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Report No. : |
315370 |
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Report Date : |
10.04.2015 |
IDENTIFICATION DETAILS
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Name : |
TCL HOME APPLIANCES (HK) CO. LTD. |
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Registered Office : |
13/F., TCL Tower, 8 Tai Chung Road, Tsuen Wan, New Territories |
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Country : |
Hong Kong
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Date of Incorporation : |
04.11.2008 |
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Com. Reg. No.: |
39968528 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of All kinds of 14” to 38” colour televisions, VCD players, SVCD players, DVD players, hi-fi systems and home-cinema hi-fi systems. |
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No. of Employees : |
Over 60,000. (As at 31-12-2014) |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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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 |
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 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 |
TCL HOME APPLIANCES (HK) CO. LTD.
ADDRESS: 13/F.,
TCL Tower, 8 Tai Chung Road, Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2417
7183, 2437 7300, 2437 7315
FAX: 852-2417
7181, 2405 8400, 2405 8440
E-MAIL: marketing@tclhk.com
MANAGEMENT:
Managing Director: Mr. Li Shubin
Incorporated on: 4th November,
2008.
Organization: Private Limited Company.
Issued Share Capital: HK$100,000.00
Business Category: Trading in
audio-visual products and components.
Group Turnover:
RMB101,028,675,160 Yuan (Year
ended 31-12-2014)
Group Employees: Over
60,000. (As at 31-12-2014)
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
TCL HOME APPLIANCES
(HK) CO. LTD.
Registered Head
Office:-
13/F., TCL Tower, 8 Tai Chung Road, Tsuen Wan, New Territories,
Hong Kong.
Holding Company:-
TCL Home Appliances Co. Ltd., Hong Kong.
Ultimate Holding
Company:-
TCL Corporation, China.
Affiliated/Associated
Companies:-
TCL Group of Companies
Foshan TCL Household Appliances (Nanhai) Co. Ltd., China.
Guangdong Yijiatong Technical Development of Digital Home Co. Ltd.,
China.
Guangzhou Digital Rowa Technology Co. Ltd., China.
Henan TCL Melody Electronics Co. Ltd., China.
Huizhou Bri-King Optronics Co. Ltd., China.
Huizhou TCL King Technology Co. Ltd., China.
Huizhou TCL Lighting Appliance Co. Ltd., China.
Inner Mongolia TCL Electrical Appliance Co. Ltd., China.
Manufacturas Avanzadas S.A. de C.V., Mexico.
New Export (Macao Commercial Offshore) Ltd., Macau.
Praise Good Ltd., Hong Kong.
Shenzhen TCL New Technology Co. Ltd., China.
Tairui (Hong Kong) Ltd., Hong Kong.
TCL (Vietnam) Corporation Ltd., Vietnam.
TCL Air Conditioner (Wuhan) Co. Ltd., China.
TCL Air Conditioner (Zhongshan) Co. Ltd., China.
TCL Belgium S.A., Belgium.
TCL Delonghi Home Appliances (Zhongshan) Co. Ltd., China.
TCL Electrical Appliance Sales Co. Ltd., China.
TCL Electronics (HK) Ltd., Hong Kong.
TCL Electronics (Thailand) Co. Ltd., Thailand.
TCL Finance Co. Ltd., China.
TCL Holdings (BVI) Ltd., British Virgin Islands/Hong Kong.
TCL Household Appliances (Qingdao) Co. Ltd., China.
TCL India Holdings Pvt. Ltd., India.
TCL Information Technology Industrial (Group) Co. Ltd., British Virgin
Islands/Hong Kong.
TCL International Electronics (BVI) Ltd., British Virgin Islands/Hong
Kong.
TCL King Electrical Appliances (Chengdu) Co. Ltd., China.
TCL King Electrical Appliances (Huhehaote) Co. Ltd., China.
TCL King Electrical Appliances (Huizhou) Co. Ltd., China.
TCL King Electrical Appliances (Nanchang) Co. Ltd., China.
TCL King Electrical Appliances (Wuxi) Co. Ltd., China.
TCL King Electronics (Shenzhen) Co. Ltd., China.
TCL Lighting Electrical Appliance (Wuhan) Co. Ltd., China.
TCL OEM Sales Ltd., Hong Kong.
TCL Operations Polska S.p. z.o.o., Poland.
TCL Overseas Consumer Electronics Ltd., Hong Kong.
TCL Overseas Electronics (Huizhou) Ltd., China.
TCL Overseas Holdings Ltd., British Virgin Islands/Hong Kong.
TCL Overseas Marketing (Macao Commercial Offshore) Ltd., Macao.
TCL Overseas Marketing Ltd., British Virgin Islands/Hong Kong.
TCL RECHI (Huizhou) Refrigeration Equipment Co. Ltd., China.
TCL Sun Inc., Philippines.
TCL Technology (HK) Co. Ltd., Hong Kong.
TCL Technoly Electronics (Huizhou) Co. Ltd., China.
Toshiba Visual Products (China) Co. Ltd., China.
TTE (North America) Holdings Ltd., British Virgin Islands/Hong Kong.
TTE Corporation, British Virgin Islands/Hong Kong.
TTE Technology Canada Ltd., Canada.
TTE Technology Inc., USA.
