|
Report Date : |
18.08.2012 |
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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|
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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 |
|
|
|
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No. of Employees : |
500 |
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 : |
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, 2012
|
Country Name |
Previous Rating (31.12.2011) |
Current Rating (31.03.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
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
Managing Director: Mr. Yu Man
Yee, Titus
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.
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]
Associated 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.
10065179-000
0163620
Managing Director: Mr. Yu Man
Yee, Titus
Marketing Officer: Ms. Eva Hui
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
(As per registry dated 27-12-2011)
|
Name |
|
No. of shares |
|
United Technologies Far East Ltd., Hong Kong. |
|
7,747,300 ======= |
(As per registry dated 07-05-2012)
|
Name (Nationality) |
Address |
|
YU Man Yee, Titus |
Flat D, 11F., 29 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
|
Paul Richmond LUNDSTROM |
Season Villa 20, Lane 1983, Huamu Road, Pudong, Shanghai 201201,
China. |
|
LU Lu |
45N Arcadian Cir, Apartment 204, Memphis, TN 38103, USA. |
|
Ross SHUSTER |
No. 299 Greenhills, Lane 418, Jin Xiu East Road, Shanghai 200135,
China. |
(As per registry dated 27-12-2011)
|
Name |
Address |
|
WU Jing Wan |
5/F., Manhattan Place, 23 Wang Tai Road, Kowloon Bay, Kowloon, Hong
Kong. |
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.
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.
Toyo Carrier Engineering Co. Ltd., Tokyo,
Japan.
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.
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. Now, some of the
directors of the subject are stationing in Shanghai.
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; &
·
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
world’s 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 1930’s. 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;
·
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;
·
Voluntary Subcontractor Registration Scheme
organized by Provisional Construction Industry Co-ordination Board as a
Registered Subcontractor;
·
Hong Kong Government Specialist Contractor in Air
Conditioning Installation [Group II –
Contracts/Subcontracts of unlimited value];
·
Hong Kong Government Registered Ventilation
Contractor;
·
Hong Kong Government Registered Electrical
Contractor;
·
ISO 9001: 2000 Certificate — HKQAA Approved
Suppliers of Materials and Specialist Contractors for Public Works; &
·
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.
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 HK’s 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.
Carrier is the leading provider of HVAC and refrigeration solutions,
including controls for residential, commercial, industrial and transportation
applications. In 2011, Carrier continued
to execute the business transformation strategy it began in 2008 by completing
divestitures of several non-core businesses and taking noncontrolling equity
interests in various ventures. This
included taking a noncontrolling equity interest in a new South American
venture in exchange for the contribution of Carrier’s existing HVAC operations
in Brazil, Argentina and Chile to the new venture, which manufactures and
distributes HVAC products in those countries. Carrier’s products and services
are sold under Carrier and other brand names to building contractors and
owners, homeowners, transportation companies, retail stores and food service
companies. Through its venture with
Watsco, Inc., Carrier distributes Carrier, Bryant, Payne and Totaline
residential and light commercial HVAC products in the United States and
selected territories in the Caribbean and Latin America. Carrier sells directly to end customers and
through manufacturers’ representatives, distributors, wholesalers, dealers and
retail outlets. Certain of Carrier’s HVAC businesses are seasonal and can be
impacted by weather. Carrier customarily
offers its customers incentives to purchase products to ensure an adequate
supply of its products in the distribution channels. The principal incentive program provides
reimbursements to distributors for offering promotional pricing on Carrier
products.
Sales generated by Carrier’s international operations, including US
export sales, were 58 percent and 56 percent of total Carrier segment sales in
2011 and 2010, respectively. At both
31st December, 2011 and 2010, Carrier’s backlog was US$2.2 billion. Substantially all of the backlog at 31st
December, 2011 is expected to be realized as sales in 2012.
To better serve customers and to drive growth and achieve greater
efficiencies through greater integration across certain product lines, Carrier
announced a new organizational structure in September 2011, which combines
Carrier with UTC Fire & Security into a new segment called UTC
Climate, Controls & Security.
At 31st December, 2011, Carrier’s sales amounted to US$11,969 million,
grew by 5.1% as compared with US$11,386 million at 31st December, 2010. Operating profit for the year of Carrier was
US$1,520 million, grew by 43.1% as compared with US$1,062 million in 2010.
At 31st December, 2011, the total number of employees of UTC was
approximately 199,900, approximately 65 percent of which represents employees
based outside the United States
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.70 |
|
|
1 |
Rs.87.54 |
|
Euro |
1 |
Rs.68.85 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.