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Report Date : |
18.07.2013 |
IDENTIFICATION DETAILS
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Name : |
DOUBLE
WELL LTD. |
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Registered Office : |
c/o Guangzhou CK Telecom Ltd. Flat 1701-1707, 17/F., Topsail Plaza, 11 On Sum Street,
Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
27.07.2006 |
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Com. Reg. No.: |
37208948 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Trader of all kinds of mobile phones, handsets, accessories |
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No. of Employees : |
10. (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 – 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 |
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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 |
DOUBLE WELL LTD.
c/o Guangzhou CK Telecom Ltd.
Flat 1701-1707, 17/F., Topsail Plaza, 11 On Sum Street, Shatin, New Territories, Hong Kong.
PHONE: 852-2151 6082, 6909 3167
FAX: 852-2151 6083
Managing Director: Ms. He Yujia, Ada
Incorporated on: 27th July, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Telecommunication Product Trader.
Group Annual Sales Turnover: HK$900-1,100 million.
Employees: 10. (Including associates)
Main Dealing Banker: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Guangzhou CK Telecom Ltd.
Flat 1701-1707, 17/F., Topsail Plaza, 11 On Sum Street, Shatin, New Territories, Hong Kong.
Shenzhen Main
Associated Company:-
Shenzhen Double Well Ltd.
Room 1110B, First Phase, Cheongxin Scientific & Technology Square, Tianan Digital City, Futain District, 518000 Shenzhen Special Economic Zone, China.
[Tel.: 86-755-8343 9597; Fax: 86-755-8343 8587]
Associated China
Factories:-
C-Flex Electronic (Heyuan) Co. Ltd., China.
Shenzhen Saibei Electronics Co. Ltd., China.
Associated
Companies:-
CK Guangzhou Communication Technology Equipment Co. Ltd., China.
CK Hangzhou Communication Equipment Co. Ltd., China.
CK Kunshan Hill Titanium Microelectronics Co. Ltd., China.
CK Kunshan West Titanium Microelectronics Co. Ltd., China.
CK Telecom (Heyuan) Communications Equipment Co. Ltd., China.
CK Telecom Ltd., China.
Focus Technology Ltd., Hong Kong. (Same address)
Guangzhou CK Telecom Ltd., Hong Kong.
Shenzhen CK Telecom Ltd., China.
Shenzhen Yuner Communications Technology Co. Ltd., China.
Surewheel Asia Pacific Ltd., Hong Kong. (Same address)
37208948
1062777
Managing Director: Ms. He Yujia, Ada
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 27-07-2012)
|
Name |
Occupation |
No.
of shares |
|
He Yujia |
Merchant |
10,000 ===== |
(As per registry
dated 27-07-2012)
|
Name (Nationality) |
Address |
|
He Yujia |
10 Gaoxin South 4th Dao,
Nanshan District, Shenzhen Special Economic Zone, China. |
(As per registry
dated 27-07-2012)
|
Name |
Address |
|
CHOY Shui Kar |
Flat 1701-1707, 17/F., Topsail Plaza, 11 On Sum Street,
Shatin, New Territories, Hong Kong. |
The subject was incorporated on 27th July, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 2009, 20/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories, Hong Kong, moved to the present address in early 2013.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Telecommunication Product Trader.
Lines: All kinds of mobile phones, handsets, accessories.
Employees: 10. (Including associates)
Commodities Imported: Imports spare parts from Asian countries and finished products from China.
Markets: China, Japan, India, Southeast Asia, Europe, etc.
Group Annual Sales Turnover: HK$900-1,100 million.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Making a small profit in the past three years.
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: Industrial & Commercial Bank of China (Asia) Ltd., Hong Kong.
Standing: Normal.
Having issued 10,000 ordinary shares of HK$1.00 each, Double Well Ltd. is wholly owned by Ms. He Yujia who is a China businesswoman. She is a China passport holder and does not have the right to reside in Hong Kong permanently. She is also the only director of the subject. She can be reached at her mobile phone number in Hong Kong at 852-6909 3167.
The subject is a mobile phone trader. It is sharing its office with another firm known as Guangzhou CK Telecom Ltd. [GCKT] in Hong Kong. The subject is an associated company of GCKT. It carries GCKT’s products as well.
The subject has registered with the Office of the Communications Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. It bears the licence No. of RU00156439-RU.
The subject has had a main associated company Shenzhen Double Well Ltd. [Double Well] which is in Shenzhen Special Economic Zone, China.
Double Well is specialized in R&D, manufacturing and marketing mobile phones.
The subject is one of the members of the CK Telecom Group, so does Shenzhen Double Well. In Hong Kong GCKT is responsible for marketing CK Telecom’s products and sourcing raw materials and spare parts for CK Telecom.
CK Telecom has developed business ties with Vodafone of Turkey, Hitachi of Japan, and the other foreign firms such as Eastcom, Gplus, Fly, etc.
CK Telecom’s global partners also include the followings: Benq, CECT, Hisense, UTstarcom, RAKS, SIEMENS, ITT, SAMPO, SKUVOX, Haier, KOOOK, kolin, Disney, BenQ-Siemens, WellcoM, utec, Gino, etc. Most of the companies are famous telecommunication firms of the world.
According to CK Telecom, it has become one of the leaders in domestic handset industry. The President of CK Telecom is Mr. Roy He.
The Group has set up three production bases located in Heyuan City of Guangdong, Kunshan of Jiangsu and Hangzhou of Zhejiang. It also has set up three R&D centres in Shenzhen Special Economic, Chengdu of Sichuan and Hangzhou of Zhejiang.
The subject is an office of the CK Telecom Group. Other overseas offices are located in Taiwan and India.
The overall business of the CK Telecom Group is normal and steady. The Group has more than 10,000 employees in total. Group annual sales turnover ranges from HK$900-1,100 million. Total profit ranges from HK$9 to 11 million.
The subject has set up China offices in Shenzhen Special Economic Zone, Shanghai and Beijing in order to penetrate the China market further.
The subject is fully supported by the CK Telecom Group. History in Hong Kong is about seven years.
On the whole, in view of the background of the subject, consider it good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.36 |
|
UK Pound |
1 |
Rs.89.69 |
|
Euro |
1 |
Rs.77.99 |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.