|
Report Date : |
22.12.2012 |
IDENTIFICATION DETAILS
|
Name : |
TCL
HOME APPLIANCES (HK)
CO. LTD. |
|
|
|
|
Registered Office : |
13/F., TCL Tower, 8 Tai Chung Road, Tsuen Wan, New Territories |
|
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Country : |
Hong Kong |
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Date of Incorporation : |
04.11.2008 |
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Com. Reg. No.: |
39968528 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of kinds of 14” to 38” colour televisions, VCD players, SVCD players, DVD players, hi-fi systems and home-cinema hi-fi systems. |
|
|
|
|
No. of Employees : |
56,190. (As at
31-12-2011) |
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 : |
Satisfactory |
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Payment Behaviour : |
No Complaints |
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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
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Restricted |
C2 |
|
Off-credit |
D |
Hong Kong - ECONOMIC
OVERVIEW
Hong Kong has a free market economy, highly dependent on international trade and finance - the value of goods and services trade, including the sizable share of re-exports, is about four times GDP. Hong Kong's open economy left it exposed to the global economic slowdown that began in 2008. Although increasing integration with China, through trade, tourism, and financial links, helped it to make an initial recovery more quickly than many observers anticipated, it again faces a possible slowdown as exports to the Euro zone and US slump. The Hong Kong government is promoting the Special Administrative Region (SAR) as the site for Chinese renminbi (RMB) internationalization. Hong Kong residents are allowed to establish RMB-denominated savings accounts; RMB-denominated corporate and Chinese government bonds have been issued in Hong Kong; and RMB trade settlement is allowed. The territory far exceeded the RMB conversion quota set by Beijing for trade settlements in 2010 due to the growth of earnings from exports to the mainland. RMB deposits grew to roughly 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the year. The government is pursuing efforts to introduce additional use of RMB in Hong Kong financial markets and is seeking to expand the RMB quota. The mainland has long been Hong Kong's largest trading partner, accounting for about half of Hong Kong's exports by value. Hong Kong's natural resources are limited, and food and raw materials must be imported. As a result of China's easing of travel restrictions, the number of mainland tourists to the territory has surged from 4.5 million in 2001 to 28 million in 2011, outnumbering visitors from all other countries combined. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% of the Exchange's market capitalization. During the past decade, as Hong Kong's manufacturing industry moved to the mainland, its service industry has grown rapidly. Growth slowed to 5% in 2011. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. Lower and middle income segments of the population are increasingly unable to afford adequate housing. Hong Kong continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
|
Source : CIA |
TCL HOME APPLIANCES (HK) CO. LTD.
13/F., TCL Tower, 8 Tai Chung Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 2417 7183, 2437 7300, 2437 7315
FAX: 2417 7181, 2405 8400, 2405 8440
E-MAIL: marketing@tclhk.com
Managing Director: Mr. Li Shubin
Incorporated on: 4th November, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Trading in audio-visual products and components.
Group Turnover: RMB60,834,135,423 Yuan (Year ended 31-12-2011)
Group Employees: 56,190. (As at 31-12-2011)
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
13/F., TCL Tower, 8 Tai Chung Road, Tsuen Wan, New Territories, Hong Kong.
Holding Company:-
TCL Home Appliances Co. Ltd., Hong Kong.
Ultimate Holding
Company:-
TCL Corporation, China.
Affiliated/Associated
Companies:-
TCL Group of
Companies
Foshan TCL Household Appliances (Nanhai) Co. Ltd., China.
Guangdong Yijiatong Technical Development of Digital Home Co. Ltd., China.
Guangzhou Digital Rowa Technology Co. Ltd., China.
Henan TCL Melody Electronics Co. Ltd., China.
Huizhou Bri-King Optronics Co. Ltd., China.
Huizhou TCL King Technology Co. Ltd., China.
Huizhou TCL Lighting Appliance Co. Ltd., China.
Inner Mongolia TCL Electrical Appliance Co. Ltd., China.
Manufacturas Avanzadas S.A. de C.V., Mexico.
Praise Good Ltd., Hong Kong.
Shenzhen TCL New Technology Co. Ltd., China.
Tairui (Hong Kong) Ltd., Hong Kong.
TCL (Vietnam) Corporation Ltd., Vietnam.
TCL Air Conditioner (Wuhan) Co. Ltd., China.
TCL Air Conditioner (Zhongshan) Co. Ltd., China.
TCL Belgium S.A., Belgium.
