|
Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
|
Name : |
HONG KONG GREE ELECTRIC APPLIANCES SALES
LTD. |
|
|
|
|
Registered Office : |
Room 2612, 26/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
21.06.2005 |
|
|
|
|
Com. Reg. No.: |
35757995 |
|
|
|
|
Legal Form : |
Private Limited Company. |
|
|
|
|
Line of Business : |
Importer and Exporter of all kinds of air-conditioners. |
|
|
|
|
No. of Employees : |
22. |
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, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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 |
HONG
KONG GREE ELECTRIC
APPLIANCES SALES LTD.
Room 2612, 26/F.,
Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3165
8898
FAX: 852-3165 1029, 3165 1030
E-MAIL: larry@gree.com.cn
Managing
Director: Mr. Lam Hou Kong, Larry
Incorporated on: 21st June, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$100,000.00
Issued: HK$100,000.00
Business Category: Importer and Exporter.
Group Turnover: RMB99,316,196,265.19 Yuan (Year ended 31-12-2012)
Employees: 22.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
HONG KONG GREE ELECTRIC APPLIANCES SALES LTD.
Registered
Head Office:-
Room 2612, 26/F.,
Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Holding
Company:-
Gree Electric
Appliances Inc. of Zhuhai, China.
Ultimate
Holding Company:-
Zhuhai Gree Group
Co. Ltd., China.
Associated/Affiliated
Companies:-
Gree Group of Companies
Cong Ty Lien Doanh Gree Electric (Vietnam), Vietnam.
Gree (Zhongshan) Small Home Appliances Co. Ltd., China.
Gree Electric Appliances (Chongqing) Co. Ltd., China.
Gree Electric Appliances (Hefei) Co. Ltd., China.
Gree Electric Appliances (Wuhan) Co. Ltd., China.
Gree Electric Appliances (Zhengzhou) Co. Ltd., China.
Gree Electric Appliances do Brasil Ltda., Brazil.
Gree Electric Enterprises (Maanshan) Ltd., China.
Hefai Landa Compressor Co. Ltd., China.
Shanghai Gree Air Conditioners Sales Co. Ltd., China.
Zhuhai Gree Daikin Device Co. Ltd., China.
Zhuhai Gree Daikin Precision Mold Co. Ltd., China.
Zhuhai Gree Electric Enterprises Ltd., China.
Zhuhai Gree Group Finance Co. Ltd., China.
Zhuhai Gree Xinyuan Electronic Co. Ltd., China.
Zhuhai Kaibang Motor Manufacture Co. Ltd., China.
Zhuhai Meilanda Refrigeration Co. Ltd., China.
35757995
0978477
Group
Vice Chairman & President: Ms. Dong
Ming Zhu
Managing
Director: Mr. Lam Hou Kong, Larry
Contact
Person and Manager: Mr. Yuen Sin Sum,
Sam
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 21-06-2013)
|
Name |
|
No.
of share |
|
Gree Electric Appliances Inc. of Zhuhai Jinji West Road, Zhuhai 519070, Guangdong, China. |
|
100,000 ====== |
(As per registry dated 21-06-2013)
|
Name (Nationality) |
Address |
|
XIAO Youyuan |
Room 303, Block 20, 38 Gongbei Gang Yi
Road, Zhuhai, Guangdong, China. |
|
DONG Ming Zhu |
Zhuhai Shi, Xiangzhou Qu, Jiu Zhou Da Dao,
Zhong 2106, Hao 20, Dong 202, China. |
|
OUYANG Jun |
Room 504, Unit 2, Building 11, 50 Jingshan
Road, Zhuhai, Guangdong, China. |
|
ZHANG Zhenghi |
Room 4-2-402, Jindi Yidunshan Apartment,
Meihua West Road, Zhuhai, Guangdong. |
(As per registry dated 21-06-2013)
|
Name |
Address |
|
YUEN
Sin Sum |
Flat 9, 3/F., Shing Chung House, Mei Chung Court, Tai Wai, Shatin, New
Territories, Hong Kong. |
The
subject was incorporated on 21st June, 2005 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 air-conditioners.
