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Report Date : |
07.01.2013 |
IDENTIFICATION DETAILS
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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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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
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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 (31.03.2011) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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
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. Michelle
Lam
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 27-12-2012)
|
Name |
|
No. of shares |
|
United Technologies Far East Ltd., Hong Kong. |
|
7,747,300 ======= |
(As per registry dated 27-12-2012)
|
Name (Nationality) |
Address |
|
YU Man Yee, Titus |
Flat D, 11F., 29 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
|
Paul Richmond LUNDSTROM |
Vizcaya Villa Unit 62 2000 Yunshan Road, Pudong, Shanghai 200135,
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 27-12-2012)
|
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: 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:
Very 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], also a US-based firm.
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
who is a Hong Kong employee. The subject
is a provider of heating, air‑conditioning and refrigeration solutions.
The followings are some of the main products of Carrier:-
·
Air Conditioners and Heat Pumps for Split System;
·
Air Quality Solutions;
·
Control and Thermostats;
·
Ductless Split Systems;
·
Fan and Evaporator Coils;
·
Furnances for Split Systems;
·
Geothermal Heat Pumps; &
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Packaged Products.
Most of the products bear the following trade marks: Infinity®,
PerformanceTM and ComfortTM.
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;
·
Anti-corrosion Coil Treatment.
·
Building Operation Management;
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Comprehensive Maintenance;
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Preventive Maintenance;
·
Repairing and Overhauling; &
·
Retrofit System Improvement Plan.
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 Government Registered Electrical
Contractor;
·
Hong Kong Government Registered Ventilation
Contractor;
·
Hong Kong Government Specialist Contractor in Air
Conditioning Installation [Group II –
Contracts/Subcontracts of unlimited value];
·
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;
·
Hong Kong Marine Department Approved Air-Conditioning
and Ventilation Contractors;
·
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; &
·
Registered with Construction Industry Council as a
Registered Subcontractor and its registration number is R000631.
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 non-controlling equity interests in various
ventures. This included taking a non-controlling
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. Ms. Michelle Lam is the Marketing Officer.
The director of the subject Mr. Ross Shuster is stationing at the
subject’s associated company in Shanghai, China.
The history of the subject in Hong Kong is over twenty-seven years. Business is steady in Hong Kong.
The subject considers its business will keep on improving in the
immediate future.
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.54.84 |
|
|
1 |
Rs.88.16 |
|
Euro |
1 |
Rs.71.54 |
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.