39968528
1284484
Managing Director: Mr. Li Shubin
HK$100,000.00
(As per registry dated 04-11-2014)
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Name |
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No. of shares |
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TCL Home Appliances Co. Ltd., Hong Kong. |
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100,000 ====== |
(As per registry dated 15-12-2014)
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Name (Nationality) |
Address |
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LI Shu Bin |
Room 5-401, No. 19, Yijing Building, Yaofang Garden, 10th Longfeng-Shangpai
District, Huizhou, Guangdong, China. |
|
FENG Yongliang |
Yundong Jiayuan, Shajiao Road, Futian District, Shenzhen Special
Economic Zone, China. |
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WANG Yong |
19 Wudong Road, Qingshan District, Wuhan City, Hubei Province, China. |
(As per registry dated 04-11-2014)
|
Name |
Address |
Co. No. |
|
Multi-Check Subnom (No. 1) Ltd. |
Room 3307, 33/F., Tower 2, Lippo Centre, 89 Queensway, Hong Kong. |
0177262 |
The subject was incorporated on 4th November, 2008 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: All kinds of
14” to 38” colour televisions, VCD players, SVCD players, DVD players, hi-fi
systems
and home-cinema
hi-fi systems.
Trade Mark: “TCL”.
Office Area: 11,000 sq.ft. in
Hong Kong.
Group Employees: Over
60,000. (As at 31-12-2014)
Materials/Commodities: Mainly
imports ICs and capacitors from overseas suppliers, and arranges completed
products from its group members in China.
Markets: Worldwide.
Group Turnover: RMB 51,869,879,626 Yuan (Year ended 31-12-2010)
RMB 60,834,135,423 Yuan (Year ended 31-12-2011)
RMB 69,628,669,043 Yuan (Year ended 31-12-2012)
RMB 85,324,085,862 Yuan (Year ended 31-12-2013)
RMB101,028,675,160 Yuan (Year
ended 31-12-2014)
Terms/Sales: Various terms.
Terms/Buying: As per contracted.
Issued Share Capital: HK$100,000.00
Group Profit Attributable to Shareholders:-
RMB 432,538,470 Yuan (Year ended 31-12-2010)
RMB1,013,171,126 Yuan (Year ended
31-12-2011)
RMB 796,087,080 Yuan (Year ended 31-12-2012)
RMB2,109,067,120 Yuan (Year ended
31-12-2013)
RMB3,183,206,215 Yuan (Year ended
31-12-2014)
Profit or Loss: Group business is
profitable.
Condition: Keeping in a good
manner.
Facilities: Making active use of
general banking facilities.
Payment: Met trade commitments as
contracted.
Commercial Morality:
Satisfactory.
Banker: Bank of China
(Hong Kong) Ltd., Hong Kong.
Standing: Very Good.
TCL Home Appliances (HK) Co. Ltd. is a wholly-owned subsidiary of TCL
Home Appliances Co. Ltd. [TCLHAC] which is also a Hong Kong-registered
firm. The subject and TCLHAC are located
at the same operating address. The
ultimate holding company of the subject TCL Corporation [TCL] is a China-based
firm. TCL is also a list firm in
China. It has been listed in Shenzhen
Stock Exchange bearing Stock Code 000100.
TCL belongs to the “TCL Group”.
All the directors of the subject are China merchants.
TCL, formerly known as TCL Holdings Corporation Ltd., is a state-owned
limited liability company established under the laws of the PRC supervised by
the Huizhou Municipal People’s Government.
The subject and TCLHAC belong to TCL Home Appliance Group and TCL Home
Appliances Corporation Overseas Business Division [TCL HAO].
TCL HAO is in charge of the sales of TCL residential air conditioner,
commercial air conditioner, dehumidifier, refrigerator, and washing
machine. At the same time, it supplies
its customers with after-sales service and marketing support.
Since 2001, the business scope of TCL HAO has been keeping on growing.
Founded in 1981, TCL Group is one of the largest consumer electronics
enterprises in China with a global presence.
TCL Group has three listed companies: TCL Corporation (SZ.000100), TCL
Multimedia (HK.1070) and TCL Communication (HK.2618).
Currently, TCL has set up four business units – TCL Multimedia Holdings,
TCL Communication Holdings, China Star Optoelectronics Technology and TCL HAO,
as well as six business groups – System Technology Unit, Techne Group, Emerging
Business Group, Investment Group, Highly Information Industry and Real Estate
Group.
For the year ended 31st December, 2014, the sales of the TCL Group
amounted to RMB101,028.7 million Yuan, grew by 18.4% as compared with that of
RMB85,324.1 million Yuan in FY 2013; profit attributable to shareholders
amounted toRMB3,183.2 million Yuan (2013: RMB2,109.1 million Yuan), increased
by 50.9% as compared with that of FY 2013.
As the sales force of TCL Home Appliances Corporation, TCL HAO is in
charge of the sales of TCL Residential Air Conditioner, Commercial Air
Conditioner, Dehumidifier, Refrigerator, and Washing Machine.
TCL employs more than 60,000 people and has more than 40 sales offices
around the world, selling products under the TCL umbrella including TCL’s own television
sets and mobile phones as well as Thomson televisions and Alcatel mobile
phones. TCL owns 20 manufacturing bases
globally, continuing to holding No.1 TV brand position in China.
The subject is fully supported by TCL Home Appliance Group and ultimately
by TCL Group.
In 2014, the value of the brand name TCL of the Group amounted to
RMB668.59 million Yuan. This brand has
been ranking the first for nine consecutive years in China.
In 2014, the Group sold 17,177,000 sets of LCD TV. Its overseas sales turnover increased by 30%,
accounting for 48% of its total sales turnover in the year.
The history of the subject in Hong Kong is over six years and five
months.
On the whole, in view of the background of the subject, consider it good
for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.26 |
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|
1 |
Rs.92.49 |
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Euro |
1 |
Rs.66.99 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
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Report Prepared
by : |
TPT |
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 |
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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 |
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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 |
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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 |
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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.