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Report Date : |
12.12.2013 |
IDENTIFICATION DETAILS
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Name : |
COOLPAD OVERSEAS LTD |
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Registered Office : |
c/o Carson Services Ltd. 18/F., Edinburgh Tower, The Landmark, 15 Queen’s Road Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.09.2008 |
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Com. Reg. No.: |
39783295 |
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Legal Form : |
Private Limited Company |
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LINE OF BUSINESS : |
TRADER
OF ALL KINDS OF MOBILE PHONES |
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No. of Employees : |
No employees in Hong Kong It is to be noted that
the company does not have its own operating office in Hong Kong. The company
uses the address of its secretariat as its correspondence address only.
Subject operates from some other country and does not have a base in Hong
Kong. Such companies are registered in Hong Kong just to tax benefit purpose
and due to the strict privacy laws prevailing in the country. In such cases,
the companies are not required to have any employees in Hong Kong nor do have
an office there. |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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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 – March, 31st, 2013
|
Country Name |
Previous Rating (31.12.2012) |
Current Rating (31.03.2013) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
COOLPAD OVERSEAS
LTD
ADDRESS: c/o Carson Services Ltd.
18/F., Edinburgh Tower, The Landmark, 15
Queen’s Road Central, Hong Kong.
PHONE: 852-2103 0808
FAX: 852-2810 1345
Managing Director: Mr. Jiang Chao
Incorporated on: 11th September, 2008.
Organization: Private Limited Company.
Capital: Nominal: US$5,000,000.00
Issued: US$1,550,000.00
Business Category: Mobile
phone trader.
Group Turnover: HK$14,358,830,000 (Year ended 31-12-2012)
Employees: Nil.
Main Dealing Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
COOLPAD OVERSEAS
LTD
Registered
Office:-
c/o Carson Services Ltd.
18/F., Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong
Kong.
Holding Company:-
Julong Computer Telecommunication Scientific (Shenzhen) Co. Ltd., China.
Intermediate
Holding Company:-
China Wireless Technologies Ltd., Cayman Islands/Hong Kong.
Associated
Companies:-
China Wireless Group of Companies
Coolpad Software Tech (Shenzhen) Co. Ltd., China.
Coolpad Technologies Inc., US.
Digital Tech Inc., British Virgin Islands/China.
Dongguan Yulong Telecommunication Tech Co. Ltd., China.
Shenzhen Coolpad Technologies Co. Ltd., China.
Shenzhen Handset Antenna Technology Co. Ltd., China.
Shenzhen Penghe Property Investment Co. Ltd., China.
Taiwan Coolpad Technology Ltd., Taiwan.
Xi’an Coolpad Software Tech Co. Ltd., China.
Yulong Computer Telecommunication Scientific (Shenzhen) Co. Ltd., China.
Yulong Infotech Inc., British Virgin Islands/China.
etc.
39783295
1272513
Managing Director: Mr. Jiang Chao
Nominal Share Capital: US$5,000,000.00
(Divided into 5,000,000 shares of US$1.00 each)
Issued Share Capital: US$1,550,000.00
(As per registry dated 11-09-2013)
|
Name |
|
No. of shares |
|
Julong Computer Telecommunication Scientific (Shenzhen) Co. Ltd. 6/F., 1 Building, Cool pad Information Harbour, Hi-Tech Industrial Park
(North), Nan Shan District, Shenzhen, China. |
|
930,000 |
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A1-Falak Import & Export L.L.C. P. O. Box 2069, Muscat, PC 112, Sultanate of Oman. |
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620,000 |
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|
–––––––– |
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Total: |
1,550,000 ======= |
(As per registry dated 11-09-2013)
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Name (Nationality) |
Address |
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Same Mohamed Ali AL AWAIT |
House Number 1407, Way 1718, Medina Sultan Qaboos, Muscat, Sultanate
of Oman. |
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Mohamed Ali Mohamed AL WAHAIBI |
House Number 982, Way 2131, Basher, Muscat, Sultanate of Oman. |
|
JIANG Chao |
Room 601, Block 1, Xinyuan, Long Gang District, Shenzhen, China. |
(As per registry dated 11-09-2013)
|
Name |
Address |
Co. No. |
|
Carson Services Ltd. |
18/F., Edinburgh Tower, The Landmark, 15 Queen’s Road Central,
Hong Kong. |
0582737 |
The subject was incorporated on 11th September, 2008 as a private
limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Mobile
phone trader.
Lines: All
kinds of mobile phones
Employees: Nil.
Commodities Imported: China.
Markets: Asian
countries, Middle East, Europe
Group Turnover: HK$
1,007,135,000 (Year ended
31-12-2008)
HK$ 2,604,865,000
(Year ended 31-12-2009)
HK$ 4,592,699,000
(Year ended 31-12-2010)
HK$ 7,340,495,000
(Year ended 31-12-2011)
HK$14,358,830,000 (Year ended 31-12-2012)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P
Nominal Share Capital: US$5,000,000.00
(Divided into 5,000,000 shares of US$1.00 each)
Issued Share Capital: US$1,550,000.00
Group Profit/(Loss): (HK$ 76,076,000) (Year ended 31-12-2008)
HK$240,005,000 (Year ended 31-12-2009)
HK$480,265,000 (Year ended 31-12-2010)
HK$271,069,000 (Year ended 31-12-2011)
HK$324,303,000 (Year ended 31-12-2012)
Profit or Loss: Group
business was profitable in the past four years.
