|
Report Date : |
18.08.2014 |
IDENTIFICATION DETAILS
|
Name : |
MIDEA
INTERNATIONAL TRADING CO. LTD. |
|
|
|
|
Registered Office : |
Room 3905-3911, 39/F., Tower 6, Gateway II, Harbour City, 9 Canton
Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
31.10.2007 |
|
|
|
|
Com. Reg. No.: |
38564949 |
|
|
|
|
Legal Form : |
Private Limited
Company |
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|
|
|
Line of Business : |
Importer and Exporter of Household electric appliances. |
|
|
|
|
No. of Employees |
40 (Including associated company) |
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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
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
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In 2013,
Hong Kong and China signed new agreements under the Closer Economic Partnership
Agreement, adopted in 2003 to forge closer ties between Hong Kong and the
mainland. The new measures, effective from January 2014, cover services and
trade facilitation, and will improve access to the mainland's service sector
for Hong Kong-based companies.
|
Source
: CIA |
MIDEA INTERNATIONAL TRADING CO. LTD.
ADDRESS:
Room 3905-3911,
39/F., Tower 6, Gateway II, Harbour City, 9 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.
PHONE: 852-2376
1229, 3669 4888
FAX: 852-2376 1297, 2175 0019
Managing
Director: Ms. Yuan Liqun
Incorporated
on: 31st
October, 2007.
Organization: Private
Limited Company.
Capital: Nominal: US$10,000.00
Issued: US$10,000.00
Business Category: Importer and Exporter.
Group
Turnover: RMB120,975,003,140.00 Yuan
(Year ended 31-12-2013)
Employees: 40 (Including associated company)
Main Dealing
Banker: The Hongkong & Shanghai
Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
MIDEA INTERNATIONAL TRADING CO. LTD.
ADDRESS
Registered Head Office:-
Room 3905-3911,
39/F., Tower 6, Gateway II, Harbour City, 9 Canton Road, Tsimshatsui, Kowloon,
Hong Kong.
Holding Company:- (Same address)
Midea International
Corporation Co. Ltd., Hong Kong.
Ultimate Holding Company:-
Midea Group Co.
Ltd., China.
Associated Companies:-
Midea Group of
Companies
Anhui Meizhi
Compressor Co. Ltd., China.
Anhui Meizhi
Precision Manufacturing Co. Ltd., China.
Foshan Midea
Carrier Air Conditioning Equipment Co. Ltd., China.
Foshan Shunde Midea
Electrical Heating Appliances Manufacturing Co. Ltd., China.
GD Midea Commercial
Air-Conditioning Equipment Co. Ltd., China.
GD Midea Heating
& Ventilating Equipment Co. Ltd., China.
GD Midea Holding
Co. Ltd., China.
GD Midea
Refrigeration Equipment Co. Ltd., China.
Guangdong Meizhi
Compressor Co. Ltd., China.
Guangdong Meizhi
Precision Manufacturing Co. Ltd., China.
Guangdong Midea
Group Wuhu Refrigeration Equipment Co. Ltd., China.
Hefei Midea heating
& Ventilating Equipment Co. Ltd., China.
Linkgo - HK Ltd.,
Hong Kong.
Midea Air Con
Middle East FZE, UAE.
Midea America
(Canada) Corporation, Canada.
Midea America
Corporation, US.
Midea Deutschland
GmbH, Germany.
Midea Development
(Hong Kong) Co. Ltd., Hong Kong.
Midea do Brasil
Ltda., Brazil.
Midea Electric
(Hong Kong) Ltd., Hong Kong.
Midea Electric
Trading (Singapore) Co. Pte. Ltd., Singapore.
Midea Group Finance
Co. Ltd., China.
Midea Group Wuhan
Refrigerating Equipment Co. Ltd., China.
Midea Holding
(International) Ltd., Hong Kong.
Midea Home
Appliances (HK) Ltd., Hong Kong.
