%20%20LTD%20%20-%20160600%2017-Nov-2011_files/image002.jpg){kind=small}
MIRA INFORM
REPORT
|
Report Date : |
17.11.2011 |
IDENTIFICATION DETAILS
|
Name : |
KONE
ELEVATOR (HK) LTD. |
|
|
|
|
Registered Office : |
c/o Robertson Hasell Ltd., Room 1712, 17/F., Tower One (RBS Tower), Times Square, 1 Matheson Street, Causeway Bay |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
16.09.1975 |
|
|
|
|
Com. Reg. No.: |
04562004 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Lift and escalator system design advice/engineering services/installation planning support/design/supply/ installation/maintenance and modernisation of lift/escalator and moving walkway systems |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Good |
|
Payment
Behaviour : |
No Complaints |
|
Litigation : |
Exists |
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 – September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
a2 |
a2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Bottom of Form
Company name
KONE ELEVATOR
(HK) LTD.
Company ADDRESS
29/F. & 30/F., Tower 1, Millennium City, 388 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.
PHONE: 2786 6500
FAX: 2786 6739, 2786 6799
E-MAIL: keh@kone.com
MANAGEMENT
Managing Director: Mr. Har Boon Cher
SUMMARY
Incorporated on: 16th September, 1975.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000,000.00
Issued: HK$85,650,000.00
Business Category: System design, installation and maintenance of lifts and escalators.
Group Sales: €4,986.6 million (Year ended 31-12-2010)
Company Employees: 400.
Group Employees: 33,755. (As at 31-12-2010)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Company ADDRESS
Registered
Office:-
c/o Robertson Hasell Ltd.
Room 1712, 17/F., Tower One (RBS Tower), Times Square, 1 Matheson Street, Causeway Bay, Hong Kong.
Head Office:-
29/F. & 30/F., Tower 1, Millennium City, 388 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.
Immediate Holding
Company:-
Hissi B.V., the Netherlands.
Ultimate Holding
Company:-
KONE Corporation, Finland.
Affiliated
Companies:-
KONE Group of
Companies
· AS KONE, Estonia.
· ASBA Mantenimientos S.L., Spain.
· Ascenseurs Soulier S.N.C., France.
· Ascenseurs Technologie Serrurerie (S.A.), France.
· Ascensores Marvi S.L., Spain.
· ATPE_AMIB S.A., France.
· Automatique Acces Services S.A.S., France.
· Ben Fung Elevators Taiwan Ltd., Taiwan.
· Ben Fung Machineries & Engineering Ltd., Hong Kong.
· Bleasdale Ltd., Ireland.
· Cajax AB, Sweden.
· Central Elevator Services Ltd., Canada.
· Crown Lifts Ltd., UK.
· Elecomp Srl, Italy.
· Elevators Philippines Construction Inc., Philippines.
· Elevators Srl, Italy.
· Engler & Haring GmbH, Germany.
· ENOK Electrical Co. LLC, USA.
· Evin Ascenseurs S.A.S., France.
· Fein Blanking Sdn. Bhd., Malaysia.
· FG Management, France.
· Finescal Oy, Finland.
· Fuji Lift & Escalator Manufacturing Sdn., Malaysia.
· Fuji Lift & Escalator Sdn. Bhd., Malaysia.
· G&G Liftservice B.V., the Netherlands.
· Giant Kone Elevator Co. Ltd., China.
· Hages Verwaltungs GmbH, Germany.
· Hages-Aufzuge GmbH &Co. KG Duren, Germany.
· Hissjuoren Ekmans AB, Sweden.
· Hopmann Liftservice BV, the Netherlands.
· Indusmar S.A., Panama.
· Industrial Logistics Ltd., Ireland.
· Iriti Srl, Italy.
· Kiinteistö Oy Heves, Finland.
· Koiko Kinnisvara OÜ, Estonia.
· KoMont Investment BV, the Netherlands.
· KONE (Ireland) Ltd., Ireland.
· KONE (Middle East) LLC, UAE.
· KONE (NI) Ltd., UK.
· KONE (Schweiz) AG, Switzerland.
· KONE A.S., Czech Republic.
· KONE A/S, Denmark.
· KONE AB, Sweden.
· KONE AG, Austria.
· KONE Aksjeselskap, Norway.
