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Report Date : |
05.10.2012 |
IDENTIFICATION DETAILS
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Name : |
SUNGEN INTERNATIONAL LTD. |
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Registered Office : |
Unit 10-15, 9/F., Metro Loft, 38 Kwai Hei Street, Kwai Chung,
New Territories |
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Country : |
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Date of Incorporation : |
06.05.2008 |
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Com. Reg. No.: |
39262756 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Importer, Exporter and Manufacturer of PV panels, solar energy products, etc. |
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No. of Employees : |
40 |
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 : |
Satisfactory |
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Payment Behaviour : |
No complaints |
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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) |
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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 |
SUNGEN INTERNATIONAL
LTD.
Unit 10-15, 9/F.,
Metro Loft, 38 Kwai Hei Street, Kwai Chung, New Territories, Hong Kong.
PHONE: 2583 5286
FAX: 3106 2801
E-MAIL: greenenergy@sungen.com
Managing
Director: Mr. Wu Wai Kin
Incorporated on: 6th May, 2008.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Manufacturer.
Group Sales: HK$1,440.8 million (Year ended 31-12-2011)
Employees: 40.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SUNGEN INTERNATIONAL
LTD.
Registered
Head Office:-
Unit 10-15, 9/F.,
Metro Loft, 38 Kwai Hei Street, Kwai Chung, New Territories, Hong Kong.
Branch
Office:-
Unit 1-7, 6/F.,
Metro Loft, 38 Kwai Hei Street, Kwai Chung, New Territories, Hong Kong.
Holding
Company:-
China Bright
International Enterprises Ltd., Hong Kong.
Ultimate
Holding Company:-
Anwell
Technologies Ltd., Singapore.
Wholly-owned
subsidiary:-
Henan Sungen Solar
Fab Co. Ltd., China.
Associated
Companies:-
Anwell Precision Technology (HK) Ltd., Hong Kong. (Same address)
Anwell Solar Technologies Ltd., Hong Kong.
Anwell Technologies (HK) Ltd., Hong Kong.
Dongguan Anwell Digital Machinery Co. Ltd., China.
Dongguan Anwell Thin Film & Vacuum Technology Co. Ltd., China.
Dongguan Sungen Solar
Ltd., China.
[Formerly known as Dongguan Sungen Ltd.]
Dongguan Umedisc Ltd., China.
Dongguan World Smart Tradi1ng Ltd., China.
Grandcorp Overseas Ltd., British Virgin Islands.
Henan Kerry Digital Co. Ltd., China.
Jilin Qingda Digital Co. Ltd., China.
Maxwin International Holdings Ltd., Hong Kong.
Media Delta Enterprises Ltd., British Virgin Islands.
Metroworld Holdings Ltd., British Virgin Islands.
Mondex International Development Ltd., Hong Kong.
Power Ally Holdings Ltd., British Virgin Islands.
Sungen Australia Pty Ltd., Australia.
SUNGEN Europe GmbH., Germany.
Sungen International Inc., USA.
SUNGEN Power GmbH., Germany.
UmeDisc (Holdings) Ltd, Hong Kong.
UmeDisc (HK) Ltd., Hong
Kong.
[Formerly known as UmeTech Supply Chain Management Ltd.]
UmeDisc Ltd., Hong Kong.
UmeTech Global Marketing Ltd., Hong Kong.
UmeTech Machine Rental Service Ltd., Hong Kong.
World Smart (Hong Kong) Ltd., Hong Kong.
etc.
39262756
1234480
Managing
Director: Mr. Wu Wai Kin
Nominal Share Capital:
HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share
Capital: HK$10,000.00
(As per registry dated 06-05-2012)
|
Name |
|
No.
of shares |
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China Bright International Enterprises
Ltd., Hong Kong. |
|
10,000 ===== |
(As per registry dated 06-05-2012)
|
Name (Nationality) |
Address |
|
WU Wai Kin |
Flat F, 17/F., Verdant Court, Peninsula
Village, Discovery Bay, Lantau Island, New Territories, Hong Kong. |
|
LIU Huisen |
No. 23 Cha Yuan Lu, Cha Shan Town,
Dongguan, Guangdong 523380, China. |
WU Wai Kin (As per registry dated 06-05-2012)
The
subject was incorporated on 6th May, 2008 as a private limited liability
company under the Hong Kong Companies Ordinance.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and Manufacturer.
