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Report No. : |
302646 |
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Report Date : |
20.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
JOHNSON ELECTRIC INDUSTRIAL MANUFACTORY LTD. |
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Registered Office : |
6/F., 12 Science Park East Avenue, Hong Kong Science Park, Shatin,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.04.1960 |
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Com. Reg. No.: |
01001497 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
MANUFACTURER
AND EXPORTER, DESIGN, AND MARKETING OF SMALL, HIGH QUALITY AC AND DC MOTORS
SPECIFICALLY TO MEET CUSTOMERS’ REQUIREMENTS FOR A BROAD RANGE OF APPLICATIONS
IN HOUSEHOLD APPLIANCES, PERSONAL CARE ITEMS, AUTOMOBILE COMPONENTS AND
ACCESSORIES, CORDLESS TOOLS TO HOBBY PRODUCTS AND BUSINESS AND OFFICE
EQUIPMENT. |
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No. of Employee : |
Approx. 36,000. (As at
30-09-2014) |
RATING & COMMENTS
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MIRA’s Rating : |
A |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
Good |
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Payment Behaviour : |
Regular |
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Litigation : |
-- |
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Hong Kong |
A1 |
A1 |
|
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 |
JOHNSON ELECTRIC
INDUSTRIAL MANUFACTORY LTD.
ADDRESS: 6/F., 12 Science Park East
Avenue, Hong Kong Science Park, Shatin, New Territories, Hong Kong.
PHONE: 852-2663 6688, 2556 8211
FAX: 852-2663
6121, 2897 2054
E-MAIL: salessupport@johnsonelectric.com
MANAGEMENT:
Chairman & Chief Executive Officer:
Mr. Wang Shui Chung, Patrick
Incorporated on: 25th April, 1960.
Organization: Private Limited Company.
Issued Share Capital: HK$154,000,000.00
Business Category: Manufacturer
of micromotors.
Group Turnover: US$2,097,618,000 (Year ended 31-03-2014)
Group Employees: Approx. 36,000. (As at 30-09-2014)
Main Dealing Bankers: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank (HK) Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office & Factory:-
6/F., 12 Science Park East Avenue, Hong Kong Science Park, Shatin, New
Territories, Hong Kong.
China Factory:-
Sin Er Village, Shajing Town, Baoan, Shenzhen, Guangdong Province,
PRC. [Tel: (86-755) 2990 0197; Fax: (86-755) 2990 0203]
Johnson Electric Holdings Ltd., Bermuda/Hong Kong.
Changchun Ri Yong JEA Gate Electric Co. Ltd.,China.
Chengdu Ri Yong JEA Gate Electric Co. Ltd., China.
Easy Fortune (H.K.) Ltd., British Virgin Islands.
Gate do Brasil Ltda., Brazil.
Gate France SAS, France.
Harbour Sky (BVI) Ltd., British Virgin Islands.
Hwa Sun (Guangdong) Co. Ltd., China.
Johnson Electric (Beihai) Co. Ltd., China.
Johnson Electric (Guangdong) Co. Ltd., China.
Johnson Electric (Shanghai) Co. Ltd., China.
Johnson Electric (Shenzhen) Co. Ltd., China.
Johnson Electric Asti S.r.l., Italy.
Johnson Electric Doo Beograd, Serbia.
Johnson Electric Germany GmbH & Co. KG, Germany.
Johnson Electric Group Mexico S. de R.L. de C.V., Mexico.
Johnson Electric Hatvan Kft., Hungary.
Johnson Electric International (IT) S.r.l., Itlay.
Johnson Electric International AG, Switzerland.
Johnson Electric International Ltd., Hong Kong.
Johnson Electric Nanjing Co. Ltd., China.
Johnson Electric North America Inc., USA.
Johnson Electric Ózd Kft, Hungary.
Johnson Electric Poland Sp.zo.o., Poland.
Johnson Electric Private Ltd., India.
Johnson Electric Services Italia S.r.l., Itlay.
Johnson Electric Services Mexico S. de R.L. de C.V., Mexico.
Johnson Electric Switzerland AG, Switzerland.
Johnson Electric Technology Service (Shenzhen) Co. Ltd., China.
