|
Report Date : |
14.10.2014 |
IDENTIFICATION DETAILS
|
Name : |
XYLEM (HONG KONG) LTD. |
|
|
|
|
Registered Office : |
c/o J & P
Corporate Consultants Ltd. Room 817, 8/F., Tower B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
23.03.1998 |
|
|
|
|
Com. Reg. No.: |
21615840 |
|
|
|
|
Legal Form : |
Private Limited Liability Company |
|
|
|
|
LINE OF BUSINESS : |
IMPORTER, EXPORTER AND WHOLESALER OF WATER MOTOR PUMP,
WATER MOTOR MIXER, WATER TECHNOLOGIES |
|
|
|
|
No. of Employees : |
8 |
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 |
XYLEM
(HONG KONG) LTD.
ADDRESS:
c/o Xylem Water
Solutions (Hong Kong) Ltd.
Room E, 12/F., CDW
Building, 382-392 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-8192 5711, 2845 0189
FAX: 852-2741 6605
MANAGEMENT:
Managing
Director: Mr. Feng Hua
Incorporated on: 23rd March, 1998.
Organization: Private Limited Company.
Paid Up Capital: US$50,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Revenue: US$3,837 million (Year ended 31-12-2013)
Employees: 8. (Including associates)
Main Dealing Banker: Citi Bank (China) Co. Ltd., China.
Banking Relation: Satisfactory.
XYLEM
(HONG KONG) LTD.
ADDRESS:
Registered
Office:-
c/o J & P
Corporate Consultants Ltd.
Room 817, 8/F., Tower
B, New Mandarin Plaza, 14 Science Museum Road, Tsimshatsui, Kowloon, Hong Kong.
Head
Office:-
c/o Xylem Water
Solutions (Hong Kong) Ltd.
Room E, 12/F., CDW
Building, 382-392 Castle Peak Road, Tsuen Wan, New Territories, Hong Kong.
Holding Company:-
Xylem Global
S.a.r.l., Luxembourg.
Ultimate Holding
Company:-
Xylem Inc., US.
Associated/Affiliated
Companies:-
Xylem Group of Companies
138197 Canada Ltd., Canada.
Aanderaa Data Instruments AS, Norway.
Anadolu Flygt Pompa Pazarlama Ve Ticaret AS, Turkey.
Arrow Rental Ltd., Ireland.
ASE AS, Norway.
Bellingham & Stanley Ltd., U.K.
Bombas Flygt de Venezuela S.A., Venezuela.
Brightbanner Ltd., U.K.
BS Pumps Ltd., Northern Ireland.
Clean Drains Ltd., U.K.
Cleghorn Wareing & Co. (Pumps) Ltd., U.K.
CMS Research Corporation, U.S.A.
Comet Pump & Engineering Ltd., U.K.
Conrad Pollmann Pumpenbau GmbH, Germany.
Design Analysis Associates Inc., U.S.A.
Evolutionary Concepts Inc., U.S.A.
Faradyne Motors (Suzhou) Co. Ltd., China.
Faradyne Motors LLC, U.S.A.
Flow Control LLC, U.S.A.
Flowtronex PSI LLC, U.S.A.
Fluid Handling LLC, U.S.A.
FLYGT (Hong Kong) Ltd., Hong Kong.
FLYGT AS, Norway.
Godwin Holdings Ltd., U.K.
Goulds Water Technology Philippines Inc., Philippines.
Grindex AB, Sweden.
Grindex Pumps LLC, U.S.A.
Heartland Pump Rental & Sales Inc., U.S.A.
Jabsco Marine Italia s.r.l., Italy.
Jabsco S. de R.L. de C.V., Mexico.
Laing Futstechnika Korltolt Felelossgu Trsasg (LFK), Hungary.
Lowara s.r.l., Italy.
Lowara UK Ltd., U.K.
Lowara Vogel Polska SP ZOO, Poland.
MJK Automation A/S, Denmark.
MJK Automation AS, Norway.
MJK Automation B.V., Netherlands.
MultiTrode Inc., U.S.A.
Multitrode Pty. Ltd., Australia.
Multitrode UK Ltd., U.K.
NHK Jabsco Co. Ltd., Japan.
Nova Analytics Europe LLC, U.S.A.
O.I. Corporation, U.S.A.
