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MIRA INFORM REPORT
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Report No. : |
488546 |
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Report Date : |
30.01.2018 |
IDENTIFICATION DETAILS
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Name : |
HONG KONG GREE ELECTRIC APPLIANCES SALES LIMITED |
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Registered Office : |
Room
2612, 26/F., Mira Place Tower A, 132 Nathan Road, Tsimshatsui, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
21.06.2005 |
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Com. Reg. No.: |
35757995 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer and Exporter of All KInds of Air-Conditioners |
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No. of Employees : |
20 |
RATING & COMMENTS
(Mira Inform has adopted New Rating mechanism w.e.f. 23rd
January 2017)
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MIRA’s Rating : |
A+ |
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Credit Rating |
Explanation |
Rating Comments |
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A+ |
Low Risk |
Business dealings permissible with low
risk of default |
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Status : |
Good |
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Payment Behaviour : |
Regular |
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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
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Country Name |
Previous Rating (30.06.2017) |
Current Rating (30.09.2017) |
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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 Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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 reexports, 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 continues to link its currency closely to the US dollar, maintaining an arrangement established in 1983.
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 aided a more rapid initial recovery 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 9.4% of total system deposits in Hong Kong by the end of 2015. 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. Mainland visitors to Hong Kong declined 3% in 2015 to approximately 45.7 million, reflecting an overall drop of 2.5% in total visitors to Hong Kong. Hong Kong has also established itself as the premier stock market for Chinese firms seeking to list abroad. In 2015, mainland Chinese companies constituted about 51% of the firms listed on the Hong Kong Stock Exchange and accounted for about 62.1% 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. 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, which took effect in 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.
Credit expansion and a tight housing supply have caused Hong Kong property prices to rise rapidly; consumer prices increased 2.6% in 2016, but slowed to 2.0% in 2017. Lower- and middle-income segments of the population are increasingly unable to afford adequate housing.
Hong Kong’s economic integration with the mainland continues to be most evident in the banking and finance sector. Initiatives like the Hong Kong-Shanghai Stock Connect, the Mutual Recognition of Funds, and The Hong Kong Shanghai Gold Connect are all important steps towards opening up the Mainland’s capital markets and has reinforced Hong Kong’s leading role as China’s offshore RMB market. Additional connect schemes from bonds to commodities and other investment products are also under exploration by Hong Kong authorities.
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Source
: CIA |
Note
Mira Place Tower A is the new building name
instead of Miramar Tower.
Company
name and address
HONG KONG
GREE ELECTRIC APPLIANCES
SALES LIMITED
ADDRESS: Room 2612, 26/F., Mira Place Tower A, 132
Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3165 8898
FAX: 852-3165 1029, 3165 1030
E-MAIL: larry@gree.com.cn
MANAGEMENT:
Group President: Ms. Dong Ming Zhu
SUMMARY
Incorporated on: 21st
June, 2005.
Organization:
Private Limited
Company.
Issued Share Capital: HK$100,000.00
Business Category: Importer and Exporter.
Group Turnover: RMB108,302.6
million Yuan (Year ended 31-12-2016)
Employees:
20.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
Room 2612, 26/F., Mira Place Tower A, 132
Nathan Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
Gree Electric Appliances Inc. of Zhuhai,
China.
Ultimate Holding Company:-
Zhuhai Gree Group Co. Ltd., China.
Associated Companies:-
Gree Group of Companies
Cong Ty Lien Doanh Gree Electric (Vietnam),
Vietnam.
Gree (Zhongshan) Small Home Appliances Co.
Ltd., China.
Gree Electric Appliances (Chongqing) Co.
Ltd., China.
Gree Electric Appliances (Hefei) Co. Ltd.,
China.
Gree Electric Appliances (Wuhan) Co. Ltd.,
China.
Gree Electric Appliances (Zhengzhou) Co.
Ltd., China.
Gree Electric Appliances do Brasil Ltda.,
Brazil.
Gree Electric Enterprises (Maanshan) Ltd.,
China.
Hefai Landa Compressor Co. Ltd., China.
Shanghai Gree Air Conditioners Sales Co.
Ltd., China.
Zhuhai Gree Daikin Device Co. Ltd., China.
Zhuhai Gree Daikin Precision Mold Co. Ltd.,
China.
Zhuhai Gree Electric Enterprises Ltd., China.
Zhuhai Gree Group Finance Co. Ltd., China.
Zhuhai Gree Xinyuan Electronic Co. Ltd.,
China.
Zhuhai Kaibang Motor Manufacture Co. Ltd.,
China.
Zhuhai Meilanda Refrigeration Co. Ltd.,
China.
etc.