Johnson Electric Trading Mexico S. de R.L. de C.V., Mexico.
Johnson Electric World Trade Ltd., Hong Kong.
M.M.A (Manufactura de Motores Argentinos) S.r.l., Argentina.
Nanomotion Ltd., Israel.
Parlex (Shanghai) Electronics Co. Ltd., China.
Parlex Dynaflex Corporation, USA.
Parlex Pacific Ltd., Hong Kong.
Parlex USA Inc., USA.
Saia-Burgess (China) Ltd., China.
Saia-Burgess Automotive Actuators Inc., USA.
Saia-Burgess Benelux B.V., Netherlands.
Saia-Burgess Inc., USA.
Saia-Burgess Paris Sarl, France.
Shanghai Malu Ri Yong-JEA Gate Electric Co. Ltd., China.
Shenzhen SMART Micromotor Co. Ltd., China.
V Motor (China) Ltd., China.
01001497
0005950
Chairman & Chief Executive Officer:
Mr. Wang Shui Chung, Patrick
[Son]
Vice-Chairman: Ms. Wang Wing Yee,
Winnie [Daughter]
HK$154,000,000.00
(As per registry dated 25-04-2014)
|
Name |
|
No. of shares |
|
Johnson Electric Holdings Ltd. Canon’s Court, 22 Victoria Street, Hamilton HM 12, Bermuda. |
|
307,999,999 |
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Johnson Medtech (HK) Ltd., Hong Kong. |
|
1 |
|
|
|
–––––––––– |
|
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Total: |
308,000,000 ========= |
(As per registry dated 25-04-2014)
|
Name (Nationality) |
Address |
|
WANG Shui Chung, Patrick (British) |
House F, Country Villa, 28 Shouson Hill Road, Hogn Kong. |
|
WANG Wing Yee, Winnie (BNO) |
13/F., Repulse Bay Garden, 34 Belleview Drive, Hong Kong. |
|
Christopher John HASSON |
Flat C, 22/F., South Bay Towers, 59 South Bay Road, Hong Kong. |
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Jeffrey L. OBERMAYER |
Flat A, 26/F., Block 1A, The Arch, 1 Austin Road West, Kowloon, Hong
Kong. |
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CHOI Tung Sing, Sherman |
Flat A, 5/F., Scenic Heights, 33 San Tam Road, Ngau Tam Mei, Yuen
Long, New Territoreis, Hong Kong. |
(As per registry dated 25-04-2014)
|
Name (Nationality) |
Address |
|
Cheng Lai Chu |
6/F., 12 Science Park East Avenue, Hong Kong Science Park, Shatin, New
Territories, Hong Kong. |
The subject was incorporated on 25th April, 1960 as a private limited
liability company under the Hong Kong Companies Ordinance to take over the
business established by the late Wang Seng Liang and his wife Mrs. Wang
Koo Yik Chun in 1959. It became a public
company in June 1984, but delisted and re-organized into a wholly-owned
subsidiary of Johnson Electric Holdings Ltd. in December 1988.
Formerly the subject was located at G/F. - 10/F., Johnson Building,
14-16 Lee Chung Street, Chai Wan, Hong Kong, moved to ‘Johnson Building, 6-22
Dai Shun Street, Tai Po Industrial Estate, Tai Po, New Territories, Hong Kong’
in December 1996, and further moved to the present address in December 2009.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Manufacturer and Exporter.
Lines: Design, manufacture and marketing of small,
high quality AC and DC motors specifically to meet customers’ requirements for
a broad range of applications in household appliances, personal care items,
automobile components and accessories, cordless tools to hobby products and
business and office equipment.
Trade Mark: “JOHNSON”.
Group Employees: Approx. 36,000. (As at 30-09-2014)
Raw Materials:-
Enamelled copper wire – Japan, Germany, Italy and PRC.
Cold rolled steel in strips and silicon steel strips – Japan, South
Korea and Taiwan.
Plastic resins – US and Japan.
Components for micro motors (magnets, brushes, bearings, etc.) – Japan,
Taiwan, Germany, and US.
Steel wires – Japan and PRC.
