MIRA
INFORM REPORT
|
Report Date : |
22.10.2011 |
IDENTIFICATION DETAILS
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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 September 30th, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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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 |
companyName
CARRIER ASIA
LTD.
Company 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
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.
company 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)
|
Name |
|
No. of shares |
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United Technologies Far East Ltd., Hong Kong. |
|
7,747,300 ======= |
DIRECTORS
(As per registry
dated 01-04-2011)
|
Name (Nationality) |
Address |
|
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
·
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
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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.50.08 |
|
|
1 |
Rs.79.16 |
|
Euro |
1 |
Rs.69.04 |
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.