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Report Date : |
06.08.2014 |
IDENTIFICATION DETAILS
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Name : |
VSONIC ELECTRONICS CO. LTD. |
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Registered Office : |
Room 25, 10/F., Sing Win Factory Building, 15-17 Shing Yip
Street, Kwun Tong, Kowloon, |
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Country : |
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Date of Incorporation : |
20.02.2002 |
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Com. Reg. No.: |
32396055 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Subject is a Electric Product Trader of Television
(include LCD / Plasma Display / HDTV), Light Emitting Diode (LED), Liquid
Crystal Display (LCD), |
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No. of Employees |
16 |
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 – June 1, 2014
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Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
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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 |
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
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Source
: CIA |
VSONIC ELECTRONICS
CO. LTD.
ADDRESS: Room 25, 10/F., Sing Win Factory Building, 15-17 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2341 3833
FAX: 852-2341 3830, 2264 5615
Managing Director: Mr. Yip Tung Tsing
Incorporated on: 20th February, 2002.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$10,000.00
Business Category: Electric Product Trader.
Employees: 16.
Main Dealing Banker: HBZ Finance Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
Room 25, 10/F., Sing Win Factory Building, 15-17 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong.
Associated/Affiliated
Companies:-
Dominant Opto Technologies Sdn. Bhd., Malaysia.
Vsonic Opto Technologies Co. Ltd.
Room 2412-2415, Haitian Building, Cai Tian South Road, Futian District, Shenzhen Special Economic Zone, China.
[Tel: 755-8356 0906
Fax: 755-8356 0913
E-mail: zfw@vsonicled.com
joewi@vsonicled.com]
32396055
0786690
Managing Director: Mr. Yip Tung Tsing
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 20-02-2014)
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Name |
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No. of shares |
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YIP Tung Tsing |
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9,000 |
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CHAN Chi Chiu |
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1,000 |
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–––––– |
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Total: |
10,000 ===== |
DIRECTORS: (As per registry dated 20-02-2014)
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Name (Nationality) |
Address |
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YIP Tung Tsing |
Room 25, 10/F., Sing Win Factory Building, 15-17 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong. |
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CHAN Chi Chiu |
Flat M, 9/F., Haven Court, 134 Leighton Road, Causeway Bay, Hong Kong. |
SECRETARY: (As per registry dated 20-02-2014)
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Name |
Address |
Co. No. |
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Ultra Value Ltd. |
G/F., 20 Apliu Street, Sham Shui Po, Kowloon, Hong Kong. |
1520259 |
The subject was incorporated on 20th February, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Unit 706, 7/F., Winful Centre, 30 Shing Yip Street, Kwun Tong, Kowloon, Hong Kong, moved to the present address in January 2014.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Electric Product Trader.
Lines: Television (include LCD / Plasma Display / HDTV), Light Emitting Diode (LED), Liquid Crystal Display (LCD)
Employees: 16.
Commodities Imported: Malaysia, Europe, etc.
Markets: Hong Kong, China, other Asian countries, Middle East, etc.
Terms/Sales: L/C or as per contracted.
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 manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: HBZ Finance Ltd., Hong Kong.
Standing: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Vsonic Electronics Co. Ltd. formerly was jointly owned by Ms. Mo Lan Shiu, holding 90% interests; Mr. Chan Chi Chiu, holding 10%. On 28th January, 2014, Mo Lan Shiu transferred all her shares to Mr. Yip Tung Tsing while Chan Chi Chiu remained unchanged. Both are also directors of the subject.
The subject moved to the present address in January 2014.
The subject is trading in the following commodities:
Light Emitting Diode (LED);
Liquid Crystal Display (LCD); &
Television (include LCD, Plasma Display, HDTV), etc.
Products are exported to the Middle East, Southeast Asia, Europe, etc.
The subject is importing SMT LED from Dominant Opto Technologies Sdn. Bhd. [Dominant] which is a Malaysia-based company.
Dominant is one of the world’s leading SMT LED manufacturers. Since 2000, the prime activities of the company are designing, developing and manufacturing of opto - semiconductor components mainly Light Emitting Diodes. It offers a comprehensive LED to cater for product segments for automotive, consumer, communications and industrial applications to fulfil the worldwide demand of LED applications.
Dominant has become a trusted and reliable brand acknowledged across the globe and is dedicated to meet the challenge of the global market to remain as the first one stop choice for designing, packaging and manufacturing of opto semiconductor solutions.
The subject imports the following products (models) from Dominant:
Standard Power
Power DomiLED™, DomiLED™, Mini DomiLED™, SSpiceLED™, M-SpiceLED™
Medium Power
Power DomiLED™, DomiPlus™
Primax
Primax5, PrimaxPlus, Primax7020, PrimaxN4014, SPNova™
High Power
SPNova™, KNova
Through Hole Lamp
3mm Round Lamp, 4mm Oval Lamp, 5mm Oval Lamp, 5mm Round Lamp
Multi Color
Bi Color Multi DomiLED™, Tri Color Multi DomiLED™, RGB SPNova™
Products are marketed in Hong Kong, China, and re-exported to the other Asian countries, etc.
The subject also trades in the other products manufactured by China and Asian manufacturers. The contact person is Mr. John Tung-Tsing Yip who has become managing director of the subject.
The subject’s associated
company in Shenzhen Special Economic Zone, China is known as Vsonic Opto
Technologies Co. Ltd. [VOTC]. VOTC and
the subject are engaged in the same lines of business. The contact person of VOTC is Mr. Joewi
Yung. His China mobile phone number is
86-13903020907.
The subject is able to make a small profit every year. Business is normal and steady.
As the history of the subject is over twelve years in Hong Kong, on the whole, consider it good for normal business engagements.
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Date |
Particulars |
Amount |
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25-11-2008 |
Instrument: Lien & Set-Off Agreement Property: Fixed Deposit Receipt No.: FDN0112019 Value Date: 25-11-2008 Principal Amount: US$80,724.97 Maturity Date: 25-02-2009 Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities granted to the company from time to time by the Bank |
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30-05-2013 |
Instrument: Lien & Set-Off Agreement Property: Fixed Deposit Receipt No.: 2276 Value Date: 08-04-2013 Principal Amount: HK$500,369.86 Maturity Date: 08-07-2013 Mortgagee: HBZ Finance Ltd., Hong Kong. |
Loans, credit financial accommodation and facilities granted to the company from time to time by the Bank |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.60.86 |
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1 |
Rs.102.67 |
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Euro |
1 |
Rs.81.69 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIS |
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.