Markets: Hong Kong, PRC, North America, Europe
and Asia Pacific.
Group Sales: US$1,740,976,000 (Year ended 31-03-2010)
US$2,104,029,000 (Year ended 31-03-2011)
US$2,140,803,000 (Year ended 31-03-2012)
US$2,059,689,000 (Year ended 31-03-2013)
US$2,097,618,000 (Year ended 31-03-2014)
US$1,079,565,000 (6 months ended 30-09-2014)
Terms/Sales:-
For local: 30-60 days credit.
For abroad: L/C, D/P and D/A.
Terms/Buying: L/C, D/P, D/A and open account.
Hanwa Co. Ltd., Japan.
Marubeni Corporation, Japan.
Mitsui & Co. Ltd., Japan.
Welcon Trading Co. Ltd., Japan.
MEMBERSHIPS: The Chinese Manufacturers’ Association
of Hong Kong, Hong Kong.
[Membership No. 001518]
The Hong Kong General Chamber of Commerce,
Hong Kong.
[Membership No. HKJ0033]
Federation of Hong Kong Industries,
Hong Kong.
Issued Share Capital: HK$154,000,000.00
Group
Net Profit: US$ 87,386,000
(Year ended 31-03-2010)
US$190,361,000 (Year ended 31-03-2011)
US$188,891,000 (Year ended 31-03-2012)
US$196,892,000 (Year ended 31-03-2013)
US$214,896,000 (Year ended 31-03-2014)
US$113,602,000 (6 months ended 30-09-2014)
Profit or Loss: Operation is profitable.
Condition: Business is active.
Facilities: Making active use of general banking
facilities.
Payment: So far so good.
Commercial
Morality: Good.
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (HK) Ltd., Hong Kong.
Bank of America, N.A., Hong Kong Branch.
Sumitomo Mitsui Banking Corporation, Hong Kong Branch.
Banking:-
One source reports they maintain an active and well conducted current
account opened with them on 12th October, 1964 and on which they grant
facilities against security. They handle
their import bills under documentary credits.
They negotiate their export bills both under and not under documentary
credits.
Another source informs they maintain a very active and properly
conducted current account with them on 22nd November, 1971. Partially secured banking facilities are
granted to them. They handle their
export bills on a collection basis and against L/C.
Standing: Very Good.
Johnson Electric Industrial Manufactory Ltd. incorporated in
Hong Kong in April 1960, is a wholly-owned subsidiary of Johnson Electric
Holdings Ltd. [Johnson Electric].
Johnson Electric is a Bermuda-registered company.
Johnson Electric’s shares were listed on The Stock Exchange of Hong Kong
Ltd. bearing stock code 179 on 11th July, 1984, and are traded over the counter
in the United States in the form of American Depositary Receipts.
Johnson Electric was incorporated in Bermuda in October 1988 as a new
holding company of the Johnson Electric Group.
The Johnson Electric Group is the world’s leading provider of innovative
motion systems and components for automotive applications, domestic equipment, office
equipment, industrial products, consumer products and medical devices. The Group is headquartered in Hong Kong and
has over 36,000 employees in 23 countries.
Innovation and product design centres are located in Hong Kong, China,
Switzerland, Germany, Italy, Israel, Japan, the UK and the US. Production centres are located in China,
Switzerland, Italy, Poland, Hungary, the US, Brazil, India and other countries.
Johnson Electric is the technology and market leader in the design and
manufacture of custom motion solutions for a broad range of industries. Its products support improved fuel economy,
lower emissions and enhanced safety in the automotive industry. In other industries, such as building
automation, home technologies and power equipment, its engineering innovation
is focused on productivity and energy efficiency. Johnson Electric is a global company with
operations in Asia, Europe and the Americas. Engineering centres, manufacturing
plants and customer support offices are located in 23 countries.
Custom subsystems are developed based on Johnson Electric’s technology
platforms, which include actuators, motors, gears, switches, solenoids and
flexible circuits. Johnson Electric has three operating divisions, the
Automotive Products Group, the Industry Products Group and the Components &
Services Group. The Components &
Services Group exclusively supports the Automotive and Industry Groups with
custom production equipment, tooling and components. This vertical integration ensures the highest
level of product performance and production process capability. The Automotive Products Group provides custom
solutions for multiple vehicle subsystems.
