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Report Date : |
17.02.2014 |
IDENTIFICATION DETAILS
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Name : |
WINGTECH GROUP (HONGKONG) LTD. |
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Registered Office : |
c/o Linkers CPA Ltd. Unit 1903, 19/F., Podium Plaza, 5 Hanoi Road, Tsimshatsui, Kowloon, |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.10.2010 |
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Com. Reg. No.: |
53120491 |
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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 and accessories |
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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 – September 30, 2013
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Country Name |
Previous Rating (30.06.2013) |
Current Rating (30.09.2013) |
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Hong Kong |
A2 |
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 levies excise duties on only four commodities, namely: 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, it again faces a possible slowdown as exports to the Euro zone and US slump. 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 9.1% of total system deposits in Hong Kong by the end of 2012, an increase of 59% from the previous year. 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 exports 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. Growth slowed to 5% in 2011, and less than 2% in 2012. Credit expansion and tight housing supply conditions caused Hong Kong property prices to rise rapidly and inflation to rise 4.1% in 2012. 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
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Source
: CIA |
WINGTECH GROUP
(HONGKONG) LTD.
ADDRESS: c/o Linkers CPA Ltd.
Unit 1903, 19/F., Podium Plaza, 5 Hanoi Road, Tsimshatsui, Kowloon, Hong Kong.
PHONE: 852-3568 0815
Managing Director: Mr. Yan Yunxing
Incorporated on: 15th October, 2010.
Organization: Private Limited Company.
Capital: Nominal:HK$10,000.00
Issued: HK$10,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Office:-
c/o Linkers CPA Ltd.
Unit 1903, 19/F., Podium Plaza, 5 Hanoi Road, Tsimshatsui, Kowloon, Hong Kong.
China Office:-
Wingtech Group Incorporation Ltd.
1/F. - 3/F., Yinfeng Building, 5097 Luosha Road, Luohu District, Shenzhen, China.
[Tel: 86-755-2519 0775
Fax: 86-755-2510 9576, 8825 0180
E-mail: marketing@wingtech.com]
Holding Company:-
Wingtech Group Ltd., China.
Associated
Companies:-
Wingtech Group of
Companies
Beach (Hong Kong) Ltd., Hong Kong. [Dissolved]
Jiaxing Wingtech Communication Technology Co. Ltd., China.
Shanghai Wingtech Electronics Co. Ltd., China.
Wingtech Group
Incorporation Ltd., Hong Kong.
[Dissolved by Deregistration]
Wingtech Investment Co. Ltd., British Virgin Islands.
Wingtech Mobile Communications Co. Ltd., China.
Wingtech Mobile Ltd., Hong Kong. [Dissolved]
Wingtech Telecom Ltd., China.
Wingtech Telecom Ltd., Hong Kong.
Technology Co. Ltd., China.
etc.
53120491
1516181
Managing Director: Mr. Yan Yunxing
Nominal Share Capital: HK$10,000.00 (Divided into 10,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000.00
SHAREHOLDER: (As per registry dated 15-10-2013)
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Name |
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No. of shares |
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Wingtech Group Ltd. Science & Technology Town of Jiaxing, 777 Yazhong Road, Nanhu District, Jiaxing, China. |
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10,000 ===== |
DIRECTOR: (As per registry dated 15-10-2013)
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Name (Nationality) |
Address |
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YAN Yunxing |
5-2, 33 Huancheng Road, Dazhe Town, Pingyuan County, Guangdong Province, China. |
SECRETARY: (As per registry dated 15-10-2013)
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Name |
Address |
Co. No. |
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Wilfley & Co. Ltd. |
26/F., Shun Feng International Centre, 182 Queen’s Road East, Wanchai, Hong Kong. |
0065320 |
The subject was incorporated on 15th October, 2010 as a private limited liability company under the Hong Kong Companies Ordinance.
Formerly the subject’s registered address was located at “c/o Wilfley & Co. Ltd., 26/F., Shun Feng International Centre, 182 Queen’s Road East, Wanchai, Hong Kong”, moved to the present address in October 2013. The subject changed its registered address as it has changed its commercial service provider since then.
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 and accessories
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: China, Japan, other Asian countries, Europe, North & South America, etc.
Terms/Sales: L/C, T/T, D/P, etc.
Terms/Buying: L/C, T/T, 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
Profit or Loss: Keeping 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.
:
Wingtech Group (Hongkong) Ltd. is a wholly-owned subsidiary of Wingtech Group Ltd. which is a China-based firm.
Mr. Yan Yunxing is the only director of the subject. He is a China ID holder and does not have the right to reside in Hong Kong permanently.