PCI Membrane Systems Inc., U.S.A.
Pension Trustee Management Ltd., U.K.
Pims (Services) Holdings Ltd., U.K.
Pims (Services) Ltd., U.K.
Pims Environmental Services (Holdings) Ltd., U.K.
Pims Environmental Services Ltd., U.K.
Pims Group Ltd., U.K.
Pims Pumps Ltd., U.K.
Pollmann Pumpenbau Landsberg GmbH, Germany.
Portacel Inc., U.S.A.
Secomam S.A.S., France.
Sensortechnik Meinsberg GmbH, Germany.
SI Analytics GmbH, Germany.
Texas Turbine LLC, U.S.A.
Totton Holdings Ltd., U.K.
Totton Pumps Ltd., U.K.
Water Asset Management Inc., U.S.A.
Water Co. Ltd., U.K.
Water Process Ltd., U.K.
Wedeco Ltd., U.K.
Wissenschaftich Technische Werkstaetten GmbH, Germany.
Xylem (China) Co. Ltd., China.
Xylem (Nanjing) Co. Ltd., China.
Xylem (Wuxi) Flow Control Equipment Co. Ltd., China.
Xylem Analytics Australia Pty. Ltd., Australia.
Xylem Analytics Germany GmbH, Germany.
Xylem Analytics LLC, U.S.A.
Xylem Analytics UK Ltd., U.K.
Xylem ATI LLC, U.S.A.
Xylem Australia Holdings Pty. Ltd., Australia.
Xylem Brasil Soluções para Água Ltda., Brazil.
Xylem Canada Company, Canada.
Xylem Delaware Inc., U.S.A.
Xylem Denmark Holdings ApS, Denmark.
Xylem Dewatering Canada Ltd., Canada.
Xylem Dewatering Solutions Inc., U.S.A.
Xylem Dewatering Solutions UK Ltd., U.K.
Xylem Europe GmbH, Switzerland.
Xylem Financing S.à.r.l., Luxembourg.
Xylem Flow Control Ltd., U.K.
Xylem Germany GmbH, Germany.
Xylem Global Sarl, Luxembourg.
Xylem Holdings S.a.r.l., Luxembourg.
Xylem Inc., U.S.A.
Xylem Industriebeteiligungen GmbH, Germany.
Xylem Industries S.a.r.l., Luxembourg.
Xylem Interim Kft, Hungary.
Xylem International S.a.r.l., Luxembourg.
Xylem IP Holdings LLC, U.S.A.
Xylem IP Management s.a.r.l., Luxembourg.
Xylem IP Management UK LP, U.K.
Xylem Jabsco Ltd., U.K.
Xylem Lowara Ltd., U.K.
Xylem Luxembourg S.a.r.l., Luxembourg.
Xylem Management GmbH, Germany.
Xylem Manufacturing Austria GmbH, Austria.
Xylem PCI Membranes Polska S.P. Z.O.O., Poland.
Xylem Russia LLC, Russia.
Xylem Sanitaire Ltd., U.K.
Xylem Service Hungary Kft, Hungary.
Xylem Services Austria GmbH, Austria.
Xylem Services GmbH, Germany.
Xylem Services Italia Srl, Italy.
Xylem Technologies Austria GmbH, Austria.
Xylem Technologies GmbH, Germany.
Xylem Water Holdings Ltd., U.K.
Xylem Water Ltd., U.K.
Xylem Water Services Ltd., U.K.
Xylem Water Solutions (Hong Kong) Ltd., Hong Kong.
Xylem Water Solutions Argentina S.A., Argentina.
Xylem Water Solutions Australia Ltd., Australia.
Xylem Water Solutions Austria GmbH, Austria.
Xylem Water Solutions Belgium, Belgium.
Xylem Water Solutions Chile S.A., Chile.
Xylem Water Solutions Colombia Ltda., Colombia.
Xylem Water Solutions Denmark ApS, Denmark.
Xylem Water Solutions Deutschland GmbH, Germany.
Xylem Water Solutions España S.A., Spain.
Xylem Water Solutions Florida LLC, U.S.A.
Xylem Water Solutions France SAS, France.
Xylem Water Solutions Global Services AB, Sweden.
Xylem Water Solutions Herford GmbH, Germany.
