MIRA INFORM REPORT
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Report Date : |
20.09.2011 |
IDENTIFICATION DETAILS
|
Name : |
SONY
CORPORATION OF HONG
KONG LTD. |
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Registered Office : |
Suite 3301, 33/F., Tower 1, The Gateway, 25 Canton Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
23.11.1962 |
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Com. Reg. No.: |
01415434 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer-Exporter and Retailer of the “SONY” brand products |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
56-70 |
A |
Financial & operational base are regarded healthy. General
unfavourable factors will not cause fatal effect. Satisfactory capability for
payment of interest and principal sums |
Fairly Large |
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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 |
|
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 |
Company name
SONY CORPORATION OF HONG KONG LTD.
Company ADDRESS
Suite 3301, 33/F., Tower 1, The Gateway, 25 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 2909 1111
FAX: 2909 2222
MANAGEMENT
Managing Director: Mr. Masahiko Kusakabe
SUMMARY
Incorporated on: 23rd November, 1962.
Organization: Private Limited Company.
Capital: Nominal: US$150,000.00
Issued: US$141,800.00
Business Category: Consumer Electronics Merchant.
Annual Turnover: HK$8.5~9.0 billion.
Employees: 730. (Hong Kong)
Main Dealing Banker: The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
Banking Relation: Good.
Company ADDRESS
Registered Head
Office:-
Suite 3301, 33/F., Tower 1, The Gateway, 25 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Business Names:-
· Hong Kong Marketing Company, Hong Kong.
· So-Net Hong Kong, Hong Kong.
· Sony Customer Service Centre, Hong Kong.
· Sony Music Entertainment (Japan) HK Office, Hong Kong.
· Sony Shop, Hong Kong.
· Sony Store, Hong Kong.
· Sony Style Studio, Hong Kong.
· Sony Style, Hong Kong.
· Sony Supply Chain Solutions (Hong Kong) Company, Hong Kong.
· Sony, Hong Kong.
Immediate Holding
Company:-
Sony Holding (Asia) B.V., Netherlands.
Ultimate Holding
Company:-
Sony Corporation, Japan.
Associated/Affiliated
Companies:-
· Sony Group of Companies
· Sony (China) Ltd., China.
· Sony Americas Holding Inc., USA.
· Sony Assurance Inc., Japan.
· Sony Australia Ltd., Australia.
· Sony Benelux B.V., Netherlands.
· Sony Berlin GmbH, Germany.
· Sony Brasil Ltda., Brasil.
· Sony Computer Entertainment America Inc., USA.
· Sony Corporation of America, USA.
· Sony Corporation of Panama S.A., Panama.
· Sony DADC Corporation, Japan.
· Sony DADC Hong Kong Ltd., Hong Kong.
· Sony DADC US Inc., USA.
· Sony de Mexico S.A. de C.V., Mexico.
· Sony Deutschland GmbH, Germany.
· Sony Device Technology (Thailand) Co. Ltd., Thailand.
· Sony Digital Network Applications Inc., Japan.
· Sony Electronics (Singapore) Pte. Ltd., Singapore.
· Sony Electronics (Wuxi) Co. Ltd.., China.
· Sony Electronics Asia Pacific Pte. Ltd., Singapore.
· Sony Electronics Inc., USA.
· Sony Electronics of Korea Corporation, Korea.
· Sony Electronics Vietnam Co. Ltd., Vietnam.
· Sony EMCS (Malaysia) Sdn. Bhd., Malaysia.
· Sony EMCS Corporation, Japan.
· Sony Ericsson Mobile Communications AB, Sweden.
· Sony Espana S.A., Spain.
· Sony Europe B.V., Netherlands.
· Sony Europe Holding B.V., Netherlands.
· Sony France S.A., France.
· Sony Holding (Asia) B.V., Netherlands.
· Sony Hungaria Kft., Hungary.
· Sony India Pvt. Ltd., India.
· Sony International (Hong Kong) Ltd., Hong Kong.
· Sony Italia S.p.A., Italy.
· Sony Korea Corporation, Korea.
· Sony Latin America Inc., USA.
· Sony Magnetic Products Inc. of America, USA.
· Sony Malaysia Sdn. Bhd., Malaysia.
· Sony Music Entertainment (Japan) Inc., Japan.
· Sony Music Entertainment B.V., Netherlands.
· Sony Music Entertainment Hong Kong Ltd., Hong Kong.
