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Report Date : |
04.10.2013 |
IDENTIFICATION DETAILS
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Name : |
KEEN HIGH HOLDING (HK) LTD. |
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Registered Office : |
Unit 13, 7/F., Technology Park, 18 On Lai Street, Shatin, New
Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.07.2009 |
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Com. Reg. No.: |
50933356 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Electronic products such as tablet PC, smart TV Box, 3D converter box, digital photo frame. |
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No. of Employees : |
8.
(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 |
|
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 |
KEEN HIGH HOLDING
(HK) LTD.
Unit 13, 7/F., Technology Park, 18 On Lai Street, Shatin, New
Territories, Hong Kong.
PHONE: 852-2637 6633
FAX: 852-2637 6673
Managing Director: Mr. Wang Jen Mao
Incorporated on: 29th
July, 2009.
Organization: Private Limited Company.
Capital: Nominal: HK$213,832,383.00
Issued: HK$213,832,383.00
Business Category: Importer, Exporter and Wholesaler.
Group Turnover: TWD
6,221.7 million (Year ended 31-12-2012)
Employees: 8. (Including associates)
Main Dealing Banker: Taishin International Bank Co. Ltd., Hong Kong.
Banking Relation: Satisfactory.
KEEN HIGH HOLDING
(HK) LTD.
Registered Head
Office:-
Unit 13, 7/F., Technology Park, 18 On Lai Street, Shatin, New
Territories, Hong Kong.
Holding Company:-
Keen High Technologies Ltd., British Virgin Islands.
Ultimate Holding
Company:-
Keen High Technologies Ltd., Cayman Islands. [Listed in Taiwan]
Subsidiary
Company:-
T&P Electronics (Shenzhen) Co. Ltd., China.
Associated
Companies:-
Keen High Technologies (HK) Ltd., Hong Kong. [Dissolved]
KJF Technologies Ltd., Samoa.
T&P Electronics Co. Ltd., British Virgin Islands.
50933356
1355496
Managing Director: Mr. Wang Jen Mao
Sales Executive: Ms. Eva Qin
Nominal Share Capital: HK$213,832,383.00
(Divided into 213,832,383 shares of HK$1.00 each)
Issued Share Capital: HK$213,832,383.00
(As per registry dated 29-07-2013)
|
Name |
|
No. of shares |
|
Keen High Technologies Ltd. Portcullis Trustnet Chambers, P.O. Box 3444, Road Town, Tortola,
British Virgin Islands. |
|
213,832,383 ========= |
(As per registry dated 29-07-2013)
|
Name (Nationality) |
Address |
|
WANG Jen Mao |
25F, In-Long Development Center, No. 6025 Shennan Avenue, Shenzhen,
China. |
(As per registry dated
29-07-2013)
|
Name |
Address |
Co. No. |
|
World Link Business Services Ltd. |
5/F., Far East Consortium Building, 121 Des Voeux Road Central, Hong
Kong. |
0746596 |
The subject was incorporated on 29th July, 2009 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.
Activities: Importer, Exporter and Wholesaler.
Lines: Electronic
products such as tablet PC, smart TV Box, 3D converter box, digital photo frame.
Brand Name:
Keenhi.
Employees: 8.
(Including associates)
Commodities Imported: China, Taiwan, etc.
Markets: Australia, Japan, Western and
Eastern Europe, North America, etc.
Group Turnover: TWD 798.3 million (Year ended 31-12-2009)
TWD 5,267.6
million (Year ended 31-12-2010)
TWD 3,609.7
million (Year ended 31-12-2011)
TWD 6,221.7
million (Year ended 31-12-2012)
Terms/Sales: L/C, Advanced
T/T, etc.
Terms/Buying: L/C,
T/T, etc.
Nominal Share Capital: HK$213,832,383.00
(Divided into 213,832,383 shares of HK$1.00 each)
Issued Share Capital: HK$213,832,383.00
Mortgage or Charge (since October
2010): (See
attachment)
Group Net Profit/(Loss) After Tax:-
TWD 23.2
million (Year ended 31-12-2009)
(TWD 29.9 million)
(Year ended 31-12-2010)
TWD 27.3
million (Year ended 31-12-2011)
TWD 31.5
million (Year ended 31-12-2012)
Profit or Loss: Making
a small profit in the past two 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:
Taishin
International Bank Co. Ltd., Hong Kong.
