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Report Date : |
08.11.2012 |
IDENTIFICATION DETAILS
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Name : |
NEW WAY GROUP
( |
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Registered Office : |
C/o Unit C, 13/F., |
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Country : |
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Date of Incorporation : |
18.09.2002 |
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Com. Reg. No.: |
32993059 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of integrated circuit
boards, electronic products, TVs, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – June 30th, 2012
|
Country Name |
Previous Rating (31.03.2011) |
Current Rating (30.06.2012) |
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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 |
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'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, it again faces a
possible slowdown as exports to the Euro zone and US slump. 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 7.8% of total system
deposits in Hong Kong by the end of 2011, an increase of over 59% since the
beginning of the year. 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 exports 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 28 million in 2011,
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 2011 mainland Chinese companies constituted about 43% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Growth slowed to 5% in 2011. Credit expansion and tight housing supply
conditions caused Hong Kong property prices to rise rapidly in 2010 and
inflation to rise 5.3% in 2011. 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.
Source : CIA
NEW WAY
GROUP (HONG KONG)
CO. LTD.
ADDRESS: c/o China All Way Consulting
Co. Ltd.
Unit C, 13/F., Nathan Commercial Building, 430-436 Nathan Road,
Yaumatei, Kowloon, Hong Kong.
PHONE: 2770 8859, 2388 6345
FAX: 2770 8345
Managing Director: Mr. Li
Xingchun
Incorporated on: 18th
September, 2002.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o China All Way Consulting Co. Ltd.
Unit C, 13/F., Nathan Commercial Building, 430-436 Nathan Road,
Yaumatei, Kowloon, Hong Kong.
Subsidiary:-
Beijing Century New Way Information Co. Ltd.
Room 902, Block A, Jiajing Tiancheng, 2A Wangjing Zhonghuan South Road,
Chaoyang District, Beijing, China.
[Tel: 86-10-8472 0855
Fax: 86-10-8472 0859
E-mail: job@newwaygroups.com]
Associated Company:-
MediaTek Inc., Taiwan.
32993059
0814508
Managing Director: Mr. Li
Xingchun
Nominal Share Capital: HK$10,000.00 (Divided
into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry dated 18-09-2011)
|
Name |
|
No. of shares |
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LI Xingchun |
|
9,000 |
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WEI Guoyi |
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1,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 18-09-2011)
|
Name (Nationality) |
Address |
|
LI Xingchun |
Unit C, 13/F., Nathan Commercial Building, 430-436 Nathan Road,
Yaumatei, Kowloon, Hong Kong. |
|
WEI Guoyi |
Unit C, 13/F., Nathan Commercial Building, 430-436 Nathan Road,
Yaumatei, Kowloon, Hong Kong. |
(As per registry dated 18-09-2011)
|
Name |
Address |
Co. No. |
|
China All Way Consulting Co. Ltd. |
Unit C, 13/F., Nathan Commercial Building, 430-436 Nathan Road,
Yaumatei, Kowloon, Hong Kong. |
0609794 |
The subject was incorporated on 18th September, 2002 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: Importer,
Exporter and Wholesaler.
Lines: All
kinds of integrated circuit boards, electronic products, TVs, etc.
Employees: Nil.
Commodities Imported: China, Taiwan, India, other Asian countries, etc.
Markets: China,
Taiwan, Japan, Europe, etc.
Terms/Sales:
L/C, T/T, or as per
contracted.
Terms/Buying: L/C,
T/T, D/A, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of
HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge:-
Date of Security Deed (Proceeds): 11-05-2009
Amount: Secured Liabilities
Property: (a) All Proceeds, together with the
right to receive, to sue for recovery and give effectual discharge for the Proceeds
in the name of the Obligor and all claims in respect of any breach of the
Contract; and (b) all moneys from time to time standing to the credit of the
Charged Account and the Obligor irrevocably authorises the Bank to withdraw and
apply any credit balance in the Charged Account in reduction of the Secured
Liabilities at any time
Mortgagee: Bank of China (Hong Kong) Ltd.,
Hong Kong.
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business
is not active in Hong Kong.
Facilities: Making
fairly active use of general banking facilities.
Payment:
Met as
contracted.
Commercial Morality: Satisfactory.
Banker:
Bank of
China (Hong Kong) Ltd., Hong Kong.
Standing:
Small.
New Way Group (Hong Kong) Co. Ltd. was incorporated on 18th September,
2002 as a private limited liability company.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at Unit C, 13/F., Nathan Commercial Building, 430-436
Nathan Road, Yaumatei, Kowloon, Hong Kong known as China All Way Consulting Co.
Ltd. which is handling its correspondences and documents. China All Way Consulting Co. Ltd. is also the
corporate secretary of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each of which 90% are owned by Mr. Li
Xingchun while 10% are owned by Mr. Wei Guoyi.
Both shareholders are China passport holders and does not have the right
to reside in Hong Kong permanently. They
are also directors of the subject but residing in Beijing, China.
The subject is trading in all kinds of integrated circuit boards,
electronic products, TVs, etc.
The subject has set up a subsidiary company in Beijing, China known as
Beijing Century New Way Information Co. Ltd. [Beijing Century New Way]. However, Beijing Century New Way seems to be
the main office of the subject. With a
registered capital of RMB500,000 Yuan, Beijing Century New Way has about eight
employees in Beijing, China. The General
Manager of Beijing Century New Way is Mr. Li Xingchun.
Beijing Century New Way is an agent for a number of “core chip”
manufacturers of the world. Most of the
products are marketed in China. Beijing Century
New Way also offers local TV companies with IC designing services and logistic
services. It is due to the development
of Beijing Century New Way, it has set up a designing centre in Shenzhen
Special Economic Zone, China.
The business of Beijing Century New Way has been expanding. The Senior Manager of Beijing Century New Way
is Ms. Yeung Xiang who can be reached at her mobile phone number
86-01080917100.
The subject has got an associated company MediaTek Inc. [MTK] which is a
Taiwan-based firm. MTK ranks the fifth
in the world and the first in Taiwan as an integrated circuit [IC] designing
company. MTK is a leading fabless
semiconductor company for wireless communications and digital multimedia
solutions. It is a market leader and pioneer in cutting-edge SOC system
solutions for wireless communications, high-definition TV, optical storage, DVD
and Blu-ray products. Founded in 1997
and listed on Taiwan Stock Exchange under the code 2454, MTK is headquartered
in Taiwan and has sales and research subsidiaries in China, Singapore, India,
the United States, Japan, South Korea, Denmark, the United Kingdom and Dubai of
the United Arab Emirates.
The subject’s business in Hong Kong is not very active.
Since the subject does not have its own operating office, has no
employees in Hong Kong, on the whole, consider it good for business engagements
on L/C basis.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.25 |
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|
1 |
Rs.87.00 |
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Euro |
1 |
Rs.69.83 |
INFORMATION DETAILS
|
Report Prepared
by : |
PRL |
RATING EXPLANATIONS
|
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 |
|
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 |
-- |
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.