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Report Date : |
17.12.2013 |
IDENTIFICATION DETAILS
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Name : |
HING LUNG TECHNOLOGY (HK) CO. LTD. |
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Registered Office : |
Room 1012, 10/F., Kodak House 2, 39 Healthy Street East, North Point |
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Country : |
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Date of Incorporation : |
25.07.2001. |
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Com. Reg. No.: |
31955228 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Manufacturer, Importer and Exporter of DVD player, portable LCD/DVD player, mobile phones |
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No. of Employees : |
12. ( |
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) |
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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
Source
: CIA
HING LUNG
TECHNOLOGY (HK) CO.
LTD.
ADDRESS: Room 1012, 10/F., Kodak
House 2, 39 Healthy Street East, North Point, Hong Kong.
PHONE: 852-2811 2858, 852-2377 9163
FAX: 852-2890 7122
E-MAIL: jasoniam@malata.com
Managing Director: Mr. Ng Hoi
Ting, Vincent
Incorporated on: 25th
July, 2001.
Organization: Private
Limited Company.
Capital: Nominal: HK$30,000,000.00
Issued: HK$30,000,000.00
Business Category: Manufacturer, Importer and Exporter.
Employees:
12. (Hong Kong, including associate)
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Good.
Registered Head Office:-
Room 1012, 10/F., Kodak House 2, 39 Healthy Street East, North Point,
Hong Kong.
Holding Company:-
Newness International Ltd., British Virgin Islands.
Associated/Affiliated Companies:-
Wanlida Group of Companies
Chongqing Malata Technology Co. Ltd., China.
Hui Ji Enterprise Ltd., Hong Kong.
Malata (H.K.) Investment Ltd., Hong Kong.
Malata Corporation, USA.
Malata Electronic Learning Ltd., Hong Kong.
Malata Group (HK) Ltd., Hong Kong.
Malata Holdings Ltd., Hong Kong.
Malata Mobile International Co. Ltd., Hong Kong.
Malata Mobile Technology Co. Ltd., Hong Kong. [Dissolved]
Nanjing Wanlida Seeing & Hearing Equipment Co. Ltd., China.
Nanjing Wanlida Technology Co. Ltd., China.
Shenzhen Malata Mobile Communication Co. Ltd., China.
Sky Smart Holdings Ltd., British Virgin Islands.
Wanlida Corporation, USA.
Wanlida Group Co. Ltd., China.
Wanlida International Enterprise Ltd., Hong Kong.
Xiamen Wanlida Communication Equipment Co. Ltd., China.
Zhangzhou Malata Energy Technology Co. Ltd., China.
etc.
31955228
0764572
Managing Director: Mr. Ng Hoi
Ting, Vincent
Nominal Share Capital: HK$30,000,000.00 (Divided into 30,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$30,000,000.00
(As per registry dated 25-07-2012)
|
Name |
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No. of shares |
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Newness International Ltd. P.O. Box 957, Offshore Incorporations Centre, Road Town, Tortola,
British Virgin Islands. |
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30,000,000 ======== |
(As per registry dated 25-07-2012)
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Name (Nationality) |
Address |
|
NG Hoi Ting, Vincent |
Flat B, 26/F., Block 7, Leighton Hill, Happy Valley, Hong Kong. |
(As per registry dated 8-08-2012)
|
Name |
Address |
Co. No. |
|
Aplus & Partners Corporate Services Ltd. |
Room 804, 8/F., Harbour Crystal Centre, 100 Granville Road, Kowloon,
Hong Kong. |
0908057 |
The subject was incorporated on 25th July, 2001 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: Manufacturer,
Importer and Exporter.
Lines: DVD
player, portable LCD/DVD player, mobile phones.
Brand Name: Malata.
Employees: 12. (Hong Kong)
20,000. (China)
Materials/Commodities: Imports raw
materials from European countries, some Asian countries and finished products
from China.
Markets: China,
Europe, US, Australia, Southeast Asia, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P,
etc.
Nominal Share Capital: HK$30,000,000.00 (Divided into 30,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$30,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition: Keeping
in an active condition.
Facilities: Making
active use of general banking facilities.
Payment:
Met trade commitments
as contracted.
Commercial Morality: Good.
Bankers:-
Hang Seng Bank Ltd., Hong Kong.
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Chiyu Banking Corporation Ltd., Hong Kong.
Standing:
Very Good.
Hing Lung Technology (HK) Co. Ltd. is a wholly-owned subsidiary of
Newness International Ltd. which is a BVI-registered firm.
The subject shares the same office with its associated company Malata
Group (HK) Ltd., a Hong Kong-registered firm.
The subject is a member of the Wanlida Group. It is trading in the following commodities
bearing the brand name of “Malata”, digital AV products, mobile phones,
laptops, all-in-one computers, notebooks, PCs and peripherals, GPS navigation
devices, car multimedia electronics, small home appliances, communication and
lithium polymer batteries, etc.