Midea Home
Appliances Investments (Hong Kong) Co. Ltd., Hong Kong.
Midea Italia SRL,
Italy.
Midea Refrigeration
(Hong Kong) Ltd., Hong Kong. (Same
address)
Midea Scott &
English Electronics Sdn. Bhd., Malaysia.
Midea USA Inc., US.
Van Phong Daidien
Tru Media, Vietnam.
Welling Holding
Ltd., Hong Kong.
Wuhu Meizhi
Air-conditioner Co. Ltd., China.
Wuxi Little Swan
Co. Ltd., China.
etc.
38564949
1180486
Managing
Director: Ms. Yuan Liqun
Nominal Share
Capital: US$10,000.00 (Divided into
10,000 shares of US$1.00 each)
Issued Share Capital:
US$10,000.00
(As per registry
dated 31-10-2013)
|
Name |
|
No. of shares |
|
Midea
International Corporation Co. Ltd., Hong Kong. |
|
10,000 ===== |
(As per registry
dated 30-01-2014)
|
Name (Nationality) |
Address |
|
YANG Yanwu |
Room 603, Tower
9, Ding Xiang Ge, Yin Xing Ya Yuan, No.18 Heguixi Street, Daliang, Shunde
District, Foshan, Guangdong, China. |
|
YUAN Liqun |
Flat G, 12/F.,
Block 8, Site 2, Whampoa Garden, Hunghom, Kowloon, Hong Kong. |
(As per registry
dated 30-01-2014)
|
Name |
Address |
|
LI Siu Ling,
Prudence |
Flat G, 12/F.,
Block 8, Site 2, Whampoa Garden, Hunghom, Kowloon, Hong Kong. |
The subject was
incorporated on 31st October, 2007 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: Household electric
appliances.
Employees: 40 (Including associated company)
Materials/Commodities: Imports raw
materials from European countries, some of the Asian countries and finished
products from China.
Markets: China and worldwide
countries.
Group Turnover: RMB134,045,649,270.00 Yuan (Year ended 31-12-2011)
RMB102,598,110,490.00 Yuan (Year
ended 31-12-2012)
RMB120,975,003,140.00 Yuan (Year
ended 31-12-2013)
Terms/Sales: As
per contracted.
Terms/Buying: Various
terms.
Nominal Share
Capital: US$10,000.00 (Divided into
10,000 shares of US$1.00 each)
Issued Share Capital:
US$10,000.00
Mortgage or
Charge: (See
attachment)
Group Total Profit: RMB3,472,650,510.00 Yuan (Year ended 31-12-2011)
RMB3,259,290,950.00 Yuan (Year
ended 31-12-2012)
RMB5,317,458,060.00 Yuan (Year
ended 31-12-2013)
Profit or Loss: Group business was profitable in
the past three years.
Condition: Keeping
in a satisfactory manner.
Facilities: Making
active use of general banking facilities.
Payment: Met
trade commitments as required.
Commercial
Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Midea International
Trading Co. Ltd. is a wholly-owned subsidiary of Midea International
Corporation Co. Ltd. which is a Hong Kong-registered firm located at the same
address. The subject’s ultimate holding
company is Midea Group Co. Ltd. [Midea], also a China-based firm.
Midea is a listed
company in China. Its shares, bearing
code No. 000333, are traded in Shenzhen Stock Exchange.
Founded in 1968,
Midea is renowned as a sizeable conglomerate that specializes in the
manufacturing of household appliances and sets foot in relevant fields of real
estates and logistics. It is now one of
the largest white household appliance production bases and export bases in
China. Midea is the holding company of
the Midea Group.
Midea formally
entered into the household appliance industry in 1980, and started to use the
brand name of Midea in 1981. Today,
Midea Group has up to 110,000 employees and owns over ten famous brands in various
industries, namely “Midea”, “Welling”, etc.
