MIRA
INFORM REPORT
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Report Date : |
26.03.2007 |
IDENTIFICATION
DETAILS
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Name : |
TOP VICTORY INVESTMENTS LTD. |
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Registered Office : |
Rm 2108, 21/F, Harcourt House, 39 Gloucester Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
24-7-1987 |
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Com. Reg. No.: |
193969 |
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Legal Form : |
Private |
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Line of Business : |
Engaged in sourcing of materials & trading of computer
monitors. |
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 : |
Clear |
name & address
TOP VICTORY INVESTMENTS LTD.
RM 2108, 21/F, HARCOURT HOUSE,39 GLOUCESTER ROAD,
WANCHAI, HONG KONG.
TEL : 852 28585736
FAX : 852 25468884
EXECUTIVE SUMMARY
INCORPORATION DATE :
24-7-1987
REGISTRATION NO. :
193969
REGISTERED LEGAL FORM : PRIVATE
CHIEF EXECUTIVE : HSUAN JASON (DIRECTOR)
STAFF STRENGTH :
20,609
AUTHORIZED CAPITAL : HK$20,000 = 10,000 "A"
ORDINARY SHARES @ HK$1.-
+
10,000 NON-VOTING DEFERRED SHARES @ HK$1.-
PAID-UP CAPITAL : HK$11,000
BUSINESS LINE :
SOURCING OF MATERIALS & TRADING OF COMPUTER MONITORS
TURNOVER :
US$5,054M (GROUP , AS OF DEC. 31, 2005)
EQUITIES :
N/A (AS OF DEC. 31, 2005)
PAYMENT :
AVERAGE
RECOMM. CREDIT RANGE :
FAIRLY LARGE AMOUNT
MARKET CONDITION :
COMPETITIVE
FINANCIAL CONDITION :
STABLE
OPERATIONAL TREND :
STEADY
GENERAL REPUTATION :
GOOD
EXCHANGE RATE :
HKD 7.81170 = USD1 AS OF 2007-3-23
Adopted abbreviations:
ANS - amount not stated
NS - not stated
SC - subject company (the company inquired by you)
NA - not available
M - million
HKD – Hong Kong Dollars
SC is a private limited company registered under
incorporation file no. 193969 on 24-7-1987.
SC's shareholders & directors are shown to be as
follows:
Shareholders (as at 24-7-2006) Number
of shares held
Top Victory International Ltd. 999
#
Hsuan Jason 1
#
Palmland Holdings Inc. 7,500
*
Pacific Industries And
Development Ltd. 2,500
*
--------
11,000
=====
# "A" Ordinary shares
* Non-voting deferred shares
Directors (as at 24-7-2006)
Djuhar Sutanto / M784359
Hsuan Jason / P797945(6)
Houng Yu Te / 130773404
Lin Yeun Wu /130778752
The above registration information is based on SC's annual
return filed at Companies Registry within the last 2 years.
No material change or amendment regarding SC has been traced
& noted within last 2 years.
Total number of employees : 20,609
(group, as at 31-12-2005).
Location: Maintaining its office at the heading business address at a
commercial building in a commercial district.
Condition inside the premises during our visit: Normal
Office/factory layout: Standard
This section will contain the civil litigations &
winding-up petitions filed against SC for the last 6 years (as stored in our
database), and the mortgage/charge filed by SC for the last 2 years. In Hong Kong, creation of such
mortgages/charges by an unlimited co is not required to be registered in the
public records.
Civil litigation/winding-up
petitions : (X) see below ( )
see attached sheet
Date : 6-12-2002
Defendant(s) : SC
Plaintiff(s) : Consolidator Int'l Co. Ltd.
Cause of claim : Service charge
Claimed amount : ANS
Mortgage/charge record(s) : None filed within the last 2 years as per
our current search.
Mortgage Index:
Year(s) in which mortgage registration(s) are filed: 1996 -
2003
Year(s) in which mortgage satisfaction record(s) are filed:
1998 - 2004, 2006, 2007
SC is a subsidiary of Top Victory International Ltd. whose
partial information is as follows:
- Registered address:
P.O. Box 957, Offshore Incorporations Ctr., Road Town, Tortola, B.V.I.
- Business line: As
an investment holding co.
- Civil litigation & winding-up petition records: None in our database
- Registered capital:
US$1,000
SC is, in turn, an ultimate subsidiary of TPV Technology
Ltd., a public co. listed on SEHK with stock code 903 & Singapore Stock
Exchange with stock ticker "TPV", whose partial information is as
follows:
Year established : 1999 (incorporated in HK)
Registered/business
address : Same as heading business address
Business
line : As an
investment holding co. with diverse
interests in manufacturing & supply of
electrical & electronic products. Items available include CRT monitors, LCD
monitors, LCD TVs & CRT TVs.