Employees: 22.
Commodities Imported: China (main), etc.
Markets: China, other Asian countries, Europe, Australia, Middle East, Central & South America, North America,
Group Turnover:-
RMB60,431,626,050.46 Yuan (Year ended 31-12-2010)
RMB83,155,474,504.59 Yuan (Year ended 31-12-2011)
RMB99,316,196,265.19 Yuan (Year ended 31-12-2012)
Note: above figures have been revised
RMB87,810,786,377.57 Yuan (9 months ended 30-09-2013)
Group Profit Attributable to Shareholders:-
RMB4,275,721,624.27 Yuan (Year ended 31-12-2010)
RMB5,236,938,608.43 Yuan (Year ended 31-12-2011)
RMB7,379,666,345.09 Yuan (Year ended 31-12-2012) [revised]
RMB7,578,696,167.30 Yuan (9 months ended 30-09-2013)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$100,000.00 (Divided into 100,000 shares of HK$1.00 each)
Issued Share Capital: HK$100,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a very active condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitment as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Sumitomo Mitsui Banking Corporation, Hong Kong Branch.
Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Deutsche Bank AG, Hong Kong Branch.
Citibank N.A., Hong Kong Branch.
Standing: Very Good.
Having
issued 100,000 ordinary shares of HK$1.00 each, Hong Kong Gree Electric
Appliances Sales Ltd. is wholly owned by Gree Electric Appliances Inc. of
Zhuhai [Gree] which is a China-based firm.
The ultimate holding company Zhuhai Gree Group Co. Ltd. is also a
China-based firm.
The
subject is engaged in marketing Gree’s products. Gree’s products are air‑conditioners
and dehumidifiers bearing the brand name of “Gree”.
Gree,
founded in 1991, has become the world’s largest and specialized air conditioner
company integrating R&D, manufacturing, marketing and after‑sales
service offering.
“Gree”
air conditioners produced by Gree are the air conditioning brand that ranked “World
Brand” by General Administration of Quality Supervision, Inspection and
Quarantine in China. Today, “Gree”
brand products are distributed to more than 100 countries and regions in the
world. Since 2005, its sales volume of
residential air conditioner has occupied global No. 1 for consecutive six
years.
As
a specialized air conditioner manufacturer, Gree is presenting advanced and
high quality air conditioning products to global consumers.
It
had worked out both residential air conditioners and commercial air
conditioners of 20 varieties, 400 series, and 7,000 models to satisfy different
demands by different consumers. It is
possessing nearly 3,000 technical patents.
The GMV digital VRF system, centrifugal type water chiller and sine wave
D.C. inverter driven air conditioner filled the absence in production of
high-tech products among Chinese enterprises.
Being the model that develops from “made-in-China” enterprise to
“created-in-China” one, Gree had gained wide reputation in the international
industry.
Now,
Gree is a listed firm in China with shares traded in the Shenzhen Stock
Exchange. Its stock code is 000651.
Gree
has 9 production bases in Zhuhai, Chongqing, Hefei, Zhengzhou, Wuhan,
Shijiazhuang, Brazil, Pakistan and Vietnam with an annual production capacity
of 60 million residential air conditioners (RAC) and 4.5 million commercial air
conditioners (CAC).
Gree
enjoys a sound reputation for its quality products and outstanding
performance. It has more than 200
million users worldwide.
On
22nd December, 2012, Gree has launched a range of new products which have
adopted “2-stage enthalpy-adding inverter compressor”:-
·
Crown series:
Inverter type floor standing unit;
·
U-Crown series:
Inverter type wall mounted unit; &
·
H-Crown series:
Air source heat pump water heater (HPWH).
According
to Gree, its 2-stage inverter technology can not only lighten the load of
compressor, but also improve its efficiency greatly.