One of the Group’s main subsidiaries is Shenzhen Malata Mobile
Communication Co. Ltd. [Shenzhen Malata Mobile] which is established in
2004. It is specialized in designing,
manufacturing and promoting GSM and PHS mobile phones. 300 experienced designers out of 1,500
employees have independent designing abilities in ID/MD/HW/SW/UI. In the meantime of indraught of international
standard project management system, Shenzhen Malata Mobile has built up strategic
cooperative partner relationship with several global companies to keep
technology advanced.
Shenzhen Malata Mobile has invested over RMB100 million Yuan on hi‑speed
automatic SMT production lines at international top class and set up dustless
plants for mobile production with an annual production capacity of
5 million sets. It has had managing
staff and skilled workers working in “7S systems”, so-called by the
subject.
Its factory is ISO 9001:2000 certified and all the products should pass
a number of inspection procedures before shipping. Shenzhen Malata Mobile has set up national
top-ranking mobile reliability testing laboratory equipping with professional
test equipment, hi-precision X-ray devices, etc.
Wanlida Group Co. Ltd. [Wanlida] was established in 1984 in China. It is a “new and high technology enterprise”
focusing on researching and developing, producing and selling consumer
electronic products. Wanlida has three
major production bases located in Nanjing, Zhangzhou and Shenzhen Special
Economic Zone, China respectively. Its
industries cover digital audio and video products, GPS navigation devices, car
multimedia systems, small home appliances, telecommunication electronics, new
energy resources products and electronic medical instruments.
As the top 100 electronics enterprise in China, Wanlida has three major
industrial zones, located in Nanjing, Zhangzhou and Shenzhen SEZ, with a total
of 1,000 R&D engineers and 20,000 employees.
The Group’s production facilities include moulding factory equipped with
world leading E-Mould tooling technology, ironware factory, plastic injection
factory with e-mould and IML advanced surface process technology, vacuum
plating workshop, lithium polymer battery factory, more than 100 SMT
equipments, and 40 product assembling line.
The Group has also invested in more than US$10 million to build its own
product testing centre which is able to ensure the product quality.
Its workshop area covers over 840 millions sq.ft. and the production
facilities include moulding factory with world leading e-mould tooling
technology, ironware factory, plastic injection factory with e-mould and IML
advanced surface process technology, vacuum plating workshop, lithium polymer
battery factory, more than 100 SMT equipments, and 40 product assembling
line. It has also invested more than
US$10 million to build its own product testing centre.
The Group has been working with many world leading OEM/ODM clients. It supplies clients with a total package
solution from ID design to final product development and production in IT, AV
and GPS category.
The Group has got ISO 9001 International Quality System Certificate and
ISO 14000 International Environment Management System Certificate. Its products are also in conformity with the
following international standards: CE, UL, FCC, FDA, GS, etc.
The Group’s products are sold in China and exported to more than 50
foreign markets. It is specialized in
ODM/OEM orders which come from international renowned enterprises and famous
chain stores.
The subject is responsible for marketing products, shipping, and
supplying its affiliated factories in China with raw materials and components
which are mainly imported from Europe and Asian countries.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities. For instance, it took part in
Hong Kong Electronic Fair (Spring Edition) which had been held in Hong Kong
during the period of 13th to 16th April, 2012.
Besides, it is going to take part in “Hong Kong Electronic Fair 2013
(Spring Edition)” which will be held in Hong Kong Convention and Exhibition
Centre, Wanchai, Hong Kong during the period of 13th to 16th April, 2013.
The annual sales turnover of the Wanlida Group is very significant.
The subject is fully supported by the Wanlida Group. History in Hong Kong is about thirteen
years. It also markets the products of
Shenzhen Malata Mobile.
On the whole, consider the subject good for normal business engagements.
|
Date |
Particulars |
Amount |
|
17-12-2002 |
Instrument: Deed of Indemnity, Charge Over
Deposit(s) and Set-Off Property: Fixed deposit receipt No. 039-730-5-104697-8 for HK$2,500,00.00 dated
28-11-2002. Mortgagee: Chiyu Banking Corporation Ltd.,
Hong Kong. |
To secure all monies |
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01-11-2006 |
Instrument: Mortgage Property: 521/100,000th parts or shares of and in The Remaining Portion of
Marine Lot No. 705 and the Extension thereto (Workshop No. 12 on 10/F. of
Kodak House II, 39 Healthy Street East, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure all monies in respect of general banking facilities |
|
30-03-2012 |
Instrument: Second Mortgage Property: 521/100,000th parts or shares of and in The Remaining Portion of
Marine Lot No. 705 and the Extension thereto (Workshop No. 12 on 10/F. of
Kodak House II, 39 Healthy Street East, Hong Kong.) Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
As a security for the Secured Indebtedness and the due fulfillment by
the Mortgagor and the Borrower of the agreements, covenants and conditions
contained in the Mortgage. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.10 |
|
|
1 |
Rs.101.27 |
|
Euro |
1 |
Rs.85.42 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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 |
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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 |
|
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.