No. of employees : 24,268 (as at 30-6-2006)
Civil litigation & winding-up petition records : None in
our database
Turnover : US$5,054M (year ended 31-12-2005)
Partial financial data of the said company:
Items Fiscal
yr 31-12-2005 Fiscal yr 31-12-2004
Current
assets : US$2,496M US$1,376M
Current
liabilities : US$1,893M US$956M
Fixed
assets & non-current assets : US$558M US$108M
Tangible
worth/(net deficit) : US$1,161M US$528M
Turnover
: US$5,054M US$3,738M
Net
income/(net loss) : US$151M US$104M
Hsuan Jason, director:
- Born in 1943
- He has over 19 years of managerial experience in well known
multinational enterprises including General Electric and PepsiCo
- He joined the group in Nov 1990
- Also currently chairman, CEO & director of TPV
Technology Ltd.
Currently active in SC's day-to-day operations & is
responsible for its management.
Registered residential address: Flat H, 34/F, Kennedy Town,
38 Kennedy Town Praya, HK.
Credit
history check : This refers to a check
of our database whether the said person has been involved in any of
the
following records stored by us within the last 6 years:
Civil
litigation as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent
payment records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Houng Yu Te, director:
- Born in 1946
- Before joining the group in Dec 1996, he has gained audit
and finance experience from an international accounting firm in Taiwan and has worked
for over 28 years in a number of companies responsible for the accounting and
financial operations
- Also currently senior vice president, chief financial
officer & director of TPV Technology Ltd.
Currently active in SC's day-to-day operations & is
responsible for its management.
Registered residential address: No.10-3, Alley 3, Lane 251,
Section 3, Chung-Hsiao E. Road, Taipei, Taiwan.
Credit
history check : This refers to a check
of our database whether the said person has been involved in any of
the
following records stored by us within the last 6 years:
Civil
litigation as defendants : None in our database
Bankruptcy/winding-up
petitions : None in our database
Delinquent
payment records : None in our database
Debt collection records : No overdue amount owed by the said person was
placed to us for collection
Ownership background appraisal:
Rating : 2 Obtained scores : 80 (see explanatory notes
below)
Keys : 1 : scores 81-100: Excellent
2
: scores 61-80 : Good
3
: scores 46-60 : Average
4
: scores 21-45 : Fair
5
: scores 01-20 : Poor
The rating indicates the personal financial &
operational strength of SC's major principals.
It is calculated from a composite of scores obtained from the following
5 factors which carry equal weight in our analysis:
Personal financial strength, credit history & trade
reputation, business experience & track record, market connection and
management skill.
Business categories :
SC is engaged in sourcing of materials & trading of
computer monitors.
Items available include CRT monitors, LCD monitors, LCD TVs
& PDP TVs.
Production is assigned to the following subsidiary factory:
- Name: TPV
Electronics (Fujian) Co., Ltd.
- Address:
(Shanzheng, Yuanhong Road) Rongqiao Economic and Technological
Development Zone, Fuqing, Fujian Province, PR China.
- Tel:
86-591-85285555
- Fax:
86-591-85285447
- Registered capital:
US$45M
- Legal status:
Wholly HK / Macau / Taiwan-owned enteprise
- No. of employees:
550
Principal purchases :
Major types of sourcing :
Raw materials
Local--type of suppliers :
Importers & manufacturers
Buying terms :
COD & credit of 30 days
Overseas--supplying countries :
PR China, Taiwan, SE Asia & Europe
Buying terms :
L/C & T/T
Principal market :
Local--type of customers :
Wholesalers
Selling terms :
COD & credit of 30 days
Overseas--buying countries :
USA, Europe, Japan & other Asian countries
Selling terms :
L/C, T/T & intercompany account basis
Overseas affiliates (as at 31-12-2005):
----------------------------------------------
1) Top Victory Electronics (Taiwan) Co. Ltd. (in Taiwan)
- Business line:
Research & development of computer monitors; sourcing of certain
components
- Registered capital:
NT$600M
- Address: 10/F,
#230, Liancheng Rd., Zhonghe City, Taipei, Taiwan.
- Tel:
886-2-82261668
- Fax:
886-2-82261666
2) Top Victory Electronics (Fujian) Co. Ltd. (in PR China)
- Business line:
Production & sales of computer monitors
- Registered capital:
US$40M
- Address:
(Shangzheng, Yuanhong Road) Rongqiao Economic and Technological
Development Zone, Fuqing City, Fujian, PR China.