· KONE Areeco Ltd., Saudi Arabia.
· KONE Asansör Sanayi ve Ticaret A.S., Turkey.
· KONE Ascensors i Escales SA, Andorra.
· KONE Ascensorul S.A., Romania.
· KONE Belgium S.A., Belgium.
· KONE Bolton Brady Ltd., UK.
· KONE BV, the Netherlands.
· KONE Capital Oy, Finland.
· KONE d.o.o., Slovenia.
· KONE Deursystemen BV, the Netherlands.
· KONÉ Développement S.N.C., France.
· KONE Door AB, Sweden.
· KONE ehf, Iceland.
· KONE Elevadores SA, Spain.
· KONE Elevator (M) Sdn. Bhd., Malaysia.
· KONE Elevator (Macau) Ltd., Macau.
· KONE Elevator India Private Ltd., India.
· KONE Elevators Co. Ltd., China.
· KONE Elevators Cyprus Ltd., Cyprus.
· KONE Elevators Employee Benefits Pty. Ltd., Australia.
· KONE Elevators International (China) Ltd., Hong Kong.
· KONE Elevators Korea Co. Ltd., South-Korea.
· KONE Elevators Pty. Ltd., Australia.
· KONE Elevators Qatar LLC, Qatar.
· KONE Elevators South Africa (Pty) Ltd., South Africa.
· KONE Elevators Taiwan Co. Ltd., Taiwan.
· KONE Felvono Kft, Hungary.
· Kone Finance Holding BV, the Netherlands.
· KONE Funchalift Lda.., Portugal.
· KONE Garant Aufzug GmbH, Germany.
· KONE GmbH, Germany.
· KONE Hissit Oy, Finland.
· KONÉ Holding France S.A.S., France.
· KONE Holding GmbH, Germany.
· KONE Holdings (Australia) Ltd., Australia.
· KONE Holdings (Canada) Inc., Canada.
· KONE Holdings Inc., USA.
· Kone Holland BV, the Netherlands.
· KONE Inc., Canada.
· KONE Inc., USA.
· KONE Industrial Koncern s.r.o., Czech Republic.
· KONE Industrial Oy, Finland.
· KONE Industrial S.A. de C.V., Mexico.
· KONE Industrial Servicios S.A. de C.V., Mexico.
· KONE Industrial SpA, Italy.
· KONE International N.V., Belgium.
· KONE Investition GmbH, Austria.
· KONE Japan Co. Ltd., Japan.
· KONE Köln Verwaltung GmbH, Germany.
· KONE Liften BV, the Netherlands.
· KONE Lifts LLC, Ukraine.
· KONE Luxembourg Sarl, Luxembourg.
· KONE Metro AB, Sweden.
· KONE Mexico S.A. de C.V., Mexico.
· KONE Montage GMBH, Germany.
· KONE Nederland Holding BV, the Netherlands.
· KONE Pension Trustees Ltd., UK.
· KONE plc, UK.
· KONE Portugal- Elevadores Lda., Portugal.
· KONE Pte. Ltd., Singapore.
· KONE Rulletrapper AS, Norway.
· KONÉ S.A., France.
· KONE S.A., Greece.
· KONE s.r.o., Slovak Republic.
· KONE Scandinavia AB, Sweden.
· KONE Sdn. Bhd., Malaysia.
· KONE Servicezentrale GmbH, Germany.
· KONE Sp.z.o.o., Poland.
· KONE SpA, Italy.
· KONE SSC s.r.o., Slovak Republic.
· KONE TELC Industries BV, the Netherlands.
· KONE TELC Industries Co. Ltd., China.
· KONE Thai Lift Public Co. Ltd., Thailand.
· KONE Verwaltungsgesellschaft mbH, Germany.
· KONE Vietnam LLC, Vietnam.
· Konematic GmbH, Germany.
· Konematic Holding Ltd., UK.
· Konematic Inc., USA.
· Konematic Ltd., UK.
· KPI Elevators Inc., Philippines.
· KREM Inc., USA.
· Kunshan Vataple-Kone Escalator Equipment Co. Ltd., China.
· L.A.M. Lombarda Ascensori Montacarichi Srl, Italy.
· Liften E. Thiery N.V., Belgium.
· Lödige Aufzuge GmbH, Germany.
