MIRA
INFORM REPORT
|
Report Date : |
17.06.2011 |
IDENTIFICATION DETAILS
|
Name : |
CARRIER ASIA LTD. |
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Registered Office : |
5/F., Manhattan Place, 23 Wang Tai Road, Kowloon Bay, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.12.1985 |
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Com. Reg. No.: |
10065179-000 |
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Legal Form : |
Private Limited Company |
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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 |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
|
Country Name |
Previous Rating (31.12.2010) |
Current Rating (31.03.2011) |
|
Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
|
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 |
Name and address
CARRIER ASIA
LTD.
ADDRESS:
5/F., Manhattan Place, 23 Wang Tai Road, Kowloon Bay, Kowloon,
Hong Kong.
PHONE: 2694 5333, 2694 3111
FAX: 2691 2642
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., Hong Kong.
Banking Relation: Good.
ADDRESS
Registered Head Office:-
5/F., Manhattan Place, 23 Wang Tai Road, Kowloon Bay, Kowloon, Hong
Kong.
Division:-
Toshiba Air Conditioning Group
19/F., Tower 1, Enterprise Square, 9 Sheung Yuet Road, Kowloon Bay,
Kowloon, Hong Kong.
[ Tel: 2707 0688
Fax: 2684 2828
E-mail: ccc@toshiba-aircon.com.hk
BR No.: 10065179-001]
Immediate Holding Company:-
United Technologies Far East Ltd., Hong Kong.
Intermediate Holding Company:-
Carrier Corporation
One Carrier Place, Farmington, CT 06034-4015, USA.
[Tel: 1-860-674-3000; Fax: 1-860-674-3139]
Ultimate Holding Company:-
United Technologies Corporation
United Technologies Building, Hartford, CT 06101, USA.
[Tel: 1-860-728-7000]
Affiliated Companies:-
Carrier Group of
Companies
Caricor Ltd., USA.
Carrier (Malaysia) Sdn. Bhd., Malaysia.
Carrier (Thailand) Ltd., Thailand.
Carrier Air Conditioning (N.Z.) Ltd., New Zealand.
Carrier Air Conditioning Pty. Ltd., Australia.
Carrier Aircon Ltd., India.
Carrier Aire Acondicionado de Venezuela S.A., Venezuela.
Carrier ARCD Pte. Ltd., Singapore.
Carrier Argentina, Argentina.
Carrier Asia Pacific Operations, Singapore.
Carrier Canada, Canada.
Carrier Comfort Co. Ltd., Hong Kong.
Carrier EMEA, Italy.
Carrier Espana S.A., Spain.
Carrier Espana Servicio S.A., Spain.
Carrier GmbH & Co. KG, Germany.
Carrier Guam Inc., Guam.
Carrier Hellas Airconditioning SA, Greece.
Carrier Hellas SA, Greece.
Carrier Holdings Ltd., UK.
Carrier Hong Kong Ltd., Hong Kong.
Carrier InterAmerica Corporation, USA.
Carrier Kft, Hungary.
Carrier Middle East Ltd., UAE.
Carrier Oy, Finland.
Carrier Polska Spzoo, Poland.
Carrier Portugal - Ar Condicionado Lda., Portugal.
Carrier S.A., France.
Carrier S.A./N.V., Belgium.
Carrier Saudi Arabia, Saudi Arabia.
Carrier Singapore Pte. Ltd., Singapore.
Carrier South Africa, South Africa.
Carrier Transicold Ceska Republika spol. s.r.o., Czech Republic.
Carrier Transicold GmbH, Austria.
Carrier Transicold Pte. Ltd., Singapore.
Carrier Transicold Slovakia Spol. S.r.o., Slovak Republic.
Carrier Vietnam Air Conditioning Co. Ltd., Vietnam.
Carrier-Equiprac S.A., Colombia.
Concepcion-Carrier Air Conditioning, Philippines.
