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Report Date : |
21.08.2014 |
IDENTIFICATION DETAILS
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Name : |
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Registered Office : |
Room 510, 5/F., |
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Country : |
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Date of Incorporation : |
08.06.2006 |
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Com. Reg. No.: |
36830110 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
The subject is trading in all kinds of mobile phones,
accessories. |
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No of Employees : |
6 |
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 01, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
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 |
HUAQIN
TELECOM HONG KONG
LTD.
ADDRESS: Room 510, 5/F., Lincoln Centre, 20
Yip Fung Street, Fanling, New Territories, Hong Kong.
PHONE: 852-2713 3232, 2799 9231
FAX: 852-2713 3799
Managing
Director: Mr. Qiu Wensheng
Incorporated
on: 8th
June, 2006.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000.00
Issued: HK$10,000.00
Business Category: Telecommunication Equipment
Trader.
Employees: 6.
Main Dealing
Banker: The Hongkong
& Shanghai Banking Corp. Ltd., Hong Kong.
Banking
Relation: Satisfactory.
HUAQIN TELECOM HONG
KONG LTD.
ADDRESS:
Registered Office:-
Room 510, 5/F., Lincoln Centre, 20 Yip Fung Street, Fanling, New Territories, Hong Kong.
Holding Company:-
Haiqin Telecom Hongkong Ltd., Hong Kong.
Associated Company:-
Shanghai Huaqin Telecom Technology Co. Ltd., China.
36830110
1050831
Managing Director: Mr. Qiu Wensheng
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 08-06-2013)
|
Name |
|
No.
of shares |
|
Haiqin
Telecom Hongkong Ltd., Hong Kong. |
|
10,000 ===== |
(As per registry dated 08-06-2013)
|
Name (Nationality) |
Address |
|
QIU Wen Sheng |
1 Building, 399 Keyuan Road, Pudong New
Area, Shang Hai, China. |
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CHEN Xiao Rong |
1 Building, 399 Keyuan Road, Pudong New
Area, Shang Hai, China. |
|
CUI Guo Peng |
Room 606, Building 1, 188 Du Juan Road, Pudong,
Shanghai, China. |
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WU Zhen Hai |
1 Building, 399 Keyuan Road, Pudong New
Area, Shang Hai, China. |
(As per registry dated 08-06-2013)
|
Name |
Address |
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CHEN
Huo Cheng |
Flat 12, 31/F., Tsui Lai House, Yau Lai Estate, Yau Tong, Kowloon,
Hong Kong. |
The subject was incorporated on 8th June, 2006 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 2608, 26/F., 113 Argyle Street, Mongkok, Kowloon, Hong Kong, moved to Unit 1307, 13/F., Telford House, 16 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong with effect from 31st August, 2010. It further moved to the present address in late 2012.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Importer and Exporter.
Lines: All kinds of telecommunication equipment
Employees: 6.
Commodities Imported: Europe, China, other Asian countries, etc.
Markets: China, Southeast Asia, Europe, 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 years.
Condition: Keeping in a normal state.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Good.
Having issued 10,000 ordinary shares of HK$1.00 each, Huaqin Telecom Hong Kong Ltd. is a wholly owned subsidiary of Haiqin Telecom Hongkong Ltd. [HTHL] which is located at Unit 510, 5/F., Lincoln Centre, 20 Yip Fung Street, Fanling, Hong Kong. HTHL is a Hong Kong-registered firm.
The directors of the subject are Mr. Qiu Wen Sheng, Ms. Chen Xiao Rong, Mr. Cui Guo Peng and Mr. Wu Zhen Hai. Currently, all are residing in Shanghai, China.
The subject’s old operating address was located at Unit 1307, 13/F., Telford House, 16 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong where was in a private building. It moved to the present address in late 2012.
The subject has got a main associated company in Shanghai known as “Shanghai Huaqin Telecom Technology Co. Ltd.” [Shanghai Huaqin], a Shanghai-based firm in China. Qiu Wensheng is also the President of Shanghai Huaqin.
The subject is trading in all kinds of mobile phones, accessories. It has registered with the Communication Authority [CA], the Government of Hong Kong SAR, bearing the licence No. of RU00132364-RU(13236).
Shanghai Huaqin, a high-technology company, has devoted itself to research and develop telecom ultimate products. Founded in June 2005 and with a registered capital of RMB90 million Yuan, it is a rather significant telecommunication firm in China. Its R&D centre is in Shanghai while its offices are in Shenzhen Special Economic Zone and Hong Kong. The Hong Kong Office is the subject.
