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Report Date : |
07.12.2013 |
IDENTIFICATION DETAILS
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Name : |
MAESTRO WIRELESS SOLUTIONS LTD. |
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Registered Office : |
Room 3603-3607, 36/F., 118 Connaught Road West, Sheung Wan |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.02.2007 |
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Com. Reg. No.: |
37633995 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of Wireless modems,
telecommunication equipment |
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No. of Employees : |
30. (Including associates) |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
|
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 : |
Good |
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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) |
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Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
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 |
MAESTRO WIRELESS
SOLUTIONS LTD.
ADDRESS: Room 3603-3607, 36/F., 118
Connaught Road West, Sheung Wan, Hong Kong.
PHONE: 852-2869 0688
FAX: 852-2525 4701
E-MAIL: contact@meastro-wireless.com
fargo@fargogroup.com.hk
Managing Director: Mr. Cheng Han
Ngok, Steve
Incorporated on: 8th February, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$100.00
Business Category: Importer,
Exporter and Manufacturer.
Group Revenue: HK$1,458,192,000 (Year ended 31-12-2012)
Company Employees: 30. (Including associates)
Group Employees: 2,800
(As at 30-06-2013)
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
MAESTRO WIRELESS
SOLUTIONS LTD.
Registered Head
Office:-
Room 3603-3607, 36/F., 118 Connaught Road West, Sheung Wan,
Hong Kong.
Holding Company:-
Fargo Telecom Holdings Ltd., British Virgin Islands.
Intermediate
Holding Company:-
Calibre Holdings Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Telefield International (Holdings) Ltd., Cayman Islands/Hong Kong.
Associated
Companies:-
Fargo Group Companies
Asia Trading Industry Services Ltd., Hong Kong.
Far East Lockers Co. Ltd., Hong Kong.
Far Group Asia Ltd., Hong Kong.
Fargo Chemicals Marketing Ltd., Hong Kong. [Dissolved]
Fargo Development (H.K.) Ltd., Hong Kong.
Fargo Electronics, Hong Kong.
Fargo Indochina Ltd., Hong Kong.
[Dissolved]
Fargo Industrial Co. Ltd., Hong Kong.
Fargo Little Dragon Ltd., Hong Kong.
Fargo Marketing Ltd., China.
Fargo Marketing Services Ltd., Hong Kong.
Fargo Telecom Asia Ltd., Hong Kong.
Fargo Telecom Ltd., Hong Kong.
Fargo Textile Ltd., Hong Kong.
Fargo Trade Development Ltd., Hong Kong.
[Dissolved]
Fargo Wealth Ltd., Hong Kong.
Fartools Ltd., Hong Kong.
Greenware Ltd., Hong Kong.
Maestro Wireless Solutions Ltd., Hong Kong.
Seretec Far East Ltd., Hong Kong.
SmartGears Ltd., Hong Kong.
37633995
1108534
Managing Director: Mr. Cheng Han
Ngok, Steve
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
(As per registry dated 08-02-2013)
|
Name |
|
No. of shares |
|
Fargo Telecom Holdings Ltd. Sea Meadow House, Blackburne Highway, P.O. Box 116 Road Town, Tortola,
British Virgin Islands. |
|
100 === |
(As per registry dated 08-02-2013)
|
Name (Nationality) |
Address |
|
Xavier Francois Pierre DUPONT |
Apartment A, 12/F., Woodburry Court, Parkvale Village, Discovery Bay,
Hong Kong. |
|
POON Ka Lee, Barry |
Room 9A, Block 3, Pokfulam Gardens, 180 Pokfulam Road, Hong Kong. |
|
CHENG Han Ngok, Steve |
Flat C, 9/F., Block 1, Peak One 63 Mei Tin Road, Shantin, New
Territories, Hong Kong. |
POON Ka Lee, Barry (As per
registry dated 08-02-2013)
The subject was incorporated on 8th February, 2007 as a private limited
liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Manufacturer.
Lines: Wireless
modems, telecommunication equipment
Company Employees: 30. (Including associates)
Group Employees: 2,800
(As at 30-06-2013)
Commodities Imported: China,
other Asian countries
Markets: Asian
countries, Europe, North America
Group Revenue: HK$ 848,492,000
(Year ended 31-12-2008)
HK$ 821,898,000
(Year ended 31-12-2009)
HK$1,145,542,000 (Year ended 31-12-2010)
HK$1,309,390,000 (Year ended 31-12-2011)
HK$1,458,192,000 (Year ended 31-12-2012)
HK$ 724,889,000
(6 months ended 30-06-2013)
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$10,000.00
(Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$100.00
Group Profit: HK$51,254,000 (Year ended 31-12-2008)
HK$72,667,000 (Year ended 31-12-2009)
HK$55,711,000 (Year ended 31-12-2010)
HK$60,511,000 (Year ended 31-12-2011)
HK$19,488,000 (Year ended 31-12-2008)
HK$ 5,755,000
(6 months ended 30-06-2013)
Profit or Loss: Group
business is profitable.
Condition: Keeping
in an active state.
Facilities: Making rather active use of
general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:- The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered
Bank (Hong Kong) Ltd., Hong Kong.
DBS Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
Having issued 100 ordinary shares of HK$1.00 each, Maestro Wireless
Solutions Ltd. is a wholly owned subsidiary of Fargo Telecom Holdings Ltd.
which is a BVI-registered firm.