· Lödige Aufzugstechnik GmbH, Germany.
· Lumico Sarl, Luxembourg.
· Maintenance et Dépannage du Bâtiment M.D.B, France.
· Marine Elevators LLC, USA.
· Marryat & Scott Egypt SAE, Egypt.
· Marvi Aragon 2000 S.L., Spain.
· Marvi Elevadores 2000 S.L., Spain.
· Marvi Levante 2000 S.L., Spain.
· Miro Elevators Ltd., Canada.
· Motala Hissar AB, Sweden.
· Nanjing Lian Ao Elevator Engineering Co. Ltd., China.
· Neulift Service Sardegna Srl, Italy.
· Neulift Srl, Italy.
· OAO RSU-6, Russia.
· Olympus Elevator Private Ltd., India.
· OOO “EKOLIFT”, Russia.
· OOO KONE Lift, Russia.
· OOO Lift RSU-5, Russia.
· Oy Tuote-Leasing Ltd., Finland.
· P.T. Kone Indo Elevator, Indonesia.
· Premier Elevators Sdn. Bhd., Malaysia.
· Prokodis S.N.C., France.
· Recolift SA, Switzerland.
· RUMAN Srl, Italy.
· Sabiem SpA, Italy.
· Service Professionnel d’Ascenseurs Inc., Canada.
· Shan On Engineering Co. Ltd., Hong Kong.
· SIA KONE Lifti Latvija, Latvia.
· Slimpa Srl, Italy.
· Société en Participation KONE ATS, France.
· STM, France.
· Suur-Helsingin Hissihuolto Oy, Finland.
· Tecnocram Srl, Italy.
· Thai Elevators & Escalators Ltd., Thailand.
· Thai Elevators Holding Ltd., Thailand.
· The UK Lift Co. Ltd., UK.
· Tosca Ascensori Srl, Italy.
· UAB KONE, Lithuania.
· UAB Unikali ideja, Lithuania.
· UK Lift (Holdings) Ltd., UK.
· Uppsala Hiss Montage oc El AB, Sweden.
· Virginia Elevator Co. Inc., USA.
· VTP-Tractores S.A., Portugal.
· WGQ Trading Co., China.
· ZAO KONE Lifts Moscow, Russia.
etc.
BUSINESS REGISTRATION NUMBER
04562004
COMPANY FILE NUMBER
0044162
MANAGEMENT
Managing Director: Mr. Har Boon Cher
CAPITAL
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$85,650,000.00
SHAREHOLDERS
(As per registry
dated 16-09-2010)
|
Name |
|
No. of shares |
|
KONE Corporation Kartanontie 1, 00330 Helsinki, Finland. |
|
1 |
|
Kone Holland B.V. Rijn 10, 2267 DB Leidschendam, the Netherlands. |
|
14,999,999 |
|
Hissi B.V. Rijn 10, 2491 BG’s-Gravenhage, the Netherlands. |
|
70,650,000 |
|
|
|
––––––––– |
|
|
Total: |
85,650,000 ======== |
DIRECTORS
(As per registry
dated 16-09-2010)
|
Name (Nationality) |
Address |
|
Klaus Thomas CAWEN |
Kuninkaanniemi 10B, 02160 Espoo, Finland. |
|
CHAN Ping Keung, Raymond |
Flat 19A, Village Tower, 7 Village Road, Happy Valley, Hong Kong. |
|
HAR Boon Cher |
Apartment 20A, 1 Albany Road, Hong Kong. |
|
Henrik Georg Fredrik EHRNROOTH |
Puistokatu 11A7, 00140 Helsinki, Finland. |
SECRETARY
(As per registry
dated 16-09-2010)
|
Name |
Address |
Co.
No. |
|
Robertson Hasell Ltd. |
Room 1712, 17/F., Tower One (RBS Tower), Times Square, 1 Matheson Street, Causeway Bay, Hong Kong. |
0063216 |
HISTORY
The subject was incorporated on 16th September, 1975 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Marryat & Scott (Hong Kong) Ltd., name changed to Kone Marryat & Scott (Hong Kong) Ltd. on 1st August, 1980; and further to the present style on 23rd December, 1986.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities & Lines: Lift and escalator system design advice/engineering services/installation planning
support/design/supply/ installation/maintenance and modernisation of lift/escalator and moving walkway systems.
