MIRA
INFORM REPORT
|
Report Date : |
08.02.2012 |
IDENTIFICATION DETAILS
|
Name : |
TAI PING CARPETS
LTD |
|
|
|
|
Registered Office : |
8/F., Tower 1, Kowloon Commerce Centre, 51-53 Kwai Cheong
Road, Kwai Chung, New Territories |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
16.05.1986 |
|
|
|
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Com. Reg. No.: |
10313186 |
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|
|
|
Legal Form : |
Private Limited Company. |
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|
|
|
Line of Business : |
Manufacturer and Exporter of all kinds of carpets. |
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|
|
|
No. of Employees : |
3,300. (As at 30-06-2011) |
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 |
|
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 – September 30, 2011
|
Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
Off-credit |
D |
Company name
TAI PING CARPETS LTD.
Company ADDRESS
8/F., Tower 1, Kowloon Commerce Centre, 51-53 Kwai Cheong Road, Kwai Chung, New Territories, Hong Kong.
PHONE: 2848 7668, 2526 6231
FAX: 2845 9363, 2845 9364
E-MAIL: manager@taipingcarpets.com
MANAGEMENT
General
Manager: Mr. Wong Wing Cheung
SUMMARY
Incorporated on : 16th May, 1986.
Organization : Private Limited Company.
Capital : Nominal: HK$20,000,000.00
Issued :
HK$20,000,000.00
Business Category :
Carpet trading.
Group Turnover : HK$1,221,548,000 (Year ended 31-12-2010)
Group Employees : 3,300.
(As at 30-06-2011)
Main Dealing Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking Relation : Good.
Company name
TAI PING CARPETS LTD.
Company ADDRESS
Registered Head Office:-
8/F., Tower 1,
Kowloon Commerce Centre, 51-53 Kwai Cheong Road, Kwai Chung, New Territories,
Hong Kong.
Showroom:-
Room 213, 2/F.,
Prince’s Building, 10 Chater Road Central, Hong Kong.
[Tel: 2522 7138,
2522 7110]
Warehouse:-
1/F., Block 2,
Tins Centre, 3 Hung Cheung Road, Tuen Mun, New Territories, Hong Kong.
[Tel: 2665 5166]
Immediate Holding Company:-
Hong Kong Carpet
(Holdings) Ltd., Hong Kong.
Penultimate Holding Companies:-
Costigan Ltd.,
British Virgin Islands/Hong Kong.
Luard Enterprsies
Ltd., British Virgin Islands/Hong Kong.
Ultimate Holding Company:-
Tai Ping Carpets
International Ltd., Bermuda/Hong Kong.
Associated Companies:-
Tai Ping Carpets
Group of Companies
Carpets
International Thailand Public Co. Ltd., Thailand.
Edwards Fields
Inc., USA.
Foshan Nanhai Tai
Ping Carpets Co. Ltd., China.
J.S.L. Carpet
Corporation, USA.
Manufacture des
Tapis de Cogolin SAS, France.
Philippine Carpet
Manufacturing Corporation, Philippines.
Premier Yarn Dyers
Inc., USA.
Tai Ping Carpets
(S) Pte. Ltd., Singapore.
Tai Ping Carpets
Americas Inc., USA.
Tai Ping Carpets
Europe S.A.S., France.
Tai Ping Carpets India
Private Ltd., India.
Tai Ping Carpets
Interieur GmbH, Germany.
Tai Ping Carpets
Latin America S.A., Argentina.
TPC Macau Ltda.,
Macau.
Weavers Guild LLC,
USA.
Weihai Shanhua
Huabao Carpet Co. Ltd., China.
Weihai Shanhua
Premier Carpet Co. Ltd., China.
Weihai Shanhua
Weavers Carpet Co. Ltd., China.
etc.
BUSINESS REGISTRATION NUMBER
10313186
COMPANY FILE NUMBER
0169364
MANAGEMENT
Group
Executive Director & Chief Executive Officer: Mr. James Howard Kaplan
Group
Managing Director (Commercial, Asia):
Mr. Richard Neil Morris
General
Manager: Mr. Wong Wing Cheung
CAPITAL
Nominal Share
Capital: HK$20,000,000.00 (Divided into 2,000,000 shares of HK$10.00 each)
Issued Share
Capital: HK$20,000,000.00
SHAREHOLDERS
(As per registry dated 16-05-2011)
|
Name |
|
No.
of shares |
|
Hong
Kong Carpet (Holdings) Ltd., Hong Kong. |
|
1,999,999 |
|
WONG Wing Cheung |
|
1 |
|
|
|
–––––––– |
|
|
Total: |
2,000,000 ======= |
DIRECTORS
(As per registry dated 27-09-2011)
|
Name (Nationality) |
Address |
|
Marcel Gerard
Jan LEBON |
99 Gold STreet, PH-G Brooklyn, NY 11201,
USA. |
|
James Howard
KAPLAN |
860 Broadway, 4/F., New York, NY 10003,
USA. |
|
Richard Neil
MORRIS |
7 Kim Tian Place, 03-63, Singapore 160007. |
|
LEE Siu Kau |
Flat D, 10/F., 5 Humbert Street, Mei Foo
Sun Chuen, Lai Chi Kok, Kowloon, Hong Kong. |
SECRETARY
LEE Siu Kau (As per
registry dated 21-12-2011)
HISTORY
The
subject was incorporated on 16th May, 1986 as a private limited liability
company under the Hong Kong Companies Ordinance.
