MIRA
INFORM REPORT
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Report Date : |
01.09.2008 |
IDENTIFICATION
DETAILS
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Name : |
ADVANNEX SOLUTIONS
LTD. |
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Registered Office : |
M/F., 10 Tsun Fu Street, Sheung Shui, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
28.01.2005. |
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Com. Reg. No.: |
35313878 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer,
Exporter and Wholesaler of Mobile digital Video Recorders, other Equipment for
Cars and Transportation Equipment, etc |
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 : |
Regular |
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Litigation : |
Clear |
name of the company
ADVANNEX
SOLUTIONS LTD.
ADDRESS
M/F., 10 Tsun Fu
Street, Sheung Shui, New Territories, Hong Kong.
PHONE: 2785 1101
E-MAIL: info@advannex.hk
MANAGEMENT
Managing
Director: Mr. Cheung Wai Kin
SUMMARY
Incorporated on: 28th January, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 6.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
ADDRESS
Registered Head Office:-
M/F., 10 Tsun Fu
Street, Sheung Shui, New Territories, Hong Kong.
International Liaison Office:-
c/o Connex Solutions Ltd.
Unit 1001, 10/F., Connaught Commercial Building,
185 Wan Chai Road, Wanchai, Hong Kong.
BUSINESS REGISTRATION NUMBER
35313878
COMPANY FILE NUMBER
948943
MANAGEMENT
Managing
Director: Mr. Cheung Wai Kin
CAPITAL
Nominal Share
Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
SHAREHOLDERS
(As per registry dated 28-01-2008)
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Name |
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No. of shares |
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Asia Pacific Security
Services Ltd., Hong Kong. |
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5,000 |
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Connex Solutions Ltd., Hong Kong. |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS
(As per registry dated 28-01-2008)
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Name (Nationality) |
Address |
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CHEUNG Wai Kin |
Unit 237, 2/F., Choi Lai Lau, Choi Yuen
Estate, Sheung Shui, New Territories, Hong Kong. |
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CHEUNG Wai Kwan |
DD 83, Lot 1596, 2/F., Block E, Wing Ning
Court, Fanling, New Territories, Hong Kong. |
SECRETARY
(As per registry dated 28-01-2008)
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Name |
Address |
Co. No. |
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Excel
Business Services Ltd. |
4/F., Bowa House, 180 Nathan Road, Tsimshatsui, Kowloon, Hong Kong. |
587090 |
HISTORY
The subject was incorporated
on 28th January, 2005 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.
OPERATIONS
Activities: Importer, Exporter and Wholesaler.
Lines: Mobile digital video
recorders, other equipment for cars and transportation equipment, etc.
Employees: 6.
Commodities
Imported: US,
Europe and other foreign advanced countries.
Markets: Hong Kong, other Asian
countries, Europe, US, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As per contracted.
FINANCIAL INFORMATION
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit & Loss: Making a small profit every year.
Condition: Business is normal.
Facilities: Adequate for current running.
Payment: Met trade commitments on time.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
GENERAL
Advannex Solutions Ltd. is equally held by two Hong Kong-registered firms, namely, Asia Pacific Security Services Ltd. and Connex Solutions Ltd. The subject has just issued 10,000 ordinary shares of HK$1.00 each while each of the holding companies holds 5,000 shares.
The subject in fact is controlled by two Hong Kong merchants, Mr. Cheung Wai Kin and Mr. Cheung Wai Kwan. They are also directors of the subject.
The subject is engaged in providing clients with state-of-the-art equipment and technology for nowadays public transport and private vehicles. Products include the followings:-
·
AV multimedia control based on
hard disk technology
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In-car / transport
entertainment system
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CCTV recording on public
transport for sake of public safety
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Vehicle metadata (black box)
recording for accident / incident analysis
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Vehicle security by means of
remote alarm, monitoring and GPS tracking
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Fleet management
The subject pulls
together people with original ideas and aims to render the best solution in
intelligent transportation system. Its
products have been used on OEM basis with proven worldwide.
The subject’s
other new products are mobile digital video recorder, smart car AV multimedia
and security unit, central fleet management software [CFMS], iPod/MP3 vehicle
AV connector, iCar HDD multimedia AV player, MDVR accessories, and cameras, GPS
bus public announcement and multimedia system, etc. Commodities are imported from Europe and other foreign advanced
countries.
The subject’s
products are sold to Hong Kong car owners, vehicle owners, bus companies,
subway transportation firms, etc.
Commodities are also exported to China and other Asian countries,
Europe, the United States, etc.
Business has been improving.
There are just a
few companies in Hong Kong engaged in the same lines of business as the
subject.
The subject’s
business is chiefly handled by the Cheungs.
Since the history
of the subject in Hong Kong is just over three and a half years, consider it
good for moderate business engagements.
COURT CASES: None per our records.
FOREIGN EXCHANGE
RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.44.21 |
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UK Pound |
1 |
Rs.79.76 |
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Euro |
1 |
Rs.64.72 |
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. |
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%)