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Report Date : |
30.08.2014 |
IDENTIFICATION DETAILS
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Name : |
HAIER INTERNATIONAL CO. LTD. |
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Registered Office : |
Room 2815, 28/F., Shun Tak Centre, |
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Country : |
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Date of Incorporation : |
10.09.2004 |
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Com. Reg. No.: |
34915334 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and Exporter of all kinds of
household electric appliances. |
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No of Employees : |
20 (Including associates) |
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 : |
No Complaints |
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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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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.
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Source
: CIA |
HAIER INTERNATIONAL CO. LTD.
Room 2815, 28/F., Shun Tak Centre, 168-200
Connaught Road Central, Sheung Wan, Hong Kong.
PHONE: 852-2169 3338
FAX: 852-2169 3938
E-MAIL: service@haierhk.com
Managing Director: Ms. Zhou Yun
Jie
Incorporated on: 10th September, 2004.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$2.00
Business Category: Household
Electric Appliance Trader.
Employees: 20. (Including associates)
Group Revenue: RMB180.3
billion Yuan (Year ended 31-12-2013)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
HAIER
INTERNATIONAL CO. LTD.
Registered Head Office:-
Room 2815, 28/F., Shun Tak Centre, 168-200
Connaught Road Central, Sheung Wan, Hong Kong.
Holding Company:-
Haier Electrical Appliances Corporation Ltd., China.
Ultimate Holding Company:-
Haier Group Corporation, China.
Associated/Affiliated Companies:-
Haier Group of Companies
Chongqing Haier Washing Machine Co. Ltd., China.
Chongqing Haier Water Heater Co. Ltd., China.
Foshan Shunde Haier Electric Co. Ltd., China.
Foshan Shunde Haier Intelligent Electronic Co. Ltd., China.
Haier (Hong Kong) Co. Ltd., Hong Kong.
Haier Business Development Ltd., Hong Kong.
Haier Electronics Group Co. Ltd., Bermuda/Hong Kong.
Haier Indesit (Qingdao) Electrical Appliance Co. Ltd., China.
Haier Indesit (Qingdao) Washing Machine Co. Ltd., China.
Haier Int (HK) Co. Ltd., Hong Kong.
Haier International (HK) Ltd., Hong Kong.
Haier Technology Co. Ltd., British Virgin Islands.
Hefei Haier Washing Machine Co. Ltd., China.
Qingdao Economy & Technology Development Zone Haier Water Heater Co.
Ltd., China.
Qingdao Haier Co. Ltd., China.
Qingdao Haier Washing Machine Co. Ltd., China.
Qingdao Jiaonan Haier Washing Machine Co. Ltd., China.
Wuhan Haier Water Heater Co. Ltd., China.
etc.
34915334
0921818
Managing Director: Ms. Zhou Yun
Jie
Contact Person: Ms. Lu Ling
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
(As per registry dated 10-09-2013)
|
Name |
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No. of shares |
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Haier Electrical Appliances Corporation Ltd. 1 Haier Road, Haier Industrial Park, Hi-Tech Zone, Qingdao 26610,
China. |
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2 = |
(As per registry dated 17-04-2014)
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Name (Nationality) |
Address |
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LIANG Haishan |
Room 502, Unit 3, No. 47 Taiqing Road, Shi Bei District, The City
of Qingdao, Shandong Province, China. |
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LI Pan |
Room 602, Unit 4, Block 1, No. 146 Yan Ji Road, Shi Bei District, The
City of Qingdao, Shandong Province, China. |
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LI Gang |
Room 101, Unit 1, block 10, No. 202 Yan An San Road, Shi Nan District,
The City of Qingdao, Shandong Province, China. |
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ZHOU Yun Jie |
No. 50 Yan’an Yi Road, Shibei District, Qingdao City, Shandong
Province, China. |
(As per registry dated 17-04-2014)
|
Name |
Address |
|
WANG Ningning |
Unit A, 12/F., Blodwin Industrial Building, 16-18 Wah Sing Street, Kwai
Chung, New Territories, Hong Kong. |
The subject was incorporated on 10th September, 2004 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: Manufacturer and Exporter.
Lines: All
kinds of household electric appliances.
Employees: 20. (Including associates)
Materials/Commodities: Imports raw materials from European countries,
some of the Asian countries and finished products from China.
