0

20,924.5

14,376.2

12,145.9

Shares Outs - Common Stock Primary Issue

328.17

320.59

318.79

272.60

306.80

Annual Cash Flow Statement:

In Millions of U.S. Dollars
(except for per share items)

2010
2010-12-31
Period Length
12 Months

2009
2009-12-31
Reclassified
2010-12-31
Period Length
12 Months

2008
2008-12-31
Reclassified
2010-12-31
Period Length
12 Months

2007
2007-12-31
Reclassified
2009-12-31
Period Length
12 Months

2006
2006-12-31
Restated
2007-12-31
Period Length
12 Months

Net Income/Starting Line

665.1

476.2

(2,604.8)

3,990.0

1,032.5

Depreciation/Depletion

437.1

421.8

449.0

138.8

148.8

Amortization

--

--

--

--

--

Deferred Taxes

81.0

(38.8)

(331.0)

146.6

27.8

Non-Cash Items

235.9

238.7

3,747.5

(3,107.5)

(107.8)

Changes in Working Capital

(723.7)

636.7

(912.3)

(266.4)

(146.5)

Cash from Operating Activities

695.4

1,734.6

348.4

901.5

954.8

Capital Expenditures

(179.5)

(204.1)

(305.0)

(119.7)

(144.8)

Other Investing Cash Flow Items, Total

0.9

21.4

(7,001.4)

6,114.4

(16.4)

Cash from Investing Activities

(178.6)

(182.7)

(7,306.4)

5,994.7

(161.2)

Financing Cash Flow Items

(24.0)

(47.9)

(4.4)

30.7

15.5

Total Cash Dividends Paid

(90.7)

(160.8)

(212.9)

(209.8)

(217.6)

Issuance (Retirement) of Stock, Net

145.3

27.2

16.5

(1,839.7)

(1,000.6)

Issuance (Retirement) of Debt, Net

(434.3)

(1,026.6)

2,961.4

(549.7)

(140.5)

Cash from Financing Activities

(403.7)

(1,208.1)

2,760.6

(2,568.5)

(1,343.2)

Foreign Exchange Effects

24.5

(17.3)

12.3

51.8

29.4

Net Change in Cash

137.6

326.5

(4,185.1)

4,379.5

(520.2)

 

 

BANKING

 

Maintaining bank accounts with HSBC. No negative implication has been reported.

 

 

TRADE RECORD

A trade survey currently conducted reveals the following:

 

First 

Second 

Type of Supplies

Services 

Services 

Time Known

7 Years 

8 Years 

Highest Credit

80,000 

65,000 

Outstanding Balance

20,000 

Nil 

Terms

30 days net 

30 days net 

Pay Record

Within Terms 

Within Terms 

 

 

 

Overall Trade Reputation

Satisfactory 

 

TOTAL DEBT SCANNER (TDS)

TDS reveals if subject has been listed as debtor in our debt database in the past 5 years and that is subject to the "Code of Practice on Consumer Credit Data" issued by Office of the Privacy Commissioner for Personal Data, Hong Kong. Accounts are sometimes placed for collection even though the existence or amount of the debt is disputed. It should be noted that the collection record contained in the report might have been paid, terminated, vacated, settled or released prior to the date of report compiled. 

Search Result:


Subject

None found in our database


Related Members

None found in our database


Related Companies

None found in our database

 

 

PUBLIC FILINGS

 

Mortgages and Charges (M&C)

M&C records, if any, are extracted from the Companies Registry, Hong Kong ("CRHK"). Details of "Creating Instrument" and "Description of Property Mortgaged or Charged" are available subject to the prevailing fees as per document charged by CRHK. Please indicate/select "Full Mortgage/Charge" when ordering our services/reports (e.g.: Total Limited Company Search or Total Company Credit Report). Request for Full mortgage/Charge made 7 days after the report delivery will be treated as a new order and is subject to our "Official Document Retrieval (ODR)" service charge + related government fees. M&C brief particulars may not be available from CRHK for mortgage/charge registered before 28 Feb 2005.

Records filed in:

N/A 

Total Amount outstanding as of the date of this Return on all mortgages and charges which are required to be registered with the Registrar of Companies pursuant to sections 80 and 82 of the Companies Ordinance

 

TOTAL WRIT SCANNER (TWS)

TWS reveals if subject has been listed as defendant, plaintiff, in liquidation or bankruptcy within our court database in the past 7 years and that is subject to the "Code of Practice on Consumer Credit Data" issued by Office of the Privacy Commissioner for Personal Data, Hong Kong. It should be noted that the court record contained in a report might have been paid, terminated, vacated, settled or released prior to the date of a report was compiled. Civil claims are filed as the result of disputes of a commercial or other nature. The defendant is not liable nor the plaintiff eligible to the claim until judgement is obtained from the relevant court, which is not open for public inspection at present.Only the latest 50 records will be shown when total records exceed 50. 

Search Result:

Subject

As Defendant

None found in our database

As Plaintiff

None found in our database

Comments

N/A

Related Members

As Defendant

None found in our database

Comments

N/A

Related Companies

As Defendant

None found in our database

Comments

N/A

 

OPERATION & ACTIVITIES

 

Business Lines

Principal Business Line 

Manufacture, export and sale of door hardware, access control equipment and security management system 

Second Business Line 

N/A 

 

Product/Production

China Factory 

Related 

Size of China Factory (sq. ft.) 

N/A 

No. of Staff / Workers in China (or Overseas) 

N/A 

Product / Production Remarks 

Production is based at the Group's factories in Asia, USA and Europe. 

*** 

Subject's Hong Kong office is mainly acting as a back up supporting, customer services and sales management centre for IR Group in the region of Asia-Pacific. Sales are mainly handled by the Group's Asia-Pacific headquarter in Shanghai. 