Trade Marks: “KONE” brand, etc.
Company Employees: 400.
Group Employees: 33,755. (As at 31-12-2010)
Commodities Imported: Mainly imported from Europe, North America and Asia.
Business Territories: Hong Kong and China.
Group Sales: €3,600.8 million (Year ended 31-12-2006)
€4,078.9 million (Year ended 31-12-2007)
€4,602.8 million (Year ended 31-12-2008)
€4,743.7 million (Year ended 31-12-2009)
€4,986.6 million (Year ended 31-12-2010)
Terms/Services: As per contracted.
Terms/Buying: L/C or as per contracted.
GOVERNMENT CONTRACTS AWARDED SINCE 1990:
|
Date |
GN
No. |
Tender
Board – Department |
Amount |
|
27-04-1990 |
GN1551 |
Housing Authority |
HK$5,859,000 |
|
27-04-1990 |
GN1551 |
Housing Authority |
HK$648,400 |
|
28-09-1990 |
GN3506 |
Housing Authority |
HK$10,733,300 |
|
25-10-1990 |
GN3879 |
Public Works Tender Board – Architectural Services Dept. |
HK$2,850,840 |
|
25-10-1990 |
GN3881 |
Central Tender Board – Architectural Services Dept. |
HK$20,713,000 |
|
28-12-1990 |
GN4661 |
Housing Authority |
HK$19,215,000 |
|
28-12-1990 |
GN4661 |
Housing Authority |
HK$15,758,000 |
|
22-02-1991 |
GN674 |
Housing Authority |
HK$9,657,000 |
|
22-02-1991 |
GN674 |
Housing Authority |
HK$7,522,000 |
|
28-06-1991 |
GN2231 |
Housing Authority |
HK$19,851,000 |
|
28-06-1991 |
GN2231 |
Housing Authority |
HK$17,361,000 |
|
28-06-1991 |
GN2231 |
Housing Authority |
HK$15,430,000 |
|
28-06-1991 |
GN2231 |
Housing Authority |
HK$13,644,000 |
|
26-07-1991 |
GN2656 |
Public Works Tender Board – Architectural Services Dept. |
HK$525,965 |
|
29-11-1991 |
GN4305 |
Public Works Tender Board |
HK$318,103 (Monthly Rate) |
|
29-11-1991 |
GN4309 |
Housing Authority |
HK$30,349,000 |
|
29-11-1991 |
GN4309 |
Housing Authority |
HK$21,213,000 |
|
29-11-1991 |
GN4309 |
Housing Authority |
HK$10,522,000 |
|
27-03-1992 |
GN1106 |
Housing Authority |
HK$1,204,000 |
|
31-07-1992 |
GN2739 |
Public Works Tender Board |
HK$592,932 |
|
30-10-1992 |
GN3912 |
Housing Authority |
HK$21,644,000 |
|
29-01-1993 |
GN311 |
Housing Authority |
HK$15,232,000 |
|
28-05-1993 |
GN1838 |
Housing Authority |
HK$21,980,000 |
|
27-08-1993 |
GN3132 |
Public Works Tender Board – Electrical & Mechanical Services Dept. |
HK$800,000 |
|
27-08-1993 |
GN3136 |
Housing Authority |
HK$23,674,200 |
|
31-12-1993 |
GN4837 |
Central Tender Board – Architectural Services Dept. |
HK$16,000,000 |
|
25-02-1994 |
GN683 |
Housing Authority |
HK$20,170,000 |
|
29-07-1994 |
GN2855 |
Housing Authority |
HK$24,353,500 |
|
29-07-1994 |
GN2855 |
Housing Authority |
HK$4,971,000 |
|
26-08-1994 |
GN3238 |
Housing Authority |
HK$51,738,000 |
|
31-03-1995 |
GN1152 |
Central Tender Board – Architectural Services Dept. |
HK$15,467,100 |
|
28-07-1995 |
GN2957 |
Housing Authority |
HK$3,402,200 |
|
29-12-1995 |
GN5401 |
Public Works Tender Board – Architectural Services Dept. |
HK$2,921,400 |
|
29-12-1995 |
GN5401 |
Public Works Tender Board – Architectural Services Dept. |
HK$3,576,300 |
|
31-05-1996 |
GN2450 |
Public Works Tender Board – Architectural Services Dept. |
HK$3,785,700 |
|
31-05-1996 |
GN2450 |
Public Works Tender Board – Architectural Services Dept. |
HK$1,326,100 |
|
