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Report No. : |
351531 |
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Report Date : |
03.12.2015 |
IDENTIFICATION DETAILS
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Name : |
KANETA ELECTROHEAT TECHNOLOGIES LTD. |
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Registered Office : |
Unit A, 15/F., Billion Plaza, 8 Cheung Yue Street, Cheung Sha Wan, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
22.12.2005 |
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Com. Reg. No.: |
36349086 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of Tubular Heating Elements. |
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No. of Employees : |
10 (Including associates in Hong Kong) |
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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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Hongkong |
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 |
HONGKONG - 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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between Hong
Kong and the mainland. The new measures, effective from March 2015, cover a
negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
KANETA
ELECTROHEAT TECHNOLOGIES LTD.
ADDRESS: Unit
A, 15/F., Billion Plaza, 8 Cheung Yue Street, Cheung Sha Wan, Kowloon,
Hong Kong.
PHONE: 852-2889
7863, 2889 7926
FAX: 852-2557
1850
E-MAIL: info@kaneta.com
Managing Director:
Mr. Lee Kun Tat
Incorporated on: 22nd December, 2005.
Organization: Private Limited Company.
Issued Share Capital: HK$20.00
Business Category: Manufacturer,
Importer and Exporter.
Annual Turnover: RMB220 to 250 million Yuan.
Employees: 10. (Including associates in Hong Kong)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Head Office:-
Unit A, 15/F., Billion Plaza, 8 Cheung Yue Street, Cheung
Sha Wan, Kowloon, Hong Kong.
China Factories:-
Kaneta (Gaoyao) Electroheat Products Ltd.
Foreign Industrial Area, Jindu Town, Gaoyao, Zhaoqing,
Guangdong Province, China.
[Tel: (86-758) 851 7618;
Fax: (86-758) 851 7608]
Kaneta (Guangdong) Electroheat Products Ltd.
18 Chuang Ye Road, Liangang Industrial Area, Zhuhai
Special Economic Zone, China.
[Tel: (86-756) 773 8738;
Fax: (86-756) 773 8733]
Associated
Companies:- (Same address)
ALBA Investments Ltd., Hong Kong.
Kaneta (H.K.) Enterprises Ltd., Hong Kong.
Kaneta Electrical Products Ltd., Hong Kong.
Kaneta Investments Ltd., Hong Kong.
36349086
1015466
Managing Director:
Mr. Lee Kun Tat
Contact Person: Ms. Ella Ling
HK$20.00 (Divided into 2 ordinary shares of HK$10.00
each)
(As per registry dated 22-12-2014)
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Name |
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No. of shares |
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LEE Kun Tat |
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1 |
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LEE Chun Shing, Jonathan |
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1 |
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–– |
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Total: |
2 = |
(As per registry dated 22-12-2014)
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Name (Nationality) |
Address |
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LEE Kun Tat |
House No. 98, Constellation Cove, 1 Hung Lam Drive, Tai
Po, New Territories, Hong Kong. |
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LEE Chun Shing, Jonathan |
Flat A, 17/F., 15 Homantin Hill, 15 Ho Man Tin Hill
Road, Kowloon, Hong Kong. |
(As per registry dated 22-12-2014)
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Name |
Address |
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Wong Mo Wan, May |
Room 1402-1403, 14/F., Connaught Commercial Building,
185 Wanchai Raod, Wanchai, Hong Kong. |
The subject was
incorporated on 22nd December, 2005 as a private limited liability company under
the Hong Kong Companies Ordinance.
Formerly the subject
was located at 23/F., Trend Centre, 29-31 Cheung Lee Street, Chai Wan, Hong
Kong, moved to Room 1608, 16/F., Block B, Kailey Industrial Centre, 12 Fung Yip
Street, Chai Wan, Hong Kong with effect from 15th May, 2006. The subject moved to the present address in
February 2009.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer,
Importer and Exporter.
Lines: Tubular
heating elements.
Employees: 10. (Including associates in Hong Kong)
1,300. (China)
Materials/Commodities: Imports
raw materials from Japan, Europe and finished products from China.
Markets: China,
other Asian countries, Japan, Europe, etc.
Annual Turnover: RMB220 to 250 million Yuan.
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, etc.