· Sony Music Entertainment Inc., USA.
· Sony Network Taiwan Ltd., Taiwan.
· Sony New Zealand Ltd., New Zealand.
· Sony Nordic A/S, Denmark.
· Sony of Canada Ltd., Canada.
· Sony Overseas S.A., Switzerland.
· Sony Philippines Inc., Philippines.
· Sony Pictures Television (HK) Ltd., Hong Kong.
· Sony Precision Devices (Huizhou) Co. Ltd., China.
· Sony South Africa (Pty) Ltd., South Africa.
· Sony Taiwan Ltd., Taiwan.
· Sony Technology (Malaysia) Sdn. Bhd., Malaysia.
· Sony Technology (Thailand) Co. Ltd., Thailand.
· Sony Thai Co. Ltd., Thailand.
· Sony U.S. Funding Corporation, USA.
· Sony United Kingdom Ltd., UK.
· Sony Vietnam Ltd., Vietnam.
etc.
BUSINESS REGISTRATION NUMBEr
01415434
COMPANY FILE NUMBER
0008241
MANAGEMENT
Managing Director: Mr. Masahiko Kusakabe
CAPITAL
Nominal Share Capital: US$150,000.00 (Divided into 1,500 shares of US$100.00 each)
Issued Share Capital: US$141,800.00
SHAREHOLDERS
(As per registry
dated 23-11-2010)
|
Name |
|
No. of shares |
|
Sony Holding (Asia) B.V. Schipholweg 275, 1171 PK Badhoevedorp, The Netherlands. |
|
1,417 |
|
Masahiko KUSAKABE |
|
1 |
|
|
|
––––– |
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Total: |
1,418 ==== |
DIRECTORS
(As per registry
dated 23-11-2010)
|
Name (Nationality) |
Address |
|
Masahiko KUSAKABE [Also alternate to Kiyoshi SHIKANO] |
Flat A, 12/F., Tower 3, Grand Promenade, 38 Tai Hong Street, Sai Wan Ho, Hong Kong. |
|
Kiyoshi SHIKANO |
Suite 3301, 33/F., Tower 1, The Gateway, 25 Canton Road, Tsimshatsui, Kowloon, Hong Kong. |
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PAU Yun Hung [Alternate to Haruyasu NAGATA] |
Flat F, 19/F., Tower 31, South Horizons, Ap Lei Chau, Hong Kong. |
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Haruyasu NAGATA |
8/F., One Corporate Avenue, 222 Hu Bin Road, Luwan District, 200021 Shanghai, China. |
SECRETARY
(As per registry dated
23-11-2010)
|
Name |
Address |
|
WONG Li Ying |
Room 1804, 18/F., Block K, Kornhill, Hong Kong. |
HISTORY
The subject was incorporated on 23rd November, 1962 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at 46/F., The Lee Gardens, 33 Hysan Avenue, Causeway Bay, Hong Kong, moved to the present address in June 2009.
Apart from these, neither material change nor amendment has been ever traced and noted.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of “Sony” brand electronic products such as magneto optical disk, electrical
apparatus for line telephony or line telegraphy, including such apparatus for carrier-current line systems, empty reel (aluminium) for video tape, microphone, cordless telephone, ¼” data cartridge, black and white video monitor, headphone, DG series data cartridge (3.8mm), video cassette recorder, digital audio cassette tape recorder, radio-broadcast receivers, color video projector, cleaning cartridge, multi-disc players, audio cassette recording tape non‑recorded, floppy disk, tapes for sound recording, cassette type, video camera, walkman, color television, blank video tapes, video cassette recording tape non-recorded, handycam, cassette tape recorder, television receivers, Hi-Fi component system, , tapes and other recorded media for sound or other similarly recorded phenomena, compact disc player, video cassette tape recorder, QG series data cartridge (8mm), color video monitor.
Trade Mark: “SONY” brand.
Employees: 730. (Hong Kong)
Commodities Imported: Mainly bought from Japan and various other sources.
Markets: Hong Kong and Macau.
Annual Turnover: HK$8.5~9.0 billion.
Terms/Sales: COD or Open Account.
Terms/Buying: T/T or L/C.
