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Report Date : |
08.04.2014 |
IDENTIFICATION DETAILS
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Name : |
JENNEX TECHNOLOGY LTD. |
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Registered Office : |
Room 902, 9/F., Grandtech Centre, 8 On Ping Street, Shatin, New
Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.03.2000 |
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Com. Reg. No.: |
30812275 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds of electronic devices,
instruments and metres, electronic equipment, computer peripherals |
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No. of Employees : |
20. |
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 – September 30, 2013
|
Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
|
Hong Kong |
A1 |
A1 |
|
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
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 |
JENNEX TECHNOLOGY
LTD.
Room 902, 9/F., Grandtech Centre, 8 On Ping Street, Shatin, New
Territories, Hong Kong.
PHONE: 852-2944 0800
FAX: 852-2944 0997, 2687 5628
E-MAIL: yu@jennex.net
fsxg@fusen.net.cn
huangms@jennex.net
Managing Director: Mr. Meng Guoqing
Incorporated on: 1st
March, 2000.
Organization: Private
Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
20.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
JENNEX TECHNOLOGY
LTD.
Registered Head
Office & Warehouse:-
Room 902, 9/F., Grandtech Centre, 8 On Ping Street, Shatin,
New Territories, Hong Kong.
Associated
Companies:-
Shenzhen Fusen Supply Chain Management Co. Ltd.
2F., East Unit, Building 201, Tairan Area, Futian
District, Shenzhen SEZ, China.
[Tel: 86-0755-8297 5842; Fax: 86-0755-8358
5299, 8342 3435]
Shenzhen Fusen Supply Chain Management Co. Ltd., Guangzhou Branch,
China.
Shenzhen Fusen Supply Chain Management Co. Ltd., Shanghai Branch, China.
30812275
0706053
Managing Director: Mr. Meng
Guoqing
Contact Person: Ms. Chris Wong
Nominal Share Capital: HK$5,000,000.00
(Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As per registry dated 01-03-2013)
|
Name |
|
No. of shares |
|
MENG Guoqing |
|
4,000,000 |
|
ZHAO Mi |
|
1,000,000 |
|
|
|
–––––––– |
|
|
Total: |
5,000,000 ======= |
(As per registry dated 01-03-2013)
|
Name (Nationality) |
Address |
|
MENG Guoqing |
18-701, Lian Hua Bei Village, Shenzhen, China. |
|
ZHAO Mi |
18-701, Lian Hua Bei Village, Shenzhen, China. |
(As per registry dated 01-03-2013)
|
Name |
Address |
Co. No. |
|
Fansway Secretaries Ltd. |
Room 1009-1012, 10/F., K. Wah Centre, 191 Java Road, North Point,
Hong Kong. |
0048960 |
The subject was incorporated on 1st March, 2000 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit C, 2/F., Unison Industrial
Centre, 32 Au Pui Wan Street, Shatin, New Territories, Hong Kong, moved to
the present address in October 2010.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of electronic devices, instruments and metres, electronic equipment,
computer peripherals.
Employees: 20.
Commodities Imported: Europe,
US, Taiwan, South Korea, other Asian countries, etc.
Markets: China and
the other foreign markets.
Terms/Sales:
L/C
or as per contracted.
Terms/Buying: As
per contracted.
MEMBERSHIP: Federation
of Hong Kong Industries, Hong Kong.
[Membership No. D0083]
Nominal Share Capital: HK$5,000,000.00
(Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss: Making
a small profit every year.
Condition: Keeping in an active manner.
Facilities:
Making
active use of general banking facilities.
Payment:
Met
trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank
Ltd., Hong Kong.
Chong Hing Bank
Ltd., Hong Kong.
Nanyang Commercial
Bank Ltd., Hong Kong.
Fubon Bank (Hong
Kong) Ltd., Hong Kong.
Standing: Good.
Having issued 5 million ordinary shares of HK$1.00 each, Jennex
Technology Ltd. is jointly owned by Mr. Meng Guoqing, holding 80% interests;
and Ms. Zhao Mi, holding 20%. Meng and
Zhao are also the directors of the subject.
Most of the time, they are residing in Shenzhen Special Economic Zone,
China, although they are Hong Kong ID holders.
The subject in fact is an associated company of Shenzhen Fusen Supply
Chain Management Co. Ltd. [Fusen] which is a Shenzhen-based firm.
The subject is trading in all kinds of metal part for electronic
products such as the followings:-
Zinc Strip, IML Decorated Front Panel, Magnetic Chuck, Alloy Body, etc.
Established in 2002 and with a registered capital of RMB72 million Yuan,
Fusen is trading in the following commodities chiefly:-
Electronic devices, instruments and metres, electronic equipment and
components, computers and computer peripherals, software, etc.
