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Report Date : |
04.12.2013 |
IDENTIFICATION DETAILS
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Name : |
CEC INDUSTRY (HONG KONG) LTD. |
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Registered Office : |
Room 1905, 19/F., Kowloon Building, 555 Nathan Road,
Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
13.01.1981 |
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Com. Reg. No.: |
07049590 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Telecommunication equipment, electric products |
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No. of Employees : |
08 |
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 – March 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
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 |
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
NOTE :
(Formerly located at:
Room 2507, 25/F., CC Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong.)
CEC INDUSTRY
(HONG KONG) LTD.
ADDRESS: Room 1905, 19/F., Kowloon Building, 555 Nathan Road, Kowloon, Hong Kong.
PHONE: 852-2891 1386; 852-2891 1018
FAX: 852-2891 1339; 852-3747 5003
Managing Director: Mr. Shao Hui
Incorporated on: 13th January, 1981.
Organization: Private Limited Company.
Capital: Nominal:HK$2,000,000.00
Issued: HK$2,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 8. (Including associates)
Main Dealing Banker: Bank of Communications Co. Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1905, 19/F., Kowloon Building, 555 Nathan Road, Kowloon, Hong Kong.
Holding Company:-
China Electronics Shenzhen Co., China.
Associated
Companies:-
CE Lighting (HK) Ltd., Hong Kong.
CEIEC Heyuan Investment Co. Ltd., China.
CEIEC Shenzhen Customs Brokers Co. Ltd., China.
CEIEC Shenzhen Electric Technology Co. Ltd., China.
CEIEC Shenzhen Information Times Plaza, China.
CEIEC Shenzhen Kaito Enterprises Corporation Ltd., China.
CEIEC Shenzhen Storage & Transportation Co. Ltd., China.
CEIEC Zhuhai Science & Technology Investment Co. Ltd., China.
China Electronics Qianhai Co. Ltd., China.
China Electronics Zhuhai Co. Ltd., China.
China Everbright Bank, China.
China National Electronics Import & Export Zhuhai Co., China.
Dongguan Xidi Industrial & Trade Co. Ltd., China.
Henkel Huawei Electronics Co. Ltd., China.
Jiangsu Guoguang Electronic Information Technology Co. Ltd., China.
Landlite (Hungary) Kft, Hungary.
Ping An Bank Co. Ltd., China.
Shenzhen CE Lighting Ltd., China.
Shenzhen CEIEC Ether Electronics Co. Ltd., China.
Shenzhen CEIEC Property Management Co. Ltd., China.
Shenzhen Development Bank Co. Ltd., China.
Shenzhen Info Times Plaza Ltd., China.
Shenzhen Jingwah Electronics Co. Ltd., China.
Tyco Electronics (Shenzhen) Co. Ltd., China.
Zhuhai CEIEC Hi-Tech Industry Investment Co. Ltd., China.
07049590
0092045
Managing Director: Mr. Shao Hui
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
SHAREHOLDER: (As per registry dated 13-01-2013)
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Name |
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No. of shares |
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China Electronics Shenzhen Co. 36/F., Block A, Electronics Science & Technology Building, 2070 Shennan Zhong, Shenzhen, China. |
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2,000,000 ======= |
DIRECTORS: (As per registry dated 13-01-2013)
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Name (Nationality) |
Address |
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SHAO Hui |
19B/F, Block 9, Yasongiu, Futian District, Shenzhen, China. |
|
XIANG Qunxiong |
A902, Block B, Changcheng Building, 3 Bai Hua Road 5th, Futian District, Shenzhen, China. |
SECRETARY: (As per registry dated 13-01-2013)
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Name |
Address |
Co. No. |
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KSL Secretaries Ltd. |
Unit 1003, 10/F., Rightful Centre, 12 Tak Hing Street, Kowloon, Hong Kong. |
0626678 |
The subject was incorporated on 13th January, 1981 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Denbee Co. Ltd., name changed to the present style on 6th October, 2003.
Last time, the registered address of the subject was located at Unit 1003, 10/F., Rightful Centre, 12 Tak Hing Street, Kowloon, Hong Kong where was the operating address of a secretarial firm KSL Secretaries Ltd. It moved to Room 2507, 25/F., CC Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong in June 2010 and further to the present address with effect from 6th April, 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: Telecommunication equipment, electric products
Employees: 8. (Including associates)
Commodities Imported: China, etc.
