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Report Date : |
19.11.2012 |
IDENTIFICATION DETAILS
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Name : |
WINGTECH
GROUP (HONGKONG) LTD. |
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Registered Office : |
c/o Wilfley
& Co. Ltd. 26/F., Shun Feng International Centre, 182 Queen’s Road East, Wanchai |
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Country : |
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Date of Incorporation : |
15.10.2010 |
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Com. Reg. No.: |
53120491 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of mobile phones and accessories, etc. |
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No. of Employees : |
Not Available |
RATING & COMMENTS
|
MIRA’s Rating : |
Ca |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
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 |
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 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 |
WINGTECH GROUP
(HONGKONG) LTD.
c/o Wilfley &
Co. Ltd.
26/F., Shun Feng International
Centre, 182 Queen’s Road East, Wanchai, Hong Kong.
PHONE: 2526 2605
FAX: 2126 7067
Managing
Director: Mr. Yan Yunxing
Incorporated on: 15th October, 2010.
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: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WINGTECH GROUP
(HONGKONG) LTD.
Registered
Head Office:-
c/o Wilfley &
Co. Ltd.
26/F., Shun Feng
International Centre, 182 Queen’s Road East, Wanchai, Hong Kong.
China
Office:-
Wingtech Group
Incorporation Ltd.
1/F. - 3/F.,
Yinfeng Building, 5097 Luosha Road, Luohu District, Shenzhen, China.
[ Tel: 86-755-2519
0775
Fax 86-755-2510 9576, 8825
0180
E-mail: marketing@wingtech.com]
Holding
Company:-
Wingtech Group
Ltd., China.
Associated
Companies:-
Wingtech Group of Companies
Beach (Hong Kong) Ltd., Hong Kong. [Dissolved]
Wingtech Group Incorporation Ltd., Hong Kong. [Deregistration]
Wingtech Investment Co. Ltd., British Virgin Islands.
Wingtech Mobile Ltd., Hong Kong. [Dissolved]
Wingtech Telecom Ltd., China.
Wingtech Telecom Ltd., Hong Kong.
etc.
53120491
1516181
Managing
Director: Mr. Yan Yunxing
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 15-10-2012)
|
Name |
|
No.
of shares |
|
Wingtech Group Ltd. Science & Technology Town of Jiaxing, 777 Yazhong Road, Nanhu
District, Jiaxing, China. |
|
10,000 ===== |
(As per registry dated 15-10-2012)
|
Name (Nationality) |
Address |
|
YAN Yunxing |
5-2, 33 Huancheng Road, Dazhe Town,
Pingyuan County, Guangdong Province, China. |
(As per registry dated 15-10-2012)
|
Name |
Address |
Co.
No. |
|
Wilfley
& Co. Ltd. |
26/F., Shun Feng International Centre, 182 Queen’s Road East, Wanchai,
Hong Kong. |
0065320 |
The
subject was incorporated on 15th October, 2010 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 mobile phones and accessories, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: China, Japan, other Asian countries, Europe, North & South America, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, 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
Profit or Loss: Keeping a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Is making use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Wingtech
Group (Hongkong) Ltd. is a wholly-owned subsidiary of Wingtech Group Ltd. which
is a China-based firm.
Mr.
Yan Yunxing is the only director of the subject. He is a China ID holder and does not have the
right to reside in Hong Kong permanently.
Incorporated
in October 2010, the subject is one of the members of the Wingtech Group.
The
subject does not have its own operating office.
Its registered office is in an accountant firm located at 26/F., Shun
Feng International Centre, 182 Queen’s Road East, Wanchai, Hong Kong known
as Wilfley & Co. Ltd. [Wilfley] which is handling its correspondences and
documents. Wilfley is also the corporate
secretary of the subject.
The
subject has no employees in Hong Kong.
The
subject has registered with the Office of the Communications Authority (OFCA), The
Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer
(Unrestricted) Licensee. The subject
bears the licence No. of RU00144511-RU.
The
subject has had an associated company Wingtech Telecom Ltd. [Wingtech Telecom]
which is also a Hong Kong-registered firm.
Wingtech Telecom is located at a different address. This firm also has registered with the Office
of the Communications Authority (OFCA), The Government of Hong Kong SAR, the
People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. It bears the licence No. of RU00129672-RU.
Wingtech
Group has got its head office in Shenzhen Special Economic Zone, China. Mr. Zhang Xueying is also the Chairman of the
Group.
Wingtech
Group is engaged in manufacturing handsets.
Currently, the Group has set up several plants in China. It is also a handset-designer. Wingtech Group now has emerged as a top
handset solution vendor in China, and it now aims to become an ODM handset
maker.
Founded
in 2006, Wingtech Group has had its Shanghai and Xi’an R&D Centre, Shenzhen
Operation Centre, and Jiaxing Production Centre. Currently, Wingtech Group has a team of
nearly 4,000 employees. Its products
cover GSM, CDMA, EDGE, TD-SCDMA, EVDO and all handheld device series ranging
from 2G to 4G, with an annual turnover of hundreds of millions of US dollars.
Wingtech
Group owns nearly one thousand technical patents, a number of the world leading
technologies, and is increasing by 500 patents every year. Meanwhile, Wingtech Group has set up sales
networks in China and has got the following certifications: ISO 9001:2000, ISO
14001 and QC 080000.
Wingtech
Group had its shipments of handset solutions increase by more than four fold
from 4 million units in 2006 to 18 million units in 2007, outpacing those from
previous leaders, including TechFaith Wireless, Longcheer Group and SIM
Technology.
Currently,
Wingtech’s products have been exported to over 30 countries, and over 75
million consumers around the world are using Wingtech’s products and services. The Group’s products have been exported to
Southeast Asia, Latin America, Africa and the Middle East, etc. In addition to cooperating with China-based
handset chipset vendor Spectrum Communications, Wingtech Group has also
established business relations with other chipset vendors, including NXP
Semiconductors and Marvell Technology.
Wingtech
Group has transformed itself into an ODM handset maker by investing US$70
million to build a handset production base in Jiaxing, Zhejiang Province in
China. This production base is able to
turn out 30 million handsets a year initially. Apart from the new production base in
Jiaxing, Zhejiang Province, China, the Group has already had three production
bases in Shenzhen Special Economic Zone, Huizhou City and Dongguan City
respectively. The second and third city
are in Guangdong Province, China.
In
March 2009, Wingtech Group and China Telecommunication Technology Labs entered
into a cooperative agreement to establish the strategic cooperative
relationship, to standardize the industrial competition of China cell phone,
and to enhance the quality of wireless communication products of China.
In
order to expend the market and develop overseas market, the Group has set up
Wingtech Telecom Ltd. which acts as the overseas sales centre. The head office of Wingtech Telecom is in
Shenzhen Special Economic Zone, China.
The
sales turnover of the Group for the FY 2010 was about US$140 million and will
be up to US$160 million in FY 2012.
The
subject is fully supported by the Group, however, its business in
Hong Kong is not very active.
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.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.99 |
|
|
1 |
Rs.87.21 |
|
Euro |
1 |
Rs.70.22 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
>86 |
Aaa |
Possesses an extremely sound financial base with the strongest
capability for timely payment of interest and principal sums |
Unlimited |
|
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
-- |
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.