The ultimate holding company Telefield International (Holdings) Ltd.
[Company/Group when including associated companies], a Cayman
Islands-registered company is a listed company in Hong Kong.
The subject is trading in the Group’s products which are: Telecommunication Products, Multimedia
Product & Computer Accessories, Gaming and Entertainment Products, Other
Products.
For the year ended 31st December 2012, the Group recorded total revenue
of HK$1,458.2 million, an increase of 11.4% as compared to previous year which
was HK$1,309.4 million. The Group
managed to have a strong growth in revenue as a result of the increase in
Electronic Manufacturing Services [EMS] business and the continued contribution
of the distribution businesses.
For the year ended 31st December 2012, the revenue from EMS decreased by
1.8% to HK$787.9 million (2011: HK$802.7 million), whereas the revenue from
Distribution segment increased by 32.3% to HK$670.3 million (2011: HK$506.7
million).
The revenue of HK$22.9 million recorded in the sale of the wireless
communications devices under “Fargo” upon the acquisition of the subsidiary
since October 2012 and the continuing revenue generated from the mobile
electronic gaming and entertainment systems under “GAEMS” of HK$48.4 million
(2011: HK$17.8 million).
For the six months ended 30thJune 2013, the Group recorded total revenue
of approximately HK$724.9 million (2012: HK$630.9 million). Gross profit amounted to approximately
HK$153.5 million (2012: approximately HK$123.7 million), while gross profit
margin was 21.2% (2012: 19.6%). Group
profit was HK$5.8 million (same period of previous year: HK$1.3 million). Profit attributable to owners of the Company
slipped to HK$7.1 million (2012: HK$12.6 million) owing to the decline in
revenue and margin of the EMS segment.
As at 30thJune, 2013, the Group had 2,800 employees in various operating
units located Hong Kong, the United States, Germany and the PRC.
The subject is fully supported by the Group. History in Hong Kong is over six years.
On the whole, consider the subject good for normal business engagements.
Brief Personnel Profile of the Directors of the subject:
Mr. Cheng Han Ngok Steve, aged 59, an executive Director and chairman of the
Company since its incorporation on 18th May 2010, is the founder of the Group
and a director of most of the major operating subsidiaries of the Group. Mr. Cheng is responsible for the overall
strategic development of the Group’s business.
He has over 35 years of experience in consumer electronic products
industry. Under Mr. Cheng’s leadership,
the Group has succeeded to diversify from the production of telecommunications
products to a wider EMS industry segment and entered into the branded products
distribution sector.
Mr. Cheng is a standing committee member of The Chinese People’s
Political Consultative Conference of the Baiyun District of Guangzhou. Mr. Cheng obtained a Bachelor of Mathematics
from the University of Waterloo in Canada in October 1977 and a Higher Diploma
in Electronic Engineering from Hong Kong Polytechnic (now known as The Hong
Kong Polytechnic University) in November 1973.
He and Mr. Poon Ka Lee Barry are brothers-in-law.
Mr. Poon Ka Lee Barry, aged 53, an executive Director since 1st July
2010, is the chief financial officer and the company secretary of the
Company. He is currently a director of
most of the major operating subsidiaries of the Group. He is also a supervisor
of Guangzhou Telefield Limited (the “Guangzhou Telefield”), Guangzhou Telefield
Medical Devices Limited (the “Guangzhou Telefield Medical”) and Telefield
Vision (Shanghai) Limited (the “Telefield Vision (SH)”). Mr. Poon is responsible for developing and
implementing the Group’s strategic objectives and business plans. Mr. Poon has over 25 years of experience in
audit, accounting and finance. He is
currently a practising member of the Hong Kong Institute of Certified Public
Accountants. He is also an associate
member of the Association of Chartered Certified Accountants. Mr. Poon obtained a Master Degree in Business
Administration from the University of Manchester in the United Kingdom in
December 2002 and a Professional Diploma in Accountancy from Hong Kong
Polytechnic (now known as The Hong Kong Polytechnic University) in November
1983. Since October 2009 and up to
February 2012, Mr. Poon has been an independent non-executive Director of
Sunlink International Holdings Limited (“Sunlink”) (stock code: 2336), a
company listed on the Main Board of The Stock Exchange of Hong Kong Limited
(the “Stock Exchange”). His appointment
was subsequent to a winding-up petition against Sunlink which was filed on 1st
December 2008 and the petition was subsequently discharged in February 2012.
Mr. Poon has resigned as independent non-executive Director of Sunlink
International Holdings Limited with effect from 24th February 2012.
Mr. Poon and Mr. Cheng Han Ngok Steve are brothers-in-law.
Mr. Xavier Dupont, aged 35, an Managing Director of Fargo Telecom
Holdings Ltd. He has been working 12
years in Asia including China, Vietnam, India and Hong Kong; in different
business position and different field such as heavy industry and M2M
Communication. He joined Fargo Telecom
Asia Ltd in September 2004 in New Delhi India to lead the sales in the Northern
Region and was transferred in November 2005 to the Hong Kong headquarter to
support the overall m2m activities.
University of Victoria Mr Dupont studied in Grenoble Business School
France as well as in theUniversity of Victoria Canada and holds a Master Degtee
in Management from 2002.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.67 |
|
|
1 |
Rs.100.65 |
|
Euro |
1 |
Rs.84.25 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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 |
|
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NB |
New Business |
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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.