MIRA INFORM REPORT

 

 

Report Date :           

21.09.2011

 

IDENTIFICATION DETAILS

 

Name :

CLP  HOLDINGS  LTD.

 

 

Registered Office :

147 Argyle Street, Mongkok, Kowloon

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

24.10.1997

 

 

Com. Reg. No.:

21318567

 

 

Legal Form :

Public Limited Company

 

 

Line of Business :

Investment Holding

 

 

RATING & COMMENTS

 

MIRA’s Rating :

A

 

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

 

Status :

Good

 

 

Payment Behaviour :

No Complaints

 

 

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

 

 Bottom of Form

Company name

 

CLP  HOLDINGS  LTD.

 

 

Company ADDRESS

 

147 Argyle Street, Mongkok, Kowloon, Hong Kong.

PHONE:                        2678 8111

FAX:                 2760 4448

E-MAIL:                        clp_info@clp.com.hk

 

 

MANAGEMENT

 

Non-executive Director & Chairman:  The Hon. Sir Michael David Kadoorie

 

 

SUMMARY

 

Incorporated on:             24th October, 1997.

 

Organization:                 Public Limited Company.  (Listed)

 

Capital:                         Authorised:                    HK$15,000,000,000.00

Issued & Paid Up:          HK$12,030,717,000.00

 

Business Category:        Investment Holding.

 

Group Turnover:             HK$58,410 million  (Year ended 31-12-2010)

 

Group Employees:         6,185.  (As at 30-06-2011)

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:           Very good.

Company ADDRESS

 

Registered Head Office:-

147 Argyle Street, Mongkok, Kowloon, Hong Kong.

 

Principal Subsidiaries:-

·         CLP Engineering Ltd., Hong Kong.

·         CLP Power Asia Ltd., British Virgin Islands/International & China.

·         CLP Power China Ltd., British Virgin Islands/China.

·         CLP Power Hong Kong Ltd., Hong Kong.

·         CLP Power International Ltd., British Virgin Islands/International.

·         CLP Properties Ltd., Hong Kong.

·         CLP Research Institute Ltd., British Virgin Islands/Hong Kong.

·         CLP Sichuan (Jiangbian) Power Co. Ltd., China.

·         Guangdong Huaiji Changxin Hydro-electric Power Co. Ltd., China.

·         Guangdong Huaiji Gaotang Hydro-electric Power Co. Ltd., China.

·         Guangdong Huaiji Weifa Hydro-electric Power Co. Ltd., China.

·         Guangdong Huaiji Xinlian Hydro-electric Power Co. Ltd., China.

·         Gujarat Paguthan Energy Corporation Private Ltd., India.

·         Hong Kong Nuclear Investment Co. Ltd, Hong Kong/China.

·         Jhajjar Power Ltd., India.

·         TRUenergy Holdings Pty. Ltd., Australia.

·         TRUenergy Pty. Ltd., Australia.

·         TRUenergy Yallourn Pty. Ltd., Australia.

 

Associated Companies:-

·         Guangdong Nuclear Power Investment Co. Ltd., China.

·         Guangdong Nuclear Power Joint Venture Co. Ltd., China.

etc.

 

Jointly Controlled Entities:-

·         Castle Peak Power Co. Ltd., Hong Kong.

·         CLP Guangxi Fangchenggang Power Co. Ltd., China.

·         CSEC Guohua International Power Co. Ltd., China.

·         Guizhou CLP Power Co. Ltd., China.

·         Hong Kong Pumped Storage Development Co. Ltd., Hong Kong.

·         OneEnergy Ltd., Southeast Asia & Taiwan.

·         Roaring 40s Renewable Energy Pty. Ltd., Australia.

·         Shandong Zhonghua Power Co. Ltd., China.

etc.

 

 

BUSINESS REGISTRATION NUMBER

 

21318567

 

COMPANY FILE NUMBER

 

0627771

 

 

MANAGEMENT

 

·         Non-executive Director & Chairman:  The Hon. Sir Michael David Kadoorie

·         Non-executive Director & Vice Chairman:  Mr. William Elkin Mocatta

·         Executive Director & Chief Executive Officer:

·         Mr. Andrew Clifford Winawer Brandler

 

 

CAPITAL

 

Authorised Share Capital: HK$15,000,000,000.00 (Divided into 3,000,000,000 shares of HK$5.00 each)

 

Issued & Paid Up Capital: HK$12,030,717,000.00

 

 

SHAREHOLDERS

 

A public company whose shares are quoted on The Stock Exchange of Hong Kong Ltd.

