|
Report Date : |
16.06.2014 |
IDENTIFICATION DETAILS
|
Name : |
CARRIER ASIA LTD. |
|
|
|
|
Registered Office : |
10/F., Octa Tower, 8 Lam Chak Street, Kowloon Bay, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
27.12.1985 |
|
|
|
|
Com. Reg. No.: |
10065179 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
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. |
|
|
|
|
No. of Employees : |
450. |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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.
|
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, 2691 2845
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$62,626 million (Year ended 31-12-2013)
Employees: 450.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Very Good.
CARRIER ASIA LTD.
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: 852-2707 0688, Fax:
852-2684 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, US.
[Tel: 1-860-674-3000, Fax:
1-860-674-3139]
Ultimate Holding
Company:-
United Technologies Corporation [UTC]
United Technologies Building, Hartford, CT 06101, US.
[Tel: 1-860-728-7000]
Associated
Companies:-
Carrier Group of
Companies
Caricor Ltd., US.
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, US.
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.
Subsidiaries:-
United Technologies Corporation
3090445 Nova Scotia Ltd., Canada.
3234808 Nova Scotia Ltd., Canada.
Augusta (Gibraltar) Holdings I Ltd., Gibraltar.
Augusta (Gibraltar) Holdings II Ltd., Gibraltar.
Australia Holdings Inc., US.
Auxiliary Power International Corporation, US.
Beesail Ltd., UK.
Bridgecam (Ireland) Ltd., Ireland.
Cambridge Luxembourg S.a r.l, Luxembourg.
Carrier Commercial Refrigeration. Inc., US.
Carrier Enterprise. LLC, US.
Carrier HVACR Investments B.V., Netherlands.
Carrier Mexico S.A. de C.V., Mexico.
Carrier Technologies ULC, Canada.
Ceesail Ltd., UK.
Chubb Fire Ltd., UK.
Chubb Group Ltd., UK.
Chubb Group Security Ltd., UK.
Chubb International (Netherlands) BV, Netherlands.
Chubb International Holdings Ltd., UK.
Chubb International Ltd., UK.
Chubb Ltd., UK.
Chubb Nederland B.V., Netherlands.
Chubb Security Holdings Australia Pty Ltd., Australia.
Commonwealth Luxembourg Holdings S.a r.l, Luxembourg.
Delavan Inc., US.
Derco Logistics. Inc., US.
Devonshire Switzerland Holdings GmbH, Switzerland.
Elevadores Otis Ltda., Brazil.
Empresas Carrier. S. De R.L. De C.V., Mexico.
Fyrnetics (Hong Kong) Ltd., Hong Kong.
Goodrich Aerospace Canada Ltd., Canada.
Goodrich Aftermarket Sevices Ltd., UK.
Goodrich Control Systems, UK.
Goodrich Corporation, US.
Goodrich Ltd., UK.
Goodrich Luxembourg Holding S.a.r.l., Luxembourg.
Goodrich Pump & Engine Control Systems. Inc., US.
Goodrich XCH Luxembourg B.V., Netherlands.
Gulf Security Technology Co. Ltd., China.
Hamilton Sundstrand Corporation, US.
Hamilton Sundstrand Holdings. Inc., US.
Hamilton Sundstrand International Holdings (Luxembourg) S.a r.l,
Luxembourg.
HEJ Holding. Inc., US.
Helicopter Support. Inc., US.
IAE International Aero Engines AG, Switzerland.
International Aero Engines. LLC, US.
JMS I Corporation, US.
Kaysail Ltd., UK.
Kidde America Inc., US.
Kidde Graviner Ltd., UK.
Kidde Holdings Ltd., UK.
Kidde International Ltd., UK.
Kidde Ltd., UK.
Kidde Technology Inc., US.
Kidde UK, UK.
Kidde US Holdings Inc., US.
KNA Inc., US.
Latin American Holding. Inc., US.
Lenel Systems International. Inc., US.
Netherlands Parkview Cooperatief U.A., Netherlands.
NSI. Inc., US.
Otis Elevator (China) Co. Ltd., China.
Otis Elevator Co. (DE), US.
Otis Elevator Korea, Korea.
Otis Holdings GmbH & Co. OHG, Germany.
Otis Ltd., UK.
Otis Pacific Holdings B.V., Netherlands.
Otis S.C.S., France.
Parkview Participations LLC, US.
Parkview Treasury Services (UK) Ltd., UK.
Pratt & Whitney Aero Engines International Services GmbH,
Switzerland.
Pratt & Whitney Canada Corp., Canada.
Pratt & Whitney Canada Holdings Corp., Canada.
Pratt & Whitney Canada Leasing. Ltd. Partnership, Canada.