27-12-1996 |
GN6067 |
Public Works Tender Board – Architectural Services Dept. |
HK$7,565,600 |
|
27-03-1997 |
GN1516 |
Public Works Tender Board – Architectural Services Dept. |
HK$1,289,500 |
|
30-05-1997 |
GN2725 |
Public Works Tender Board – Architectural Services Dept. |
HK$3,989,200 |
|
30-05-1997 |
GN2729 |
Housing Authority |
HK$4,905,800 (Monthly Rate) |
|
30-05-1997 |
GN2729 |
Housing Authority |
HK$18,345,900 (Monthly Rate) |
|
27-06-1997 |
GN3263 |
Housing Authority |
HK$48,032,000 (Estimated Contract) |
|
27-06-1997 |
GN3263 |
Housing Authority |
HK$1,520,000 (Estimated Contract) |
|
24-04-1998 |
GN1980 |
Architectural Services Dept. |
HK$1,004,000 (Monthly Rate) |
|
30-09-1998 |
GN4805 |
Electrical and Mechanical Services Dept. |
HK$3,124,940 |
|
30-07-1999 |
GN4387 |
Architectural Services Dept. |
HK$1,750,000 |
|
24-11-2000 |
GN7760 |
Architectural Services Dept. |
HK$3,051,800 |
|
28-12-2001 |
GN8103 |
Architectural Services Dept. |
HK$5,330,000 |
|
30-01-2003 |
GN662 |
Architectural Services Dept. |
HK$5,312,800 |
|
25-06-2004 |
GN4115 |
Electrical and Mechanical Services
Dept. |
HK$1,173,000 (Estimated) |
|
28-01-2005 |
GN511 |
Architectural Services Dept. |
HK$7,300,000 |
|
25-02-2005 |
GN922 |
Electrical and Mechanical Services
Dept. |
HK$7,790,000 |
|
26-08-2005 |
GN4262 |
Housing Authority |
HK$648,000 |
|
30-09-2005 |
GN4986 |
Housing Authority |
HK$24,614,000 |
|
25-11-2005 |
GN6207 |
Housing Authority |
HK$14,234,600 |
|
25-11-2005 |
GN6207 |
Housing Authority |
HK$825,600 |
|
25-11-2005 |
GN6207 |
Housing Authority |
HK$1,384,800 |
|
25-11-2005 |
GN6207 |
Housing Authority |
HK$475,000 |
|
25-11-2005 |
GN6207 |
Housing Authority |
HK$37,200 |
|
30-12-2005 |
GN7017 |
Housing Authority |
HK$4,651,000 |
|
30-12-2005 |
GN7017 |
Housing Authority |
HK$11,416,800 |
|
30-12-2005 |
GN7017 |
Housing Authority |
HK$656,400 (Maintenance Fees) |
|
30-12-2005 |
GN7017 |
Housing Authority |
HK$208,800 (Maintenance Fees) |
|
31-03-2006 |
GN2219 |
Housing Authority |
HK$1,416,000 |
|
27-10-2006 |
GN6885 |
Housing Authority |
HK$1,834,300 |
|
24-11-2006 |
GN7524 |
Housing Authority |
HK$655,682 |
|
24-11-2006 |
GN7524 |
Housing Authority |
HK$1,585,200 |
|
27-07-2007 |
GN4913 |
Housing Authority |
HK$6,509,686 |
|
28-09-2007 |
GN6403 |
Housing Authority |
HK$11,925,900 |
|
26-10-2007 |
GN7047 |
Housing Authority |
HK$2,211,724 |
|
28-03-2008 |
GN2100 |
Electrical and Mechanical Services Dept. |
HK$3,169,355 |
|
28-03-2008 |
GN2100 |
Electrical and Mechanical Services Dept. |
HK$3,128,493 |
|
25-04-2008 |
GN2811 |
Housing Authority |
HK$15,241,400 |
|
30-05-2008 |
GN3671 |
Architectural Services Dept. |
HK$1,704,000 |
|
30-05-2008 |
GN3684 |
Housing Authority |
HK$11,833,600 |
|
30-05-2008 |
GN3684 |
Housing Authority |
HK$3,253,181 |
|
30-05-2008 |
GN3684 |
Housing Authority |
HK$2,350,887 |
|
27-06-2008 |
GN4425 |
Electrical and Mechanical Services Dept. |
HK$2,384,463 |
|
27-06-2008 |
GN4434 |
Housing Authority |
HK$25,466,400 |
|
25-07-2008 |
GN5135 |
Housing Authority |
HK$9,964,800 |
|
28-11-2008 |
GN8174 |
Housing Authority |
HK$24,263,200 |
|
28-11-2008 |
GN8174 |
Housing Authority |
