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Report Date : |
04.02.2013 |
IDENTIFICATION DETAILS
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Name : |
CEC INDUSTRY
(HONG KONG) LTD. |
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Formerly Known As : |
DENBEE CO. LTD., |
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Registered Office : |
Room 2507, 25/F., CC Wu Building, 302-308 Hennessy Road, Wanchai |
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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, etc |
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No. of Employees : |
6 (Including associates) |
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 – June 30th,
2012
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Country Name |
Previous Rating (31.03.2012) |
Current Rating (30.06.2012) |
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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'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 7.8% of total system deposits in Hong Kong by the end of 2011, an increase of over 59% since the beginning of the 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 28 million in 2011, 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 2011 mainland Chinese companies constituted about 43% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56% 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. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly in 2010 and inflation to rise 5.3% in 2011. 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 |
CEC
INDUSTRY (HONG KONG)
LTD.
ADDRESS: Room 2507, 25/F., CC Wu Building,
302-308 Hennessy Road, Wanchai, Hong Kong.
PHONE: 2891 1386
FAX: 2891 1339
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: 6
(Including associates)
Main Dealing
Banker: Bank of Communications Co.
Ltd., Hong Kong Branch.
Banking
Relation: Satisfactory.
Registered Head Office:-
Room 2507, 25/F.,
CC Wu Building, 302-308 Hennessy Road, Wanchai, Hong Kong.
China Electronics
Shenzhen Co., China.
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 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.
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 Jingwah Electronics Co. Ltd., China.
Tyco Electronics (Shenzhen) 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
(As per registry dated 13-01-2012)
|
Name |
|
No.
of shares |
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China Electronics Shenzhen Co. 36/F., Block A, Electronics Science & Technology Building, 2070
Shennan Zhong, Shenzhen, China. |
|
2,000,000 ======= |
(As per registry dated 13-01-2012)
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Name (Nationality) |
Address |
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SHAO Hui |
19B/F, Block 9, Yasongiu, Futian District,
Shenzhen, China. |
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XIANG Qunxiong |
A902, Block B, Changcheng Building, 3 Bai
Hua Road 5th, Futian District, Shenzhen, China. |
(As per registry dated 13-01-2012)
|
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. Moved to the present address in June 2010.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer, Exporter and
Wholesaler.
Lines: Telecommunication equipment, electric
products, etc.
Employees:
6 (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 small 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: Small.
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 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.
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 has ranked the 43rd in the 100 top exporting
state-owned enterprises in China, ranked the 235th in the 500 top Chinese
services enterprises and the 49th in the 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.
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 about 32 years.
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 |
|
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
|
Currency |
Unit
|
Indian
Rupees |
|
US Dollar |
1 |
Rs.53.32 |
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UK Pound |
1 |
Rs.84.60 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
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.