Lines: PV panels, solar energy products, etc.
Employees: 40.
Commodities Imported: China, other Asian countries, etc.
Markets: Europe, North America, etc.
Group Sales: HK$ 669.4 million (Year ended 31-12-2007)
HK$ 905.4 million (Year ended 31-12-2008)
HK$ 828.6 million (Year ended 31-12-2009)
HK$1,054.0 million (Year ended 31-12-2011)
HK$1,440.8 million (Year ended 31-12-2011)
HK$ 524.0 million (6 months ended 30-06-2011)
HK$ 593.5 million (6 months ended 30-06-2012)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, D/P, etc.
Federation of Hong
Kong Industries, Hong Kong.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Group Net Profit/(Loss): HK$ 5.8 million (Year ended 31-12-2007)
(HK$ 97.1 million) (Year ended 31-12-2008)
HK$145.7 million (Year ended 31-12-2009)
(HK$434.4 million) (Year ended 31-12-2010)
(HK$572.0 million) (Year ended 31-12-2011)
(HK$ 36.2 million) (6 months ended 30-06-2011)
(HK$143.4 million) (6 months ended 30-06-2012)
Profit or Loss: Group suffered from losses in the past two years.
Condition: Business is fairly active.
Facilities: Adequate for current running.
Payment: So far so good.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Normal.
Sungen
International Ltd. is a wholly-owned subsidiary of China Bright International
Enterprises Ltd. which is a Hong Kong-registered firm. The subject’s ultimate holding company Anwell
Technologies Ltd. [ATL] is a Singapore-based firm. ATL and its associated companies are referred
to Anwell/Anwell Group or Group.
The
subject develops and manufactures photovoltaic system technology poised to meet
the critical needs of the global solar energy market. It is engaged in engineering products include
a new generation of thin film amorphous silicon photovoltaic modules and the
traditional Mono and Poly‑crystalline silicon photovoltaic modules.
Backed
by Singapore Exchange-listed Anwell Group, the subject was founded May 2008 in
Hong Kong, China. It has made investment
in the Anyang City, Henan Province, China. an internationally-certified solar
fab to provide its customers with quality production of 1100mm x 1400mm form
factor amorphous Silicon (a-Si) thin-film photovoltaic (PV) modules, at an
annual capacity of 50MW in 2010 and 150MW in 2011.
The
subject’s factory in Anyang City, Henan Province, China is known as Henan
Sungen Solar Fab Co. Ltd.
The
subject’s regional offices are in North America, South America, Europe, the
Middle East, and Asia. The regional
offices provide after-sales services and comprehensive support.
Anwell
is a global supplier of advanced manufacturing equipment and process
technologies. Founded in 2000 with its
head office in Hong Kong, Anwell was first established in optical media
equipment industry riding along the strong expansion of the blank optical disc
market. With the strong expertise in
process R&D, Anwell has established itself initially as a leading supplier
of optical media equipment.
Being
an expert in automation system and process engineering with its core
technologies of thin-film and vacuum coating, Anwell extends its strength over
the global Photovoltaic industry and OLED (Organic Light Emitting Diode)
industry. Its manufacturing solution is
a good compound of hardware and process.
It is committed to provide manufacturing equipment to hi-tech industrial
sector to generate maximum return for its customers.
For
the year ended 31st December, 2011, the sales of the Group was HK$1,440.8
million, grew by 37% as compared with previous year which was HK$1,054.0
million. However, in FY 2011 and FY
2010, the Group suffered from losses. It
made losses of HK$572.0 million and HK$434.4 million in FY 2011 and 2010
respectively. It is very likely that the
subject also made a loss in FY 2012.
The
subject is fully supported by the Group.
Since
the Group has been suffering form losses for three years, consider it good for
normal business engagements in small credit amounts.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.51.97 |
|
|
1 |
Rs.83.67 |
|
Euro |
1 |
Rs.67.19 |
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 |
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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 |
|
-- |
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.