HK$3,620,087 |
|
24-12-2008 |
GN8805 |
Housing Authority |
HK$5,340,487 |
|
25-09-2009 |
GN6076 |
Housing Authority |
HK$23,034,000 |
|
30-10-2009 |
GN6793 |
Housing Authority |
HK$1,529,740 |
|
30-10-2009 |
GN6793 |
Housing Authority |
HK$10,967,040 |
|
27-11-2009 |
GN7482 |
Housing Authority |
HK$1,529,740 |
|
29-01-2010 |
GN609 |
Housing Authority |
HK$1,058,550 |
|
25-06-2010 |
GN4031 |
Housing Authority |
HK$1,720,000 |
|
30-07-2010 |
GN4942 |
Housing Authority |
HK$669,696 |
|
30-09-2010 |
GN6291 |
Housing Authority |
HK$12,045,000 |
|
30-09-2010 |
GN6291 |
Housing Authority |
HK$26,451,000 |
|
31-12-2010 |
GN8381 |
Housing Authority |
HK$1,397,000 |
|
28-01-2011 |
GN806 |
Housing Authority |
HK$648,960 |
|
25-02-2011 |
GN1348 |
Housing Authority |
HK$8,359,300 |
|
25-02-2011 |
GN1348 |
Housing Authority |
HK$4,414,080 |
|
29-04-2011 |
GN2665 |
Housing Authority |
HK$21,533,000 |
MEMBERSHIP
· The Hong Kong Federation of Electrical & Mechanical Contractors Ltd., Hong Kong.
·
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKK0308]
· The Lift & Escalator Contractors Association, Hong Kong.
FINANCIAL INFORMATION
Nominal Share Capital: HK$100,000,000.00 (Divided into 100,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$85,650,000.00
Group Net Income: €234.4 million (Year ended 31-12-2006)
€180.3 million (Year ended 31-12-2007)
€418.1 million (Year ended 31-12-2008)
€466.4 million (Year ended 31-12-2009)
€535.9 million (Year ended 31-12-2010)
Profit or Loss: Operation is profitable.
Condition: Business is active and satisfactory.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Good.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
GENERAL
Kone Elevator (HK) Ltd. [KEHK] was incorporated in September 1975 as a wholly-owned subsidiary of Hissi B.V., the Netherlands which is in turn a subsidiary of KONE Corporation [KONE] of Finland. KEHK was formed to act as agent for the “KONE” brand lift and elevator in Hong Kong.
KONE was founded in 1910 and celebrates its centennial anniversary in 2010. Providing industry-leading elevators, escalators and innovative solutions for modernization and maintenance, KONE has been committed to understand the needs of its customers in various segments for the past century. In 2010, KONE had approximately 34,000 employees. KONE class B shares are listed on the NASDAQ OMX Helsinki Ltd.
KONE is one of the largest elevator manufacturers in the world. It manufactures passenger and freight elevators, escalators, autowalks, and automatic building doors. It also provides maintenance and repair services. It has installed more than 500,000 elevators and escalators, and nearly 300,000 building doors. KONE’s Cargotec division (loading and cargo moving services and products such as cranes, lift trucks, and terminal tractors) was spun off into a separate company, leaving KONE to focus on its elevator operations. Customers in Europe, the Middle East, and Africa account for about two-thirds of KONE’s sales.
KONE operates approximately 800 service centres in about 50 countries across the globe and its customers include builders and building owners, designers, and architects.