Hong Kong Electrical Appliance Industries Association
*Hong Kong Electrical Appliances Manufacturers
Association, Hong Kong.
*Hong Kong Diecasting Association, Hong Kong.
* Under the name of Kaneta (H.K.) Enterprises Ltd.
Issued Share Capital: HK$20.00
(Divided into 2 ordinary shares of HK$10.00 each)
Mortgage or Charge:-
Date of Assignment of
Debts: 25-08-2008
Amount: As
a continuing security for the due and punctual payment by the secured
Indebtedness
Property: All books and other debts revenues,
receivable and claims
Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong.
Profit or Loss: Making
a small profit every year.
Condition: Business
is normal.
Facilities: Making
active use of general banking facilities.
Payment: Met as required.
Commercial Morality:
Good.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Kaneta Electroheat
Technologies Ltd. was incorporated on 22nd December, 2005. It is equally owned by two Hong Kong
merchants, namely, Mr. Lee Kun Tat and Mr. Jonathan Lee Chun Shing. The subject has just issued two ordinary
shares of HK$10.00 each while each of the shareholders holds a single
share. The two shareholders are also
directors of the subject.
The subject belongs to the Kaneta Group.
The subject has got
four associated companies located at the same address. The principal one is Kaneta (H.K.)
Enterprises Ltd. [Kaneta HK] which is engaged in the same lines of business as
the subject. The fourth is known as ALBA
Investments Ltd. [ALBA Investments], a Hong Kong-registered company.
Incorporated on 3rd December,
1991, Kaneta HK is engaged in designing and manufacturing tubular heating
elements for the global market.
The subject has had
two factories in China, one in Zhaoqing, Guangdong Province while the other in
Zhuhai Special Economic Zone.
The one in Zhaoqing,
Guangdong Province, China is known as Kaneta (Gaoyao) Electroheat Products Ltd.
[Kaneta (Gaoyao)] which was set up in 1996.
This factory is ISO 9001:2000 and QS 9000:1998 certified. At present, the factory is employing about
1,000 people and its annual production capacity is over 50 million heating
elements. First phase was built in 1984
and the total area of the factories is about 20,000 sq.m.
Kaneta (Gaoyao) is
engaged in manufacturing tubular heating elements, components, aluminium die-cast
units and semi-heating products. 60% of
the products are exported to foreign countries.
The second factory
was set up in 2006 in Zhuhai Special Economic Zone, China. The Zhuhai plant covers an area of 40,000
sq.m. and its production began in November 2007.
The Zhuhai plant is
manufacturing the same products as Kaneta (Gaoyao), more or less. It also has about 300 employees.
The products of the
two factories are exported to worldwide countries. Business is rather active.
Kaneta HK has been
one of the largest heating element manufacturers in China. It designs and produces all kinds of heating
elements for household electric appliances and industrial equipment. Its products are widely used in different
applications like electric water heaters, bake and broil ovens, washing
machines, air heaters, steam irons, coffee makers, kettles, fry pans, stoves,
solid and spiral hot-plates, grills, skillets, casseroles, food steamers, bread
makers, or any other electric appliances that need to generate heat.
In 1997, Kaneta HK
built a new manufacturing plant in the same industrial area next to the old
plant. After many years of improvements, Kaneta HK has become a supplier of
heating elements to the whole world. It
is now regularly exporting heating elements to over 60 customers in over 25
countries.
The directors of the
Kaneta HK are also Mr. Lee Kun Tat and Mr. Jonathan Lee Chun Shing.
The annual sales
turnover of the Group ranges from RMB220 to 250 million Yuan. Business is profitable.
The subject’s associated
company ALBA Investments was incorporated on 2 June, 2009. This company is an Italian funded appliance
manufacturer of AC coffee makers. The
associated factory of ALBA Investments is also in China. The products are marketed in Hong Kong, China
and exported to Africa, Australia, Central & South America, Europe, South
Korea, Japan, the Middle East, other Asian countries, etc.
The history of the
subject in Hong Kong is about ten years.
On the whole,
consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.66.62 |
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|
1 |
Rs.100.34 |
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Euro |
1 |
Rs.70.67 |
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HKD |
1 |
Rs.8.60 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
NIT |
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.