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Report Date : |
17.01.2014 |
IDENTIFICATION DETAILS
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Name : |
FESICU HONGKONG LTD. |
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Registered Office : |
c/o Ng, Suen, Lau C.P.A. Ltd. Room 2402, 24/F., Sing Pao Building, 101 King’s Road,
Fortress Hill |
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Country : |
Hong Kong |
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Date of Incorporation : |
03.06.2010 |
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Com. Reg. No.: |
52391043 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is a
leading global solutions provider in the field of electrical control and
energy saving power conversion products |
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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
|
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
|
Source
: CIA |
FESICU HONGKONG LTD.
Registered Office:-
c/o Ng, Suen, Lau C.P.A. Ltd.
Room 2402, 24/F., Sing Pao Building, 101 King’s Road, Fortress Hill, Hong Kong.
Holding Company:-
Shenzhen Megmeet Electrical Co. Ltd.
5th Floor, Block B, Ziguang Information Harbor, Langshan Road, 518057 Shenzhen Special Economic Zone, China.
[Tel: 86-755-8660 0500
Fax: 86-755-8660 0999, 8660 0840
E-mail: sales@megmeet.com]
Associated/Affiliated
Companies:-
Megmeet Hongkong Ltd., Hong Kong. [Dissolved]
Megmeet Shanghai Technical Centre, China.
Megmeet USA Inc., USA.
Shenzhen Megmeet Control Technology Co. Ltd., China.
Shenzhen Megmeet Drive Technology Co. Ltd., China.
Zhuzhou Megmeet Electrical Co. Ltd., China.
52391043
1464200
3rd June, 2010.
Nominal Share Capital: US$1,000.00 (Divided into 1,000 shares of US$1.00 each)
Issued Share Capital: US$1,000.00
SHAREHOLDER: (As per registry dated 03-06-2013)
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Name |
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No. of shares |
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Shenzhen Megmeet Electrical Co. Ltd. A-E, 5/F., UNIS Information Park, 13 Langshan Road, Hi-Tech Industrial Park North, Nanshan District, Shenzhen, 518057 China. |
|
1,000 ==== |
DIRECTORS: (As per registry dated 03-06-2013)
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Name (Nationality) |
Address |
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TONG Yongsheng |
7C, Building B, Haiwang Mansion, Nanhai Blvd, Nanshan District, Shenzhen, 518067 China. |
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WANG Tao |
C11B, Fantasy Home, Nanguang Road, Nanshan District, Shenzhen, 518052 China. |
SECRETARY: (As per registry dated 03-06-2013)
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Name |
Address |
Co. No. |
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ABBA Secretarial Ltd. |
Room 2402, 24/F., Sing Pao Building, 101 King’s Road, Fortress Hill, Hong Kong. |
0144046 |
Bank of China (Hong Kong) Ltd., Hong Kong.
China Construction Bank Corporation, Hong Kong Branch.
Fesicu Hongkong Ltd. was incorporated in Hong Kong on 3rd June, 2010 as a private limited liability company.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 2402, 24/F., Sing Pao Building, 101 King’s Road, Fortress Hill, Hong Kong known as ABBA Secretarial Ltd. [ABBA] which is handling its correspondences and documents. It is also the corporate secretary of the subject. ABBA is an associated company of Ng, Suen, Lau C.P.A. Ltd. which is an accountant firm located at the above-mentioned address. The subject has no employees in Hong Kong.
With a registered capital of US$1,000.00, the subject is wholly-owned by Shenzhen Megmeet Electrical Co. Ltd. [SME] which is a Shenzhen-based firm. The directors of the subject are Mr. Tong Yongshen and Mr. Wang To, both are China merchants.
Your given phone number 86-755-8660 0500 is a China line belonging to SME.
With a registered capital of US$121 million and established in 2003, SME is a leading global solutions provider in the field of electrical control and energy saving power conversion products. Its core business includes smart home appliances, industrial automation & control devices, and customized power products. Its products are used extensively by Original Equipment Manufacturers of flat panel displays, medical equipment, telecom products, IT equipment, transportation products, high efficiency lighting, and electric vehicles, just to name a few.
Since 2003, SME has assembled a large experienced power electronics and control technology workforce, including 350 Technical Elite. Led by an international management team, it has launched an R&D, test and manufacturing platform that is registered ISO9001, ISO14001, ISO13485, and ISO16949. With more than 100 patents in their technology portfolio word has gotten around, the Group has over 600 clients in more than 40 countries.
It has had a 18,000 sq.m. production centre in China with a monthly production capacity of about 1 million units. It owns a team of about 260 R&D engineers and also has had over 30 electric power and electronic technology patents.
The annual profit after tax of SME ranges from RMB450 to 550 million Yuan. Overall business is active.
SME has had over 15 million units of its products widely used in different industries such as railway, transportation, electricity, wind power, telecommunications, computer technologies, medical, military, industrial automation and monitors.
SME deals with foreign parties under the name of the subject and let foreign firms correspond with the subject’s registered address in Hong Kong. SME also exports commodities to foreign markets under the name of the subject and its registered address in Hong Kong.
It is worthwhile to note that SME had an associated company Megmeet Hongkong Ltd. in Hong Kong. Incorporated on 21st March, 2005, Megmeet Hongkong Ltd. has been dissolved since 4th January, 2012.
Besides, SME has had an associated company known as Megmeet USA Inc. in Silicon Valley of the United States.
The history of the subject in Hong Kong is over three years and seven months.
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.61.53 |
|
|
1 |
Rs.100.73 |
|
Euro |
1 |
Rs.83.84 |
INFORMATION DETAILS
|
Report Prepared
by : |
NIS |
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.