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Report Date : |
16.12.2013 |
IDENTIFICATION DETAILS
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Name : |
SMART
GRID INNOVATION (HK)
LTD. |
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Registered Office : |
c/o Conson Secretarial Ltd. Room 703, 7/F., Kowloon Building, 555 Nathan Road, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
05.07.2011 |
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Com. Reg. No.: |
58610891 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
· trader of PowerCom’s products. PowerCom is a “Smart Metering/Smart Grid” company. It offers (AMI) Advanced Meter
Infrastructure for Electricity, Water, and Gas. PowerCom develops and
produces “Smart meters”, Concentrators and powerful web server software to
support its customers. |
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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 – September 30th, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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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.
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Source : CIA |
SMART GRID INNOVATION (HK) LTD.
Registered
Office:-
c/o Conson Secretarial Ltd.
Room 703, 7/F., Kowloon Building, 555 Nathan Road, Kowloon, Hong Kong.
Associated
Companies:-
JnJ Powercom Systems Ltd., India.
Power-C Metering Africa Pty. Ltd., South Africa.
PowerCom Americas Ltd., US.
PowerCom Ltd., Israel.
58610891
1626114
5th July. 2011.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000.00
(As per registry
dated 05-07-2013)
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Name |
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No.
of shares |
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Yaniv OREN |
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5,000 ==== |
(As per registry
dated 05-07-2013)
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Name (Nationality) |
Address |
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Yaniv OREN |
Yosef Nakar 29/2, Petah Tikwa,
Israel. |
(As per registry
dated 05-07-2013)
|
Name |
Address |
Co.
No. |
|
Conson Secretarial Ltd. |
Room 703, 7/F., Kowloon Building, 555 Nathan Road,
Kowloon, Hong Kong. |
0726935 |
Smart Grid Innovation (HK) Ltd. was incorporated on 5th July. 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 703, 7/F., Kowloon Building, 555 Nathan Road, Kowloon, Hong Kong” known as “Conson Secretarial 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.
According to the Companies Registry of Hong Kong, the subject has issued 5,000 ordinary shares of HK$1.00 each which are wholly-owned by Mr. Yaniv Oren who is an Israeli. He is an Israel passport holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject has had an associated company PowerCom Ltd. [PowerCom] which is an Israel-based company. Yaniv Oren is also the CEO and founder of PowerCom.
The subject is trading in PowerCom’s products.
PowerCom is a key end-to-end smart metering innovator with significant technological advantages in the smart grid business for electricity, water, and gas. It works to identify global smart grid market trends and develop leading solutions. PowerCom has a strong recognition throughout its customer base that its products are consistently at the forefront of product innovation.
PowerCom is supported by a technical and support team in Israel with subsidiaries in South Africa, India, as well as partnerships with leading integrators and a worldwide network of representatives and distributors.
PowerCom is a “Smart Metering/Smart Grid” company. It offers (AMI) Advanced Meter Infrastructure for Electricity, Water, and Gas. PowerCom develops and produces “Smart meters”, Concentrators and powerful web server software to support its customers. The system’s intellectual property is based on a Dynamic PLC (Power Line Carrier) technology. Over the last two years, PowerCom has been successful in implementing the world’s first most advanced, reliable and secured PLC communication. The breakthrough is achieved by developing Dynamic PL communication algorithms (based on software and hardware) which allows data transmission at any grid line infrastructure.
PowerCom solution is based on real time monitoring of the power line behaviour and adopting its data transmission to the existing conditions. Function of the product(s): wires (Aluminium/Copper), at any world location in seconds. The system speed has been tested in different environments and Locations, and the results are excellent. The system is fully working and already deployed in more than 100 sites. PowerCom is in final stages of developing the “Smart Meters” for the US market based on multiple communication platforms. It target companies are Utilities, Energy Distribution companies and project integrators around the globe.
PowerCom has a subsidiary in India known as JnJ PowerCom Systems Ltd. [JnJ PowerCom].
JnJ PowerCom Systems Ltd. is located in Hyderabad, India. It was established and is supported by a team of qualified and experienced technocrats and professionals with vast experience in the field of electricity including generation, transmission & distribution, and demand side management. Along with a world class smart energy meter manufacturing facility, this company is engaged in customizing solutions as a system integrator & O&M service provider.
The subject’s business in Hong Kong is not active. History in Hong Kong is over two 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.
REMARKS:
Brief personal
profile of the director:-
Yaniv Oren, Chief Technology Officer of PowerCom.
During his 20 years of experience, Yaniv has successfully taken part in some major IPOs of Israeli start-ups. Yaniv worked for 3 years at Orbot as a Hardware Designer and was part of the success when Applied-Materials bought the Company for US$300 million. Additionally, Yaniv worked for 3 years at Chromatis as Senior Design Engineer and took part in the success when the company was bought by Lucent for a consideration of US$5 billion. Yaniv was a Manager of Flextronics and in 2005 founded IntelliMind through a spin-off from Flextronics Design Group in Israel.
Yaniv has got a Bachelor’s degree in electronics from Ariel University.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.13 |
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|
1 |
Rs.101.53 |
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Euro |
1 |
Rs.85.41 |
INFORMATION DETAILS
|
Report
Prepared by : |
MNL |
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 |
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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.