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Report Date : |
18.04.2014 |
IDENTIFICATION DETAILS
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Name : |
WEALTHY LINK (ASIA) LTD |
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Registered Office : |
1116-1122, 11/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories, |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.05.1997 |
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Com. Reg. No.: |
21002237 |
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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 PRODUCTS, TELECOMMUNICATION EQUIPMENT, SURVEILLANCE
PRODUCTS |
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No. of Employees : |
15 |
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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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Hong Kong |
A1 |
A1 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low Risk |
A2 |
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Moderately Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderately High Risk |
C1 |
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High Risk |
C2 |
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Very High Risk |
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
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Source
: CIA |
WEALTHY LINK (ASIA)
LTD.
ADDRESS: 1116-1122, 11/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories, Hong Kong.
PHONE: 852-2624 8183
FAX: 852-2624 9261
E-MAIL: wealthylink2012@ymail.com
Managing Director: Mr. Huang Yucun
Incorporated on: 30th May, 1997.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: 15.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Unit 1116-1122, 11/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories, Hong Kong.
Holding Company:-
Laser Belt Ltd., British Virgin Islands.
Associated
Companies:-
Shenzhen SJET Technology Co. Ltd.
3D, Block A, Xuesong Building, Tairen Sixth Road, Chegongmiao, Futian District, Shenzhen Special Economic Zone, China.
[Tel: 86-755-8376 1999, Fax: 86-755-8376 0000]
SJET Technology Co. Ltd., Hong Kong Branch, Hong Kong.
SJET Technology Co. Ltd., Shanghai Branch, China.
21002237
0610571
Managing Director: Mr. Huang Yucun
Contact Person: Ms. Van Chow
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDERS: (As per registry dated 30-05-2013)
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Name |
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No. of shares |
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Laser Belt Ltd. Sea Meadow House, Blackburne Highway, Road Town, Tortola, British Virgin Islands. |
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9,999 |
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YU Yong |
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1 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS: (As per registry dated 31-05-2013)
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Name (Nationality) |
Address |
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YU Yong |
Room 2509, Run Heng Building, Futian Qu, Shenzhen, China. |
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HUANG Yucun |
Room 13A, Block 8, Fu Lu Ju, Dong Hai Garden, No. 2, Xiang Lin Road, Futian Qu, Shenzhen, China. |
SECRETARY: (As per registry dated 30-05-2013)
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Name |
Address |
Co. No. |
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Right Point Accountancy & Secretaries Ltd. |
Room 1506-1508, 15/F., Laws Commercial Plaza, 788 Cheung Sha Wan Road, Kowloon, Hong Kong. |
0784052 |
The subject was incorporated on 30th May, 1997 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 20, 15/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories, Hong Kong, moved to the present address in May 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer, Exporter and Wholesaler.
Lines: All kinds of electronic products, telecommunication equipment, surveillance products
Employees: 15.
Commodities Imported: China, Europe, other Asian countries, etc.
Markets: China, India, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C, T/T, etc.
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 every year.
Condition: Keeping in a satisfactory condition.
Facilities: Making active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Nanyang Commercial Bank Ltd., Hong Kong.
The Bank of East Asia Ltd., Hong Kong.
Standing: Good.
Wealthy Link (Asia) Ltd. is a wholly-owned subsidiary of Laser Belt Ltd. which is a BVI-registered firm. The directors of the subject are Mr. Huang Yucun and Mr. Yu Yong. Both are China ID card holders and currently residing in Shenzhen Special Economic Zone, China.
The subject has had an associated company SJET Technology Co. Ltd. Hong Kong Branch located at the same address.
The subject is a professional supply chain solution provider. Its main associated company Shenzhen SJET Technology Co. Ltd. [SJET] is in Shenzhen SEZ, China.
Founded in 1995 with a registered capital of RMB60 million Yuan, SJET supplies clients with all kinds of solutions concerning electronics. It is a high and new-tech enterprise in China.
SJET has had branches and offices in Shanghai, Nanjing, Suzhou, Xi’an and other large cities in China.
SJET integrates R&D, manufacturing, product marketing and offering clients with after-sales services. It is chiefly engaged in the development of intelligent systems. SJET offers clients with the following solutions:-
Commercial Building Intelligent Solutions;
Informatization Solutions;
Public Building Intelligent Solutions;
Residential Housing Intelligent Solutions;
Transportation Building Intelligent Solutions; &
Universal Industries Intelligent Solutions.
SJET is also trading in all kinds of surveillance products such as spy security cameras, network cameras, CCTV monitors, etc. Products are marketed in China, exported to India, Japan, other Asian countries, Europe and North America, etc.
Now, it has set up offices in Shanghai, Beijing, Chengdu, etc. SJET has been rated as one of the “Top 100 enterprises of Shenzhen in comprehensive strength” and “AA grade enterprises in financial credit of Shenzhen” for many years.
In 2006 and 2007, SJET was one of the top ten enterprises in tax paying.
SJET has got ISO 9001:2008 certification.
The following firms are SJET’s key partners:
Gigabyte, Seagate. Intel, Xander, Siemens, LG, SYNNEX, AVNET, GiONEE, Samsung, SHARP, HITACHI, Innolux, CMO, AUO, THTF, Haier, Huawei, CVT, etc.
The Chairman of SJET is Huang Yucun who is also the Managing Director of the subject.
The subject is engaged in the same lines of business as SJET. It is fully supported by SJET. The business of the subject and SJET is rather active.
The history of the subject in Hong Kong is over 16 years.
On the whole, consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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13-04-2010 |
Instrument: Trade Finance Security Assignment Property: For good and valuable consideration, receipt of which is acknowledged, the Borrower as beneficial owner and as security for the payment of all Secured Liabilities Mortgagee: The Bank of East Asia Ltd., Hong Kong. |
All obligations and liabilities |
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15-12-2010 |
Instrument: Charge on Deposit Property: All the fixed deposit and/or all call deposit of whatever nature and in whatever currency now or at any time hereafter maintained or to be maintained by the Company with Nanyang Commercial Bank Ltd. under signature number 002 and customer number 043-0782604-0 Mortgagee: Nanyang Commercial Bank Ltd., Hong Kong. |
To secure the payment of all moneys, obligations and liabilities |
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15-12-2010 |
Instrument: Charge on Deposit Property: Deposit balance placed or to be placed with Nanyang Commercial Bank Ltd. under the account number 043‑509‑9‑203477-8 maintained in the name of the Company Mortgagee: Nanyang Commercial Bank Ltd., Hong Kong. |
To secure the payment of all moneys, obligations and liabilities |
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01-03-2011 |
Instrument: Charge on Deposit Property: Deposit balance placed or to be placed with Nanyang Commercial Bank Ltd. under the account number 04350910147513 maintained in the name of the Company Mortgagee: Nanyang Commercial Bank Ltd., Hong Kong. |
To secure the payment of all moneys, obligations and liabilities |
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13-08-2012 |
Instrument: Security Over Deposits with the Bank Limited Company - Under Seal Property: Initially US$1,000,000 or equivalent and all monies whether now or hereafter standing to the credit of the Company’s deposit with the Bank under deposit number 126-488774 and whatever currency it may subsequently be denominated in, any renewal of such deposit & the interest thereon to together with any further moneys in any deposit account with the Bank at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities owing at any time plus interest and all expenses |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.38 |
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|
1 |
Rs.101.63 |
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Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Report Prepared
by : |
PDT |
RATING EXPLANATIONS
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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.