Apart from its
headquarter in Shunde, the Group has established production bases in Guangzhou,
Zhongshan, Wuhu, Wuhan, Huai’an, Kunming, Changsha, Hefei, Chongqing, Suzhou,
etc.
The overseas
production bases are in Vietnam, Belarus, Egypt, Brazil, Argentina, and India.
Possessing an
extensive marketing network spreading all over China, the Group also has
established a number of overseas branch subsidiaries in countries and areas
such as the United States, England, Germany, Japan, South Korea, Canada,
Russia, France, Malaysia and Vietnam, apart from Hong Kong.
Currently, Midea
holds the largest and most complete production chains for air-conditioner,
refrigerator, microwave oven, small home electric appliance and kitchen utensil
in China. Its core products include
residential AC, commercial AC, large-scale central AC, washing machine,
electric cooker, refrigerator, water dispenser, microwave oven, dish washer,
induction cooker, electric fan, electric warmer, water heater, kitchen range,
range hood, sterilizing cabinet, electric chafing dish, electric oven, vacuum
cleaner, as well as other supporting products, such as compressor, electric
motor, magnetron and transformer.
For the year ended
31st December, 2013, the sales of the Group amounted to RMB120,975.0 million,
grew by 17.9% as compared with that of RMB102,598.1 million in FY 2012; total
profit was RMB5,317.5 million, grew by 63.1% as compared with RMB3,259.3
million in FY 2012. Overall business was
good in the past three years.
Today, Midea is a
brand leader in China. It continues to
globalise its operations with production bases in six countries besides China,
to be followed by additional plants. Midea
is also expanding its distribution network in several countries to offer better
services to local consumers in those locations.
Looking ahead,
Midea persists with its strategy of taking the initiative to continue as a
highly dynamic enterprise, with the goal of consistent growth that is
characteristic of a world class business.
In parallel with its plans for expansion, Midea is also devoted to its
role as a responsible corporate citizen of China and the world.
The subject is
fully supported by the Midea Group.
History in Hong Kong is over six years.
On the whole,
consider it good for normal business engagements.
Brief personal
profile of the principal director:-
Ms. Yuan Liqun,
aged 44, was appointed as a Non-executive Director of the Company on
17th November, 2004 and re-designated as an Executive Director of the Company
on 4th January, 2007. Ms. Yuan is a
member of the Executive Committee of the Company. She is also a director of a subsidiary of the
Group. She joined the Midea Group in
1992. She has held various senior
management positions in the Midea Group and has considerable experience in
finance, audit and overall management.
Ms. Yuan is a director and senior vice-president of Midea Group
Co., Ltd. (a company listed on the Shenzhen Stock Exchange), the chief
financial officer of Midea Group and the chairman of Midea Group Finance Co.,
Ltd. She was a director and the supervisor of GD Midea Holding Co., Ltd. (the
shares of which were de-listed on the Shenzhen Stock Exchange on 18th
September, 2013 and this company was de-registered on 19th December,
2013). Ms. Yuan holds a Master of
International Management Degree from the Australia National University.
|
Date |
Particulars |
Amount |
|
11-11-2008 |
Instrument: Assignment of DC Proceeds 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 Credit,
all the customer right, title, benefit and interest in the said Documentary
credit, the benefit of all powers and remedies for enforcing the Documentary
Credits and any payment made pursuant to the contract for sale of goods in
connection with the Documentary Credit is issued 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 |
|
18-01-2011 |
Instrument: Security Over Deposits with the Bank Property: A deposit with
chargee and whatever currency it may subsequently be denominated in, any
renewal of such deposit and the interest thereon together with any other
moneys or deposits placed with the chargee from time to time at any of its
offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Amount secured,
(i) all monies, (ii) interest on such monies, (iii) all expenses of the
chargee in perfecting or enforcing the charge |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.06 |
|
UK Pound |
1 |
Rs.101.84 |
|
Euro |
1 |
Rs.81.56 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
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|
Report Prepared
by : |
SDA |
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.