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Report Date : |
15.01.2013 |
IDENTIFICATION DETAILS
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Name : |
HK JING QUAN HUA DEVELOPMENT LTD. |
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Registered Office : |
Room 1101, 11/F., Leader Industrial Center, 57-59 Au Pui Wan Street, Fotan, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.05.2008 |
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Com. Reg. No.: |
39338179 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of electronic components, etc. |
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No. of Employees : |
8 |
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
|
Country Name |
Previous Rating (31.03.2011) |
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.
Source
: CIA
HK JING
QUAN HUA DEVELOPMENT
LTD.
ADDRESS: Room 1101, 11/F., Leader Industrial
Center, 57-59 Au Pui Wan Street, Fotan, Shatin, New Territories, Hong Kong.
PHONE: 2947 7355, 9277
5557
FAX: 2947 7356
Managing Director: Mr. Zhang
Lipin
Incorporated on: 22nd
May, 2008.
Organization: Private
Limited Company.
Capital: Nominal: US$300,000.00
Issued: US$300,000.00
Business Category: Importer, Exporter and Wholesaler.
Group Annual Turnover: US$25-30 million.
Employees: 8.
Main Dealing Banker: China Merchants Bank Co., Ltd., Hong Kong Branch.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1101, 11/F., Leader Industrial Center, 57-59 Au Pui Wan Street,
Fotan, Shatin, New Territories, Hong Kong.
Holding Company:-
Shenzhen Jingquanhua Electronics Co. Ltd.
Office 2, 3/F.,Workshop 1, Xinxulong Industrial Area, Kukeng, Guanlan
Town, Bao’an District, Shenzhen Special Economic Zone,
China.
Associated Companies:-
*Ease House Ltd., Hong Kong.
Ease Tech (Shenzhen) Co. Ltd., China.
*Newly Ever Rise Development Ltd., Hong Kong.
Shenzhen Ease House Electronics Co. Ltd., China.
Shenzhen Newly Ever Rise Electronics Co. Ltd., China.
*Taihua Technology Development Ltd., Hong Kong.
* (same address)
39338179
1240333
Managing Director: Mr. Zhang
Lipin
Nominal Share Capital: US$300,000.00 (Divided into 300,000 shares of US$1.00
each)
Issued Share Capital: US$300,000.00
(As per registry dated 22-05-2012)
|
Name |
|
No. of shares |
|
Shenzhen Jingquanhua Electronics Co. Ltd., China. |
|
300,000 ====== |
(As per registry dated 22-05-2012)
|
Name (Nationality) |
Address |
|
DOU Xiaoyue |
Room 1101, 11/F., Leader Industrial Centre, 57-59 Au Pui Wan Street,
Fotan, Shatin, New Territories, Hong Kong. |
|
JU Wanjin |
67-12 Daqing Road, Yizheng City, Jiangsu Province, China. |
|
LI Zhangong |
Single Room, Jianye Industrial District, Futian District, Shenzhen
Special Economic Zone, China. |
|
WANG Zhaohua |
59 Xincheng Town Jiedo, Yizheng City, Jiangsu Province, China. |
|
ZHANG Lipin |
1-B-205, Great Wall Building, Futian District, Shenzhen Special
Economic Zone, China. |
|
CHENG Yang |
A201, Hua Court, Longhua Jinling Garden, Bao’an District, Shenzhen
Special Economic Zone, China. |
(As per registry dated 22-05-2012)
|
Name |
Address |
Co. No. |
|
New Choice Accountants Ltd. |
Room 2018, 20/F., Shatin Galleria, 18‑24 Shan Mei Street,
Fotan, Shatin, New Territories, Hong Kong. |
0634471 |
The subject was incorporated on 22nd May, 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: Importer,
Exporter and Wholesaler.
Lines: All
kinds of electronic components, etc.
Brand Names:
JQH, NER.
Employees: 8.
Commodities Imported: China, etc.
Markets: China,
Japan, other Asian countries, Europe, US, etc.
Group Annual Turnover: US$25-30 million.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: US$300,000.00 (Divided into 300,000 shares
of US$1.00 each)
Issued Share Capital: US$300,000.00
Mortgage or Charge: (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:
China
Merchants Bank Co., Ltd., Hong Kong Branch.
Standing:
Normal.
