MIRA INFORM REPORT
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Report Date : |
14.03.2012 |
IDENTIFICATION DETAILS
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Name : |
TONGFANG
GLOBAL LTD. |
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Registered Office : |
c/o Norcola Co. Ltd., Room 3312, 33/F., Shui On Centre, 6-8 Harbour Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
25.09.2008 |
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Com. Reg. No.: |
39939486 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Manufacturer, Importer, Exporter and Wholesaler of TVs, PCs, computers, notebooks, electronic products, etc. |
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No. of Employees
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Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
No Operating Office in Hong Kong |
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Payment
Behaviour : |
Unknown |
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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 – September 30th, 2011
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Country Name |
Previous Rating (30.06.2011) |
Current Rating (30.09.2011) |
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Hong Kong |
a2 |
a2 |
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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 |
TONGFANG GLOBAL
LTD.
c/o Norcola Co. Ltd.
Room 3312, 33/F., Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong.
PHONE: 2159 5000
FAX: 2541 5324
Group Vice Chairman & President: Mr. Lu Zhi Cheng
Incorporated on: 25th September, 2008.
Organization: Private Limited Company.
Capital: Nominal: US$10,000,000.00
Issued: US$10,000,000.00
Business Category: Manufacturer, Importer, Exporter and Wholesaler.
Group Turnover: RMB18,257,509,421.67 Yuan (year ended 31-12-2010)
Employees: Nil.
Main Dealing Banker: China Merchants Bank Co. Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
c/o Norcola Co. Ltd.
Room 3312, 33/F., Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong.
Holding Company:-
Tsinghua Tongfang Co. Ltd. [THTF]
30/F., Block A, Tsinghua Tongfang Scientific Technology Building, Haidian District, 100083 Beijing, China.
[ Tel: (86-010) 8239 9888
Fax: (86-010) 8239 9765
E-mail: 600100@thtf.com.cn ]
Sister/Associated
Companies:-
THTF Group of Companies
Beijing Tongfang Microelectronics Co. Ltd., China.
Distech Controls Inc., Canada.
Hongkong THTF Co. Ltd., Hong Kong.
Nantong Tongfang Science & Technology Park Co. Ltd., China.
Nuctech Co. Ltd., China.
Nuctech Hong Kong Co. Ltd., Hong Kong.
Shandong Tongfang Luying Electronic Co. Ltd., China.
Shenyang Tongfang Multimedia Technology Co. Ltd., China.
Shenzhen Tongfang Multi-media Technique Co. Ltd., China.
Tangshan Jingyuan Yufeng Electronics Co. Ltd., China.
Technovator International Private Ltd., Singapore.
Tellhow Sci-tech Co. Ltd., China.
THTF U.S.A. Inc., USA.
Tinggi Technologies Pte. Ltd., Singapore.
Tongfang Asia Pacific (R&D Center) Pte. Ltd., Singapore.
Tongfang Industry Co. Ltd., China.
Tongfang Optoelectronic (HK) Ltd., Hong Kong.
Tongfang Semiconductor (Hongkong) Co. Ltd., Hong Kong.
Tsinghua Tongfang Knowledge Network (Beijing) Technology Co. Ltd., China.
Wuxi Tongfang Innovation Science & Technology Park Co. Ltd., China.
etc.
39939486
1275608
Group Vice Chairman & President: Mr. Lu Zhi Cheng
Group Vice President: Mr. Wang Liang Hai
Nominal Share Capital: US$10,000,000.00 (Divided into 100,000,000 shares of US$0.10 each)
Issued Share Capital: US$10,000,000.00
(As per registry
dated 25-09-2011)
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Name |
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No. of shares |
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Tsinghua Tongfang Co. Ltd. 30/F., Block A, Tsinghua Tongfang Scientific Technology Building, Haidian District, 100083 Beijing, China. |
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100,000,000 ========= |
(As per registry
dated 25-09-2011)
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Name (Nationality) |
Address |
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LU Zhi Cheng |
101 3rd Door, 12/F., Lanqiying, Haidian District, Beijing, China. |
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WANG Liang Hai |
701 1st Door, 12/F., Lanqiying, Haidian District, Beijing, China. |
(As per registry
dated 18-11-2011)
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Name |
Address |
Co.
No. |
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Norcola Co. Ltd. |
Room 3312, 33/F., Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong. |
0111227 |
The subject was incorporated on 25th September, 2008 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, Importer, Exporter and Wholesaler.
Lines: TVs, PCs, computers, notebooks, electronic products, etc.
Employees: Nil.
Raw Materials: Imported from Europe, Japan and other Asian countries.
Markets: China, Europe, North America and other Asian countries.
