MIRA INFORM REPORT

 

 

Report Date :

10.07.2013

 

IDENTIFICATION DETAILS

 

Name :

VL  TECHNOLOGY  CO.  LTD.

 

 

Registered Office :

Unit 903-904, 9/F., Block B, Chung Mei Centre, 15 Hing Yip Street, Kwun Tong, Kowloon

 

 

Country :

Hong Kong 

 

 

Date of Incorporation :

10.07.2002

 

 

Com. Reg. No.:

32809975

 

 

Legal Form :

Private Limited Company

 

 

Line of Business :

Importer, Exporter and Wholesaler of Electronic products & semiconductors, micro controller, power ICs, LCD drivers and memory ICs

 

 

No. of Employees :

05

 

RATING & COMMENTS

 

MIRA’s Rating :

Ba

 

RATING

STATUS

PROPOSED CREDIT LINE

41-55

Ba

Overall operation is considered normal. Capable to meet normal commitments.

Satisfactory

 

Status :

Satisfactory 

 

 

Payment Behaviour :

No  Complaints

 

 

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)

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 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

 

 

 

Company name

 

VL  TECHNOLOGY  CO.  LTD.

 

 

Company ADDRESS

 

Unit 903-904, 9/F., Block B, Chung Mei Centre, 15 Hing Yip Street, Kwun Tong, Kowloon, Hong Kong.

 

PHONE:            852-3582 2068

FAX:                 852-3016 8654

E-MAIL:            vlo@vl-tech.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Lo Kwong Sun, Victor

 

 

SUMMARY

 

Incorporated on:            10th July, 2002.

 

Organization:                 Private Limited Company.

 

Capital:                         Nominal:           HK$10,000.00

Issued:             HK$100.00

 

Business Category:       Importer, Exporter and Wholesaler.

 

Annual Turnover:           HK$25-30 million.

 

Employees:                  5.

 

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

 

Banking Relation:          Satisfactory.

Company ADDRESS

 

Registered Head Office:-

Unit 903-904, 9/F., Block B, Chung Mei Centre, 15 Hing Yip Street, Kwun Tong, Kowloon, Hong Kong.

 

 

BUSINESS REGISTRATION NUMBER

 

32809975

 

 

COMPANY FILE NUMBER

 

0805373

 

 

MANAGEMENT

 

Managing Director:  Mr. Lo Kwong Sun, Victor

 

 

CAPITAL

 

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

Issued Share Capital:     HK$100.00

 

 

SHAREHOLDERS

(As per registry dated 10-07-2012)

 

Name

 

No. of shares

LO Kwong Sun, Victor

 

99

LO Suk Fan

 

1

 

 

–––

 

Total:

100

===

 

DIRECTORS  

(As per registry dated 10-07-2012)

 

Name

(Nationality)

 

Address

LO Kwong Sun, Victor

Room 3005B,30/F., Kai Tin Tower, Kai Tin Road, Kwun Tong, Kowloon, Hong Kong.

 

LO Suk Fan

Room 3005, 30/F., Kai Tin Tower, Kai Tin Road, Kwun Tong, Kowloon, Hong Kong.

 

SECRETARY 

 

LO Kwong Sun, Victor  (As per registry dated 10-07-2012)

 

 

HISTORY

 

The subject was incorporated on 10th July, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Formerly the subject was located at Room 1215, 12/F., Kenning Industrial Building, 19 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong, moved to Unit 30, 6/F., Pacific Trade Centre, 2 Kai Hing Road, Kowloon, Hong Kong in August 2006 and further to the present address in recent years.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Wholesaler.

 

Lines:                           Electronic products & semiconductors, micro controller, power ICs, LCD drivers and

memory ICs.

 

Employees:                  5.

 

Commodities Imported: China, other Asian countries, etc.

 

Markets:                        India, other Asian countries, Europe, North America, etc.

 

Annual Turnover:           HK$25-30 million.

 

Terms/Sales:                 CAD, L/C, T/T, etc.

 

Terms/Buying:               L/C, Advanced T/T, etc.

 

FINANCIAL INFORMATION

 

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

 

Issued Share Capital:     HK$100.00

 

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

 

Standing:                      Normal.

 

 

GENERAL

 

Having issued 100 ordinary shares of HK$1.00 each, VL Technology Co. Ltd. is jointly owned by Mr. Lo Kwong Sun,Vistor holding 99% interests; and Ms. Lo Suk Fan, holding 1%.  Both are Hong Kong merchants.  They are also directors of the subject.

The subject commenced business in 2002.  It offers quality range of semiconductors specializing on micro-controller.  Over the past one decade, the subject has reached to the pinnacle of success and established itself as a leading Exporter, Importer, Trader & Wholesaler of Philips Video Processor, Samsung ARM Chips S3C4510, Samsung Flash Type MCU, Samsung Mask and OTP Dice form MCU, 1000W DC/AC Inverter, 2000W Continuous Power Inverter.

The subject also offer customized solutions for Micro-controller software designing and product designing.  Its business operations are supported by a team of efficient professionals who have years of experience and expertise in this domain.

The subject has had an associated factory in China. 

 

The monthly production capacity is 50K to 80K units of the following products:-

·         Semiconductors (Integrated Circuits)

o    Philips Video Processor;

o    Samsung ARM Chips S3C4510;

o    Samsung Flash Type MCU; &

o    Samsung Mask and OTP Dice form MCU.

·         Inverter Products

o    1000W DC/AC Inverter;

o    2000W Continuous Power Inverter; &

o    300W DC/AC Inverter.

Products are exported to India, South Korea, China, other Asian countries, Europe, North America, etc.  80% of its products are exported to foreign markets.  Annual sales turnover ranges from HK$25 to 30 million.  Business is profitable.

In the years ahead, the subject will be supplying security camera and UPS.

As the history of the subject is about eleven years in Hong Kong, on the whole, consider it good for normal business engagements.

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.60.75

UK Pound

1

Rs.89.91

Euro

1

Rs.77.43

 

INFORMATION DETAILS

 

Report Prepared by :

MNL

 

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.