Markets: China, Japan, other Asian countries, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$2,000,000.00 (Divided into 2,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$2,000,000.00
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss: Making a profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: Bank of Communications Co. Ltd., Hong Kong Branch.
Standing: Normal.
CEC Industry (Hong Kong) Ltd. is a wholly-owned subsidiary of China Electronics Shenzhen Co. [CESC] which is a China-based firm.
The directors of the subject are Shao Hui and Xiang Qunxiong. Both are China passport holders and do not have the right to reside in Hong Kong permanently.
The subject moved to the present new address in April 2013.
The subject and CESC are engaged in the same lines of business and carrying the same kinds of products.
CESC deals in home electric appliances, electronic materials, digital products, video/audio products, communication products, electric lighting products, auto electronic products, computer accessories, etc. CESC also contracts related projects. It also provides customers with professional foreign trading service, financing, documentation service, customs declaration, commodity inspection, storage and transportation, products marketing, etc.
Established in April, 1980, CESC is a subsidiary of China National Electronics Import & Export Corporation [CEIEC]. It was a company in Shenzhen Special Economic Zone established by the Ministry of Electronics Industry, the People’s Republic of China.
Taking electronic and IT industries as main business, CESC provides professional service in electronic products trading and is also engaged in hi‑tech investment in electronic and IT industry. Meanwhile, CESC is also committed itself in securities investments, commercial real estate investments, industrial real estate development, products marketing and logistic services.
Being a foreign trading company, CESC is a 100 top exporting state-owned enterprises in China. It is also a 500 top Chinese services enterprises and a 100 top Shenzhen SEZ enterprises. It is an enterprise with AAA bank credit rating and has been a provincial and municipal civilization unit for many years. CESC is a leading company in the electronics industry association, import and export industry and related industry associations, and it is also a member of Shenzhen Chamber of Commerce for Import & Export.
CESC’s investment in electronic and information industry involves power intelligent control, electronic equipments, lighting appliances, semi-conductor materials, digital electronics and electronics, etc. The production scale of the integrated circuit package epoxy moulding compounds manufactured by the company and Germany Henkel, one of the 500 global top enterprises ranks the first in China and the third position in the world.
CESC is also the third largest shareholder of Ping An Bank Co. Ltd., China. Currently it has over 20 subsidiaries and shareholding companies in China.
Besides, CESC is also engaged in property development. It has developed the following commercial buildings and scientific technology parks:-
Shenzhen Huaqiang Electronic Building;
Electronic Scientific Technologies Building;
Zhuhai High-Tech Property Park;
Heyuan CESC Industrial Park; &
Dongguan Tangxia Industrial Park.
In FY 2012, the operating revenues of CESC amounted to RMB17.6 billion Yuan. Its total import and export value amounted to US$3 billion.
Shao Hui and Xiang Qunxiong are the deputy general managers of CESC.
The subject has registered with the Communications Authority (CA), 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 RU00158267-RU. The subject is chiefly trading in mobile phones and the other telecommunication equipment.
The subject is fully supported by CESC and ultimately by CEIEC. History in Hong Kong is over 32 years and ten months.
On the whole, consider the subject good for normal business engagements.
(Since 2011)
|
Date |
Particulars |
Amount |
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30-03-2011 |
Instrument: Security Deed Property: The Company, as beneficial owner, charges & agrees to charge and, to the extent permitted, assigns & agrees to assign, to the Bank by way of first fixed security all right, benefit & interest of the Company under or in connection with the Transactions including all amounts of any nature payable to the Company under or in connection with the Transactions, as continuing security for the discharge of the Outstandings Mortgagee: Bank of Communications Co. Ltd., Hong Kong Branch. |
General banking facilities |
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30-03-2011 |
Instrument: Deed of Indemnity, Charge Over Deposit and Set-Off Property: By way of Fixed Charge to the Bank all the Company’s estate, right, title, claim, benefit and interest to and in the Deposit (Account No. 02753393118910 and all interest from time to time payable thereon and together with all title deeds and documents relating thereto Mortgagee: Bank of Communications Co. Ltd., Hong Kong Branch. |
All actions, suits, proceeding, claims, demands, losses, damages, costs, fees, expenses and liabilities |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.34 |
|
|
1 |
Rs.102.06 |
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Euro |
1 |
Rs.84.46 |
INFORMATION DETAILS
|
Report
Prepared by : |
NIS |
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 |
-- |
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.