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Report Date : |
22.03.2013 |
IDENTIFICATION DETAILS
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Name : |
COOLSURE
LTD. |
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Formerly Known as: |
Octagon Electronics
Ltd |
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Registered Office : |
Room 701, 7/F., Liven House, 61-63 King Yip Street, Kwun Tong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
22.01.2007 |
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Com. Reg. No.: |
37579763 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Shelter Cooling Solution Trader of all kinds of telecom cooling systems, related products, etc. |
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No. of Employees : |
04 |
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 : |
Regular |
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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) |
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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.
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Source : CIA |
COOLSURE LTD.
Room 701, 7/F., Liven House, 61-63 King Yip Street, Kwun Tong, Kowloon, Hong Kong.
PHONE: 2542 0386
FAX: 2542 0387
E-MAIL: warwick.dawes@coolsure.com
Managing Director: Mr. Warwick Graham Andrew Dawes
Incorporated on: 22nd January, 2007.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Shelter Cooling Solution Trader.
Employees: 4.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 701, 7/F., Liven House, 61-63 King Yip Street, Kwun Tong, Kowloon, Hong Kong.
Associated
Company:-
CKB Solutions Ltd., Hong Kong.
37579763
1103994
Managing Director: Mr. Warwick Graham Andrew Dawes
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 22-01-2013)
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Name |
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No.
of shares |
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Warwick Graham Andrew DAWES |
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10,000 ===== |
(As per registry
dated 22-01-2013)
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Name (Nationality) |
Address |
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Warwick Graham Andrew DAWES |
Room D, 17/F., London Court,
Realty Gardens, 41 Conduit Road, Mid-Levels, Hong Kong. |
(As per registry
dated 22-01-2013)
|
Name |
Address |
Co.
No. |
|
Score Charter Ltd. |
Unit 2509, 25/F., 113 Argyle Street, Mongkok, Kowloon,
Hong Kong. |
0505974 |
The subject was incorporated on 22nd January, 2007 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Octagon Electronics Ltd., name changed to the present style on 28th March, 2007.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Shelter Cooling Solution Trader.
Lines: All kinds of telecom cooling systems, related products, etc.
Employees: 4.
Commodities Imported: Europe, etc.
Markets: China, other Asian countries, Europe, etc.
Terms/Sales: As per contracted.
Terms/Buying: Various terms.
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 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.
Having issued 10,000 ordinary shares of HK$1.00 each, Coolsure Ltd. is wholly owned by Mr. Warwick Graham Andrew Dawes [Warwick]. He is a Hong Kong ID Card holder and has got the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject is providing clients with energy saving uninterruptible telecom cooling solutions. Cooling systems generate no revenue but account for 30‑50% of the energy consumed in a telecom network. The subject’s energy saving BTS shelter cooling solutions allow direct replacement of existing cooling solutions, reducing this power demand to less than half. Their energy efficiency and DC capability also facilitate alternative or renewable BTS powering strategies.
The patented Coolsure UTS is an energy saving uninterruptible cooling system, ideally suited for telecom shelter sites such as BTS, BSC and Hub sites.
The followings are
the characteristics of the cooling system:-
· High availability, modular redundant cooling;
· Reduced carbon footprint without compromising network reliability;
· Substantial energy savings for new and existing sites; &
· Uninterrupted active cooling during AC power failures.
Warwick started the subject in 2007 to address the shortcomings with traditional cooling solutions he experienced during his many past years in the telecom infrastructure industry. Focusing on energy saving, facilitating alternative/renewable power strategies and intelligent controls, the subject’s cooling products provide substantially lower total cost of ownership for telecom operators.
Warwick has over 17 years experience in the network power industry. Prior to founding the subject, he was the Director, Telecom Product Management and Engineering, Asia Pacific for Emerson Network Power. In this role he was responsible for Emerson Telecom Infrastructure products (DC power systems, monitoring, enclosures, batteries, cooling) for Asia Pacific. He also had headed Emerson’s DC regional engineering centre which was responsible for developing customised products for the Asia Pacific region. He was the Asian representative of the Emerson global DC product management team.
Prior to his role with Emerson Network Power, Asia Pacific, Warwick was responsible for Energy Solutions for Emerson Energy Systems, South Africa (formerly Ericsson Energy Systems) for sub-Saharan Africa. He has got a degree in Electrical Engineering from University of Witwatersrand, South Africa and is a member of IEEE and ASHRAE. He is the author of two patents for telecom cooling systems and two Intelec papers on DC power systems.
The subject’s products are marketed in Hong Kong, exported to China, other Asian countries, Europe, etc.
The subject has had an affiliated company in Hong Kong known as CKB Solutions Ltd. which is a Hong Kong-registered firm. This firm is headed by Mr. Greg Kovacic. However, Greg Kovacic also has joined in the subject. He is a Chartered Financial Analyst. He holds an MBA degree from New York University’s Leonard N. Stern School of Business and a BA from Syracuse University with an emphasis in international political economy. He is working proficient in Mandarin Chinese and conversant in Japanese.
The subject’s business is chiefly administered by Warwick and Greg Kovacic. History in Hong Kong is over six years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.54.28 |
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UK Pound |
1 |
Rs.82.06 |
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Euro |
1 |
Rs.70.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
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.