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Report No. : |
324153 |
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Report Date : |
01.06.2015 |
IDENTIFICATION DETAILS
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Name : |
HAIER INTERNATIONAL (HK) LTD. |
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Registered Office : |
Room 1908, 19/F., Harbour Centre, 25 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
10.11.2006 |
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Com. Reg. No.: |
37431321 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer and
Exporter of All kinds of household electric appliances |
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No. of Employees : |
15 (Including associates) |
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 : |
Good |
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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
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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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
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Source
: CIA |
HAIER
INTERNATIONAL (HK) LTD.
ADDRESS: Room 1908, 19/F., Harbour Centre, 25 Harbour Road, Wanchai, Hong Kong.
PHONE: Not available
FAX: Not available
MANAGEMENT: Managing Director: Mr. Zhou Zhaolin
Incorporated on: 10th November, 2006.
Organization: Private Limited Company.
Issued Share Capital: HK$10,000,000.00
Business Category: Household Electric Appliance Trader.
Group Revenue: RMB200.7 billion Yuan (Year ended 31-12-2014)
Employees: 15. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1908, 19/F., Harbour Centre, 25 Harbour Road, Wanchai, Hong Kong.
Holding Company:-
Haier Technology Co. Ltd., British Virgin Islands.
Ultimate Holding Company:-
Haier Group Corporation, China.
Associated/Affiliated Companies:-
Haier Group of Companies
Chongqing Haier Washing Machine Co. Ltd., China.
Chongqing Haier Water Heater Co. Ltd., China.
Foshan Shunde Haier Electric Co. Ltd., China.
Foshan Shunde Haier Intelligent Electronic Co. Ltd., China.
Haier (Hong Kong) Co. Ltd., Hong Kong.
Haier Business Development Ltd., Hong Kong.
Haier Electrical Appliances Corporation Ltd., China.
Haier Electronics Group Co. Ltd., Bermuda/Hong Kong.
Haier Global Business Corporation Ltd., Hong Kong. (Same address)
Haier Indesit (Qingdao) Electrical Appliance Co. Ltd., China.
Haier Indesit (Qingdao) Washing Machine Co. Ltd., China.
Haier Int (HK) Co. Ltd., Hong Kong.
Haier International Business Corporation Ltd., Hong Kong. (Same address)
Haier International Co. Ltd., Hong Kong.
Haier Technology
Co. Ltd., British Virgin Islands.
Hefei Haier Washing Machine Co. Ltd., China.
Qingdao Economy & Technology Development Zone Haier Water Heater Co. Ltd., China.
Qingdao Haier Co. Ltd., China.
Qingdao Haier Washing Machine Co. Ltd., China.
Qingdao Jiaonan Haier Washing Machine Co. Ltd., China.
Wuhan Haier Water Heater Co. Ltd., China.
37431321
1086796
Managing Director: Mr. Zhou Zhaolin
HK$10,000,000.00
(As per registry dated 10-11-2014)
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Name |
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No. of shares |
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Haier Technology Co. Ltd. P. O. Box 3321, Drake Chambers, Road Town, Tortola,
British Virgin Islands. |
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10,000,000 ======== |
(As per registry dated 10-11-2014)
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Name (Nationality) |
Address |
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ZHOU Zhaolin |
401B, Unit 7, 232 Wei Hai Road, Shi Bei District, Qing Dao,
Shandong Province, China. |
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GONG Wei |
501, Unit2, Building No. 5, 66 Yan Ji Road, Shi Bei
District, Qing Dao, Shandong Province, China. |
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LI Zhanguo |
1506, 2 Yang Kou Road, Shi Nan District, Qing Dao,
Shangdong Province, China. |
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LIANG Haishan |
502, Unit 3, 47 Tai Qing Road, Shi Bei District, Qing
Dao, Shandong Province, China. |
(As per registry dated 10-11-2014)
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Name |
Address |
Co. No. |
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Chartac Secretaries Ltd. |
25/F., OTB Building, 160 Gloucester Road, Wanchai, Hong
Kong. |
0216220 |
The subject was incorporated on 10th November, 2006 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: Manufacturer and Exporter.
Lines: All kinds of household electric appliances.
Employees: 15. (Including associates))
Materials/Commodities: Imports
raw materials from European countries, some of the Asian countries and finished
products from China.