Pratt & Whitney Component Solutions Inc., US.
Pratt & Whitney Engine Leasing. LLC, US.
Pratt & Whitney Holdings LLC, Cayman Islands.
Pratt & Whitney Materials International Sarl, Switzerland.
Pratt Aero Ltd. Partnership, Canada.
Rohr. Inc., US.
Rosemount Aerospace Inc., US.
SICLI Holding SAS, France.
Sikorsky Aircraft Corporation, US.
Sikorsky Global Helicopters. Inc., US.
Simmonds Precision Products. Inc., US.
Sirius Korea Ltd., UK.
South American Cooperatief U.A., Netherlands.
Trenton Luxembourg S.a.r.l, Luxembourg.
Trumbull Holdings SCS, France.
United Technologies Australia Holdings Ltd., Australia.
United Technologies Canada. Ltd., Canada.
United Technologies Corporation (DE), US.
United Technologies Cortran. Inc., US.
United Technologies Electronic Controls. Inc., US.
United Technologies Finance (U.K.) Ltd., UK.
United Technologies France SAS, France.
United Technologies Holding GmbH, Germany.
United Technologies Holdings Italy Srl, Italy.
United Technologies Holdings Ltd., UK.
United Technologies Holdings SAS, France.
United Technologies International Corporation, US.
United Technologies International Corporation-Asia Private Ltd.,
Singapore.
United Technologies International SAS, France.
United Technologies Luxembourg S.a r.l, Luxembourg.
United Technologies Paris SNC, France.
UT Finance Corporation, US.
UT Luxembourg Holding II S.a r.l, Luxembourg.
UT Park View. Inc., US.
UTC (US) LLC, US.
UTC Canada Corporation, Canada.
UTC Corporation, US.
UTC Fire & Security Americas Corporation. Inc, US.
UTC Fire & Security Corporation, US.
UTC Fire & Security Luxembourg S.a r.l, Luxembourg.
UTCL Holdings. Ltd., Canada.
UTCL Investments B.V., Netherlands.
UTX Holdings S.C.S., France.
Wytwornia Sprzetu Komunikacyjnego PZL-Rzeszow S.A., Poland.
Xizi Otis Elevator Co. Ltd., China.
Zardoya Otis S.A., Spain.
10065179
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 27-12-2013)
|
Name |
|
No. of shares |
|
United Technologies Far East Ltd., Hong Kong. |
|
7,747,300 ======= |
(As per registry dated 27-12-2013)
|
Name (Nationality) |
Address |
|
YU Man Yee, Titus |
Flat D, 11/F., Mei Foo Sun Chuen, 29 Broadway, , Kowloon, Hong Kong. |
|
Paul Richmond LUNDSTROM |
Vizcaya Villa Unit 62, 2000 Yunshan Road, Pudong, Shanghai 200135,
China. |
|
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 27-12-2013)
|
Name |
Address |
|
WU Wei Jing |
Flat D, 25/F., Tower 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 changed 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: 450.
Commodities Imported: Mainly bought
from US and Japan.
Markets: Hong
Kong, Macau and China.
Annual Turnover: HK$350~400
million.
Group Net Sales:- 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)
US$62,626 million (Year ended 31-12-2013)
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)
US$16,809 million (Year ended 31-12-2013)
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$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)
US$5,686 million (Year ended 31-12-2013)
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)
US$2,590 million (Year ended 31-12-2013)
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. UTC is a listed company in the
United States.
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.
Carrier products are distributed in Hong Kong through a network of over
100 authorized dealers and 500 retail outlets reaching households,
offices, factories, hotels and shopping arcades across the territory.
With more than 60 years of experience in Hong Kong, Carrier is a leader
in the HVAC markets. It has cooled many
prestigious landmark buildings in Hong Kong, including The Peninsula Hotel Hong
Kong, Kai Tak Airport, HSBC headquarter, Bank of China Building, Science Park,
International Commerce Center, etc.
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 about 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 the 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
fire-fighting 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.
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, 2013, UTC-CCS’ net sales amounted to
US$16,809 million, decreased by 1.6% as compared with US$17,090 million at
31st December, 2012. Operating profit
for the year of UTC-CCS was US$2,590 million, grew by 6.8% as compared
with US$2,425 million in 2012.
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.
On 14th June, 2013, the Group completed the sales of substantially all
operations of Rocketdyne to GenCorp Inc. for US$411 million.
At 31st December, 2013, the total number of employees of UTC was
approximately 212,400 (2012: 218,300).
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-eight 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.59.47 |
|
|
1 |
Rs.100.93 |
|
Euro |
1 |
Rs.80.71 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
DPT |
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.