Group Turnover: RMB13,928,032,690.73 Yuan (Year ended 31-12-2008)
RMB15,387,735,746.25 Yuan (Year ended 31-12-2009)
RMB18,257,509,421.67 Yuan (Year ended 31-12-2010)
Terms/Sales: L/C or as per contracted.
Terms/Buying: On various terms.
Nominal Share Capital: US$10,000,000.00 (Divided into 100,000,000 shares of US$0.10 each)
Issued Share Capital: US$10,000,000.00
Group Net Profit: RMB240,595,757.71 Yuan (Year ended 31-12-2008)
RMB351,370,202.43 Yuan (Year ended 31-12-2009)
RMB479,555,528.80 Yuan (Year ended 31-12-2010)
Mortgage or Charge: (See attachment)
Profit or Loss: Group business is profitable.
Condition: Business in Hong Kong is not active.
Facilities: Making fairly active use of general banking facilities.
Payment: Met as agreed.
Commercial Morality: Satisfactory.
Bankers:-
· China Merchants Bank Co. Ltd., Hong Kong Branch.
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 100 million ordinary shares of US$0.10 each, Tongfang Global Ltd. is a wholly owned subsidiary of Tsinghua Tongfang Co. Ltd. [THTF] which is a China-based firm. THTF is the holding company of the THTF Group.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 3312, 33/F., Shui On Centre, 6‑8 Harbour Road, Wanchai, Hong Kong known as Norcola Co. Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of the subject. The subject has no employees in Hong Kong.
THTFis a renowned high-tech corporation listed on Shanghai Stock Exchange (Stock Code: 600100), Shanghai, China. The largest shareholder of THTF is Tsinghua University of Beijing. THTF is one of the top three PC manufacturers and top ten brands in “3C range” in China.
THTF is engaged in the development of IT, artificial environment, nuclear technology for civil use, energy and resources and biological medicine. Its aim is to establish the first-class high-tech enterprise in the world. THTF has set up a R&D Centre employing more than 2,000 experienced engineers and designers. It also has got the technical support from Tsinghua University. Its main production lines include PC, TV (LCD TV, PDP TV), and digital products (DVB-T).
Now, THTF has diversified into different economies. It has been constructed into ten core divisions: Computer, Digital City, The Internet of Things Application, Micro-electronics & Radio Frequency Technology, Multi-media, Semi Conductor & Illuminating, Knowledge Network, Military Application, Digital TV, and Environment Technology Industry Divisions.
By the end of 2009, THTF’s total assets amounted to RMB20 billion Yuan, operational income was RMB15 billion Yuan. In 2010, its net profit was RMB480 million Yuan.
THTF’s total filed patents and software authorizations increased to 1,341. Its brand value exceeded to RMB50.12 billion Yuan. THTF has been listed as one of the “100 Top Scientific and Technological Enterprises of China”, “100 Top Chinese Enterprises in Electronic Information”, “500 Top World Brands”. It has always been considered as a trustworthy enterprise.
In recent years, THTF has set up factories in Nantong, Nanjing and Shandong Province, China.
The subject is fully supported by THTF.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
REMARKS:
Brief personal profile of the directors:-
Mr. LU Zhi Cheng (Group Vice Chairman and President), 61 years old, Master, researcher; graduated from the Department of Heat Energy of Tsinghua University. He is the vice chairman of the 5th board of directors, chief executive officer and director of Tongfang Co. Ltd. Since 1989, he has been titled as general manager of Tsinghua Tongfang Artificial Environment Co. Ltd., board member, board vice chairman, and director of Tongfang Co. Ltd.
Mr. WANG Liang Hai (Group Vice President), 45 years old, Master; graduated from the Department of Heat Energy of Tsinghua University – Air Conditioning Major. He is the vice director of Tongfang Co. Ltd. Since 1997, he has been titled as general manager of Tongfang Control Engineering Company; assistant of Tongfang director; vice general manager of Digital TV Division and general manager of Consumer Electronics Division.
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Date |
Particulars |
Amount |
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26-10-2011 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as continuing security for the payment of all Secured Liabilities Mortgagee: China Merchants Bank Co. Ltd., Hong Kong Branch. |
All obligations and liabilities |
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02-12-2011 |
Instrument: Security Over Deposits with the Bank (Limited Company – Under Seal) Property: A deposit with chargee in the amount of €75,000.00 under Deposit A/C No. 808-880157 whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
Amount secured – (i) all monies in any currency owing by the Company to the chargee at any time, actually or contingently, in any capacity, alone or jointly with any other person; (ii) interest on such monies, to the date on which the chargee receives payment, at the rates payable by the Company or which would have been payable but for any circumstance which restricts payment and (iii) all expenses of the chargee in perfecting or enforcing the charge |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.49.85 |
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UK Pound |
1 |
Rs.77.97 |
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Euro |
1 |
Rs.65.62 |
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.