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Report Date : |
18.02.2014 |
IDENTIFICATION DETAILS
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Name : |
WASAM TECHNOLOGY (HONG KONG) CO. LTD. |
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Registered Office : |
c/o Excel Search Consultants Ltd. Unit 1, 14/F., Yue Xiu Building, 160‑174 Lockhart
Road, Wanchai |
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Country : |
Hong Kong |
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Date of Incorporation : |
31.05.2005 |
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Com. Reg. No.: |
35683998 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Trader of mobile phone |
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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 – december 01, 2013
|
Country Name |
Previous Rating (30.09.2013) |
Current Rating (01.12.2013) |
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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 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.
|
Source
: CIA |
WASAM TECHNOLOGY
(HONG KONG) CO.
LTD.
Registered Office:-
c/o Excel Search Consultants Ltd.
Unit 1, 14/F., Yue Xiu Building, 160‑174 Lockhart Road,
Wanchai, Hong Kong.
Shenzhen Leno Technology Co. Ltd., China.
Shenzhen Sammu Industrial Co. Ltd., China.
Wasam Technology (Heyuan) Co. Ltd., China.
Wasam Technology (Shenzhen) Co. Ltd., China.
35683998
0974088
31st May, 2005.
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 31-05-2013)
|
Name |
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No. of shares |
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LIAN Wen Shan |
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6,000 |
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HUANG Zhi Wen |
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4,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 31-05-2013)
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Name (Nationality) |
Address |
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HUANG Zhi Wen |
Unit E, 12/F., Jinsong Building, TianAn Cyber Park, Chegongmiao,
Futian District, Shenzhen, China. |
|
LIAN Wen Shan |
Unit E, 12/F., Jinsong Building, TianAn Cyber Park, Chegongmiao,
Futian District, Shenzhen, China. |
(As per registry dated 31-05-2013)
|
Name |
Address |
Co. No. |
|
Excel Search Consultants Ltd. |
Unit 1, 14/F., Yue Xiu Building, 160‑174 Lockhart Road,
Wanchai, Hong Kong. |
0621717 |
Wasam Technology (Hong Kong) Co. Ltd. was incorporated on 31st May, 2005
as a private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at ‘Unit 1, 14/F., Yue Xiu Building, 160‑174
Lockhart Road, Wanchai, Hong Kong’ known as ‘Excel Search Consultants
Ltd.’ which is handling its correspondences and documents. This company is also the corporate secretary
of the subject.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each of which 60% are owned by Mr. Lian
Wen Shan, and 40% owned by Mr. Huang Zhi Wen, both of whom are China
merchants. They are China passport
holders and do not have the right to reside in Hong Kong permanently. They are also directors of the subject. Lian can be reached at his Hong Kong mobile
phone number 852‑6912 7433 if he is in Hong Kong.
According to the subject, it belongs to Wasam Technology Group [Wasam
Group] which is based in China.
The subject is a mobile phone trader.
It has registered with the Communications Authority (CA), 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 RU00125410 - RU.
Besides trading in GMS, Motion Sensor and Touch Screen mobile phones,
the Group also trades in DVD/VCD mechanisms, notebooks, etc. The Group has more than 50 types (models) of
mobile phones which are exported to Southeast Asia, the Middle East, Africa,
etc. Its annual sales capacity is about
5 million of mobile phones.
The subject’s main associated company Wasam Technology (Shenzhen) Co.
Ltd. [Shenzhen Wasam] is in Shenzhen Special Economic Zone, China. Shenzhen Wasam is engaged in manufacturing
all kinds of mobile phones. It owns a
brand name Best Sonny which has been registered in China. Another brand name Telego has been
registered in foreign countries.
According to the Group, it was established in 2002. Currently the Group is employing about 2,000
persons. The Group has been co-operating
with Sony, Sanyo and Samsung. Its
factory has got ISO9001:2000 certification.
Its products are in conformity with the following standards: ROHS, 3C,
CE, PCC, GS, UL, etc.
The Group is moving its factory to Heyuan, Guangdong Province,
China. The new factory is known as Wasam
Technology (Heyuan) Co. Ltd. [Heyuan Wasam].
The total investments of Heyuan Wasam was about RMB85 million Yuan. The factory site covers an area of 333,000
sq.m. while its building area covers 285,000 sq.m. Its annual production capacity will be the
following:
Heyuan Wasam is still under construction. The first phase will be put into production
in 2016.
The subject’s business in Hong Kong is not active. History in Hong Kong is over eight 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.
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
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs. 61.95 |
|
|
1 |
Rs. 104.02 |
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Euro |
1 |
Rs. 84.95 |
INFORMATION DETAILS
|
Report Prepared
by : |
DPT |
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 |
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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.