BUSINESS
REGISTRATION NUMBER
35757995
COMPANY
FILE NUMBER
0978477
MANAGEMENT
Group President: Ms. Dong Ming Zhu
Contact Person and Manager: Mr. Yuen Sin Sum, Sam
ISSUED
SHARE CAPITAL
HK$100,000.00
SHAREHOLDER
(As per registry dated 21-06-2017)
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Name |
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No. of shares |
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Gree Electric Appliances Inc. of Zhuhai Jinji West Road, Zhuhai 519070, Guangdong,
China. |
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100,000 ====== |
DIRECTORS
(As per registry dated 26-07-2017)
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Name (Nationality) |
Address |
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DONG Ming Zhu |
Zhuhai Shi, Xiangzhou Qu, Jiu Zhou Da Dao
Zhong 2106, Hao 20, Dong 202, China. |
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OUYANG Jun |
Room 504, Unit 2, Building 11, 50 Jingshan
Road, Zhuhai, Guangdong, China. |
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ZHANG Zhenghu |
Room 4-2-402, Jindi Yidunshan Apartment, Meihua
West Road, Zhuhai, Guangdong, China. |
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LIU Jun |
Gree
Electric Appliances, Inc. of Zhuhai (Dormitory), Xiang Zhou, Zhuhai,
Guangdong, China. |
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BAI Rongyao |
Gree Electric Appliances, Inc. of Zhuhai (Dormitory),
Xiang Zhou, Zhuhai, Guangdong, China. |
SECRETARY
(As per registry dated 21-06-2017)
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Name |
Address |
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YUEN Sin Sum |
Room 2612, 26/F., Mira Place Tower A, 132
Nathan Road, Tsimshatsui, Kowloon, Hong Kong. |
HISTORY
The subject was incorporated on 21st June,
2005 as a private limited liability company under the Hong Kong Companies
Ordinance.
The subject changed its directors in July
2017.
Apart from these, neither material change nor
amendment has been ever traced and noted.
OPERATIONS
Activities: Importer
and Exporter.
Lines: All
kinds of air-conditioners.
Brand Name:
Gree and TOSOT
Employees: 20.
Commodities Imported: China (main), etc.
Markets: China,
other Asian countries, Europe, Australia, Middle East, Central & South
America,
North
America, etc.
Group Turnover:-
RMB
99,316.2 million Yuan (Year ended
31-12-2012)
RMB118,627.9 million Yuan (Year ended 31-12-2013)
RMB137,750.4 million Yuan (Year ended 31-12-2014)
RMB
97,745.1 million Yuan (Year ended
31-12-2015)
RMB108,302.6 million Yuan (Year ended 31-12-2016)
RMB110,874.7 million Yuan (9 months ended 30-09-2016)
RMB
41,690.2 million Yuan (9 months
ended 30-09-2017)
Terms/Sales:
L/C or as per
contracted.
Terms/Buying:
L/C, T/T, D/P, etc.
FINANCIAL
INFORMATION:
Issued Share Capital: HK$100,000.00
Mortgage or Charge: (See attachment)
Group Profit Attributable to Shareholders:-
RMB
7,379.7 million Yuan (Year ended
31-12-2012)
RMB10,870.1 million Yuan (Year ended 31-12-2013)
RMB14,155.2 million Yuan (Year ended 31-12-2014)
RMB12,532.4 million Yuan (Year ended 31-12-2015)
RMB15,421.0 million Yuan (Year ended 31-12-2016)
RMB15,460.7 million Yuan (9 months ended 30-09-2016)
RMB
6,008.2 million Yuan (9 months
ended 30-09-2017)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
very active manner.
Facilities:
Making active
use of general banking facilities.
Payment:
Regular.
Commercial Morality: Satisfactory.
Bankers:-
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong.
Sumitomo Mitsui Banking Corporation,
Hong Kong Branch.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Deutsche Bank AG, Hong Kong Branch.
Citibank N.A., Hong Kong Branch.
Standing:
Very Good.
GENERAL
Having issued 100,000 ordinary shares of HK$1.00 each, Hong Kong
Gree Electric Appliances Sales Limited is wholly owned by Gree Electric
Appliances Inc. of Zhuhai [Gree] which is a China-based firm. The ultimate holding company Zhuhai Gree
Group Co. Ltd. is also a China-based firm.
The subject changed its directors in July 2017.
The subject is engaged in marketing Gree’s products. Gree’s products are air‑conditioners,
water heaters and dehumidifiers bearing the brand name of “Gree”. Its products also include “TOSOT” general household electric
appliances.
Gree, founded in 1991, has become the world’s largest and specialized
air conditioner company integrating R&D, manufacturing, marketing and after‑sales
service offering.
“Gree” air conditioners produced by Gree are the air
conditioning brand that ranked “World Brand” by General
Administration of Quality Supervision, Inspection and Quarantine in China. Today, “Gree” brand products are
distributed to more than 100 countries and regions in the world.
As a specialized air conditioner manufacturer, Gree is presenting
advanced and high quality air conditioning products to global consumers.
It had worked out both residential air conditioners and commercial
air conditioners of 20 varieties, 400 series, and 7,000 models to satisfy
different demands by different consumers.
