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Report Date : |
05.04.2014 |
IDENTIFICATION DETAILS
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Name : |
SYNTECH (HK) TECHNOLOGY LTD. |
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Registered Office : |
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street, San Po
Kong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.12.2010 |
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Reg. No.: |
53481899 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of mobile phones,
accessories. |
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No. of Employees : |
8 |
RATING & COMMENTS
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MIRA’s Rating : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Business Keeps on Improving |
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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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
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
has no tariffs on imported goods, and it levies excise duties on only four
commodities, whether imported or produced locally: 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, its continued reliance on foreign trade and
investment leaves it vulnerable to renewed global financial market volatility
or a slowdown in the global economy. 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 12% of total system deposits in Hong
Kong by the end of 2013. 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 total trade 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. Credit expansion and tight housing supply conditions have caused Hong
Kong property prices to rise rapidly; consumer prices increased by more than 4%
in 2013. 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. In
2013, Hong Kong and China signed new agreements under the Closer Economic
Partnership Agreement, adopted in 2003 to forge closer ties between Hong Kong
and the mainland. The new measures, effective from January 2014, cover services
and trade facilitation, and will improve access to the mainland's service
sector for Hong Kong-based companies.
|
Source
: CIA |
SYNTECH (HK)
TECHNOLOGY LTD.
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street, San Po
Kong, Kowloon, Hong Kong.
PHONE: 852-2793 4308, 2763 9217
FAX: 852-2793 4678
Managing Director: Mr. Liu Lirong
Incorporated on: 15th
December, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Mobile Phone Trader.
Employees:
8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SYNTECH (HK)
TECHNOLOGY LTD.
Registered Head
Office:-
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street,
San Po Kong, Kowloon, Hong Kong.
Associated
Companies:-
Dongguan Jinming Electronics Co. Ltd., China.
Dongguan Jinzhong Electronics Co. Ltd., China.
Gionee (Beijing) Communication Equipment Co. Ltd., China.
* Gionee (HK)
Communication Equipment Ltd., Hong Kong.
* Gionee (HK)
Communication Technology Ltd., Hong Kong.
Hunan Jinweikang Biology Technique Co. Ltd., China.
Shenhen Gionee TFT-LCD TV Co. Ltd., China.
Shenzhen Gionee Communication Equipment Co. Ltd., China.
Syntech Technology Pvt. Ltd., India.
(* Same address)
53481899
1540759
Managing Director: Mr. Liu Lirong
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 15-12-2013)
|
Name |
|
No. of shares |
|
LIU Lirong |
|
1,000,000 ======= |
(As per registry dated 15-12-2013)
|
Name (Nationality) |
Address |
|
LIU Lirong |
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street, San Po
Kong, Kowloon, Hong Kong. |
(As per registry dated 15-12-2013)
|
Name |
Address |
|
NG Ching Yee |
Room 202P, 2/F., Lai Cheong Factory Building, 479‑479A Castle
Peak Road, Kowloon, Hong Kong. |
The subject was incorporated on 15th December, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 106, 1/F., Max Trade Centre,
23 Luk Hop Street, San Po Kong, Kowloon, Hong Kong, moved to the present
address with effect from 3rd October, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of mobile
phones, accessories.
Employees: 8.
Commodities Imported: China, European countries, etc.
Markets: Hong Kong, China, other Asian
countries, Europe, Middle East, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Made a small
profit in 2012 & 2013.
Condition: Business keeps on improving.
Facilities: Making rather active use of general
banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 1 million ordinary shares of HK$1.00 each, Syntech (HK)
Technology Ltd. is wholly owned by Mr. Liu Lirong who is a China merchant. He is a China ID holder and does not have the
right to reside in Hong Kong permanently.
Liu is also the only director of the subject.
The subject is a member of the Gionee Group. The President of the Gionee Group is also Liu
Lirong.
The subject has registered with the Communications Authority (CA), the
Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer
(Unrestricted) Licensee. The subject
bears the licence No. of RU00144143-RU.