Incorporated in October 2010, the subject is one of the members of the Wingtech Group. The Group is jointly set up by four China companies which all are engaged in telecommunication products manufacturing or services.
The subject does not have its own operating office. Its registered office is in an accountant firm located at Unit 1903, 19/F., Podium Plaza, 5 Hanoi Road, Tsimshatsui, Kowloon, Hong Kong known as Linkers CPA Ltd. which is handling its correspondences and documents.
The subject’s corporate secretary is Wilfley & Co. Ltd. [Wilfley]. Wilfley is located at 26/F., Shun Feng International Centre, 182 Queen’s Road East, Wanchai, Hong Kong where was the old registered address of the subject.
Your given phone number 86-755-2519 0775 belongs to Wingtech Group Incorporation Ltd. which is a Shenzhen-based company.
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), 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 RU00144511-RU.
The subject has had an associated company Wingtech Telecom Ltd. [Wingtech Telecom] which is also a Hong Kong-registered firm. Wingtech Telecom is located at a different address. This firm also has registered with the Office of the Communications Authority (OFCA), The Government of Hong Kong SAR, the People’s Republic of China as a Radio Dealer (Unrestricted) Licensee. It bears the licence No. of RU00129672-RU.
Wingtech Group has had its head office in Shenzhen Special Economic Zone, China. Mr. Zhang Xuezheng is the Chairman of the Group.
Wingtech Group is engaged in manufacturing handsets. Currently, the Group has set up several plants in China. It is also a handset-designer. Wingtech Group now has emerged as a top handset solution vendor in China, and it aims to become an ODM handset maker.
Founded in 2006, Wingtech Group has had its Shanghai and Xi’an R&D Centre, Shenzhen Operation Centre, and Jiaxing Production Centre. Currently, Wingtech Group has a team of nearly 4,000 employees. Its products cover GSM, CDMA, EDGE, TD-SCDMA, EVDO and all handheld device series ranging from 2G to 4G, with an annual turnover of hundreds of millions of US dollars.
Wingtech Group owns nearly one thousand technical patents, a number of the world leading technologies, and is increasing by 500 patents every year. Meanwhile, Wingtech Group has set up sales networks in China and has got the following certifications: ISO 9001:2000, ISO 14001 and QC 080000.
Wingtech Group had its shipments of handset solutions increase by more than four fold from 4 million units in 2006 to 18 million units in 2007, outpacing those from previous leaders, including TechFaith Wireless, Longcheer Group and SIM Technology.
Currently, Wingtech’s products have been exported to over 30 countries, and over 75 million consumers around the world are using Wingtech’s products and services. The Group’s products have been exported to Southeast Asia, Latin America, Africa and the Middle East, etc. In addition to cooperating with China-based handset chipset vendor Spectrum Communications, Wingtech Group has also established business relations with other chipset vendors, including NXP Semiconductors and Marvell Technology.
Wingtech Group has transformed itself into an ODM handset maker by investing US$70 million to build a handset production base in Jiaxing, Zhejiang Province in China. This production base is able to turn out 30 million handsets a year initially. Apart from the new production base in Jiaxing, Zhejiang Province, China, the Group has already had three production bases in Shenzhen Special Economic Zone, Huizhou City and Dongguan City respectively. The second and third city are in Guangdong Province, China.
In March 2009, Wingtech Group and China Telecommunication Technology Labs entered into a cooperative agreement to establish the strategic cooperative relationship, to standardize the industrial competition of China cell phone, and to enhance the quality of wireless communication products of China.
In order to expend the market and develop overseas market, the Group has set up Wingtech Telecom Ltd. which acts as the overseas sales centre. The head office of Wingtech Telecom is in Shenzhen Special Economic Zone, China.
Besides, the Group has set up Jiaxing Wingtech Communication Technology Co. Ltd. which is a mobile terminal company.
Another significant member of the Group Shanghai Wingtech Electronics Co. Ltd. is also the holding company of Shanghai Zhanxiang Electronics Technology Co. Ltd.
The Group’s company in Shanghai is known as Shanghai Wingtech Electronics Co. Ltd.
The sales turnover of the Group for the FY 2010 was about US$140 million and up to US$160 million in FY 2012. Its sales turnover for the year was about US$200 million.
In 2013, the Group was one of the significant suppliers for famous international brands.
The subject is fully supported by the Group, however, its business in Hong Kong is not very active. History is just over three years.
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 or in small credit amounts.
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
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.28 |
|
|
1 |
Rs.103.67 |
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Euro |
1 |
Rs.85.18 |
INFORMATION DETAILS
|
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 |
-- |
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.