- Tel:
86-591-85285555
- Fax:
86-591-85285447
Other overseas affiliates (as at 31-12-2005) include the following:
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- TPV Technology (Wuhan) Co., Ltd.
- TPV Display Technology (Wuhan) Co., Ltd.
- AOC do Brasil Monitores Ltda.
- AOC International (Europe) GmbH
- TPV International (USA), Inc.
- TPV International (Netherlands) B.V.
- Envision Industria de Products Electronics Ltda.
- TPV Technology (Bejing) Co., Ltd.
- Philips Consumer Electronics Co. of Suzhou Ltd.
- P-Harmony Monitors (Taiwan) Ltd.
- P-Harmony Monitors USA Inc.
- P-Harmony Monitors Netherlands B.V.
Overall payment appraisal :
( ) Excellent (
) Good (X) Average (
) Fair ( ) Poor
( ) Not yet determined
The appraisal serves as a reference to reveal SC's payments habits
and ability to pay. It is based on the
3 weighed factors: Trade payment
experience (through current enquiry with SC's suppliers), our delinquent
payment records and our debt collection record concerning SC.
Trade
payment experience : SC
did not provide any name of trade/service suppliers and we have no other
sources
to conduct the enquiry at present.
Delinquent payment record : None
in our database.
Debt collection record : No
overdue amount owed by SC was placed to us for collection within the last 6
years.
Banking relations are maintained principally with:
- Agricultural Bank of China
- Bank of China (HK) Ltd.
- Bank SinoPac
- China Construction Bank (Asia) Corporation Ltd.
- Industrial and Commercial Bank of China (Asia) Ltd.
- ING Bank N.V.
- HSBC
- WestLB AG
Upon a
current contact, Mr. Ho, SC's executive, declined forwarding any financial
information on the ground that it is the company's policy not releasing any
data to a third party without the benefit of knowing the identity of the
inquiring party.
Breakdown of turnover of SC's group by geographical markets
for year ended 31-12-2005 is as follows:
Geographical market / Fiscal year 31-12-2005
---------------------------------------------------------
- Europe / US$1,405M
- North America / US$1,552M
- PR China / US$1,112M
- Japan / US$288M
- Others / US$697M
- TOTAL / US$5,054M
As per current co. search, total amount of indebtedness of SC
in respect of all mortgages and charges which are required to be registered
with Companies Registry as at 24-7-2006 was nil.
SC is considered an old-established business with acceptable
financial base to meet fairly large amount of credit dealings.
-- Asset Tracing --
Upon our current investigation, our database & sources
consulted indicate that SC was not involved in any property transaction (both
purchase & disposal) in Hong Kong for the last 6 years.
TPV Technology Ltd.'s (SEHK) share price movements are as
follows:
- Closed on 21-3-2007: $4.68
- Year high / low: $9.40 / $4.41
- Price earning ratio: 6.08
NEWS:
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1) TPV Technology Ltd. (hereinafter named "TPV"), SC's
ultimate parent co., and BOE Technology Group Co., Ltd. (hereinafter named
"BOE Group"), have entered into a Master Agreement dated 1-1-2006
pursuant to which the BOE Group will supply TFT-LCD pannels to TPV on terms and
conditions as agreed by the parties from time to time. TPV and the BOE Group will continue to enter
into the Purchase Transactions during its ordinary and usual course of business
and on normal commercial terms determined on an arm's length basis.
The transaction amount of the Purchase Transactions from
1-1-2006 to 23-1-2006 is approx. US$11,784,000 (HK$91,915,200).
2) In Dec 2005, TPV concluded the buyout of the remaining
interests in the previously 41.7% owned Beijing associate, Beijing Orient Top
Victory Electronics Co., Ltd. ("BJOTV"), which added the flexibility
in optimising SC's manufacturing capacity.
BJOTV was subsequently renamed as TPV Technology (Beijing) Co., Ltd.
("TPV Beijing").
3) On 5-9-2005, TPV completed the transaction to purchase
certain monitor and flat TV business from Koninklijke Philips Electronics N.V.
("Philips") through the issuance of 263.2M new shares plus a
five-year convertible bond of US$210.5M.
The acquired assets included certain development and manufacturing
platforms in PR China and Taiwan.
APPENDIX
SUPPLEMENTARY INFORMATION:
Attached document (total no. of pages : 5)
1. Financial
data of TPV Technology Ltd.
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 |
Unfavourable & favourable factors carry similar weight in credit consideration.
Capability to overcome financial difficulties seems comparatively below
average/normal. |
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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NR |
In view of the lack of information, we have no basis upon which to
recommend credit dealings |
No Rating |
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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%)