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Report Date : |
18.04.2013 |
IDENTIFICATION DETAILS
|
Name : |
BLUE
SKY TELECOMMUNICATION LTD. |
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Registered Office : |
Unit 407, 4/F., Kodak House
II, 321 Java Road, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
26.06.1998 |
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Com. Reg. No.: |
21815373 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Telecommunication Equipment
Trader |
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No. of Employees : |
08. (Hong Kong) |
RATING & COMMENTS
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MIRAs Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
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) |
|
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 levies excise duties on only four commodities, namely: hard alcohol, tobacco, hydrocarbon oil, and methyl alcohol. There are no quotas or dumping laws. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous 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 34.9 million in 2012, 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 2012 mainland Chinese companies constituted about 46.6% of the firms listed on the Hong Kong Stock Exchange and accounted for about 57.4% 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, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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 |
BLUE SKY
TELECOMMUNICATION LTD.
Unit 407, 4/F., Kodak House
II, 321 Java Road, North Point, Hong Kong.
PHONE: 2627
0031, 2811 8727
FAX: 28118737, 2627 0032
E-MAIL: linda@blueskytelecom.com.hk
Managing Director: Mr. Lin Man Hung, James
Incorporated on: 26th
June, 1998.
Organization: Private
Limited Company.
Capital: Nominal: HK$40,000,000.00
Issued: HK$20,000,000.00
Business Category: Telecommunication Equipment Trader.
Employees: 8. (Hong Kong)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Unit 407, 4/F., Kodak House
II, 321 Java Road, North Point, Hong Kong.
Holding Company:-
Shenzhen Tianlong Mobile Technology
Co. Ltd.
Flat A, 4/F., Block H-3,
East Industrial Zone, Overseas Chinese City, 1 Xiangshandong Street,
Nanshan District, 518053 Shenzhen, China.
[Tel: 755-8609 5560 Fax: 755-8609 5551]
21815373
0648436
Managing Director: Mr. Lin Man Hung, James
Nominal Share Capital:
HK$40,000,000 (Divided into 40,000,000 shares of HK$1.00 each)
Issued Share Capital:
HK$30,000,002.00
(As per registry dated 26-06-2012)
|
Name |
|
No. of shares |
|
Shenzhen
Tianlong Mobile Technology Co. Ltd. Flat A, 4/F., Block H-3,
East Industrial Zone, Overseas Chinese City, 1 Xiangshandong Street, Nanshan
District, 518053 Shenzhen, China. |
|
30,000,002 ======== |
(As per registry dated 26-06-2012)
|
Name (Nationality) |
Address |
|
LIN Hom Siu |
Flat
C, 31/F., Tower 7, Bellagio, Sham Tseng, New Territories, Hong Kong. |
|
LIN Man Hung |
Flat
C, 31/F., Tower 7, Bellagio, Sham Tseng, New Territories, Hong Kong. |
(As per registry dated 26-06-2012)
|
Name |
Address |
Co. No. |
|
Parks Accounting &
Secretarial Ltd. |
Room 1501-1502,
15/F., Hip Kwan Commercial Building, 38 Pitt Street, Yaumatei, Kowloon,
Hong Kong. |
0710128 |
The subject was
incorporated on 26th June, 1998 as a private limited liability company under
the Hong Kong Companies Ordinance.
In 2003 the subject was located
at Room 1103, 11/F., Winning Centre, 29 Tai Yau Street, San Po Kong, Kowloon,
Hong Kong. It moved to the present
address in January 2009.
Apart from these, neither
material change nor amendment has been ever traced and noted.
Activities: Importers, Distributors,
Wholesalers and Re-exporters.
Lines: All kinds of mobile
phones, mobile phones components & accessories, etc.
Brand Names: Nokia, Motorola, Ericsson,
Siemens, Philips, Samsung, Sagem, Alcatel, Trium Mars, etc.
Employees: 8. (Hong Kong)
Commodities Imported: Mainly imported from Europe,
South Korea, China, etc.
Markets: India, Russia, France,
Pakistan, Thailand and South America, etc..
Terms/Sales: Various terms.
Terms/Buying: L/C,
T/T, etc.
Nominal Share Capital: HK$40,000,000 (Divided into 40,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$30,000,002.00
Alternation of Capital:-
|
Initially |
paid up |
HK$ 2.00 |
|
April 2012 |
paid up |
HK$30,000,000.00 |
|
|
|
|
|
|
paid up |
HK$30,000,002.00 ============== |
Increase of Nominal Capital:-
|
From |
HK$10,000.00 |
to |
HK$40,000,000 |
in |
April 2012 |
Mortgage or Charge
(since July 2012): (See
attachment)
Profit & Loss: Making a small profit every
year.
Condition: Business is rather steady.
Facilities: Making active use of
general banking facilities.