Xylem Water Solutions Holdings France SAS, France.
Xylem Water Solutions India Pvt. Ltd., India.
Xylem Water Solutions Ireland Ltd., Ireland.
Xylem Water Solutions Italia S.R.L., Italy.
Xylem Water Solutions Korea Co. Ltd., South Korea.
Xylem Water Solutions Lietuva UAB, Lithuania.
Xylem Water Solutions Magyarorszag KRT, Hungary.
Xylem Water Solutions Malyasia Sdn. Bhd., Malaysia.
Xylem Water Solutions Manufacturing AB, Sweden.
Xylem Water Solutions Metz SAS, France.
Xylem Water Solutions Mexico S. de R.L. de C.V., Mexico.
Xylem Water Solutions Middle East Region FZCO, U.A.E.
Xylem Water Solutions Muscat LLC, Oman.
Xylem Water Solutions Nederland BV, Netherlands.
Xylem Water Solutions New Zealand Ltd., New Zealand.
Xylem Water Solutions Norge AS, Norway.
Xylem Water Solutions Panama s.r.l., Panama.
Xylem Water Solutions Peru S.A., Peru.
Xylem Water Solutions Polska Sp.z.o.o., Poland.
Xylem Water Solutions Portugal Unipessoal Lda., Portugal.
Xylem Water Solutions Rugby Ltd., U.K.
Xylem Water Solutions Schweiz GmbH, Switzerland
Xylem Water Solutions Singapore Pte. Ltd., Singapore.
Xylem Water Solutions South Africa (Pty) Ltd., South Africa.
Xylem Water Solutions South Africa Holdings LLC, U.S.A.
Xylem Water Solutions Suomi Oy, Finland.
Xylem Water Solutions Sweden AB, Sweden.
Xylem Water Solutions UK Holdings Ltd., U.K.
Xylem Water Solutions UK Ltd., U.K.
Xylem Water Solutions Zelienople LLC, U.S.A.
Xylem Water Solutions(Shenyang) Co. Ltd., China.
Xylem Water Systems (California) Inc., U.S.A.
Xylem Water Systems Australia Pty. Ltd., Australia.
Xylem Water Systems Hungary Kft, Hungary.
Xylem Water Systems International Inc., U.S.A.
Xylem Water Systems Japan Corporation, Japan.
Xylem Water Systems Mexico S. de R.L. de C.V., Mexico.
Xylem Water Systems Philippines Holding Inc., U.S.A.
Xylem Water Systems Texas Holdings LLC, U.S.A.
Xylem Water Systems U.S.A. LLC, U.S.A.
Yellow Springs Instrument Ltd., Japan.
YSI (Beijing) Co. Ltd., China.
YSI (China) Ltd., Hong Kong.
YSI (Hong Kong) Ltd., Hong Kong.
YSI (UK) Ltd., U.K.
YSI Environmental South Asia Pvt. Ltd., India.
YSI Incorporated, U.S.A.
YSI Instrumentos E Servicos Ambientais Ltda., Brazil.
YSI International Inc., U.S.A.
YSI Nanotech Ltd., Japan.
YSI Trading (Shanghai) Co. Ltd., China.
etc.
21615840
0640045
Managing
Director: Mr. Feng Hua
US$50,000,000.00
(As
per registry dated 23-03-2014)
|
Name |
|
No.
of shares |
|
Xylem Global S.a.r.l. 9 rue Gabriel Lippmann, Parc d’Activite Syrdall 2, L-5365 Munsbach,
R.C.S. Luxembourg B 172 763. |
|
50,000,000 ======== |
(As
per registry dated 23-03-2014)
|
Name (Nationality) |
Address |
|
FENG Hua |
30F., Tower A, City Centre of Shanghai, 100
Zunyi Road, Shanghai, China. |
|
DING Ding |
Room 4#-601, 633 Wuzhou Road, Shanghai,
China. |
|
Patel SHASHANK |
21979E Snow Creek Dr. Walnut, CA USA
91789, USA. |
|
LU Shuping |
30F, Tower A, City Centre of Shanghai,
China. |
(As
per registry dated 23-03-2014)
|
Name |
Address |
Co.