GOVERNMENT CONTRACTS AWARDED SINCE 1990:
|
Date |
GN
No. |
Tender
Board – Department |
Amount |
|
30-08-1996 |
GN3778 |
Council Tender Board Panel and The Finance Select Committee |
HK$50,520 (Jointly) |
|
30-08-1996 |
GN3378 |
Council Tender Board Panel and The Finance Select Committee |
HK$322,685 (Jointly) |
|
20-09-1996 |
GN4183 |
Council Tender Board Panel and The Finance Select Committee |
HK$51,137 |
|
15-11-1996 |
GN5271 |
Council Tender Board Panel and The Finance Select Committee |
HK$185,850 |
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15-11-1996 |
GN5271 |
Council Tender Board Panel and The Finance Select Committee |
HK$82,830 (Jointly) |
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29-11-1996 |
GN5569 |
Central Tender Board – Government Supplies Dept. |
HK$3,341,407 |
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29-11-1996 |
GN5570 |
Government Supplies Dept. Tender Board – Government Supplies Dept. |
HK$2,046,000 |
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20-12-1996 |
GN5946 |
Council Tender Board Panel and The Finance Select Committee |
HK$160,253 |
|
24-01-1997 |
GN440 |
Council Tender Board Panel and The Finance Select Committee |
HK$54,697 |
|
24-01-1997 |
GN440 |
Council Tender Board Panel and The Finance Select Committee |
HK$267,256 (Jointly) |
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24-01-1997 |
GN440 |
Council Tender Board Panel and The Finance Select Committee |
HK$223,101 (Jointly) |
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28-02-1997 |
GN1042 |
Government Supplies Dept. Tender Board – Government Supplies Dept. |
HK$646,000 |
|
28-02-1997 |
GN1042 |
Government Supplies Dept. Tender Board – Government Supplies Dept. |
HK$3,427,200 |
|
27-03-1997 |
GN1518 |
Government Supplies Dept. Tender Board – Government Supplies Dept. |
HK$4,426,465 |
|
23-05-1997 |
GN2553 |
Council Tender Board Panel and The Finance Select Committee |
HK$104,990 (Jointly) |
|
03-10-1997 |
GN1674 |
Council Tender Board Panel and The Finance Select Committee |
HK$58,810 |
|
02-01-1998 |
GN97 |
Council Tender Board Panel and The Finance Select Committee |
HK$349,920 (Jointly) |
|
23-01-1998 |
GN430 |
Council Tender Board Panel and The Finance Select Committee |
HK$343,448 (Jointly) |
|
24-07-1998 |
GN3606 |
Council Tender Board and The Finance Select Committee |
HK$115,812 (Jointly) |
|
04-12-1998 |
GN5967 |
Council Tender Board Panel and The Finance Select Committee |
HK$240,000 (Jointly) |
|
30-12-1999 |
GN8372 |
Government Supplies Dept. |
HK$3,408,452 (Jointly) |
|
28-01-2000 |
GN605 |
Provisional Regional Council Tender Sub-Committee |
HK$933,875 |
|
28-07-2000 |
GN5035 |
Government Supplies Dept. |
HK$1,213,150 |
|
29-12-2000 |
GN8641 |
Government Supplies Dept. |
HK$583,550 |
|
23-01-2001 |
GN509 |
Government Supplies Dept. |
HK$1,772,223 |
|
23-01-2001 |
GN509 |
Government Supplies Dept. |
HK$2,132,348 |
|
26-07-2002 |
GN4648 |
Government Supplies Dept. |
HK$1,177,500 |
|
28-02-2003 |
GN1376 |
Government Supplies Dept. |
HK$630,315 |
|
25-06-2004 |
GN4118 |
Government Logistics Dept. |
HK$1,328,000 |
|
30-01-2009 |
GN696 |
Government Logistics Dept. |
HK$9,691,724 |
MEMBERSHIP
· The American Chamber of Commerce in Hong Kong.
· The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKS0143]
FINANCIAL INFORMATION
Nominal Share Capital: US$150,000.00 (Divided into 1,500 shares of US$100.00 each)
Issued Share Capital: US$141,800.00
Profit or Loss: Traded at a profitable angle.
Condition: Keeping in an active and satisfactory manner.
Facilities: Making active use of general banking facilities.
Payment: So far so good.
Commercial Morality: Good.
Bankers:-
· The Bank of Tokyo-Mitsubishi UFJ Ltd., Hong Kong Branch.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
GENERAL
Sony Corporation of Hong Kong Ltd., incorporated in November, 1962, is a wholly-owned subsidiary of Sony Corporation [Sony] which is a Japan-based firm.
Sony is the globally renown manufacturer of consumer electronics and the world’s largest manufacturer of audio and video equipment.