 

DIRECTORS  

 

·         Nicholas Charles ALLEN

·         Ian Duncan BOYCE

·         Andrew Clifford Winawer BRANDLER

·         CHENG Hoi Chuen

·         Roderick Ian EDDINGTON

·         FAN Chiu Fun, Fanny

·         Peter William GREENWOOD

·         Michael David KADOORIE

·         LEE Yui Bor

·         John Andrew Harry LEIGH

·         LOH Chung Hon, Hansen

·         Ronald James McAULAY

·         William Elkin MOCATTA

·         Vernon Francis MOORE

·         NEO Kim Teck

·         Paul Arthur THEYS

·         TSE Pak Wing, Peter

·         TSUI LAM Sin Lai, Judy

 

 

SECRETARY

           

Name

Address

CHAN YIU Wai Yee, April

Flat 501, Block B, The Dahfuldy, 21 Ho Man Tin Hill Road, Kowloon, Hong Kong.

 

 

HISTORY

 

The subject was incorporated on 24th October, 1997 as a public limited liability company under the Hong Kong Companies Ordinance.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

OPERATIONS

 

Activities & Lines:          Investment Holding.

 

Group Employees:         6,185.  (As at 30-06-2011)

 

Group Revenue:-

·         HK$45,702 million  (Year ended 31-12-2006)

·         HK$50,789 million  (Year ended 31-12-2007)

·         HK$54,297 million  (Year ended 31-12-2008)

·         HK$50,668 million  (Year ended 31-12-2009)

·         HK$58,410 million  (Year ended 31-12-2010)

·         HK$27,618 million  (6 months ended 30-06-2010) – Unaudited

·         HK$40,245 million  (6 months ended 30-06-2011) – Unaudited

 

 

MEMBERSHIP

 

The Hong Kong General Chamber of Commerce, Hong Kong.
[Membership No. HKC0104]

 

FINANCIAL INFORMATION

 

Authorised Share Capital:           HK$15,000,000,000.00 (Divided into 3,000,000,000 shares of HK$5.00 each)

 

Issued & Paid Up Capital:           HK$12,030,717,000.00

 

Group Earnings Attributable to Shareholders:-

·         HK$  9,900 million  (Year ended 31-12-2006)

·         HK$10,608 million  (Year ended 31-12-2007)

·         HK$10,423 million  (Year ended 31-12-2008)

·         HK$  8,196 million  (Year ended 31-12-2009)

·         HK$10,332 million  (Year ended 31-12-2010)

·         HK$  5,921 million  (6 months ended 30-06-2010) – Unaudited

·         HK$  5,800 million  (6 months ended 30-06-2011) – Unaudited

 

Group Net Worth:         HK$55,838 million  (As at 31-12-2006)

HK$63,901 million  (As at 31-12-2007)

HK$63,017 million  (As at 31-12-2008)

HK$70,761 million  (As at 31-12-2009)

HK$79,661 million  (As at 31-12-2010)

HK$82,771 million  (As at 30-06-2011) – Unaudited

 

Profit or Loss:                Traded at a profitable angle.

 

Condition:                      Business is active and good.

 

Facilities:                      Adequate for current wants.

 

Payment:                      Reliable.

 

Commercial Morality:     Excellent.

 

Bankers:-

·         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

·         Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.

·         The Bank of East Asia Ltd., Hong Kong.

·         Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.

·         Bank of China (Hong Kong) Ltd., Hong Kong.

etc.

 

Standing:  Very good.

 

 

GENERAL

 

Incorporated in October 1997, CLP Holdings Ltd. [CLP] is an investment holding company.  It is the holding company of a number of companies engaged in power supplying.  CLP is a listed firm in Hong Kong.  Its shares have been listed on The Stock Exchange of Hong Kong Ltd. bearing stock code 00002.

For over 100 years, CLP has powered Asia’s dynamic and spectacular growth.  It has become an integral part of the communities it serves with millions depending on its for energy.  Today, CLP operates in Hong Kong, Chinese Mainland, Australia, India, Southeast Asia and Taiwan.  Where it operates it has become part of the social and economic fabric of the local communities.

Through its subsidiaries, CLP is engaged in the generation, transmission and distribution of electricity in Hong Kong, Australia and India.  CLP also invests, develops, operates and manages power projects in the Chinese mainland, Southeast Asia and Taiwan.  CLP serves residential and commercial customers as well as infrastructure, public services and manufacturing customers.  Its subsidiaries include Gujarat Paguthan Energy Corporation Private Ltd., Jhajjar Power Ltd., TRUenergy Holdings Pty. Ltd., TRUenergy Yallourn Pty. Ltd. and TRUenergy Pty. Ltd.

Established in 1901, CLP Power Hong Kong Ltd. [CLPHK] is the principal subsidiary of the CLP Group.  This firm is the largest vertically-integrated electricity generation, transmission and distribution company in Hong Kong serving 80% of the territory’s population.