TCL Delonghi Home Appliances (Zhongshan) Co. Ltd., China.
TCL Electrical Appliance Sales Co. Ltd., China.
TCL Electronics (HK) Ltd., Hong Kong.
TCL Electronics (Thailand) Co. Ltd., Thailand.
TCL Finance Co. Ltd., China.
TCL Holdings (BVI) Ltd., British Virgin Islands/Hong Kong.
TCL Household Appliances (Qingdao) Co. Ltd., China.
TCL India Holdings Pvt. Ltd., India.
TCL Information Technology Industrial (Group) Co. Ltd., British Virgin Islands/ Hong Kong.
TCL International Electronics (BVI) Ltd., British Virgin Islands/Hong Kong.
TCL King Electrical Appliances (Chengdu) Co. Ltd., China.
TCL King Electrical Appliances (Huhehaote) Co. Ltd., China.
TCL King Electrical Appliances (Huizhou) Co. Ltd., China.
TCL King Electrical Appliances (Nanchang) Co. Ltd., China.
TCL King Electrical Appliances (Wuxi) Co. Ltd., China.
TCL King Electronics (Shenzhen) Co. Ltd., China.
TCL Lighting Electrical Appliance (Wuhan) Co. Ltd., China.
TCL OEM Sales Ltd., Hong Kong.
TCL Operations Polska S.p. z.o.o., Poland.
TCL Overseas Consumer Electronics Ltd., Hong Kong.
TCL Overseas Electronics (Huizhou) Ltd., China.
TCL Overseas Holdings Ltd., British Virgin Islands/Hong Kong.
TCL Overseas Marketing (Macao Commercial Offshore) Ltd., Macao.
TCL Overseas Marketing Ltd., British Virgin Islands/Hong Kong.
TCL RECHI (Huizhou) Refrigeration Equipment Co. Ltd., China.
TCL Sun Inc., Philippines.
TCL Technology (HK) Co. Ltd., Hong Kong.
TCL Technoly Electronics (Huizhou) Co. Ltd., China.
Toshiba Visual Products (China) Co. Ltd., China.
TTE (North America) Holdings Ltd., British Virgin Islands/Hong Kong.
TTE Corporation, British Virgin Islands/Hong Kong.
TTE Technology Canada Ltd., Canada.
TTE Technology Inc., USA.
etc.
39968528
1284484
Managing Director: Mr. Li Shubin
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
(As per registry
dated 04-11-2012)
|
Name |
|
No. of shares |
|
TCL Home Appliances Co. Ltd., Hong Kong. |
|
100,000 ====== |
(As per registry dated
04-11-2012)
|
Name (Nationality) |
Address |
|
SHI Wei Yi |
No. 102, Nantou Road, Nantou Town, Zhongshan City, Guangdong, China. |
|
LI Shu Bin |
Room 5-401, No. 19, Yijing Building, Yaofang Garden, 10th Longfeng-Shangpai District, Huizhou, Guangdong, China. |
|
FENG Yongliang |
Yundong Jiayuan, Shajiao Road, Futian District, Shenzhen Special Economic Zone, China. |
(As per registry
dated 04-11-2012)
|
Name |
Address |
Co.
No. |
|
Multi-Check Subnom (No. 1) Ltd. |
Room 3307, 33/F., Tower 2, Lippo Centre, 89 Queensway, Hong Kong. |
0177262 |
The subject was incorporated on 4th November, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of 14” to 38” colour televisions, VCD players, SVCD players, DVD players, hi-fi
systems and home-cinema hi-fi systems.
Trade Mark: “TCL”.
Office Area: 11,000 sq.ft. in Hong Kong.
Group Employees: 56,190. (As at 31-12-2011)
Materials/Commodities: Mainly imports ICs and capacitors from overseas suppliers, and arranges completed
products from its group members in China.
Markets: Worldwide.
Group Turnover: RMB38,419,263,955 Yuan (Year ended 31-12-2008)
RMB44,295,163,060 Yuan (Year ended 31-12-2009)
RMB51,869,879,626 Yuan (Year ended 31-12-2010)
RMB60,834,135,423 Yuan (Year ended 31-12-2011)
RMB48,606,221,722 Yuan (9 months ended 30-09-2012)
Terms/Sales: On various terms.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Group Profit Attributable to Shareholders:-
RMB 501,111,530 Yuan (Year ended 31-12-2008)
RMB 470,069,750 Yuan (Year ended 31-12-2009)
RMB 432,538,470 Yuan (Year ended 31-12-2010)
RMB1,013,171,126 Yuan (Year ended 31-12-2011)
RMB 487,438,896 Yuan (9 months ended 30-09-2012)
Profit or Loss: Group business is profitable.