Formerly
the subject was located at 32/F., Bank of America Tower, 12 Harcourt Road,
Hong Kong, moved to 26/F., Regent Centre, Tower A, 63 Wo Yi Hop Road, Kwai
Chung, New Territories, Hong Kong in January 1997, and further moved to the
present address with effect from 12th September, 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
OPERATIONS
Activities :
Manufacturer and Exporter.
Lines :
All kinds of carpets.
Trade Mark :
TAI PING.
Group Employees :
3,300. (As at 30-06-2011)
Raw Materials :
Imported from New Zealand, etc.
Markets :
Worldwide countries.
Group Turnover:-
HK$ 900,026,000 (Year ended 31-12-2006)
HK$1,121,884,000 (Year ended
31-12-2007)
HK$1,320,044,000 (Year ended
31-12-2008)
HK$1,117,673,000 (Year ended
31-12-2009)
HK$1,221,548,000 (Year ended 31-12-2010)
HK$ 508,723,000 (6 months ended 30-06-2010) – Unaudited
HK$ 589,818,000 (6 months ended 30-06-2011) – Unaudited
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
MEMBERSHIP
Federation of Hong
Kong Industries, Hong Kong. [Member
No. A3736]
The Hong Kong
General Chamber of Commerce, Hong Kong.
[Membership No. HKT0022]
FINANCIAL INFORMATION
Nominal Share
Capital: HK$20,000,000.00 (Divided into 2,000,000 shares of HK$10.00 each)
Issued Share
Capital: HK$20,000,000.00
Alternation
of Capital:-
|
16-05-1986 |
paid up |
HK$ 20.00 |
|
27-06-1986 |
paid up |
HK$ 19,999,980.00 |
|
|
|
–––––––––––––––– |
|
Total: |
paid up |
HK$ 20,000,000.00 ============== |
Group
Profit/(Loss) After Tax:-
HK$37,020,000 (Year ended 31-12-2006)
HK$93,971,000 (Year ended 31-12-2007)
HK$84,153,000 (Year ended 31-12-2008)
HK$39,353,000 (Year ended 31-12-2009)
( HK$11,808,000) (Year ended 31-12-2010)
( HK$45,879,000) (6 months ended 30-06-2010) – Unaudited
( HK$31,883,000) (6 months ended 30-06-2011) – Unaudited
Group Net Worth: HK$ 773,861,000 (As at 31-12-2006)
HK$ 897,313,000 (As at 31-12-2007)
HK$ 956,910,000 (As at 01-01-2009)
HK$ 986,167,000 (As at 31-12-2009)
HK$1,002,504,000 (As at 31-12-2010)
HK$ 939,930,000 (As at 30-06-2011) – Unaudited
Profit or Loss: The Group made a loss in 2010 and
first half year of 2011.
Condition: Keeping in an active state.
Facilities: Making active use of general
banking facilities.
Payment: So
far so good.
Commercial
Morality: Good.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
GENERAL
Tai
Ping Carpets Ltd. is a wholly owned subsidiary of Hong Kong Carpet (Holdings)
Ltd. [HKCHL] which in turn is 100%-owned by Tai Ping Carpets International Ltd.
[TPCIL]. TPCIL was incorporated on 1st
December, 1989 as a holding company of the Tai Ping Carpets Group.
In
February 1990, HKCHL, ex-listed holding company, underwent a reorganisation of
group structure by way of a scheme of arrangement. As a result, HKCHL became a wholly-owned
subsidiary of TPCIL and the shareholders of HKCHL became shareholders of TPCIL. HKCHL went public in October 1973 bearing
stock code 146. The listing has been
replaced by TPCIL.
The
Tai Ping Carpets Group is principally engaged in the manufacture, import,
export and sale of carpets; and manufacture and sale of yarns. Through subsidiaries, it manufactures and
markets “TAI PING” carpets and rugs.
The Group has manufacturing interests in Foshan and Weihai of China, the
Philippines and Thailand. The one in
Weihai is a joint venture. The Group’s
products are exported to the United States, Europe and other Asian countries.