Markets: Worldwide
countries.
Group Revenue: RMB163.1 billion
Yuan (Year ended 31-12-2012)
RMB180.3 billion
Yuan (Year ended 31-12-2013)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$2.00
Group Profit: RMB 9.0 billion Yuan (Year ended 31-12-2012)
RMB10.8 billion
Yuan (Year ended 31-12-2013)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in a good and active
manner.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Very Good.
Haier International Co. Ltd. is a wholly-owned subsidiary of Haier
Electrical Appliances Corporation Ltd. which is a China-based firm. The ultimate holding company of the subject
Haier Group Corporation [Haier] is also a China-based firm. Haier is in Qingdao City, Shandong Province,
China.
The subject is responsible for marketing the Group’s products.
Haier is primarily a producer of household appliances (white goods),
including air conditioners, washing machines, refrigerators, etc. Its headquarters are in Qingdao, Shandong,
the People’s Republic of China. Haier is
the fourth-largest white goods manufacturer in the world.
Haier was founded as Qingdao Refrigerator Co. in 1984. With China opening up to world markets,
foreign corporations began searching for partnerships in China. One of these, Germany’s Liebherr Group,
entered into an agreement with Qingdao Refrigerator Co., offering technology
and equipment to its Chinese counterpart.
Refrigerators were to be manufactured under the name of
Qingdao-Liebherr.
Having diversified its product line beyond refrigerators, the company
adopted a new name in 1991. Qingdao
Haier Group was further simplified in 1992 to Haier Group, the company’s
current name.
In 1995, Haier bought out its chief rival in Qingdao, Red Star Electric
Appliance Factory. In 1997, the company
moved into television manufacturing with the acquisition of Huangshan
Electronics Group. By the end of the
1990s, Haier was the most recognized brand in the country with products ranging
from mobile phones to computers; it had also captured a dominant market share
in its core white goods division.
Its place in the domestic market secure, Haier moved onto the
international stage with the goal of building a global brand name. The company opened a production facility in
Indonesia in 1996, and the Philippines and Malaysia in 1997.
Haier looked to make further inroads in the North American market by
moving into the full-sized refrigerator category.
Haier continued its expansion into other international markets as
well. Production facilities were
constructed in Pakistan in 2002 and Jordan in 2003, greatly strengthening its
position in the Middle East market. In
Africa, Haier has plants in five countries: Tunisia, Nigeria, Egypt, Algeria
and South Africa. The company also purchased
a factory in Italy, as part of its continued drive into the European market. Haier has been successful in placing its
products in most major European retail chains, either under its own brand or
under OEM agreements with foreign partners.
Currently Haier is about to enter into a joint venture agreement with
the government of Venezuela.
As of 2008, Haier has surpassed rival Whirlpool as the world’s top
refrigerator producer in terms of sales, according to Euromonitor, the world’s
leading independent business intelligence provider.
Haier has had a subsidiary company Haier Electronics Group Co. Ltd.
[Haier EG] which is a listed firm in Hong Kong. Haier EG is listed on the Main Board of The
Stock Exchange of Hong Kong Ltd. It and
its subsidiaries are principally engaged in the research, development,
production and sale of washing machines and water heaters under the brand name
of “Haier”. Haier EG developed
integrated channel service business from the second quarter of 2010. Through Goodaymart, it has established
channel distribution points in the third and fourth-tier nationwide markets and
has become the leading integrated channel services provider in the China
market. Haier EG’s immediate holding
company, Qingdao Haier Co. Ltd. (SHA: 600690), is listed on the Shanghai Stock
Exchange, China.
In recent years, the Group has developed a truly wireless large-screen
TV. Despite its rather uninspired
“completely wireless TV moniker, the huge 55‑inch prototype is a sight to
behold in use without any cables dangling behind the panel.”
The Group now has 24 manufacturing bases and 21 industrial parks in
Europe, North America, Asia, the Middle East and Africa.
The Group’s global presence allows it to localise its production and
build high-quality products tailored to local needs. With 5 Research and Development centres
around the world, Haier is equipped to stay on top and meet our goal of
providing a large range of durable products.