The subject has had two main associated companies Gionee (HK)
Communication Equipment Ltd. and Gionee (HK) Communication Technology Ltd.
located at its operating address. Both
firms are referred to Gionee which are mobile phone traders. Gionee is trading in mobile phones imported
from Italy. It also trades in its own
products bearing the trade mark “Gionee”.
Gionee (HK) Communication Technology Ltd. has registered with the
Communications Authority (CA), the Government of Hong Kong SAR, the People’s
Republic of China as a Radio Dealer (Unrestricted) Licensee. The licence No. of this company is
RU00106220-RU.
The factory of Gionee in Shenzhen SEZ is known as Shenzhen Gionee
Communication Equipment Co. Ltd. [Shenzhen Gionee].
The subject is also a mobile phone trader. Shenzhen Gionee is engaged in mobile phone
trading and manufacturing.
Founded on 6th September, 2002 and with a registered capital of RMB200
million Yuan, Shenzhen Gionee is specialized in R&D, manufacturing and
domestic and overseas sales of mobile phones.
In May 2005, Shenzhen Gionee obtained licenses for the production of GSM
and CDMA mobile phones in China. Its
production capacity is about 7 million mobile phones per year.
The headquarters of Shenzhen Gionee now has more than 1,500 employees
with an average age of less than 30.
R&D Centres are set up in Shenzhen SEZ, Shanghai, Hangzhou and other
places. In 2006, the first phase of the
project had a total investment of more than RMB1 billion Yuan and covers an
area of 500 acres of the Gionee Industrial Park. Annual production capacity reaches 40 million
units. Once the entire industrial park
is completed and put into production, production capacity will reach 80 million
units per year, making Gionee as China’s largest mobile phone production site.
Gionee has 41 provincial general sales agents and 40 provincial service
centres with over 500 franchised outlets.
In 2007, it received the “Guangdong Province Famous Trademark” honorary
title. In 2011, Gionee has an overall
market share of 7.2%, and GSM market share of 11.2%. These have puts Gionee in third place of the
overall cellular market and first place in terms of its domestic market.
Since 2011, Gionee moved rapidly to expand its presence into India,
Nigeria, Vietnam, Taiwan, Myanmar, Thailand, the Philippines, and so on. Gionee products are currently selling in
India, Bangladesh, Pakistan, Indonesia, Vietnam, Thailand, the Philippines,
Malaysia, Russia, the Middle East and Africa, with exports reaching 1 million
phones per month for overseas markets.
In recent years, Gionee has been engaged in diversified economy such as
LCD and TFT business, as well as engaged in biotechnology. These businesses are undertaken by separate
entities.
The subject is fully supported by the Gionee Group. However, the Group has been facing acute
competitions.
The history of the subject in Hong Kong is just over three years.
On the whole, since the history of the subject is short in Hong Kong,
consider it good for normal business engagements on L/C basis or in very small
credit amounts for the time being.
|
Date |
Particulars |
Amount |
|
05-10-2012 |
Instrument: Assignment of Receivables - General Property: The Customer assigns and agrees to assign, to the Chargee the
Receivables. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) all monies and liabilities; (ii) interest on such monies; (iii)
all expenses |
|
31-07-2013 |
Instrument: Security Over Deposits with the bank
(Limited Company - Under Seal) Property: A deposit with chargee in the amount of US$30,000,000 or its
equivalent in other foreign currencies under Deposit A/C No. 848-035440
whatever currency it may subsequently be denominated in, any renewal of such
deposit and the interest thereon together with any further monies in any
deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
All monies in any currency owing by the company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.32 |
|
|
1 |
Rs.100.04 |
|
Euro |
1 |
Rs.82.65 |
INFORMATION DETAILS
|
Report Prepared
by : |
SDA |
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 |
|
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 |
|
<10 |
C |
Absolute credit risk exists. Caution needed to be exercised |
Credit not
recommended |
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-- |
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.