Having issued 300,000 ordinary shares of US$1.00 each, HK Jing Quan Hua
Development Ltd. is a wholly-owned subsidiary of Shenzhen Jingquanhua
Electronics Co. Ltd. [Shenzhen JQH] which is a China-based firm.
The subject shares its operating office with its associated companies in
Hong Kong:-
·
Ease House Ltd.;
·
Newly Ever Rise Development Ltd.; &
·
Taihua Technology Development Ltd.
The subject is trading in the products of Shenzhen JQH and its
associated companies in China.
The subject sells and exports the following products:-
3 Phase Transformer, Single Phase Transformer, Switching Power Supply,
Open Frame PCB, Power Transformer, Switching Transformer, Toroidal Transformer,
Choke, etc.
Most of the products bear the brand name of JQH. The subject also buys or imports the
following products:-
Bobbin, Core, Lamination Sheet, Copper Wire, Insulation Tape, etc.
The subject and Shenzhen JQH belong to JQH Group.
JQH Group is specialized in the design and manufacture of 3 Phase
Transformers, Switching Adaptors, Power and Switching Transformers, Switching
AC/DC Adaptors, Open Frame PCB, Inverter Transformers, Chokes, Network
Transformers and other related Electronic products. Besides the subject, the following subsidiary
companies have been formed under the flagship of JQH Group:-
1.
Jiangsu JingQuanHua Electronics Industry Co., Ltd.;
2.
Newly Ever Rise Development Ltd. (Hong Kong);
3.
Shenzhen JQH; &
4.
Shenzhen Newly Ever Rise Electronics Co., Ltd.
JQH Group obtained ISO9001:2000 and ISO14001 certifications in 2002 and
2004 respectively. Most of its products
are UL, CUL, TUV, CE, VDE, CSA, CEE, FCC, CQC, EK, and PSE safety certified.
The Group’s products made in the last 10 years have been widely used in
both Commercial and Personal Electronics as Renewable Energy, Power Conversion
Devices or Controllers. Applications
include Telecom facilities, Computers, Network equipment, Electrical Meters,
Measurement equipment, Color TV sets, Air Conditioner units, Audio
systems, Displays, Energy‑saving Lamps, and Electric Irons.
Strong in house development capabilities allow the Group to design and
manufacture products to meet the most stringent requirements of its global
customers. It is aggressively pursuing
additional growth opportunities by focusing on stat-of-art technologies,
first-class manufacturing equipment and competitive products to satisfy the
ever-rising customer demands in both our domestic and international markets.
The Group’s business has been developing significantly since 1996. In the last five years, sales revenue has
been doubled.
The following firms are the main customers of the Group:-
Galanz, SkyWorth, BBK, Midea, Kelon, TCL, Konka, Sony, JVC, De’Longhi,
Finemost, etc.
According to the Group, it is preparing for an IPO under the model of A
Shares in Shenzhen Special Economic Zone.
The listing is under application.
The annual sales turnover of the Group ranges from US$25-30 million, Business is active and profitable.
As the history of the subject is over four years in Hong Kong, on
the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
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29-12-2011 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner:- (A) Assigns and agrees to
assign absolutely to the Bank all the present and future rights, title,
interests and benefits of the Borrower in and to the following assets:- (i) Export Credits; (ii) Export Collection
Bills; (iii) Sales Contracts; (iv) Invoice Receivables; (v) Insurances; (vi)
Trade Documents; and (vii) all claims, remedies
and proceeds in connection with any of the foregoing; and (B) Charges and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights, title, interests and benefits of the Borrower in and to the following
assets: (i) the Goods together with their proceeds; and (ii) the Deposit; and (C) Pledges & agrees
to pledge to the Bank the Pledged Goods and the Trade Documents which are now
or may in the future be in the Bank’s possession Mortgagee: China Minsheng
Banking Co. Ltd., Hong Kong Branch. |
All obligations & liabilities of whatever nature of the Borrower
owed to the Bank at any time and in any currency and whether present or
future, actual or contingent and whether owed solely or jointly or severally
with or as surety for another and all costs and expenses incurred by the Bank
in connection with the recovery of any of the above or the enforcement of the
Assignment basis |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.63 |
|
|
1 |
Rs.88.17 |
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Euro |
1 |
Rs.73.13 |
INFORMATION DETAILS
|
Report
Prepared by : |
PRL |
RATING EXPLANATIONS
|
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.