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Report Date : |
12.09.2013 |
IDENTIFICATION DETAILS
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Name : |
CARRIER ASIA LTD. |
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Registered Office : |
10/F., Octa Tower, 8 Lam Chak Street, 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. |
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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 : |
Satisfactory |
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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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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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 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
CARRIER ASIA LTD.
ADDRESS: 10/F., Octa Tower, 8 Lam Chak Street, Kowloon Bay, Kowloon, Hong Kong.
PHONE: 852-2694 5333, 2694 3111, 2691 2845
FAX: 852-2691 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.
Group Net Sales: US$57,708 million (Year ended 31-12-2012)
Employees: 500.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very Good.
Registered Head
Office:-
10/F., Octa Tower, 8 Lam Chak Street, 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 |
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No. of shares |
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United Technologies Far East Ltd., Hong Kong. |
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7,747,300 ======= |
(As per registry dated 01-01-2013)
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Name (Nationality) |
Address |
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YU Man Yee, Titus |
Flat D, 11F., 29 Broadway, Mei Foo Sun Chuen, Kowloon, Hong Kong. |
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Paul Richmond LUNDSTROM |
Vizcaya Villa Unit 62 2000 Yunshan Road, Pudong, Shanghai 200135, China. |
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Ross SHUSTER |
No. 299 Greenhills, Lane 418, Jin Xiu East Road, Shanghai 200135, China. |
|
CHIU King Hoi |
Flat H, 34/F., Block B, Hollywood Terrace, 268 Queen’s Road Central, Hong Kong. |
(As per registry dated 02-04-2013)
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Name |
Address |
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WU Weujing |
Flat D, 25/F., Block 2, Aria, 51 Fung Shing Street, 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; to 5/F., Manhattan Place, 23 Wang Tai Road, Kowloon Bay, Kowloon, Hong Kong in August 2009 and further to the present address in May 2013.
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.
Group Net Sales: US$56,824 million (Year ended 31-12-2008)
US$50,469 million (Year ended 31-12-2009)
US$52,275 million (Year ended 31-12-2010)
US$55,754 million (Year ended 31-12-2011)
US$57,708 million (Year ended 31-12-2012)
Net Sales of UTC Climate, Controls & Security:-
US$17,876 million (Year ended 31-12-2010)
US$18,864 million (Year ended 31-12-2011)
US$17,090 million (Year ended 31-12-2012)
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
Group Net Income Attributable to Common Shareowners:-
US$4,534 million (Year ended 31-12-2008)
US$3,719 million (Year ended 31-12-2009)
US$4,195 million (Year ended 31-12-2010)
US$4,831 million (Year ended 31-12-2011)
US$4,847 million (Year ended 31-12-2012)
Operating Profit of UTC Climate, Controls & Security:-
US$1,776 million (Year ended 31-12-2010)
US$2,212 million (Year ended 31-12-2011)
US$2,425 million (Year ended 31-12-2012)
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; &
· Packaged Products.
Most of the products bear the following trade marks: Infinity®, PerformanceTM and ComfortTM.
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;
· Comprehensive Maintenance;
· 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. 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.
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.
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 [UTC-CCS].
UTC-CCS is engaged in heating, ventilating, air conditioning (HVAC) and refrigeration systems, controls and security services. It is composed of the former Carrier and UTC Fire & Security segments.
UTC-CCS is the leading provider of HVAC and refrigeration solutions, including controls for residential, commercial, industrial and transportation applications. These products and services are sold under the Carrier name and other brand names to building contractors and owners, homeowners, transportation companies, retail stores and food service companies.
UTC-CCS is also a global provider of security and fire safety products and services. It provides electronic security products such as intruder alarms, access control systems and video surveillance systems and designs and manufactures a wide range of fire safety products including specialty hazard detection and fixed suppression products, portable fire extinguishers, fire detection and life safety systems, and other firefighting equipment. Services provided to the electronic security and fire safety industries include systems integration, video surveillance, installation, maintenance, and inspection services. In certain markets, UTC-CCS also provides monitoring, response and security personnel services, including cash-in-transit security, to complement its electronic security and fire safety businesses.
Through its venture with Watsco, Inc., UTC-CCS distributes Carrier, Bryant, Payne and Totaline residential and light commercial HVAC products in the U.S. and selected territories in the Caribbean and Latin America.
UTC-CCS sells directly to end customers and through manufacturers’ representatives, distributors, wholesalers, dealers and retail outlets. Certain of UTC-CCS’s HVAC businesses are seasonal and can be impacted by weather.
UTC-CCS’ products and services are used by governments, financial institutions, architects, building owners and developers, security and fire consultants, homeowners and other end-users requiring a high level of security and fire protection for their businesses and residences.
At 31st December, 2012, UTC-CCS’ net sales amounted to US$17,090 million, decreased by 9.4% as compared with US$18,864 million at 31st December, 2011. Operating profit for the year of UTC-CCS was US$2,425 million, grew by 9.6% as compared with US$2,212 million in 2011.
On 26th July, 2012, the Group acquired Goodrich Corporation (Goodrich) pursuant to a merger agreement dated 21st September, 2011.
As a result of the acquisition, Goodrich became a wholly-owned subsidiary of UTC and it combined the acquired Goodrich business and the legacy Hamilton Sundstrand business to form a new segment named UTC Aerospace Systems.
At 31st December, 2012, the total number of employees of UTC was approximately 218,300 (2011: 199,900).
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. He is the President of the Asia Pacific Region.
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.63.90 |
|
|
1 |
Rs.100.47 |
|
Euro |
1 |
Rs.84.65 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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.