Ingersoll-Rand Asia Pacific Inc 
Asia Headquarters 
10/F, Tower B, City Center of Shanghai, 100 Zun Yi Road, Shanghai, China 
Tel: +86-21-22081288 

 

Supplies/Purchases

Hong Kong and China 

Types of Supplies 

Services and products 

Buying Terms 

COD, credit of 7 to 30 days, inter account and TT 

 

Overseas 

Import Countries 

Asia, USA and Europe 

Types of Supplies 

Products 

Buying Terms 

Inter account and TT 

Remarks 

Its products are purchased from the Group's factories in Asia, USA and Europe on inter account and TT basis. 

 

Markets

Major Market 

Hong Kong, China and Southeast Asia 

Minor Market 

N/A 

Selling Products / Services 

Door hardware, access control equipment, etc 

Selling Terms 

COD, open account, L/C and TT 

Remarks 

N/A 

 

Brands

Own Brands 

Ingersoll Rand; Schlage 

OEM (Clients) Brands 

N/A 

Remarks 

N/A 

 

Premises and Staff

Hong Kong Office 

Area (sq. ft.) 

5,000 

Type 

Commercial 

Staff Range 

40 to 49 

China Office 

Staff Range 

N/A 

Premises Remarks 

Renting the units as its office at the captioned address, which is at a 20-year-old commercial building. Employing around 40. 

Total No. of Staff in Hong Kong (China) 

40 

 

 

TOTAL PROPERTY OWNERSHIP SEARCH (TPOS)

TPOS reveals if subject has been involved in property transaction record in our database since 1996. TPOS does not represent the full record or history of all transactions relating to the registered charges, mortgages or ownerships. Some of the charges, mortgages or ownerships might have been released and/or changed. There could be latest mortgages, charges, ownerships or transactions not reflected. TPOS also checks on Subject's shareholder, director, sole proprietor, partner (collectively listed under "Related Members" in this section) and/or related company while related records will be revealed when appropriate.

Search Result:


Subject

No Trace


Related Members

No Trace


Related Companies

No Trace

 

Abbreviations: 
S&P = Sales and Purchase 
GBF = General Banking Facilities 
N/A = Not Available/Applicable

 

RELATED COMPANIES

Related companies mean Parent Company, Subsidiary Company, Director's Other Business/Capacity, etc.

Name

ID/CR No.

Relation To Subject

Business Nature

Country

Ingersoll-Rand Asia Pacific Inc 

N/A

Related Company 

N/A 

United States 

Ingersoll-Rand PLC 

N/A

Ultimate Parent Company 

N/A 

Ireland 

Schlage Lock Company 

N/A

Parent Company 

N/A 

United States 

 

RELATED COMPANIES' ARCHIVED CORPORATE STRUCTURE (Only shows when available)

 

 

SUMMARY

Subject is a rather old established door hardware, access control equipment and security management system manufacturer, exporter and seller, running under an ultimate subsidiary of a fairly maintained, financial viable and satisfactorily growing public listed company In US and possessing reasonable operational experience, backings and market base to meet its commitment. 

 

 

ECONOMIC AND TRADE INFORMATION ON HONG KONG

Major Economic Indicators

 

2008

2009

2010

Forecast/Latest

Population, Mid-year (million)

6.98

7.00

7.07

7.10a

Gross Domestic Product (US$billion)

215.0

208.0

223.6

240.3-242.6b

Real GDP Growth (%)

+2.3

-2.7

+7.0

+5-6b

GDP Per Capita (US$)

30,800

29,700

31,600

33,900-34,200b

Inflation (% Change in Composite CPI)

+4.3

+0.5

+2.4

+4.3c

Unemployment Rate (%)

3.6

5.4

4.4

3.5d

a end-2010; b government forecast for 2011; c January-May 2011; d March-May 2011

Merchandise Trade Performance

 

2009

2010

January-May 2011

US$billion

Growth %

US$billion

Growth %

US$billion

Growth %

Total Exports

316.5

-12.6

388.6

+22.8

169.8

+17.0

      Domestic Exports

7.4

-36.4

8.9

+20.4

3.7

+9.0

      Re-exports

309.1

-11.8

379.7

+22.8

166.0

+17.2

Imports

345.2

-11.0

431.4

+25.0

190.2

+15.8

Total Trade

661.7

-11.8

820.0

+23.9

359.9

+16.4

Trade Balance

-28.6

N/A

-42.8

N/A

-20.4

N/A

Service Trade Performance

 

2009

2010

January-March 2011

US$billion

Growth %

US$billion

Growth %

US$billion

Growth %

Exports

85.9

-6.8

106.0

+23.4

28.6

+16.9

Imports

43.7

-7.1

50.7

+16.0

13.0

+11.0

Total Trade

129.6

-6.9

156.7

+20.9

41.6

+15.0

Trade Balance

42.2

N/A

55.3

N/A

15.6

N/A

Current Economic Situation

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.44.59

UK Pound

1

Rs.71.62

Euro

1

Rs.62.78

 

 

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

----

NB

New Business

----

 

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%)

 

 

 

PRIVATE & CONFIDENTIAL : This information is provided to you at your request, you having employed MIPL for such purpose. You will use the information as aid only in determining the propriety of giving credit and generally as an aid to your business and for no other purpose. You will hold the information in strict confidence, and shall not reveal it or make it known to the subject persons, firms or corporations or to any other. MIPL does not warrant the correctness of the information as you hold it free of any liability whatsoever. You will be liable to and indemnify MIPL for any loss, damage or expense, occasioned by your breach or non observance of any one, or more of these conditions

This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.