Dah Fung Hong (Holdings) Co. Ltd., Hong Kong.
Foshan Midea Carrier, China.
Guangdong Yue An Information Technology Co. Ltd., China.
Maingate Electronics Technology (Beijing) Co. Ltd., China.
NTC Carrier, Lebanon.
Q-Carrier (B) Sdn. Bhd., Brunei Darussalam.
Shanghai Tonghui Carrier Air Conditioning Equipment Co. Ltd., China.
Shanghai Yileng Carrier Air Conditioning Equipment Co. Ltd., China.
Sinotrade Technology Co. Ltd., China.
Toshiba Carrier Corporation, Japan.
Toshiba Carrier UK Ltd., UK.
UTS Carrier, UAE.
etc.
BUSINESS REGISTRATION NUMBER
10065179-000
COMPANY FILE NUMBER
0163620
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 27-12-2010)
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Name |
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No. of shares |
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United Technologies Far East Ltd., Hong Kong. |
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7,747,300 ======= |
DIRECTORS
(As per registry dated 01-04-2011)
|
Name (Nationality) |
Address |
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YU Man Yee, Titus |
Flat B, 9/F., 96 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
|
Ross SHUSTER |
No. 299 Green Hills, Lane 418, Jin Xiu East Road, Shanghai, China
200135. |
|
Prasad MATHEWS (alias Malcolm) |
House 32, Golden Vienna, Lane 333, Jinxiu Road, Pudong New Areas,
Shanghai, China. |
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LO Ying Kit, Richard |
Flat B, 11/F., Block 12, City Garden, 233 Electric Road, North Point,
Hong Kong. |
SECRETARY
(As per registry dated 27-12-2010)
|
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 USA and Japan.
Markets: Hong Kong, Macau and China.
Annual Turnover: HK$350~400 million.
Terms/Sales: As per
contracted.
Terms/Buying: On various
terms.
MAIN JAPANESE SUPPLIER
Toyo Carrier Engineering Co. Ltd., Tokyo, Japan.
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 or Loss: Business is
profitable.
Condition:
Keeping in an
active condition.
Facilities:
Making active
use of general banking facilities.
Payment:
So far so good.
Commercial Morality: Good.
Banker:
The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
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 United
States.
Carrier has got another subsidiary in Hong Kong known as Carrier
Hong Kong Ltd. [Carrier HK] which was incorporated on 16th October,
1950. Carrier HK adopted the present
style on 10th May, 1983. Carrier HK is a
member of The Hong Kong Air Conditioning and Refrigeration Association Ltd., Hong
Kong.
The subject is the Export Department of Carrier in Hong Kong. Business is chiefly handled by Ms. Eva
Hui. The subject is a provider of
heating, air‑conditioning and refrigeration solutions.
On 13th October, 2009, the subject entered into an agreement with
Shougang Concord Technology Holdings Ltd. [Shougang Concord], a Hong
Kong-listed firm bearing Stock Code 521, to purchase 19% equity interest in
Sinostride Technology Co. Ltd. [Sinostride Technology] which is a China-based
firm. Sinostride Technology is an
indirect wholly-owned subsidiary of Shougang Concord. The consideration involved in was
RMB47,500,000 Yuan (equivalent to approximately HK$53,977,000). Now, the subject is a 19% owner of Sinostride
Technology.
Carrier has operations in China and now has had seven factories
employing more than 2,500 employees in total.
Carrier has had a network or more than 60 sales and service offices in
China. Besides, Carrier has had a global
R&D in Shanghai, China. At present,
the US directors of the subject are stationing at the Shanghai R&D
Centre. Besides, Carrier set up its
first joint venture in Shanghai known as Shanghai Tonghui Carrier Air
Conditioning Equipment Co. Ltd. in 1987.
