MIRA INFORM REPORT

 

 

Report Date :

02.12.2014

 

IDENTIFICATION DETAILS

 

Name :

TOYO  LED  ELECTRONICS  LTD.

 

 

Registered Office :

Room 708, 7/F., Hong Kong Plaza, 188 Connaught Road West

 

 

Country :

Hong Kong

 

 

Date of Incorporation :

17.11.2003

 

 

Com. Reg. No.:

34087892

 

 

Legal Form :

Private Limited Company

 

 

LINE OF BUSINESS :

IMPORTER, EXPORTER AND MANUFACTURER OF ALL KINDS OF LEDS.

 

 

No of Employees :

8

 

 

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 – June 1, 2014

 

Country Name

Previous Rating

(31.03.2014)

Current Rating

(01.06.2014)

Hong Kong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

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.

 

Source : CIA

 

 

 

 

NOTE

 

(Formerly located at: Room 1610, 16/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.)

 

 

COMPANY NAME & ADDRESS

 

TOYO  LED  ELECTRONICS  LTD.

 

 

ADDRESS:             Room 708, 7/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.

 

PHONE:                  852-2540 7288

 

FAX:                       852-2517 1797

 

E-MAIL:                  sales@toyo-led.com

 

 

MANAGEMENT

 

Managing Director:  Mr. Lee Chiu Ming

 

 

SUMMARY

 

Incorporated on:            17th November, 2003.

 

Organization:                 Private Limited Company.

 

Capital: Nominal:           HK$10,000.00

                Issued:          HK$2.00

 

Business Category:       Importer, Exporter and Manufacturer.

 

Employees:                    8.

 

Main Dealing Banker:    Hang Seng Bank Ltd., Hong Kong.

 

Banking Relation:          Satisfactory.

ADDRESS

 

Registered Head Office:-

Room 708, 7/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.

 

Associated Companies:-

Toyo International Electronics Ltd., Hong Kong.

Toyo LED Electronics (Huizhou) Ltd., China.

 

 

BUSINESS REGISTRATION NUMBER

 

34087892

 

 

COMPANY FILE NUMBER

 

0871003

 

 

MANAGEMENT

 

Managing Director:  Mr. Lee Chiu Ming

 

 

CAPITAL

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$2.00

 

 

SHAREHOLDERS

 

(As per registry dated 17-11-2013)

Name

 

No. of shares

CHENG Mei Wa

 

1

LEE Chiu Ming

 

1

 

 

–

 

Total:

2

=

DIRECTORS  

 

(As per registry dated 17-11-2013)

Name

(Nationality)

 

Address

LEE Chiu Ming

Room 708, 7/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.

 

CHENG Mei Wa

Room 708, 7/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.

 

 

SECRETARY

 

LEE Chiu Ming  (As per registry dated 17-11-2013)

 

 

HISTORY

 

The subject was incorporated on 17th November, 2003 as a private limited liability company under the Hong Kong Companies Ordinance.

It was formerly located at Room 1610, 16/F., Hong Kong Plaza, 188 Connaught Road West, Hong Kong.  Relocated to the present address in April 2009.

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

OPERATIONS

 

Activities:                      Importer, Exporter and Manufacturer.

 

Lines:                           All kinds of LEDs.

 

Employees:                  8.

 

Commodities Imported: China, etc.

 

Markets:                        Hong Kong, other Asian countries, Europe, North America, etc.

 

Terms/Sales:                 L/C or as per contracted.

 

Terms/Buying:               L/C, T/T, D/P, etc.

 

 

FINANCIAL INFORMATION

 

Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)

 

Issued Share Capital:     HK$2.00

 

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 required.

 

Commercial Morality:     Satisfactory.

 

Banker:                         Hang Seng Bank Ltd., Hong Kong.

 

Standing:                      Normal.

 

 

GENERAL

 

Having issued just two ordinary shares of HK$1.00 each, Toyo LED Electronics Ltd. is equally owned by Mr. Lee Chiu Ming and Ms. Cheng Mei Wa.  Being Hong Kong merchants, both are also directors of the subject.

The subject is an experienced LED electronics manufacturer.  Its factory is in Huizhou City, Guangdong Province, China.

The subject has been specialised in LED 7-segment displays, dot-matrix, and full-colour dot-matrix over 15 years.  Then it set up two more production lines for developing LED Through-hole Lamp and LED SMD Lamp in 2005 & 2009 respectively.

The subject has extended its market to North and South America, Western Europe, Africa, Russia, Australia, South Korea, Japan, Singapore, Malaysia, etc.  According to the subject, its business growth was significant over the past 10 years.

Its factory has been equipped with fully computerized machines since 1994. It provides OEM and ODM services to its clients.

The subject has set up its own Research and Development Division (R&D) and continue to invest in talents and advanced machines in order to keep its competitiveness.  The factory has about 220 employees.  The subject has had the following advantages:-

  • self-owned factory for the lowest manufacturing cost;
  • LED chips imported from Japan and Taiwan for quality raw materials;
  • High Speed Automatic Dice & Wire Bonder for fast production;
  • Full Function LED testers and instruments for total quality control systems;
  • A team of analytical and bright engineers in the R&D Division for improved technology;
  • Well experienced and skilful technicians, workers and staff for professionalism and fast delivery services; &
  • Have got international certificates such as CE, RoHS, FCC.

The followings are the main products of the subject:-

  • LED Displays;
  • TOP SMD LEDs;
  • SMD LEDs;
  • SMD Flex Strips;
  • Thorough-hole LED Lamps;
  • Taped LED Lamps;
  • High Power LED;
  • Side View SMD LED;
  • LED With Holder; &
  • Customer Designed Products.

Overall business of the subject is satisfactory.  History in Hong Kong is about eleven years.

The business of the subject is chiefly handled by the two shareholders.

On the whole, consider the subject good for normal business engagements.

 

 

 

 

FOREIGN EXCHANGE RATES

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.62.14

UK Pound

1

Rs.97.05

Euro

1

Rs.77.37                               

 

INFORMATION DETAILS

 

Analysis Done by :

DIV

 

 

Report Prepared by :

SMN

 

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%)

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