|
Report Date : |
19.04.2014 |
IDENTIFICATION DETAILS
|
Name : |
TCT MOBILE INTERNATIONAL LTD. |
|
|
|
|
Registered Office : |
Room 1910-1912A, 19/F., Tower 3, China Hong Kong City, 33
Canton Road, Tsimshatsui, Kowloon, |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
11.05.2005 |
|
|
|
|
Com. Reg. No.: |
35686831 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Subject is manufacturer, importer and exporter of all
kinds of mobile phones |
|
|
|
|
No. of Employees |
15 |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
Payment Behaviour : |
No complaints |
|
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
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderate Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderate High Risk |
C1 |
|
High Risk |
C2 |
|
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 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 |
TCT MOBILE
INTERNATIONAL LTD.
ADDRESS: Room 1910-1912A, 19/F., Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3990 0261
Managing Director: Mr. Wang Pui, Janus
Incorporated on: 11th May, 2005.
Organization: Private Limited Company.
Capital: Nominal:HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Mobile Phone Trader.
Group Turnover: HK$19,362,061,000 (Year ended 31-12-2013)
Employees: 15. (Including associates)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 1910-1912A, 19/F., Tower 3, China Hong Kong City, 33 Canton Road, Tsimshatsui, Kowloon, Hong Kong.
Holding Company:-
TCT Mobile Worldwide Ltd., Hong Kong.
Intermediate Holding
Company:-
TCL Communication Technology Holdings Ltd., Cayman Islands/Hong Kong
Ultimate Holding
Company:-
TCL Corporation, China.
Associated
Companies:-
TCL Communication
Technology Holdings Group of Companies
Huizhou TCL Communication Electronic Ltd., China.
Huizhou TCL Mobile, China.
JRD Shanghai, China.
JRD Shenzhen, China.
Ningbo R&D, China.
TCL Communication Technology (Chengdu) Ltd., China.
TCL Mobile Communication (HK) Co. Ltd., Hong Kong.
TCL Mobile-Telefones Ltda., Brazil.
TCT Communication Technology (Suzhou) Ltd., China.
TCT Mobile (US) Inc., US.
TCT Mobile Ltd., Hong Kong.
TCT Mobile Multinational Ltd., Hong Kong.
TCT Mobile Overseas Ltd., Hong Kong.
TCT Mobile SA DE CV, Mexico.
TCT SAS, France.
TMC Rus Limited Liability Co., Russia.
etc.
35686831
0969687
Managing Director: Mr. Wang Pui, Janus
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
SHAREHOLDER: (As per registry dated 13-06-2013)
|
Name |
|
No. of share |
|
TCT Mobile Worldwide Ltd., Hong Kong. |
|
5,000,000 ======= |
DIRECTORS: (As per registry dated 02-12-2013)
|
Name (Nationality) |
Address |
|
Wang Pui, Janus |
Flat J, 20/F., Tower 3, Harbour Place, Hunghom, Kowloon, Hong Kong. |
|
Chan Tues Yi, Daisy |
Flat C, 4/F., Casa Bella, 117 Caine Road, Mid-Levels, Hong Kong. |
SECRETARY: (As per registry dated 11-05-2013)
|
Name |
Address |
Co. No. |
|
Cheto (Nominees) Ltd. |
Room 501, 5/F., Sun Hung Kai Centre, 30 Harbour Road, Hong Kong. |
0098732 |
The subject was incorporated on 11th May, 2005 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of T&A Mobile Phones International Ltd., name changed to the present style on 19th February, 2008.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer, Importer and Exporter.
Lines: All kind of mobile phones, etc.
Employees: 15. (Including associates)
Commodities Imported: China, etc.
Markets: China, Japan, other Asian countries, Europe, North America, etc.