Set up the largest joint venture in Shanghai, China known as Shanghai
Yileng Carrier Air Conditioning Equipment Co. Ltd. in 1995. In 2004, Carrier set up its headquarters in
Shanghai, China. Hong Kong is one of the
prime markets of Carrier. Other prime
markets are Macau and other Asian countries.
In July 2008, Carrier set up a joint venture with Guangdong Midea
Electric Co. which is in Shunde, Guangdong Province, China to manufacture
air-conditioners. Also in 2008, Carrier
acquired a majority share of Dah Fung Hong (Holdings) Co. which is a leading
independent HVAC service provider in the Hong Kong market.
At present, Carrier HK offers clients with the following services:-
·
Air Conditioning Engineering
·
Preventive Maintenance
·
Comprehensive Maintenance
·
Repairing and Overhauling
·
Building Operation Management
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Retrofit System Improvement Plan
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Anti-corrosion Coil Treatment
Carrier, a world-renowned air-conditioner maker based in the United
States, was established in 1902 by a 26-year-old American, Dr. Willis
Carrier. Since then, it has pioneered
the field of air-conditioning. Carrier
was acquired by UTC which has been a listed company in the United States since
1979. Now, Carrier has grown to become
the worlds leading manufacturer of technologically-advanced heating, cooling
and ventilation equipment, and a name that is internationally recognized.
Carrier first came to Hong Kong in the 1930s. In late October 1981, Carrier reached an
agreement to buy 100% stake in the subject from the original owners. The change of ownership was taken place on
31st December, 1981. Since 1982, it has
witnessed tremendous growth, with sales increasing nearly four-fold in
1987. Today, Carrier HK is the leading
air conditioning equipment supplier in Hong Kong.
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 Hong Kong, Carrier HK
has a network of more than 50 authorized dealers and 500 retail outlets.
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
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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
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Voluntary Subcontractor Registration Scheme
organized by Provisional Construction Industry Co-ordination Board as a
Registered Subcontractor
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Hong Kong Government Specialist Contractor in Air
Conditioning Installation [Group II
Contracts/Subcontracts of unlimited value]
·
Hong Kong Government Registered Ventilation
Contractor
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Hong Kong Government Registered Electrical
Contractor
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ISO 9001: 2000 Certificate HKQAA Approved
Suppliers of Materials and Specialist Contractors for Public Works
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Member of The Hong Kong Air Conditioning and
Refrigeration Association Ltd., Hong Kong
Besides marketing its own branded products, Carrier HK also carries
other brands such as Trane, York, Johnson Control, Honeywell,
Toshiba, etc. It is also the official
agent for Blygold which is specialised in air‑conditioning and
refrigeration systems.
In August 1986, Carrier started to penetrate the China market. This task has been taken over by Carrier
China Ltd., which is now involved in seven manufacturing joint ventures in
China five in Shanghai, one in Tianjin and one in Shenzhen. It also handles direct sales in China for
imported equipment.
Headquartered in Farmington, Connecticut, the United States, and with
about 45,000 employees in over 172 countries, Carrier combines its global
heating, ventilating and air conditioning [HVAC] and refrigeration expertise
with the responsiveness of its local operations to lead nearly every geographic
market. Carrier has been the world
leader in the manufacture and sale of HVAC systems and products. Manufacturing facilities have been set up in
France, Italy, Japan, Malaysia, China, Taiwan, Korea, Thailand, India,
Australia and South America. Together
with its over 145 branch offices covering markets all over the world, Carrier
has formed a rather concrete global air conditioning network.
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 United
States. The latter is also a member of
the UTC Group.
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,
2010, Carriers sales amounted to US$11,386 million, grew by 0.4% as compared
with US$11,335 million at 31st December, 2009.
Operating profit for the year of Carrier was US$1,062 million, grew by
43.5% as compared with US$740 million in 2009.
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.44.90 |
|
|
1 |
Rs.72.54 |
|
Euro |
1 |
Rs.63.39 |
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 |
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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.