For
the year ended 31st December, 2012, the sales of the Gree Group amounted to
RMB99,316.2 million Yuan, grew by 19.4% as compared with RMB83,155.5 million
Yuan in FY 2011; profit attributable to shareholders amounted to RMB7,379.7
million Yuan, grew by 40.9% as compared with RMB5,236.9 million Yuan in FY
2011. The sales turnover of the group in
the past years have been restated.
For
the 9 months ended 30th September, 2013, the sales of the Gree Group amounted
to RMB87,810.8 million Yuan, grew by 14.6% as compared with RMB76,591.4 million
Yuan in the same period of FY 2012; profit attributable to shareholders
amounted to RMB7,578.7 million Yuan, grew by 42.1% as compared with RMB5,332.2
million Yuan in the same period of FY 2012.
In the full year of FY, the sales of the Group will be good and its
profit attributable to shareholders will hit a high record.
Under
the leadership of Ms. Dong Mingshang (Gree Chairman of Board and President),
Gree has become the first Chinese home appliances manufacturer with over 100
billion Yuan sales revenue only from air conditioners.
In
order to penetrate the international market further, the subject has taken part
in fairs and exhibitions held in Italy, Russia, South Africa, Australia, the
United States, etc.
The
Gree Group has over 72,700 employees.
The
subject is fully supported by the Gree Group.
On
the whole, consider the subject good for normal business engagement.
MORTGAGE OR CHARGE
|
Date |
Particulars |
Amount |
|
02-06-2008 |
Instrument: Assignment
of DC Proceeds re export bills restricted to other banks for
negotiation/payment Property: By way of assignment or agreement to
assign in each case as beneficial owner.
All monies in any currency representing proceeds payable or to be paid
to the Customer under the Documentary Credits, all the Customer’s right,
title and interest in the said Documentary Credits and the benefit of all
powers and remedies for enforcing the Documentary Credits Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
All loans or other advances made or to be made by the Bank to the
Customer against documents submitted under a Documentary Credit, all monies
and liabilities in any currency owing by the Customer to the Bank at any
time, whether separately or jointly, actually or contingently, present or
future, interest on all loans and advances and such monies and all expenses
of the Bank in perfecting or enforcing the Assignment |
|
13-01-2011 |
Instrument: Security
Agreement Property: 1) Pursuant to Clause 2
(Charge) of the Agreement 2) Pursuant to Clause 3
(Negative Pledge) of the Agreement 3) Pursuant to Clause 5
(Effectiveness of Security) of the Agreement 4) Pursuant to Clause 8 (Right of Set-off and
Application of Monies) of the Agreement Mortgagee: Deutsche
Bank AG, Hong Kong Branch. |
All the Chargor’s present and future obligations, indebtedness and
liabilities |
|
13-01-2011 |
Instrument: An
Agreement of Cash Pledge Property: 1) Pursuant to Clause 2
(Pledge) of the Agreement 2) Pursuant to Clause 3 (Pledge
Account and Perfection of Pledge) of the Agreement 3) Pursuant to Clause 4 (General
Undertakings) of the Agreement 4) Pursuant to Clause 6.2(i)
(Enforcement) of the Agreement 5) Pursuant to Clause 6.4
(Enforcement) of the Agreement 6) Pursuant to Clause 11 (Savings) of the
Agreement Mortgagee: Deutsche
Bank (China) Co. Ltd., Guangzhou Branch on behalf of Deutsche Bank AG,
Hong Kong Branch. |
All present and future moneys, debts, obligations and liabilities |
|
18-01-2011 |
Instrument: Security
Agreement over Bank Account Property: By way of a first fixed charge all of the Chargor’s
rights in respect of any amount standing to the credit of the Account from
time to time and the debt represented by it Mortgagee: Standard
Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future
obligations and liabilities |
|
15-03-2011 |
Instrument: Deposit
Deed Property: By way of a first fixed charge and as a
continuing security for the Obligations, the Company charges and assigns absolutely
all its rights, title to and interest in the Accounts and all Deposits Mortgagee: Citibank
N.A., Hong Kong Branch. |
All moneys |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.12 |
|
|
1 |
Rs.101.53 |
|
Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.