Group Turnover: HK$ 4,360,886,000 (Year ended 31-12-2009)
HK$ 8,700,694,000 (Year ended 31-12-2010)
HK$10,653,020,000 (Year ended 31-12-2011)
HK$12,031,212,000 (Year ended 31-12-2012)
HK$19,362,061,000 (Year ended 31-12-2013)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C or as per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$1.00
Increase of Nominal Capital:-
|
From |
HK$1.00 |
to |
HK$10,000.00 |
on |
13-06-2013 |
Alternation of Issued Capital:-
|
Initially |
paid up |
HK$ 1.00 |
|
13-06-2013 |
paid up |
HK$ 4,999,999 |
|
|
|
–––––––––––––– |
|
Total: |
paid up |
HK$5,000,000.00 ============= |
Group Profit/(Loss): HK$ 23,005,000 (Year ended 31-12-2009)
HK$701,770,000 (Year ended 31-12-2010)
HK$800,645,000 (Year ended 31-12-2011)
(HK$220,028,000) (Year ended 31-12-2012)
HK$316,178,000 (Year ended 31-12-2013)
Group Profit or Loss: Group business was profitable in 2013.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Good.
TCT Mobile International Ltd. is a wholly-owned subsidiary of TCT Mobile Worldwide Ltd. which is a Hong Kong-registered firm. The intermediate holding company TCL Communication Technology Holdings Ltd. [TCL Communication/Company/together with its subsidiaries collectively refer to the Group] is a Hong Kong listed firm.
The subject is trading in all kinds of mobile phones manufactured by the Group.
TCL Communication designs, manufactures and markets an expanding portfolio of mobile and internet products worldwide under two key brands - ALCATEL ONE TOUCH and TCL. The Group’s portfolio of products is currently sold in China and over 120 countries throughout the Americas, Europe, the Middle East, Africa and Asia. TCL Communication operates its manufacturing plants and R&D centres in various provinces of China with headquarters in Shenzhen Special Economic Zone, China. Currently, TCL Corporation [TCL Corp.] is the Group’s largest shareholder.
The followings are the financial highlights of the Group for the year of 2013:
Revenue in 2013 increased by 61% y-o-y to HK$19.4 billion.
Gross profit margin increased from 17.4% in 2012 to 19.0% in 2013.
Net profit of HK$316 million was recorded in 2013, compared with the net loss of HK$220 million in 2012.
Sales volume of handsets and accessories in 2013 totalled 55.2 million units, up by 30% year-on-year [y-o-y]; sales volume in the fourth quarter of 2013 rose by 43% y-o-y to 19.2 million units.
Sales volume of smartphones and other smart devices in 2013 increased by 169% y-o-y to 17.6 million units; in the fourth quarter of 2013, sales volume of smartphones and other smart devices surged by 228% y-o-y to 7.7 million units.
Overall average selling price [ASP] increased from US$36.2 in 2012 to US$45.0 in 2013.
The Group established a new global manufacturing facility in Huizhou, Guangdong Province in the PRC in 2013 to meet the growing demand for premium-quality products. The new global manufacturing facility situates on a site of 120,000 sq.m. to support the Group’s global operations and commenced production in September 2013.
Phase one of the new global manufacturing facility has already commenced operation while construction of phase two will be completed in June 2014. The Group expects its total annual production capacity will increase from 65 million units to maximum 120 million units after the entire manufacturing facility is put into operation. It will become the largest single-location mobile phone manufacturing facility in China.
In 2013, the Group successfully carried out its “step-up” product strategy, with a positive response from the market on its new series of state-of-the-art smartphones. Although competition in this industry remains keen, the groundwork laid in 2013 including substantial progress made in overseas markets and the upgrade of production facilities, together with the favourable market environment such as the stabilizing macroeconomic situation and the strong market needs of LTE products would allow the Group to sustain growth in the years ahead.
Network infrastructure is being constructed aggressively around the world. 3G networks in emerging markets such as Latin America and 4G LTE networks in developed markets are being developed rapidly, all of which strike a very positive note for an increasing demand for 3G and 4G products. The Company has prepared itself for this growth momentum. It will continue to reinforce its “step-up” product strategy. A series of new 3G and 4G products will be launched by the Group throughout 2014, from entry-level to advanced models, which will provide users with an even better experience in the new network age.
The Group had over 12,000 employees as at 31st December 2013.
The subject is fully supported by the Group. History in Hong Kong is about nine years.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.38 |
|
|
1 |
Rs.101.63 |
|
Euro |
1 |
Rs.83.57 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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.