MIRA INFORM REPORT

 

 

Report Date :

29.01.2013

 

IDENTIFICATION DETAILS

 

Name :

FORME  COMMUNICATIONS  TECHNOLOGY  LTD.

 

 

Registered Office :

C/o Accpro Corporate Services Ltd.

Room 603, 6/F., Wanchai Central Building, 89 Lockhart Road, Wanchai

 

 

Country :

Hong Kong.

 

 

Date of Incorporation :

21.01.2010

 

 

Com. Reg. No.:

51715375

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Trader of all kinds of mobile phones, accessories, etc.

 

 

No. of Employees :

Not Available

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

Status :

No Operating Office in Hong Kong

Payment Behaviour :

Unknown

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)

Hong Kong

A2

A2

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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

Company name and address

 

FORME  COMMUNICATIONS  TECHNOLOGY  LTD.

 

 

ADDRESS:       c/o Accpro Corporate Services Ltd.

Room 603, 6/F., Wanchai Central Building, 89 Lockhart Road, Wanchai, Hong Kong.

 

PHONE:            2503 0569

 

FAX:                 2866 0031

 

 

MANAGEMENT

 

Managing Director:  Mr. Jiang Delong

 

 

SUMMARY

 

Incorporated on:            21st January, 2010.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:             HK$1.00

 

Business Category:       Mobile Phone Trader.

 

Employee:                    Nil.

 

Main Dealing Banker:     The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

ADDRESS

 

Registered Office:-

c/o Accpro Corporate Services Ltd.

Room 603, 6/F., Wanchai Central Building, 89 Lockhart Road, Wanchai, Hong Kong.

 

Associated Companies:-

Dongguan Eidolon Communications Technology Co. Ltd., China.

Shenzhen Eidolon Communications Technology Co. Ltd., China.

Shenzhen Forme Technology Co. Ltd., China.

 

 

BUSINESS REGISTRATION NUMBER

 

51715375

 

 

COMPANY FILE NUMBER

 

 1414056

 

 

MANAGEMENT

 

Managing Director:  Mr. Jiang Delong

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital: HK$1.00

 

 

SHAREHOLDER

(As per registry dated 21-01-2012)

 

Name

 

No. of share

JIANG Delong

 

1

=

 

 

DIRECTOR    

(As per registry dated 21-01-2012)

 

Name

(Nationality)

 

Address

JIANG Delong

Room 1013, China Youse Mansion, Chegong Miao, Futian District, Shenzhen, China.

 

 

SECRETARY

(As per registry dated 21-01-2012)

 

Name

Address

Co. No.

Accpro Corporate Services Ltd.

Room 603, 6/F., Wanchai Central Building, 89 Lockhart Road, Wanchai, Hong Kong.

1138335

 

 

HISTORY

 

The subject was incorporated on 21st January, 2010 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.

 

 

OPERATIONS

 

Activities:                      Mobile Phone Trader.

 

Lines:                           All kinds of mobile phones, accessories, etc.

 

Brand Name:                 Forme.

 

Employee:                    Nil.

 

Commodities Imported: China, etc.

 

Markets:                        China, Japan, other Asian countries, Europe, North America, etc.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               As per contracted.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$1.00

 

Profit or Loss:               Keeping a balance account in Hong Kong.

 

Condition:                     Business is not active in Hong Kong.

 

Facilities:                      Making fairly active use of general banking facilities.

 

Payment:                      Met trade commitments as required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.

 

Standing:                      Small.

 

 

GENERAL

 

Having issued just one ordinary share of HK$1.00, Forme Communications Technology Ltd. is wholly owned by Mr. Jiang Delong who is a China merchant.  He is a China ID holder and does not have the right to reside in Hong Kong permanently.  He is also the only director of the subject.

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at “Room 603, 6/F., Wanchai Central Building, 89 Lockhart Road, Wanchai, Hong Kong” known as “Accpro Corporate Services Ltd.” which is handling its correspondences and documents.  This firm is also the corporate secretary of the subject.

The subject has no employee in Hong Kong.  It has had an associated company in Shenzhen Special Economic Zone, China known as Shenzhen Forme Technology Co. Ltd. [SForme].  The subject and Forme are trading in mobile phones.

SForme was set up in 2009 in Shenzhen SEZ.  It has about 3,000 employees.  It is engaged in manufacturing mobile phones such as GSM+GSM+TV, CDMA+GSM+TV, GSM, CDMA and TD3G.  All its products bear the brand name Forme.

According to SForme, its products have been sold in China since 2011.  Its monthly sales volume is about 200,000 sets.  Currently, SForme is constructing a new factory in Dongguan City, Guangdong Province, China.  When the new factory is put into production, the total monthly production capacity of SForme will be up to 2.5 million sets.

The President of the SForme Group is also Jiang Delong.  Graduated from a university in China, Jiang Delong had worked in Ningbo Bird Co. Ltd. which is also a mobile phone seller before setting up SForme.  Ningbo Bird is a listed firm in China.

In 2011, the sales of the SForme Group was RMB4 billion Yuan.  Business was good in the year.

The subject’s products are marketed in China, exported to the other Asian countries, Europe and North America.

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 RU00137249-RU.

The subject’s business in Hong Kong is not active.  History in Hong Kong is over three years.

Since the subject does not have its own operating office and has no employee in Hong Kong, consider it good for business engagements on L/C basis.

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.53.89

UK Pound

1

Rs.84.92

Euro

1

Rs.72.51

 

 

INFORMATION DETAILS

 

Report Prepared by :

PRL

 

 

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

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.