TPCIL
is one of the world’s leading custom handtufted carpet manufacturers. The main factory is in China Guangdong with
sales offices and distributors in over 100 countries. TPCIL mill belongs to Tai Ping Carpets Group,
it was located in the Pearl River Delta of Guangdong Province. It is the carpet manufacturer for all members
of the Tai Ping Carpets Group. The
factory covers 40,000 sq.m. with 52 carpet machines and 800 workers. It also has its dying workshop and spinning
workshop.
TPCIL
is manufacturing carpets for refurbishment projects including luxury palaces,
leading hotels, clubs, commercial buildings, as well as private
residences. It offers a wide range of
custom products covering handtufted carpets, axminster woven carpets,
computerized yarn placement carpets, machine tufted and wilton carpets.
TPCIL
factory in Guangdong, China got the ISO 9001 certification in 2002. In 2003, the factory got ISO 14001
environmental management certification.
TPCIL
is a “Wools of New Zealand” brand partner. A carpet carrying the “Wools of New
Zealand” brand provides assurance of a high proportion of quality New
Zealand wool in its pile content.
The
Group’s consolidated turnover for the year ended 31st December, 2010 was
HK$1,222 million, a year-on-year increase of 9% or HK$104 million. All regions contributed to the increase, but
most notable was the performance of the business in Europe, which saw sales
grown by more than 27%. The gross
margin, however, decreased by 2 percentage points to 42% in 2010, which was
mainly attributable to increased wages and increased raw material costs at its
factories, and price pressure in the hospitality sector, only partly offset by
a favourable product mix and improved production efficiencies.
The
Group recorded an operating loss of HK$21 million in 2010, a decrease of HK$43
million compared to operating profit of HK$22 million in 2009. The drop in operating profit is caused by
continued losses in its Wholesale Division, including a HK$16 million impairment
charge, losses in foreign exchange due to the weakness of the Euro throughout
the year and additional provisions at the global level partly offset by growing
profits in our RBC Division.
The
Group’s consolidated turnover for the six months ended 30th June, 2011 was
HK$590 million, a period on period increase of 16%, or HK$81 million. Virtually
all markets and sectors contributed to the increase.
Demand
for the Group’s products and services remain robust in Asia and Europe, while
turnover in the Americas recovered strongly after turnover declined in 2010 as
a result of the impact of the global recession.
Turnover
of carpet operations increased by 16% period on period, while the turnover of
non-carpet operations showed an increase of 18%. Overall gross margin decreased from 42% to
39%, mainly due to a strong increase in the costs of key raw materials like
wool and silk, which was only partly passed on to its customers.
The
Group recorded an operating loss of HK$34 million for the first six months
compared with HK$40 million for the corresponding period in 2010. The Group’s loss attributable to owners was
HK$31 million, a reduction of HK$15 million from the previous period. The share of profits from jointly controlled
entities decreased by 59% to HK$4 million.
The
increase in turnover in Carpet operations was due to the Commercial and
Residential Boutique Contract [RBC] businesses, which increased by 18% and 13%
respectively. Its RBC business, which
continues to be its key strategic focus area, continued its successful track
record and turnover increased by 13%, led by strong sales in the United States
and Europe. The Group revamped its RBC
business in Asia through the launch of a product range designed by well
renowned Asian designer, André Fu, which was very well received by the Asian
design community and early results are positive.
It
is likely that the Group will also suffer from a loss in the full year of 2011.
As
at 30th June, 2011, the Group employed 3,300 employees (as at
31st December, 2010: 3,300 employees).
The
subject is fully supported by the Tai Ping Carpets Group.
On the whole,
consider the subject good for normal business engagements.
REMARKS
Brief
information of the principal director:-
Mr.
James Howard KAPLAN, aged 56, has been an Executive
Director and Chief Executive Officer since 2003, and Member of Executive
Committee. Prior to joining TPCIL, Mr.
Kaplan was Divisional Vice‑President of the high-end global furniture
manufacturer Knoll International. He
holds a Bachelor of Arts degree from Lafayette College.
Court case
|
Action
Date |
Case No. |
Plaintiff |
Defendant |
Cause |
Amount |
|
13-09-1994 |
H9064 |
Lam Wun Lai (alias Lam Wun Lee) and Chy Hok Yau |
Tai Ping Carpets Ltd. |
Damages |
Not stated |
|
25-09-2000 |
L4900 |
Seacliff Ltd. |
Tai Ping Carpets Ltd. and others |
Order |
Not stated |
|
12-12-2000 |
H4900 |
Seacliff Ltd. |
Tai Ping Carpets Ltd. and others |
Callover |
Not stated |
|
20-03-2001 |
H4900 |
Seacliff Ltd. |
Tai Ping Carpets Ltd. and others |
Handing Down Judgment |
Not stated |
|
21-05-2007 |
R2250 |
Ngai Chun Chau, Frankie and Fok Wai Man |
Tai Ping Carpets Ltd. |
Labour Dispute |
Not stated |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.48.91 |
|
|
1 |
Rs.77.30 |
|
Euro |
1 |
Rs.64.11 |
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.