Payment: Met trade commitments as
required.
Commercial Morality: Satisfactory
Bankers:-
·
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Citibank N.A., Hong Kong Branch.
Hang Seng Bank Ltd., Hong Kong.
Shanghai Commercial Bank Ltd., Hong Kong.
Standing: Normal.
Blue Sky Telecommunication Ltd. was incorporated in
Hong Kong in June 1998. Formerly it was
equally owned by Mr. Hung Lin Cham and Mr. Hsu Hoi Shan. It had just issued 2 ordinary shares of
HK$1.00 each while each of the shareholders held one share.
On 3rd March, 2001, Hung and Hsu transferred their
shares to Mr. Lin Man Hung and Ms. Lin Hom Siu respectively. Since then, Mr. Lin Man Hung and Ms. Lin Hom
Siu had become the shareholders and directors of the subject. Now, the subject is a wholly-owned subsidiary
of Shenzhen Tianlong Mobile Technology Co. Ltd. [Tianlong] which is a
China-based firm.
However, Mr. Lin Man Hung and Ms. Lin Hom Siu are
still the directors of the subject.
Tianlong has about 200 employees. It is trying to develop its own branded
mobile phone. Its products have been
exported to India, Russia, France, Pakistan, Thailand and South America, etc.
According to Tianlong, its annual sales volume
ranges from 1.5 to 2.0 million mobile phones.
Its annual sales turnover ranges from US$50-100 million.
It is worthwhile to note that Tianlong applied to
be listed in Shenzhen SEZ, China in 2012.
However, the IPO was banned eventually and the reason is unknown.
The subject is a telecommunication equipment
trader. It is trading in all kinds of
mobile phones.
The subject has registered with the Office of the
Communications Authority (OFCA), The Government of Hong Kong SAR, the Peoples
Republic of China. The subject
bears the licence No. of RU00066375-RU.
Now the subject has set up an office in Fujian,
China. The Fujian office, started
business in 1995, is engaged in the distribution of mobile phones. Today, the subject has become one of the
rather significant companies engaged in marketing, developing and manufacturing
of mobile phone related products, including GSM/PCS mobile phones, and mobile
phone components, mobile phone accessories.
The subject also carries those mobile phones bear
well-known brand names such as Nokia, Motorola, Ericsson, Siemens, Philips,
Samsung, Sagem, Alcatel, etc.
The subject is importing mobile phones and accessories
from Europe and re‑exporting to foreign markets. China is the prime markets while the other
auxiliary markets are the Middle East, South East Asia, Africa, Europe and
South America.
The subject has developed business ties with some
mobile phone manufacturers in order to become their official distributor or ODM
buyer.
Currently the subject has set up a joint-venture
factory in Fujian, China which is producing chargers and batteries for the
China mobile phone market. The brand
name of the products are Tinno.
The subject is the brand owner of Tinno.
Besides, the subject also distributes mobile phone
accessories. It is distributing about
450 different items of mobile phones components, including housings, covers,
antennas, LCDs, keypads, inner ICs, etc.
Most of the buyers are mobile phone manufacturers in China, especially
in Fujian Province, China.
The subject is fully supported by Tianlong. Its business is mainly handled by the two
directors of the subject.
Having a history of over fourteen years in Hong
Kong, on the whole, the subject is considered good for normal business
engagements.
(Since July 2012)
|
Date |
Particulars |
Amount |
|
27-06-2012 |
Instrument: Charge Over Deposits/Securities
(2-Parties) Property: The Chargor charges by way of first fixed
charge to the Bank all the right, title & interest of the Chargor in and
to the Charged Assets Deposit
/ Account No: 220-495162 Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all
monies in any currency by the company to Heng Seng Bank Ltd. at any time |
|
21-11-2012 |
Instrument: Charge on Cash Deposit and / or Shares
and Securities to secure Obligations of the Chargor Property: A cash deposit & all interest
thereafter placed with the Bank of East Asia Ltd under Account No.
015-514-30-401746-7 the sum of money from time to time deposited into the
Deposit Account with the Bank of East Asia, Ltd. Mortgagee: The Bank of East Asia Ltd.,
Hong Kong. |
To secure banking or
credit facilities or financial accommodation |
|
06-03-2013 |
Instrument: Charge on Deposit Property: Fixed Deposit of CNY5,600,000.00, Deposit
No. 043-477-5-225445-4 issued by the Bank to the company as depositor and all
interest thereon and renewals thereof and any addition thereto Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong. |
To secure the
payment of all moneys, obligations and liabilities, whether actual or
contingent, which are now or may at any time hereafter be or become due, owing
or incurred to the mortgagee by the company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.53.94 |
|
UK Pound |
1 |
Rs.82.77 |
|
Euro |
1 |
Rs.71.05 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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 |
|
26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
|
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 SCs 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.