In 2013, Haier’s global revenue and profit reached RMB180.3 billion Yuan
(US$29.5 billion) [2012: RMB163.1 billion Yuan (US$25.8 billion)] and RMB10.8
billion Yuan (US$1.76 billion) [2012: RMB9.0 billion Yuan (US$1.42 billion)]
respectively. Profit growth was 2 times
revenue growth. Based on the statistics
of Euromonitor International, a world leader in strategy research for consumer
markets, Haier has been the number one global home appliance brand for five
years in a row. On the 2012 World’s 50
Most Innovative Companies list published by the Boston Consulting Group, Haier
was the only Chinese company in the top 10, as well as the top-ranked consumer
product retailer.
Haier provides leading home appliance solutions to its users. Qingdao
Haier (600690.SH), referred to internally to as the 690 Platform, uses
disruptive innovation to create smart appliances for its users with the aim of
becoming the leader in the home appliance industry. Haier’s five R&D
centres around the world have forged strategic partnerships with first-class
suppliers, research institutions, and prestigious universities to create an
innovative ecosystem composed of over 1.2 million scientists and engineers
connected by virtual and physical networks.
By the end of 2013, Haier had filed 15,737 patent applications
accumulatively and had been granted 10,167 patents. Haier Appliances (1169.HK) creates a
commercial ecosystem based on an interactive platform and a delivery
platform. By leveraging the synergy of
marketing, virtual, logistics and service networks (“quadruple play model”) to
build competitiveness, it can provide delivery and installation services to
users within 24 hours.
The subject is fully supported by the Haier Group.
On the whole, consider it good for normal business engagements.
Brief personal profile of the principal director:-
Mr. ZHOU Yun Jie, aged 47, has been serving as an Executive Director and
general manager of the Haier since 12th November, 2009. He has been appointed as Chief Executive
Officer of the Haier since 18th March, 2013 and he has also been appointed at
the Chairman of the Haier with effect from 25th June, 2013. He is also a member of the remuneration
committee, nomination committee and strategic committee of the Haier. Mr. Zhou graduated from the Huazhong
University of Science and Technology, the PRC with a Bachelor’s degree in
Engineering in 1988. He has a Master’s
degree in corporate management from the Ocean University of China, the PRC and
has completed his Doctoral courses with a diploma in Management from the Xian
Jiaotong University, the PRC. He joined
the Haier Group in 1988 and has over 20 years of experience in the areas of
sales management, enterprise management and international business. Currently, he is an Alternative President and
Deputy Chairman of the board of Haier Group, and also he is a deputy to the
12th national People’s Congress of China.
Mr. Zhou is also a director of the following Group’s subsidiaries:
Chongqing Hairi Logistics Co. Ltd., Chongqing New Goodaymart Electronics Sales
Co. Ltd., Goodaymart (Shanghai) Investment Co. Ltd., Haier Electronics Sales
(Hefei) Co. Ltd., Haier Electronics Sales (HK) Co. Ltd., Hefei Goodaymart
Logistics Co. Ltd., Qingdao Goodaymart Supply Chains Co. Ltd., Qingdao Haier
Logistics Co. Ltd., Qingdao Lejia Electric Appliances Co. Ltd., SHC
International (HK) Ltd., Ocean Vast Enterprises Ltd., Haier Group E-Commerce
Co. Ltd., Qingdao Goodaymart Electronics Service Co. Ltd., Qingdao Haier
Electronics Sales Service Co. Ltd., Qingdao Goodaymart Lejia Jiaju Trading Co.
Ltd., Jiangsu Goodaymart Huadong Logistic Co. Ltd., HH Retail Ltd., Haier
International Business Corporation Ltd., Haier Electrical Appliances Fourth
Holdings (BVI) Ltd., Haier Washing Machines Holdings (BVI) Ltd., Haier Water
Heaters Holdings (BVI) Ltd., Haier Holdings (BVI) Ltd., Sunlit Enterprise
International Ltd., Crown Smooth Ltd., Partner Century Holdings Ltd. and Heroic
Plan Global Ltd.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.47 |
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UK Pound |
1 |
Rs.100.35 |
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Euro |
1 |
Rs.79.86 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
SMN |
RATING EXPLANATIONS
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RATING |
STATUS |
PROPOSED CREDIT LINE |
|
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>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 |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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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 |
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<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.