During 2004, KONE set plans in motion to split itself into two separately listed companies. KONE continued to oversee the elevator, escalator, and building door services business, and Cargotec Corporation remained in control of the company’s container and load handling operations. The transition was completed in June 2005 when both companies were listed as separate entities on the Helsinki Stock Exchange. KONE is led by President Matti Alahuhta; the founding Herlin family is represented by Chairman Antti Herlin.
KONE is now one of the top elevator and escalator suppliers in China with 6 regional area (in Beijing and Northeast area, Shanghai and East area, Gaungzhou and Southeast area, Shenzhen area, Chengdu and Northwest area, and Nanjing and Middle area), 37 branch offices (in Beijing, Shanghai, Guangzhou, Shenzhen, Chengdu, Chongqing, Wuhan, Nanjing, Qingdao, Xi’an, Shenyang, Hangzhou, Xiamen, Suzhou, Tianjin, Kunshan, Harbin, Kunming, Changsha, Zhengzhou, Lhasa, Ningbo, Fuzhou, Dalian, Foshan, Shijiazhuang, Hohhot, Jinan, Xuzhou, Hefei, Nanchang, Nanning, Hainan, Urumqi, Guiyang, Shanxi and Dongguan) as well as sales and service network nationwide. KONE also exports its products to Asia-Pacific countries such as Thailand, Malaysia, Singapore, Indonesia, the Philippines, Australia, New Zealand and the Middle East.
For the year ended 31st December, 2010, the net sales of the KONE Group amounted to €4,986.6 million, grew by 5.1% as compared with €4,743.7 million in FY 2009. Net income was €535.9 million, grew by 14.9% as compared with €466.4 million in FY 2009.
Sales in Asia-Pacific grew strongly during the FY 2010. All business areas grew, but growth was strongest in new equipment. Sales in new equipment grew in all markets except for Australia, and growth was fastest in China. The growth in sales in China was a result of very strong order intake growth in the second half of 2009 and first half of 2010. Modernization and maintenance sales grew in all markets in Asia-Pacific.
The geographical distribution of net sales was 58% (62%) Europe, the Middle East and Africa [EMEA]; 21% (21%) Americas and 21% (17%) Asia-Pacific. The largest individual countries in terms of net sales in 2010 were the United States, France and China.
The business in Hong Kong is now heavily reliant on government housing contracts. It is now seeking to increase market share in the private sector. Since its incorporation, KEHK has sold numerous elevators and escalators in various famous landmarks, such as the Hong Kong Convention & Exhibition Centre Extension, the Court of Final Appeal, Cheung Sha Wan Government Building, Island Place, Oxford House, Tseung Kwan O Hospital, etc. Its products are manufactured in Europe, North America and Asia.
KEHK is a registered lift and escalator contractor approved by Electrical and Mechanical Services Department of Hong Kong, and is Hong Kong Housing Authority’s List of Works Contractors for lift and escalator. KEHK is also a registered member of Construction Industry Council under the Voluntary Subcontractor Registration Scheme with registration number R001109. It is also a licensed security company engaged in Type III security work approved by Security and Guarding Services Industry Authority. In addition, KEHK is an approved supplier of materials and specialist contractor for public works in lift, escalator and passenger conveyor installation.
Since 1987, KEHK has got ISO 9001 certification from Hong Kong Quality Assurance Agency. Its certificate number HKG0021011. It also was awarded ISO 14001 accreditation in 2006.
On the whole, in view of KEHK’s background and parentage, consider it good for normal business engagements.
REMARKS:
Court case:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
June 1991 |
- |
Lui Cheung Por |
Kone Elevator (HK) Ltd. |
Damages |
Not stated |
|
Dec. 2002 |
H1159 |
Hau Tan Kin |
Kone Elevator (HK) Ltd. |
Damages |
Not stated |
|
July 2004 |
H52 |
Cheung Kee Fung Cheung Construction Co. Ltd. |
Kone Elevator (HK) Ltd. and others |
Order |
Not stated |
|
Sept. 2005 |
H856 |
Kwok Hing Tak |
Kone Elevator (HK) Ltd. |
Damages |
Not stated |
|
June 2006 |
H503 |
Leung Mun Ching |
Kone Elevator (HK) Ltd. |
Damages |
Not stated |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.50.90 |
|
UK Pound |
1 |
Rs.80.30 |
|
Euro |
1 |
Rs.68.48 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.