Standing:
Normal.
Having issued 213,832,383 ordinary shares of HK$1.00 each, Keen High
Holding (HK) Ltd. is a wholly owned subsidiary of by Keen High Technologies
Ltd. which is a BVI-registered firm.
The ultimate holding company is also known as Keen High Technologies
Ltd. [Keen High/Group] which is a Cayman Islands-registered firm. Keen High is a listed firm in Taiwan. Its shares have been traded in Taiwan Stock
Exchange bearing stock code 3651.
The subject has had a subsidiary company in Shenzhen Special Economic
Zone known as T&P Electronics (Shenzhen) Co. Ltd. [T&P].
Keen High Group as one of the leading consumer electronics manufacturers,
is committed to providing customers with professional OEM ODM EMS
services. Group consists of T&P,
Jinzhi Feng Electronics, Jinzhi Feng Trading and the other subsidiaries. T&P is specialized in the design, development,
production, sales MID, PMP, DTV, E-BOOK, MP3, MP4, digital photo frame,
high-definition players and other consumer electronic products. Most of the products bear the trade mark Keenhi.
As the world’s third-largest MP3/MP4 factory, T&P was established in
August 2000. It has a total of
approximately 1,250 employees worldwide.
Its products are exported to Australia, Japan, Western and Eastern
Europe, North America, etc. Business is
active.
For the year ended 31st December, 2012, the turnover of the Group
amounted to TWD 6,221.7 million (2011: TWD 3,609.7 million), net profit for the
year was TWD 31.5 million (2011: TWD 27.3 million).
The founder of the Group is Mr. Wong Ien-Mao who is also the director of
the subject.
In order to penetrate the international market further, the subject has
taken part in fairs and exhibitions held in Hong Kong and other foreign large
cities.
For instance, it is going to take part in “Hong Kong Electronic Fair
2013 (Autumn Edition)” which will be held in Hong Kong Convention and
Exhibition Centre, Wanchai, Hong Kong during the period of 13th to 16th
October, 2013. Its booth No. is 1C-F17.
The subject is fully supported by the Group.
As the history of the subject is over four years in Hong Kong, on the
whole, consider it good for normal business engagements.
(Since October 2010)
|
Date |
Particulars |
Amount |
|
30-09-2010 |
Instrument: Assignment of Receivables Property: Supply of goods and services to (Intenso) GmbH now and in the future
to obtain the receipt and payment of all Mortgagee: Taiwan Cooperative Bank Ltd., Taiwan. |
US$35,000,000.00 |
|
05-12-2010 |
Instrument: Assignment of Receivables Property: Supply of goods and services to Sagemcom Documents SAS now and in the
future to obtain the receipt and payment of all Mortgagee: Taiwan Cooperative Bank Ltd., Taiwan. |
US$35,000,000.00 |
|
05-12-2010 |
Instrument: Assignment of Receivables Property: Supply of goods and services to Tesco International Sourcing Ltd. now
and in the future to obtain the receipt and payment of all Mortgagee: Taiwan Cooperative Bank Ltd., Taiwan. |
US$35,000,000.00 |
|
07-03-2012 |
Instrument: Master Agreement Property: 1) Assets subject to
Pledge 2) Goods subject to
Hypothecation 3) Deposit 4) The Charged Financial
Instruments 5) All allotments,
offers, rights, benefits, money, share, stock or property 6) All repayments of
capital received or receivable in relation to the Charged Financial
Instruments 7) All dividends,
interest or other money from time to time received or receivable in respect
of the Charged Financial Instruments 8) All principal loan and
interest or other money from time to time received or receivable in respect
of such Financial Instruments 9) Charged Financial
Securities 10) All the Company’s
right, title, interest and benefit in and to (a) the documentary credits
[Export L/Cs]; (b) bills of lading, bills of exchange, drafts, shipping
documents and/or other documents relating to Export L/Cs; and (c) any and all
moneys due to become due to the Company under or pursuant to such Export
L/Cs, bills, drafts and/or documents 11) All goods purchased by
the Company 12) The Redelivered Goods
and any proceeds thereof on trust for the Chargee Mortgagee: Taishin International Bank Co. Ltd.,
Hong Kong Branch. |
All monies and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.93 |
|
|
1 |
Rs.100.44 |
|
Euro |
1 |
Rs.84.23 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
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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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
|
---- |
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.