Condition: Business
is not active in Hong Kong.
Facilities: Adequate
for current running.
Payment: Unknown
Commercial Morality: Good.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 1,550,000 ordinary shares of US$1.00 each, Coolpad
Overseas Ltd. is jointly owned by Julong Computer Telecommunication Scientific
(Shenzhen) Co. Ltd. [Julong], holding 60% interests; A1-Falak Import &
Export L.L.C., an Oman-registered firm holding 40%.
Julong is a wholly-owned subsidiary of China Wireless Technologies Ltd.
[China Wireless/the Company/Group, when including subsidiaries or associates].
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at “18/F., Edinburgh Tower, The Landmark, 15 Queen’s
Road Central, Hong Kong” known as “Carson Services Ltd.” which is handling its
correspondences and documents. This company
is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject is a mobile phone trader.
It is trading in all kinds of Cool pad smart phones.
China Wireless was incorporated in the Cayman Islands as an exempted
company with limited liability on 11th June 2002. Its shares were listed on the Stock Exchange
of Hong Kong Limited on 9th December 2004 (Stock Code: 2369).
Julong is an indirect wholly owned subsidiary of China Wireless. It was founded by Mr. Go Dyeing (China
Wireless’s chairman, executive director and chief executive officer) in April
1993. Julong is a leading developer and
provider of integrated solutions for Cool pad smart phone sets, mobile data
platform system, and value-added business operations in China. Julong mainly provides its Cool pad products
for enterprises, government and mobile operators as well as individual
consumers in China.
In the last decade, capitalizing on the development of wireless
telecommunications technological know-how in wireless telecommunications across
multiple wireless telecommunications network standards including GSM, CDMA1X,
TD-SCADA, CDMA1X(EDO) and WADA networks, the Group has developed a large number
of proprietary technologies and patents in mobile operating systems, radio
frequency, protocols and wireless data decomposed transmission technology,
etc. The Group has developed advanced
research and development capabilities in mobile communications and gradually
becomes a leader of 3G smartphone in China’s telecommunications market.
In spite of being a leading smartphone developer in Mainland China’s
telecommunications market, the Group has succeeded in breaking into the global
telecommunications market in respect of Coolpad brand with the overseas
telecommunications operators. The Group
has established strong and close strategic cooperation relationships with
certain global telecommunications operators and is striving to further develop
its business in the global telecommunications markets.
For the year ended 31st December 2012, the Group had a turnover of approximately
HK$14,358.8 million, which increased 95.6% from HK$7,340.5 million in
2011. The fast increase was mostly due
to our focus on the mid-end and low-end smartphone market and was largely
ascribed to the solid 3G business increase in Mainland China. The net profit of 2012 was approximately
HK$324.3 million, which increased by 19.6% from HK$271.1 million in 2011. Gross profit margin for the year 2012 was
12.0%, which dropped by 2.7% from 14.7% in 2011. The drop of gross profit margin was because the
competition in the mid-end and low-end smartphone market in Mainland China got
intensified in 2012.
The Group’s unaudited revenue for the six months ended 30th June 2013
amounted to HK$9,631.7 million, representing a remarkable growth of 54.9% as
compared with HK$6,218.0 million for the six months ended 30th June 2012. The significant increase in revenue during
the reporting period was driven by the strong increase in the sales volume of
3G Coolpad smartphone, as a result of the continuous vibrant development of 3G
mobile subscribers, and the increasing market share of Coolpad smartphone in
China during the first half of 2013.
The revenue from the sale of 3G Coolpad smartphone increased by 50.5% to
HK$9,305.7 million for the six months ended 30th June 2013 as compared with
HK$6,184.2 million for the corresponding period in 2012. Revenue contribution from this segment
dropped from 99.5% in the first half of 2012 to 96.6% in the first half of
2013. The decline in revenue of 3G
Coolpad smartphone was primarily attributable to the increase in 4G smartphone
business during the reporting period.
The Group’s product lines have covered all range of 3G networks,
including TD-SCDMA, CDMA-2000 as well as WCDMA network. Meanwhile, the 4G smartphones started to be launched
in the overseas market in the second half of 2012. The revenue of 4G Coolpad smartphone was
HK$293.1 million for the six months ended 30th June 2013, which accounted for
3.0% of total revenue.
The revenue from other products was primarily generated from the sales
of Coolpad smartphone’s accessories. The
revenue from other products decreased by HK$0.9 million, or 2.7%, to HK$32.9
million for the six months ended 30th June 2013 as compared with HK$33.8
million for the corresponding period in 2012.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five years.
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.
NOTE:
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.33 |
|
|
1 |
Rs.100.79 |
|
Euro |
1 |
Rs.84.38 |
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 |
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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.