It is possessing nearly 3,000 technical patents. The GMV digital VRF system, centrifugal type
water chiller and sine wave D.C. inverter driven air conditioner filled the
absence in production of high-tech products among Chinese enterprises. Being the model that develops from
“made-in-China” enterprise to “created-in-China” one, Gree had gained wide
reputation in the international industry.
Now, Gree is a listed firm in China with shares traded in the
Shenzhen Stock Exchange. Its stock code
is 000651.
Gree has 9 production bases in Zhuhai, Chongqing, Hefei,
Zhengzhou, Wuhan, Shijiazhuang, Brazil, Pakistan and Vietnam with an annual
production capacity of 60 million residential air conditioners (RAC) and
4.5 million commercial air conditioners (CAC).
Gree enjoys a sound reputation for its quality products and
outstanding performance. It has more
than 200 million users worldwide.
For the year ended 31st December, 2016, the sales of the Gree
Group amounted to RMB108.3 billion Yuan, increased by 10.8% as compared with
RMB97.8 billion Yuan in FY 2015; profit attributable to shareholders amounted
to RMB15.4 billion Yuan, increased by 23.2% as compared with RMB12.5 billion
Yuan in FY 2015.
For the 9 months ended 30th September, 2017, the sales of the Gree
Group amounted to RMB41.7 billion Yuan, decreased by 62.4% as compared with
RMB110.9 billion Yuan in the same period of FY 2015; profit attributable to
shareholders amounted to RMB6.0 billion Yuan, decreased by 61.3% as compared
with RMB15.5 billion Yuan in the same period of FY 2016.
In 2017, the sales and profit attributable to shareholders of the
Group decreased substantially as compared with previous year.
Under the leadership of Ms. Dong Mingzhu (Gree Chairman of Board
and President), Gree has become the first Chinese home electric appliance
manufacturer in China.
In order to penetrate the international market further, the
subject has taken part in fairs and exhibitions held in Italy, Russia, South
Africa, Australia, the United States, etc.
The Gree Group currently had 71,610 employees as at end of 31 December,
2016. The Group’s production bases are
in Zhuhai Special Economic Zone, Chongqing, Hefei, Zhengzhou, Wuhan,
Shijiazhuang, Wuhu, Changsha, Hangzhou, Brazil, Pakistan, etc. Its resourcing centres are located at
Changsha, Zhengzhou, Shijiazhuang, Wuhu, and Tianjin.
The subject is fully supported by the Gree Group. History in Hong Kong is over twelve years and
seven months.
On the whole, consider the subject good for normal business
engagements.
MORTGAGE
OR CHARGE
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Date |
Description of Instrument |
Mortgagee |
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02-06-2008 |
Assignment of DC Proceeds re export bills
restricted to other banks for negotiation/payment |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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13-01-2011 |
Security Agreement |
Deutsche Bank AG, Hong Kong Branch. |
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13-01-2011 |
An Agreement of Cash Pledge |
Deutsche Bank (China) Co. Ltd., Guangzhou
Branch on behalf of Deutsche Bank AG, Hong Kong Branch. |
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18-01-2011 |
Security Agreement over Bank Account |
Standard Chartered Bank (Hong Kong)
Ltd., Hong Kong. |
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15-03-2011 |
Deposit Deed |
Citibank N.A., Hong Kong Branch. |
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12-12-2014 |
Charge Over Securities and Deposits with
the Bank (Limited Company) (Limited Amount) |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
INR 63.55 |
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1 |
INR 89.82 |
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Euro |
1 |
INR 78.87 |
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HKD |
1 |
INR 8.15 |
Note :
Above are approximate rates obtained from sources believed to be correct
INFORMATION DETAILS
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Analysis Done by
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VIV |
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Report Prepared
by : |
TRU |
RATING EXPLANATIONS
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Credit Rating |
Explanation |
Rating Comments |
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A++ |
Minimum Risk |
Business dealings permissible with minimum
risk of default |
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A+ |
Low Risk |
Business dealings permissible with low risk
of default |
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A |
Acceptable Risk |
Business dealings permissible with
moderate risk of default |
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B |
Medium Risk |
Business dealings permissible on a regular
monitoring basis |
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C |
Medium High Risk |
Business dealings permissible preferably on
secured basis |
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D |
High Risk |
Business dealing not recommended or on
secured terms only |
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NB |
New Business |
No recommendation can be done due to
business in infancy stage |
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NT |
No Trace |
No recommendation can be done as the business
is not traceable |
NB is stated where there is insufficient information to facilitate rating. However, it is not to be considered as unfavourable.
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 are as follows:
·
Financial
condition covering various ratios
·
Company
background and operations size
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Promoters
/ Management background
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Payment
record
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Litigation
against the subject
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Industry
scenario / competitor analysis
·
Supplier
/ Customer / Banker review (wherever available)
This report is issued at
your request without any risk and responsibility on the part of MIRA INFORM
PRIVATE LIMITED (MIPL) or its officials.