No. |
|
J
& P Corporate Consultants Ltd. |
Room 817, 8/F., Tower B, New Mandarin Plaza, 14 Science Museum Road,
Tsimshatsui East, Kowloon, Hong Kong. |
0545241 |
The
subject was incorporated on 23rd March, 1998 as a private limited liability
company under the Hong Kong Companies Ordinance.
Originally
the subject was registered under the name of Cablecom International Ltd., name
changed to ITT Hong Kong Ltd. on 7th January, 2009 and further changed to the
present style on 21st September, 2011.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Water motor pump, water motor mixer, water technologies.
Employees: 8. (Including associates)
Commodities Imported: China, Europe, US, etc.
Markets: Asian countries, etc.
Group Turnover: US$2,849 million (Year ended 31-12-2009)
US$3,202 million (Year ended 31-12-2010)
US$3,803 million (Year ended 31-12-2011)
US$3,791 million (Year ended 31-12-2012)
US$3,837 million (Year ended 31-12-2013)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Paid Up Capital: US$50,000,000.00
Group Profit: US$263 million (Year ended 31-12-2009)
US$329 million (Year ended 31-12-2010)
US$279 million (Year ended 31-12-2011)
US$297 million (Year ended 31-12-2012)
US$228 million (Year ended 31-12-2013)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Citi Bank (China) Co. Ltd., China.
Standing: Good.
Xylem
(Hong Kong) Ltd. is a wholly-owned subsidiary of Xylem Global S.a.r.l., a
Luxembourg-based company. Its ultimate
holding company Xylem Inc. [Xylem] is a US-based and listed company.
The
subject and Xylem are trading in water pumps and engaged in technologies for
the water industry.
Xylem,
with 2013 revenue of US$3.8 billion and more than 12,500 employees, is a world
leader in the design, manufacturing, and application of highly engineered
technologies for the water industry. It
is a leading equipment and service provider for water and wastewater
applications with a broad portfolio of products and services addressing the
full cycle of water, from collection, distribution and use to the return of
water to the environment. It has leading
market positions among equipment and service providers in the core application
areas of the water equipment industry: transport, treatment, test, building
services, industrial processing and irrigation.
Xylem’s brands, such as Bell & Gossett and Flygt, are well known
throughout the industry and have served the water market for many years.
The
Group serves a global customer base across diverse end markets while offering
localized expertise. It sells its products
in more than 150 countries through a balanced distribution network consisting
of our direct sales force and independent channel partners. In 2013, 62% of its revenue was generated
outside the United States, with 36% of revenue generated in Europe.
The
Group’s product and service offerings are organized into two segments: Water
Infrastructure and Applied Water. Its
segments are aligned with each of the sectors in the cycle of water, water
infrastructure and usage applications.
The Water Infrastructure segment focuses on the transportation,
treatment and testing of water, offering a range of products including water
and wastewater pumps, treatment and testing equipment, and controls and
systems. The Applied Water segment
serves many of the primary uses of water and focuses on the residential,
commercial, industrial and agricultural markets. The segment’s major products include pumps,
valves, heat exchangers, controls and dispensing equipment.
·
Water Infrastructure serves the
water infrastructure sector with pump systems that transport water from
aquifers, lakes, rivers and seas; with filtration, ultraviolet and ozone
systems that provide treatment, making the water fit to use; and pumping
solutions that move the wastewater to treatment facilities where our mixers,
biological treatment, monitoring, and control systems provide the primary
functions in the treatment process.
·
Applied Water serves the usage
applications sector with water pressure boosting systems for heating,
ventilation and air conditioning and for fire protection systems to the
residential and commercial building services markets. In addition, its pumps, heat exchangers,
valves and controls provide cooling to power plants and manufacturing facilities,
as well as circulation for food and beverage processing. It also provides boosting systems for farming
irrigation, pumps for dairy operations, and rainwater reuse systems for small
scale crop and turf irrigation.
The
net income of the Group in FY 2013 was US$228 million (2012: US$297 million).
The
subject shares the office with its associated company Xylem Water Solutions
(Hong Kong) Ltd. in Hong Kong. Overall
business is satisfactory.
The
subject is fully supported by Xylem. As the history of the subject is over 16
years in Hong Kong, on the whole, consider it good for normal business
engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.24 |
|
|
1 |
Rs.98.68 |
|
Euro |
1 |
Rs.77.60 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
PDT |
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.