Markets: Worldwide countries.
Group Revenue: RMB163.1 billion Yuan (Year ended 31-12-2012)
RMB180.3 billion Yuan (Year ended 31-12-2013)
RMB200.7 billion Yuan (Year ended 31-12-2014)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$10,000,000.00
Group Profit: RMB 9.0 billion Yuan (Year ended 31-12-2012)
RMB10.8 billion Yuan (Year ended 31-12-2013)
RMB15.0 billion Yuan (Year ended 31-12-2014)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a good and active manner.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong.
Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Very Good.
Haier International (HK) Ltd. is a wholly-owned subsidiary of Haier Technology Co. Ltd. which is a BVI-registered firm. The ultimate holding company of the subject Haier Group Corporation [Haier] is a China-based firm. Haier is in Qingdao City, Shandong Province, China.
The subject is responsible for marketing the Group’s products. It is sharing the office with the following two associated companies:
Haier Global Business Corporation Ltd.
Haier International Business Corporation Ltd.
These two associated companies are registered in Hong Kong.
Haier is primarily a producer of household appliances (white goods), including air conditioners, washing machines, refrigerators. Its headquarters are in Qingdao, Shandong, the People’s Republic of China. Haier is the fourth-largest white goods manufacturer in the world.
Haier was founded as Qingdao Refrigerator Co. in 1984. With China opening up to world markets, foreign corporations began searching for partnerships in China. One of these, Germany’s Liebherr Group, entered into an agreement with Qingdao Refrigerator Co., offering technology and equipment to its Chinese counterpart. Refrigerators were to be manufactured under the name of Qingdao-Liebherr.
Having diversified its product line beyond refrigerators, the company adopted a new name in 1991. Qingdao Haier Group was further simplified in 1992 to Haier Group, the company’s current name.
Its place in the domestic market secure, Haier moved onto the international stage with the goal of building a global brand name. The company opened a production facility in Indonesia in 1996, and the Philippines and Malaysia in 1997.
Haier looked to make further inroads in the North American market by moving into the full-sized refrigerator category.
Haier continued its expansion into other international markets as well. Production facilities were constructed in Pakistan in 2002 and Jordan in 2003, greatly strengthening its position in the Middle East market. In Africa, Haier has plants in five countries: Tunisia, Nigeria, Egypt, Algeria and South Africa. The company also purchased a factory in Italy, as part of its continued drive into the European market. Haier has been successful in placing its products in most major European retail chains, either under its own brand or under OEM agreements with foreign partners.
Haier has had a subsidiary company Haier Electronics Group Co. Ltd. [Haier EG] which is a listed firm in Hong Kong. Haier EG is listed on the Main Board of The Stock Exchange of Hong Kong Ltd. It and its subsidiaries are principally engaged in the research, development, production and sale of washing machines and water heaters under the brand name of “Haier”.
Haier EG’s immediate holding company, Qingdao Haier Co. Ltd. (SHA: 600690), is listed on the Shanghai Stock Exchange, China.
Haier’s global presence allows it to localise its production and build high-quality products tailored to local needs. With 5 Research and Development centres around the world, Haier is equipped to stay on top and meet our goal of providing a large range of durable products.
In 2014, Haier’s global revenue and profit reached RMB200.7 billion Yuan [2013: RMB180.3 billion Yuan] and RMB15.0 billion Yuan [2013: RMB10.8 billion Yuan] respectively.
In 2014, its online trade volume reached RMB54.8 billion Yuan, a year-on-year growth of 2391%. According to the statistics of Euro-monitor, an authoritative consumer market survey organ, Haier brand accounted for 10.2% of the global retail volume, becoming the top large household appliance brand in the world for the 6th consecutive year.
So far, Haier has had 5 research and development centres, 21 industrial parks, 66 trading companies and users across 100 countries and regions.
Now, a great number of makers and microenterprises gather on the two platforms of Qingdao Haier and Haier Electronics, where they innovate and grow with Haier’s ecosystem resources and gain many user resources. By 2014, the number of Haier’s registered users has reached 36.85 million
The subject is fully supported by the Haier Group.
On the whole, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.63.76 |
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1 |
Rs.97.80 |
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Euro |
1 |
Rs.69.91 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
VNT |
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.