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Report Date : |
21.03.2013 |
IDENTIFICATION DETAILS
|
Name : |
HUAQIN
TELECOM HONG KONG
LTD. |
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Registered Office : |
Room 510, 5/F., Lincoln Centre, 20 Yip Fung Street, Fanling,
New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
08.06.2006 |
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Com. Reg. No.: |
36830110 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer and Exporter of all kinds of telecommunication equipment, etc. |
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No. of Employees : |
5 |
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 |
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Status : |
Satisfactory |
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Payment Behaviour : |
Usually correct |
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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 (31.03.2012) |
Current Rating (30.06.2012) |
|
Hong Kong |
A2 |
A2 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
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Moderate |
B1 |
|
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 |
HUAQIN
TELECOM HONG KONG
LTD.
Room 510, 5/F.,
Lincoln Centre, 20 Yip Fung Street, Fanling, New Territories, Hong Kong.
PHONE: 2713 3232, 2799 9231
FAX: 2713 3799
Managing Director: Mr. Qiu Wensheng
Incorporated on: 8th June, 2006.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Telecommunication Equipment Trader.
Employees: 5.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
HUAQIN
TELECOM HONG KONG
LTD.
Registered
Office:-
Room 510, 5/F.,
Lincoln Centre, 20 Yip Fung Street, Fanling, New Territories, Hong Kong.
Holding
Company:-
Haiqin Telecom
Hongkong Ltd., Hong Kong.
Associated
Company:-
Shanghai Huaqin
Telecom Technology Co. Ltd., China.
36830110
1050831
Managing Director: Mr. Qiu Wensheng
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 08-06-2012)
|
Name |
|
No.
of shares |
|
Haiqin
Telecom Hongkong Ltd., Hong Kong. |
|
10,000 ===== |
(As per registry dated 08-06-2012)
|
Name (Nationality) |
Address |
|
QIU Wen Sheng |
1 Building, 399 Keyuan Road, Pudong New
Area, Shang Hai, China. |
|
CHEN Xiao Rong |
1 Building, 399 Keyuan Road, Pudong New
Area, Shang Hai, China. |
|
CUI Guo Peng |
Room 606, Building 1, 188 Du Juan Road,
Pudong, Shanghai, China. |
|
WU Zhen Hai |
1 Building, 399 Keyuan Road, Pudong New
Area, Shang Hai, China. |
(As per registry dated 08-06-2012)
|
Name |
Address |
|
CHEN
Huo Cheng |
Flat 12, 31/F., Tsui Lai House, Yau Lai Estate, Yau Tong, Kowloon,
Hong Kong. |
The
subject was incorporated on 8th June, 2006 as a private limited liability company
under the Hong Kong Companies Ordinance.
Formerly
the subject was located at Room 2608, 26/F., 113 Argyle Street, Mongkok,
Kowloon, Hong Kong, moved to Unit 7, 13/F., Telford House, 16 Wang Hoi Road,
Kowloon Bay, Kowloon, Hong Kong with effect from 31st August, 2010. It further moved to the present address in
late 2012.
Apart
from these, neither material change nor amendment has been ever traced and
noted.
Activities: Importer and Exporter.
Lines: All kinds of telecommunication equipment, etc.
Employees: 5.
Commodities Imported: Europe, China, other Asian countries, etc.
Markets: China, Southeast Asia, Europe, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit in past years.
Condition: Keeping in a normal state.
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.
Having
issued 10,000 ordinary shares of HK$1.00 each, Huaqin Telecom Hong Kong Ltd. is
a wholly owned subsidiary of Haiqin Telecom Hongkong Ltd. [HTHL] which is
located at Room 2608, 26/F., 113 Argyle Street, Mongkok, Kowloon, Hong
Kong. HTHL is a Hong Kong-registered
firm.
The
directors of the subject are Mr. Qiu Wen Sheng, Ms. Chen Xiao Rong, Mr. Cui Guo
Peng and Mr. Wu Zhen Hai. Currently, all
are residing in Shanghai, China.
The
subject’s old operating address was located at Unit 7, 13/F., Telford House,
16 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong where was in a private
building. It moved to the present
address in late 2012.
The
subject has got a main associated company in Shanghai known as “Shanghai Huaqin
Telecom Technology Co. Ltd.” [Shanghai Huaqin], a Shanghai-based firm in
China. Qiu Wensheng is also the
President of Shanghai Huaqin.