Condition: Keeping in a good manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Normal.
TCL Home Appliances (HK) Co. Ltd. is a wholly-owned subsidiary of TCL Home Appliances Co. Ltd. [TCLHAC] which is also a Hong Kong-registered firm. The subject and TCLHAC are located at the same operating address. The ultimate holding company of the subject TCL Corporation [TCL] is a China-based firm. TCL is also a list firm in China. It has been listed in Shenzhen Stock Exchange bearing Stock Code 000100. TCL belongs to the “TCL Group”. All the directors of the subject are China merchants.
TCL, formerly known as TCL Holdings Corporation Ltd., is a state-owned limited liability company established under the laws of the PRC supervised by the Huizhou Municipal People’s Government.
The subject and TCLHAC belong to TCL Home Appliance Group and TCL Home Appliances Corporation Overseas Business Division [TCL HAO].
TCL Home Appliance
Group has had the following subsidiary companies or divisions:-
Air Conditioner Division;
RECHI Refrigeration Equipment Co.;
Small House Appliances Division;
TCL Delonghi; &
White Household Appliances Division.
TCL HAO is in charge of the sales of TCL residential air conditioner, commercial air conditioner, dehumidifier, refrigerator, and washing machine. At the same time, it supplies its customers with after-sales service and marketing support.
Since 2001, the business scope of TCL HAO has been keeping on growing.
Founded in 1981, TCL Group is one of the largest consumer electronics enterprises in China with a global presence. TCL Group has three listed companies: TCL Corporation (SZ.000100), TCL Multimedia (HK.1070) and TCL Communication (HK.2618).
Currently, TCL has set up four business units – TCL Multimedia Holdings, TCL Communication Holdings, China Star Optoelectronics Technology and TCL HAO, as well as six business groups – System Technology Unit, Techne Group, Emerging Business Group, Investment Group, Highly Information Industry and Real Estate Group.
For the year ended 31st December, 2011, the sales of the TCL Group amounted to RMB60,834.1 million Yuan, grew by 17.3% as compared with that of RMB51,869.9 million Yuan in FY 2010; profit attributable to shareholders amounted to RMB1,013.2 million Yuan, increased by 134.3% as compared with that of RMB432.5 million Yuan in FY 2010.
In FY 2011, the sales of LCD TV reached RMB10.86 million Yuan, grew by 45.5% year-on-year.
TCL ranked as the first Chinese company whose LCD TV sales surpassed 10 million units. In addition, the total sales of cell phones and other devices reached 43.6 million units, grew by 20% year-on-year.
As the sales force of TCL Home Appliances Corporation, TCL HAO is in charge of the sales of TCL Residential Air Conditioner, Commercial Air Conditioner, Dehumidifier, Refrigerator, and Washing Machine.
Since 2001, the business scope of TCL Home Appliances Corporation Overseas Business Division keeps high speed growing. In 2009, TCL HAO sold volume more than 2.50 million sets of various air conditioners including about 50% from overseas markets in more than 130 countries.
In 2011, the overseas sales volume of TCL air conditioners reached 3.03 million sets which hit a record high. Its all kinds of air conditioners have been sold to more than 144 countries and regions all over the world.
Represented by TCL HAO, TCL HAO also manufactures and sells various kinds of refrigerators, washing machines, water dispensers, rice cookers, induction cookers, etc.
TCL home appliances’ products are appreciated by world-wide over 10 million consumers. At present, Latin America, the Middle East, Southeast Asia, South Asia, West Asia, Africa, etc. are the main markets, and the export volume usually accounts for 70% of its total sales volume.
For the nine months ended 30th September, 2012, the Group Turnover amounted to RMB48,606.2 million Yuan, grew by 10.8% as compared with the same period of previous year. Group profit attributable to shareholders was RMB 487.4 million Yuan, decreased by 41.0% as compared with the same period of previous year.
TCL had 56,190 employees as at year ended 31st December, 2011.
The subject is fully supported by TCL Home Appliance Group and ultimately by TCL Group.
The history of the subject in Hong Kong is over four years.
On the whole, in view of the background of the subject, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.55.07 |
|
UK Pound |
1 |
Rs.89.54 |
|
Euro |
1 |
Rs.72.77 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.