Over the past century, CLPHK has grown hand-in-hand with Hong Kong.  Together it has enjoyed the highs and weathered the lows of this remarkably resilient city - its overriding objective being to supply electricity to power the growth and prosperity of society and to improve the quality of people’s living.

CLP’s entry into the China market dates back to 1979 when the Group started providing electricity to Guangdong to meet the developing needs of the local economy.  In 1985, CLP was involved in the investment in and operation of Guangdong Daya Bay Nuclear Power Station, China’s first commercial nuclear power station.

Currently, CLP is one of the largest foreign investor in China’s electricity industry, with a presence in the country’s most vibrant economic regions, including the Bohai Gulf area, the Pearl River Delta and provinces of Guangxi, Shaanxi, Sichuan and Hebei.  CLP’s diversified fuel mix covers coal, nuclear energy, hydro and wind power.  It is also actively contributing to Chin’s energy policies, such as the delivery of electricity eastwards from the western regions and the development of renewable energy.

CLP India’s parent company, CLP Holdings, was founded in 1901 as China Light & Power Co. Ltd. in Hong Kong.  Today, the CLP Group is one of the leading power companies in the world, with a portfolio of over 50 generation assets across the Asia Pacific Region and retail businesses in Hong Kong and Australia.

The CLP Group started its India innings by acquiring a stake in the 655 MW gas powered Gujarat Paguthan Energy Corporation in Bharuch, Gujarat in 2002.  Since then, CLP India’s portfolio has expanded to about 2,614 MW which include around 640 MW of wind energy projects and a 1,320 MW coal fired power plant in Jhajjar, Haryana.

For the year ended 31st December, 2010, the revenue of the Group amounted to HK$58,410 million, grew by 15.3% comparing with that of HK$50,668 million in FY 2009; total earnings attributable to shareholders of the Group was HK$10,332 million, increased by 26.1% comparing with HK$8,196 million in FY 2009.

The Group’s revenue for the first half of 2011 was HK$40,245 million (same period of 2010: HK$27,618 million).  Its total earnings for the first half of 2011 were HK$5,800 million, a slight decline from the same period in the previous year which were HK$5,921 million.

As at 30th June, 2011, the Group had a total workforce of 6,185 (2010: 5,904).

As the Group has been in the electricity supply business for over 100 years with good reputation in Hong Kong, consider it undoubtedly good for business engagements.

 

REMARKS:

 

Brief personal profile of the principal directors:-

The Honourable Sir Michael David KADOORIE, GBS, LLD (Hon.), DSc (Hon.), aged 69, Chairman (appointed on 19th January, 1967), is an Officier de la Légion d’Honneur, Commandeur de l’Ordre de Léopold II and Commandeur de l’Ordre des Arts et des Lettres.  He is the Chairman of The Hongkong and Shanghai Hotels Ltd. and Heliservices (Hong Kong) Ltd., a Director of Sir Elly Kadoorie & Sons Ltd. and Hutchison Whampoa Ltd. as well as an Alternate Director of Hong Kong Aircraft Engineering Co. Ltd.  He is the brother-in-law of a fellow Director, Mr. R. J. McAulay.

Mr. William Elkin MOCATTA, FCA, aged 57, Vice Chairman (appointed on 16th January, 1993), is a Fellow of The Institute of Chartered Accountants in England and Wales.  He is an Executive Director of Sir Elly Kadoorie & Sons Ltd.  He is the Chairman of CLP Power Hong Kong Ltd., CLP Properties Ltd. and Kar Ho Development Co. Ltd., the Deputy Chairman of Hong Kong Pumped Storage Development Co. Ltd., an Alternate Director of Hutchison Whampoa Ltd., as well as a Director of The Hongkong and Shanghai Hotels Ltd. and other companies in Hong Kong.

Mr. Andrew Clifford Winawer BRANDLER, MA, MBA, ACA, aged 54, Chief Executive Officer (appointed on 6th May, 2000), holds an MA degree from Cambridge University, MBA degree from Harvard Business School, and is a Member of The Institute of Chartered Accountants in England and Wales.  He joined the CLP Group as the Group Managing Director and Chief Executive Officer in May 2000.  Immediately prior to joining CLP, Mr. Brandler was Head of Asia-Pacific Corporate Finance at Schroders, the U.K. investment bank, based in Hong Kong.  Mr. Brandler was the Chairman of The Hong Kong General Chamber of Commerce from May 2008 to May 2010.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.48.22

UK Pound

1

Rs.75.63

Euro

1

Rs.65.65

 

 

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%)

 

 

 

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