The subject is a regional office in Hong Kong engaged in marketing “SONY” products in Hong Kong and Macau. “SONY” products have been available in Hong Kong for over 50 years.
The subject is the third overseas operation set up by Sony after the ones in the United States and Europe. From its modest beginning as Sony's first representative office in Asia, the subject has grown to become a major operation for the Sony Group in the Asian region. In addition to serving as a strategic centre for markets across Asia, the subject also plays an important role as a bridge between mainland China and East Asian markets, and the core activities are covered by the following business units:-
· Business and Professional Products Asia Pacific Company
· Chemicals and Devices Marketing Hong Kong Company
· Electronic Devices Marketing Hong Kong Company
· Hong Kong Marketing Company
· Sony Supply Chain Solutions Hong Kong Company
The subject is the importer-exporter and retailer of the “SONY” brand products. Business activities are handled by the following specialized business units:-
· Business and Professional Products Asia Pacific Company serves organizations of the broadcast and production, digital filming and cinema, education, retail, medical and government as well as corporate sectors.
· Chemicals and Devices Marketing Hong Kong Company provides total solutions in chemical devices and recording media and energy fields. Product categories are Chemicals & Adhesive, Electronic Devices, Conductive Material, Recording Media, and Energy.
· Electronic Devices Marketing Hong Kong Company handles Components, Semiconductors, Computer Peripherals and Battery.
· Hong Kong Marketing Company handles sales & marketing, pre-sales and after-sales services in Hong Kong and Macau
· Sony Supply Chain Solutions Hong Kong Company provides one-stop integrated and cost competitive logistics solutions to customers in Hong Kong and South China and extends the export hub internationally to America, Europe and Asia Pacific region.
Consolidated results for the fiscal year of Sony ended 31st March, 2011 were ¥7,181.3 billion (US$86,521 million), a decrease of 0.5% compared to the previous fiscal year [year-on-year], primarily due to a decrease in sales in all segments except the Consumer Professional & Devices[CPD] segment and the Networked Products & Services [NPS] segment.
Operating income of Sony increased ¥168.0 billion year-on-year to ¥199.8 billion (US$2,407 million) despite a large unfavorable impact of foreign exchange rates. The significant increase in operating income was mainly due to an improvement in operating results in the NPS and CPD segments. Excluding equity in net income (loss) of affiliated companies, restructuring charges and a non-cash charge related to LCD television asset impairment, operating income on an as adjusted basis increased ¥39.4 billion to ¥252.8 billion (US$3,046 million) year-on-year.
Equity in net income of affiliated companies recorded within operating income was ¥14.1 billion (US$169 million) compared to equity in net loss of ¥30.2 billion in the previous fiscal year. Sony recorded equity in net income for Sony Ericsson of ¥4.2 billion (US$50 million) compared to equity in net loss of ¥34.5 billion in the previous fiscal year. Equity in net income for S‑LCD increased ¥6.8 billion to ¥7.2 billion (US$87 million).
Net loss attributable to Sony’s stockholders which excludes net income attributable to noncontrolling interests, was ¥259.6 billion (US$3,128 million), a deterioration of ¥218.8 billion year-on-year.
In Hong Kong, the subject has set up customer service centres [CSC] in Causeway Bay and Mongkok. It also has set up a CSC in Macau.
The subject is fully supported by Sony.
On the whole, in view of the parentage of the subject, consider it good for business engagements.
REMARKS:
Court case records:-
|
Action
Date |
Case
No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
Mar. 2004 |
H717 |
Legend Communications Ltd. |
Sony Corporation of Hong Kong Ltd. [Operating So-Net Hong Kong] |
Breach of Contract |
Not stated |
|
Feb. 2006 |
H300 |
Lysia International Ltd. |
Sony Corporation of Hong Kong Ltd. |
Injunction |
Not stated |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.47.79 |
|
UK Pound |
1 |
Rs.75.06 |
|
Euro |
1 |
Rs.65.35 |
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 |
|
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NB |
New Business |
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This score serves as a reference to assess SC’s credit risk and
to set the amount of credit to be extended. It is calculated from a composite
of weighted scores obtained from each of the major sections of this report. The
assessed factors and their relative weights (as indicated through %) are as
follows:
Financial
condition (40%) Ownership
background (20%) Payment
record (10%)
Credit history
(10%) Market trend
(10%) Operational
size (10%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.