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Report Date : |
25.04.2014 |
IDENTIFICATION DETAILS
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Name : |
WELKIN (HK)
INTERNATIONAL LTD. |
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Formerly Known as : |
Joyhi (HK) Int’l
Ltd |
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Registered Office : |
c/o HK Yirenjiaren Registration Secretary Ltd. Flat C, 23/F., Lucky Plaza, 315-321 Lockhart Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.02.2011 |
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Com. Reg. No.: |
53741819 |
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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 bearing the brand name Well-com, DJTEL
& JFONE |
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No of Employees : |
no employees in Hong Kong (It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the
companies are not required to have any employees in Hong Kong nor do have an
office there.) |
RATING & COMMENTS
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong
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Payment Behaviour : |
Unknown |
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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
|
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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Moderate Low Risk |
B1 |
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Moderate Risk |
B2 |
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Moderate 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 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 |
WELKIN (HK)
INTERNATIONAL LTD.
c/o HK Yirenjiaren Registration Secretary Ltd.
Flat C, 23/F., Lucky Plaza, 315-321 Lockhart Road, Wanchai, Hong Kong.
PHONE: 852-3171 2350
FAX: 852-3177 9906
Managing Director: Mr. Huang Dong Wu
Incorporated on: 15th February, 2011.
Organization: Private Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Mobile phone trader.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o HK Yirenjiaren Registration Secretary Ltd.
Flat C, 23/F., Lucky Plaza, 315-321 Lockhart Road, Wanchai, Hong Kong.
Subsidiary:-
Shenzhen Vell-com Technology Co. Ltd.
Entrance 2, 4/F., Block A13, Dongfang Jian Fuyu Sheng Industrial
District, Gushu Gate, Bao’an District, Shenzhen, China.
[Tel: 86-0755-2941
0168
Fax: 86-0755-2303 2203
E-mail: vellcommobile@gmail.com ]
Associated
Companies:-
Dongguan Huachi Communication Technology Co. Ltd., China.
Dongguan Vell-com Communication Co. Ltd., China.
Dongguan Vell-com Technology Co. Ltd., China.
* HK Vell-Com Communication Technology Ltd., Hong Kong.
* HK Vell-Com Int’l Ltd., Hong Kong.
Shenzhen Huachi Communication Technology Co. Ltd., China.
Shenzhen Vell-com Technology Co. Ltd., China.
* (Same address)
53741819
1561099
Managing Director: Mr. Huang Dong Wu
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
(As per registry
dated 15-02-2014)
|
Name |
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No.
of shares |
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HUANG Dong Wu |
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10,000 ===== |
(As per registry
dated 15-02-2014)
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Name (Nationality) |
Address |
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HUANG Dong Wu |
No. 43, Baiye Gongluxia, Liuying
Village, Zhanlong Town, Puning City, Guangdong Province, China. |
(As per registry
dated 15-02-2014)
|
Name |
Address |
Co.
No. |
|
HK Yirenjiaren Registration Secretary Ltd. |
Flat C, 23/F., Lucky Plaza, 315-321 Lockhart Road, Wanchai,
Hong Kong. |
1158209 |
The subject was incorporated on 15th February, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.
Originally the subject was registered under the name of Joyhi (HK) Int’l Ltd., name changed to the present style on 22nd February, 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
Brand Name: Well-com, DJTEL & JFONE.
Employees: Nil.
Materials/Commodities: Imports raw materials from European countries, some of the Asian countries and finished
products from China.
Markets: Hong Kong, Thailand, India, UAE, Brazil, Africa, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying: As per contracted.
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
Profit or Loss: Kept a balance account in Hong Kong.
Condition: Business is not active in Hong Kong.
Facilities: Making fairly active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Having issued 10,000 ordinary shares of HK$1.00 each, Welkin (HK) International Ltd. is wholly owned by Huang Dong Wu who is a China merchant. He is a China ID holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Flat C, 23/F., Lucky Plaza, 315‑321 Lockhart Road, Wanchai, Hong Kong known as HK Yirenjiaren Registration Secretary Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of the subject. It bears phone number 852-3171 2350 and fax number 852-3177 9906. The subject has no employees in Hong Kong.
The subject is a mobile phone trader. It has registered with the Office of the Communications Authority (OFCA) as at 15th December, 2013, 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 RU00156061-RU.
The subject has had a subsidiary company Shenzhen Vell-com Technology Co. Ltd. [Shenzhen Vell-com] which is a mobile phone manufacturer. Established in May 2007, Shenzhen Vell-com is a professional mobile phone integrator, committed to the internationalisation of R&D to mobile phone brand. The products have got the CE, CCC, UL certification and have been exported to Hong Kong, Thailand, India, the United Arab Emirates, Brazil, Africa, etc. All the products bear the brand name “Vell-com”. Shenzhen Vell-com has got the ISO 9001:2008 certification.
Besides bearing the brand name “Vell-com”, Shenzhen Vell-com also bears the brand name DJTEL and JFONE. It was due to the expansion of the business, Shenzhen Vell-com moved its factory to Tangxia Town, Dongguan City, Guangdong Province, China. Now, the new factory has about 3,000 employees. The factory is known as Dongguan Vell-com Communication Co. Ltd.
Shenzhen Vell-com has another factory in Dongguan City, Guangdong Province, China known as Dongguan Huachi Communication Technology Co. Ltd. [Dongguan Huachi]. Dongguan Huachi was set up in January 2013 and covers an area of 1,800 sq.m.
The two factories are engaged in manufacturing branded mobile phones bearing the above-mentioned trade marks.
Shenzhen Vell-com is the main office of the subject. Its annual sales turnover is very significant.
It is likely that the Shenzhen Vell-com deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. Shenzhen Vell-com also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
The subject’s business in Hong Kong is not active. History in Hong Kong is just over three years.
The subject is fully supported by Shenzhen Vell-com.
Since the subject does not have its own operating office and has no employees in Hong Kong, consider it good for business engagements on L/C basis.
NOTE :
It is to be noted that the
company does not have its own operating office in Hong Kong. The company uses
the address of its secretariat as its correspondence address only. Subject
operates from some other country and does not have a base in Hong Kong. Such
companies are registered in Hong Kong just to tax benefit purpose and due to
the strict privacy laws prevailing in the country. In such cases, the companies
are not required to have any employees in Hong Kong nor do have an office
there.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.61.07 |
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|
1 |
Rs.102.77 |
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Euro |
1 |
Rs.84.49 |
INFORMATION DETAILS
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Analysis Done by
: |
KAR |
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Report Prepared
by : |
MNL |
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 |
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.