The
subject is trading in all kinds of mobile phones, accessories, etc. It has registered with the Communication
Authority [CA], the Government of Hong Kong SAR, bearing the licence No.
of RU00132364-RU(13236).
Shanghai
Huaqin, a high-technology company, has devoted itself to research and develop
telecom ultimate products. Founded in June
2005, it is a rather significant telecommunication firm in China. Its R&D centre is in Shanghai while its
offices are in Shenzhen Special Economic Zone and Hong Kong. The Hong Kong Office is the subject.
Shanghai
Huaqin is specialized in researching and developing mobile terminals of
GSM/GPRS/EVDO/TD-SCDMA/WCDMA. Meanwhile,
it is engaged in studying strategies of 4G market to make sure of grasping the
business opportunity in the following years.
Shanghai
Huaqin has become a professional designing company from the initial less than
10 to more than 2,200 employees, which is capable of developing over 100 kinds
of mobile phones every year.
It
has acquired support in capital for research and development from the state and
province for many times. Shanghai Huaqin
has got the certification of ISO9001 international quality management system in
“hi-tech achievement transformation projects, such as D838, K110”, etc.,
“application for over 100 invention patents”, “over 45 software product
accreditation projects” and “over 45 software product copyright accreditation
projects”.
Shanghai
Huaqin has had an annual growth rate of over 50% since establishment in August
2005, with customers in possession of a variety of first-class phone
brand. Since 2009, the company has
exploited a wide range of overseas markets and will keep on providing better
products for worldwide consumers.
Shanghai
Huaqin has signed a license agreement with Qualcomm Inc. to venture into the 3G
CDMA 2000 telecom equipment market. It
has got the following management system certification: ISO9001/ISO14001/OHSAS18001/QC080000.
Shanghai
Huaqin in 2012 got a number of awards such as the title of One of Top 10 Mobile
Phone Designing Companies, etc.
Though
the CDMA 2000 telecom equipment is withering, cell phone
makers are still having great interests in it.
Such move of Shanghai Huaqin is aiming at the opportunities brought by the
upgrading of 3G networks of China Telecom after it takes over the CDMA networks
from China Unicom. President of Shanghai
Huaqin Qiu Wensheng said that the partnership with Qualcomm Inc. would help
Shanghai Huaqin provide its customers with better products and services.
Its
products have been exported to Japan, the other Asian countries, Africa, Latin
America, Europe, etc.
Qualcomm
Inc. is a leader in developing and delivering innovative digital wireless
communications products and services based on CDMA and other advanced
technologies.
Headquartered
in San Diego, California, the United States, Qualcomm Inc. is included in the
S&P 100 Index, the S&P 500 Index and is a 2008 FORTUNE 500® company
traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
The
business of Shanghai Huaqin in China keeps on expanding.
The
subject is fully supported by Shanghai Huaqin.
History in Hong Kong is over six years and nine months.
On
the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
|
21-04-2008 |
Instrument: Security
Over Deposits with the Bank Limited Company – Under Seal Property: Initially
US$2,000,000.00 and all monies hereafter standing to the credit of the company’s
deposit account No. 808-200083 Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
|
11-01-2012 |
Instrument: Security
Agreement over Bank Account Property: By way of a first
fixed charge all of the Chargor’s rights in respect of any amount standing to
the credit of the Account Mortgagee: Standard
Chartered Bank (China) Ltd., China. |
To secure the payment and satisfaction of all present and future
obligations and liabilities |
|
27-04-2012 |
Instrument: Security
Deed Property: The securities
are all the Obligor’s title, rights and interests, all moneys standing to the
credit of the account. Unit 7, 13/F. Telford House, 16 Wang Hoi Road, Kowloon
Bay, Kowloon, Hong Kong. Mortgagee: Wing
Lung Bank Ltd., Hong Kong. |
To secure banking facilities from time to time granted by Wing Lung
Bank Ltd. to the Company |
|
14-06-2012 |
Instrument: Security
Deed Property: (a) All Proceeds, together with the
right to receive, to sue for recovery and give effectual discharge for the
Proceeds (b) All moneys from time to time
standing to the credit of the Charged Account Mortgagee: Bank
of China Ltd., Hong Kong Branch. |
At any time all principal, interest, fees (including legal fees),
charges, costs, expenses, damages and other moneys |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.37 |
|
|
1 |
Rs.82.07 |
|
Euro |
1 |
Rs.70.03 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
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.