Shanghai Huaqin is specialized in researching and developing mobile terminals of GSM/GPRS/EVDO/TD-SCDMA/WCDMA. Meanwhile, it is engaged in studying strategies of 4G market to make sure of grasping the business opportunity in the following years.
Shanghai Huaqin has become a professional designing company from the initial less than 10 to more than 2,200 employees, which is capable of developing over 100 kinds of mobile phones every year.
It has acquired support in capital for research and development from the state and province for many times. Shanghai Huaqin has got the certification of ISO9001 international quality management system in “hi-tech achievement transformation projects, such as D838, K110”, etc., “application for over 100 invention patents”, “over 45 software product accreditation projects” and “over 45 software product copyright accreditation projects”.
Shanghai Huaqin has had an annual growth rate of over 50% since establishment in August 2005, with customers in possession of a variety of first-class phone brand. Since 2009, the company has exploited a wide range of overseas markets and will keep on providing better products for worldwide consumers.
Shanghai Huaqin has signed a license agreement with Qualcomm Inc. to venture into the 3G CDMA 2000 telecom equipment market.
Shanghai Huaqin in 2012 got a number of awards such as the title of One of Top 10 Mobile Phone Designing Companies, etc. In 2013, it got the following titles:-
“Software Companies”, “High-tech enterprises”, “Top Ten Chinese Mobile Phones Designers” and “National Software Companies”, etc.
Shanghai Huaqin continuously achieved over 13 High-tech achievement transformation projects and owned over 1,000 independent intellectual property rights. It also has passed the Four-in-one Management System Certification (ISO9001/ISO14001/OHSAS18001/QC080000).
Though the CDMA 2000 telecom equipment is withering, cell phone makers are still having great interests in it. Such move of Shanghai Huaqin is aiming at the opportunities brought by the upgrading of 3G networks of China Telecom after it takes over the CDMA networks from China Unicom. President of Shanghai Huaqin Qiu Wensheng said that the partnership with Qualcomm Inc. would help Shanghai Huaqin provide its customers with better products and services.
In 2012, Shanghai Huaqin made a great improvement in its smartphone business.
In 2013, it launched its PAD products (Tablets) into the market and the sales were satisfactory.
Its customers spread all over the world. Now Shanghai Huaqin has become an international mobile equipment provider and its service network has covered Asian, African, Latin American, European and the other markets of the world.
Qualcomm Inc. is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies.
Headquartered in San Diego, California, the United States, Qualcomm Inc. is included in the S&P 100 Index, the S&P 500 Index and is a 2008 FORTUNE 500® company traded on The Nasdaq Stock Market® under the ticker symbol QCOM.
Qualcomm Inc. is an American global semiconductor company that designs, manufactures and markets digital wireless telecommunications products and services.
The business of Shanghai Huaqin in China keeps on expanding.
The subject is fully supported by Shanghai Huaqin. History in Hong Kong is over eight years.
On the whole, consider it good for normal business engagements.
|
Date |
Particulars |
Amount |
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21-04-2008 |
Instrument: Security Over Deposits with the Bank Limited Company – Under Seal Property: Initially US$2,000,000.00 and all monies hereafter standing to the credit of the company’s deposit account No. 808-200083 Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong. |
To secure all monies in respect of banking facilities |
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11-01-2012 |
Instrument: Security Agreement over Bank Account Property: By way of a first fixed charge all of the Chargor’s rights in respect of any amount standing to the credit of the Account Mortgagee: Standard Chartered Bank (China) Ltd., China. |
To secure the payment and satisfaction of all present and future obligations and liabilities |
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27-04-2012 |
Instrument: Security Deed Property: The securities are all the Obligor’s title, rights and interests, all moneys standing to the credit of the account. Unit 7, 13/F. Telford House, 16 Wang Hoi Road, Kowloon Bay, Kowloon, Hong Kong. Mortgagee: Wing Lung Bank Ltd., Hong Kong. |
To secure banking facilities from time to time granted by Wing Lung Bank Ltd. to the Company |
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14-06-2012 |
Instrument: Security Deed Property: (a) All Proceeds, together with the right to receive, to sue for recovery and give effectual discharge for the Proceeds (b) All moneys from time to time standing to the credit of the Charged Account Mortgagee: Bank of China Ltd., Hong Kong Branch. |
At any time all principal, interest, fees (including legal fees), charges, costs, expenses, damages and other moneys |
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
|
US Dollar |
1 |
Rs.60.67 |
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UK Pound |
1 |
Rs.100.81 |
|
Euro |
1 |
Rs.80.73 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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|
|
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Report Prepared
by : |
SMN |
RATING EXPLANATIONS
|
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 |
|
-- |
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.