Commodities are sourced from Europe, the United States, Taiwan, South
Korea, other Asian countries, etc.
Markets are China and other foreign countries. Business is rather active.
Fusen also offer clients with transportation, customs declaration,
storage and warehousing, and consultancy services. Fusen has claimed to be a “one-stop” service
provider. Currently, Fusen has set up
offices in Guangzhou and Shanghai, China.
In 2009, Fusen was approved by China Customs as an AA Grade
Enterprise. It also has got ISO9001:2008
certification.
Currently, Fusen is using the software known as ERP Management System
which is developed by SAP company.
Meng Guoqing is also the managing director of Fusen.
The new warehouse of Fusen is located at Warehouse B2-6, West Logistics
Centre, 88 Linhai Road, Qianwan Logistics Park, Nanshan District, Shenzhen
Special Economic Zone, China.
The annual sales turnover of Fusen is significant. Business is profitable.
Fusen got the ISO 9001:2008 certification on 21st July, 2010.
In Hong Kong, the subject is able to offer clients with logistic
services. Its registered address is also
a warehouse. The main functions of the
subject are raw materials sourcing, products marketing and payments settling
for its clients.
The subject is fully supported by Fusen.
History in Hong Kong is over thirteen years.
On the whole, in view of the background of the subject, consider it good
for normal business engagements.
(Since 2011)
|
Date |
Particulars |
Amount |
|
04-03-2011 |
Instrument: Charge on Deposit Property: All sums from time to time standing to the credit of all deposit
accounts of whatever nature and type, now or at any time maintained by the
Company with Chong Hing Bank Ltd. Mortgagee: Chong Hing Bank Ltd., Hong Kong. |
To secure general banking facilities |
|
23-03-2011 |
Instrument: Charge on Deposit Property: All the fixed deposit and/or all call deposit Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong. |
To secure the payment of all moneys, obligations and liabilities |
|
23-03-2011 |
Instrument: Charge on Deposit Property: Deposit Balance under the account No. 043-509-9-203604-6 Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong. |
To secure the payment of all moneys, obligations and liabilities |
|
23-03-2011 |
Instrument: Charge on Deposit Property: Deposit Balance under the account No. 043-509-1-014908-5 Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong. |
To secure the payment of all moneys, obligations and liabilities |
|
31-05-2011 |
Instrument: Charge over Assets by Borrower Property: All the Company’s present and future rights, title and interest in and
to the Deposits and Securities Mortgagee: Fubon Bank (Hong Kong) Ltd.,
Hong Kong. |
All monies, obligations and liabilities |
|
18-07-2011 |
Instrument: Charge over Deposits/Securities
(2-Parties) Property: The Chargor charges by way of first fixed charge to the Bank all the
right, title and interest of the Chargor in and to the Charged Assets Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency |
|
05-02-2013 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all secured liabilities:- (a) Assigns and agrees to
assign absolutely to the Bank all the present and future right, title,
interests and benefits of the Borrower in and to the following assets:- 1) The export credits; 2) The export collection bills; 3) The sales contracts; 4) The invoice receivables; 5) The insurances; 6) The trade documents; and 7) All claims, remedies and proceeds in connection with any of the
foregoing (b) Charges and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights, title, interests and benefits of the borrower in and to the following
assets:- 1) The goods together with their proceeds; and 2) The charged account and all monies at any time standing to the
credit of the charged account including all interest from time to time
accrued or accruing on such monies; and 3) Pledges and agrees pledges and agrees to pledge to the bank pledged
goods and the trade documents which are now or may in the future be in the
possession of the bank Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations & liabilities |
|
23-07-2013 |
Instrument: Charge on Cash Deposit Property: All sums from time to time standing to the credit of the account of
the Depositor, Deposit Account Number: (90-008-0063207-5) with Bank SinoPac Mortgagee: Bank SinoPac, Hong Kong Branch. |
All sums of money and liabilities |
|
19-08-2013 |
Instrument: Master Agreement Property: 1) Assets subject to
Pledge 2) Goods subject to
Hypothecation 3) Deposit 4) All the company’s
right, title, interest & benefit in and to documentary credits 5) All goods purchased by
the company from time to time using credit facilities 6) The Redelivered goods
and any proceeds thereof on trust for
the chargee. Mortgagee: Taishin International Bank Co. Ltd.,
Hong Kong Branch. |
All monies & liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.95 |
|
|
1 |
Rs.99.36 |
|
Euro |
1 |
Rs.82.15 |
INFORMATION DETAILS
|
Report Prepared
by : |
NNA |
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.