Johnson Electric business units are focused on power train cooling,
engine and transmission management, head lamp adjustment, HVAC actuators, power
closure systems, seat adjustment and braking.
Its technology strategy is to create product platforms that can be
customized to improve fuel economy, reduce emissions, and enhance passenger
safety and comfort. The Industry
Products Group is focused on creating custom engineered solutions for specific
industry segments, including, building automation & security, HVAC,
business machines, smart meters, power tools, home technologies, food &
beverage, industrial equipment, lawn & garden and medical devices. In each segment the Group is the Technology
Leader and the Safe Choice in providing energy efficient and highly reliable
solutions for its customers.
In the medical device industry, Johnson Electric is focused on
medication delivery systems and surgical device motorization. The Johnson Medtech business provides custom
engineering and manufacturing services to the medical industry’s premier
companies.
The followings are the highlights of 2013/14 results of Johnson
Electric:
Johnson Electric achieved satisfactory results during the six month period
ended 30th September 2014. Against a
backdrop of generally lacklustre economic conditions in many of the Group’s
major markets, encouraging progress was made in winning new customer programmes
and in strengthening its manufacturing footprint globally.
Group sales for the first half of the 2014/15 financial year totalled
US$1,080 million, an increase of 4% over the first half of the prior financial
year. Net profit attributable to
shareholders was essentially flat compared to the prior year period at US$109.3
million.
Johnson Electric is currently making significant investments in
expanding its global operations and supporting infrastructure to meet increased
demand. As previously forecast, this is resulting in somewhat higher overheads
and other expenses in the short term as new plants go through their normal
fitting out and ramp-up phases prior to full production.
The overall business of the Group is active and good.
On the whole, in view of the background, history and parentage of the subject,
consider it good for normal business engagements.
Court case:-
|
Date |
Plaintiff |
Defendant |
Cause |
Amount |
|
June 1990 |
Tsui Sun Wah |
Johnson Electric Industrial Manufactory Ltd. |
Amount due |
HK$24,913 |
|
Aug. 1990 |
Yau Fuk Fong |
Johnson Electric Industrial Manufactory Ltd. |
Damages |
Not stated |
|
Oct. 1990 |
Cheng Yuk Mui |
Johnson Electric Industrial Manufactory Ltd. |
Damages |
Not stated |
|
Mar. 1991 |
Cheng Yuk Mui |
Johnson Electric Industrial Manufactory Ltd. |
Damages |
Not stated |
|
Feb. 1992 |
Cheng Yuk Mui |
Johnson Electric Industrial Manufactory Ltd. |
Personal Injury |
Not stated |
|
Dec. 1992 |
Mabuchi Motor KK [Also known as Mabuchi Motor Co. Ltd.] |
Johnson Electric Industrial Manufactory Ltd., Johnson Electric Trading
Ltd. and Johnson Electric World Trade Ltd. |
Declaration |
Not stated |
|
Aug. 1994 |
Mabuchi Motor KK [Also known as Mabuchi Motor Co. Ltd.] |
Johnson Electric Industrial Manufactory Ltd., Johnson Electric Trading
Ltd. and Johnson Electric World Trade Ltd. |
Declaration |
Not stated |
|
Feb. 2003 |
Tam Chi Shing |
Johnson Electric Industrial Manufactory Ltd. |
Damages |
Not stated |
Property
information of director and associate:-
|
Property Location |
Owner |
Date of Purchase |
Purchased |
|
12/F., Repulse Bay Garden, 28 Belleview Drive, Hong Kong. |
Wang Kin Chung, Peter and Daisy Ting |
15-05-1979 |
HK$1,700,000 |
|
10/F., Repulse Bay Garden, 28 Belleview Drive, Hong Kong. |
Rawlinson Estates Ltd. |
03-04-1979 |
HK$641,605 pt. |
(No mortgage registered
against all the properties)
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.70 |
|
|
1 |
Rs.93.41 |
|
Euro |
1 |
Rs.71.33 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
ANK |
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.