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Report Date : |
24.07.2014 |
IDENTIFICATION DETAILS
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Name : |
TONGFANG GLOBAL
LTD |
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Registered Office : |
c/o Norcola Co. Ltd. Room 3312, 33/F., Shui On Centre, |
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Country : |
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Date of Incorporation : |
25.09.2008 |
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Com. Reg. No.: |
39939486 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Manufacturer, Importer, Exporter and Wholesaler of TVs, PCs, Computers, Notebooks, Electronic Products & Other Multi‑Media Products |
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No of Employees : |
Not
Available (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
|
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
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
TONGFANG GLOBAL
LTD.
c/o Norcola Co. Ltd.
Room 3312, 33/F., Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong.
PHONE: 852-2159 5000
FAX: 852-2541 5324
Group Chairman & President: Mr. Lu Zhicheng
Incorporated on: 25th September, 2008.
Organization: Private Limited Company.
Capital: Nominal: US$10,000,000.00
Issued: US$10,000,000.00
Business Category: Manufacturer, Importer, Exporter and Wholesaler.
Group Turnover: RMB22,650,144,108.08 Yuan (Year ended 31-12-2013)
Company Employees: Nil.
Group Employees: 17,850. (Year ended 31-12-2013)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head
Office:-
c/o Norcola Co. Ltd.
Room 3312, 33/F., Shui On Centre, 6-8 Harbour Road, Wanchai, Hong Kong.
Holding Company:-
Tsinghua Tongfang Co. Ltd. [THTF]
30/F., Block A, Tsinghua Tongfang Scientific Technology Building, Haidian District, 100083 Beijing, China.
[Tel: (86-010) 8239 9888, Fax: (86-010) 8239 9765
E-mail: 600100@thtf.com.cn ]
Sister/Associated
Companies:-
THTF
Group of Companies
Beijing Tongfang Lansen Lighting Technology Co. Ltd., China.
Beijing Tongfang Microelectronics Co. Ltd., China.
Distech Controls Inc., Canada.
Guangdong Tongfang Lighting Co. Ltd., China.
Hongkong THTF Co. Ltd., Hong Kong.
Limepc Multimedia Technologies Co. Ltd., Hong Kong.
Nantong Tongfang Science & Technology Park Co. Ltd., China.
Nuctech Co. Ltd., China.
Nuctech Hong Kong Co. Ltd., Hong Kong.
Resuccess Investments Ltd., British Virgin Islands.
Shandong Tongfang Luying Electronic Co. Ltd., China.
Shenyang Tongfang Multimedia Co. Ltd., China.
Shenyang Tongfang Multimedia Technology Co. Ltd., China.
Shenzhen Tongfang Multi-media Technique Co. Ltd., China.
Tangshan Jingyuan Yufeng Electronics Co. Ltd., China.
Technovator International Ltd., Singapore.
Tellhow Sci-tech Co. Ltd., China.
THTF Energy-Saving Holdings Ltd., Cayman Islands.
THTF U.S.A. Inc., US.
Tinggi Technologies Pte. Ltd., Singapore.
Tongfang Asia Pacific (R&D Center) Pte. Ltd., Singapore.
Tongfang Hongkong Ltd., Hong Kong. (Same address)
Tongfang Guoxin Electronics Co. Ltd., China.
Tongfang Industry Co. Ltd., China.
Tongfang Optical Disc Co. Ltd., China.
Tongfang Optoelectronic (HK) Ltd., Hong Kong.
Tongfang Opto-electronic Co. Ltd., China.
Tongfang Optoelectronics (Shenyang) Co. Ltd., China.
Tongfang Semiconductor (Hongkong) Co. Ltd., Hong Kong.
Tongfang Zhejiang Lighting Technology Co. Ltd., China.
Tsinghua Tongfang Artificial Environment Co. Ltd., China.
Wuxi Tongfang Innovation Science & Technology Park Co. Ltd., China.
39939486
1275608
· Group Chairman & President: Mr. Lu Zhicheng
Group
Vice President: Mr. Wang Lianghai
Nominal Share Capital: US$10,000,000.00 (Divided into 100,000,000 shares of US$0.10 each)
Issued Share Capital: US$10,000,000.00
(As per registry
dated 25-09-2013)
|
Name |
|
No.
of shares |
|
Tsinghua Tongfang Co. Ltd. 30/F., Block A, Tsinghua Tongfang Scientific Technology
Building, Haidian District, 100083 Beijing, China. |
|
100,000,000 ========= |
(As per registry
dated 25-09-2013)
|
Name (Nationality) |
Address |
|
LU Zhicheng |
101 3rd Door, 12/F.,
Lanqiying, Haidian District, Beijing, China. |
|
WANG Lianghai |
701 1st Door, 12/F.,
Lanqiying, Haidian District, Beijing, China. |
(As per registry
dated 25-09-2013)
|
Name |
Address |
Co.
No. |
|
Norcola Co. Ltd. |
Room 3312, 33/F., Shui On Centre, 6‑8 Harbour
Road, Wanchai, Hong Kong. |
0111227 |
The subject was incorporated on 25th September, 2008 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer, Importer, Exporter and Wholesaler.
Lines: TVs, PCs, Computers, Notebooks, Electronic Products & Other Multi‑Media Products
Company Employees: Nil.
Group Employees: 17,850. (Year ended 31-12-2013)
Raw Materials: Imported from Europe, Japan and other Asian countries.
Markets: China, Europe, North America and other Asian countries.
Group Turnover: RMB15,387,735,746.25 Yuan (Year ended 31-12-2009)
RMB18,257,509,421.67 Yuan (Year ended 31-12-2010)
RMB21,435,287,227.47 Yuan (Year ended 31-12-2011)
RMB22,866,566,462.53 Yuan (Year ended 31-12-2012)
RMB22,650,144,108.08 Yuan (Year ended 31-12-2013)
Terms/Sales: L/C or as per contracted.
Terms/Buying: On various terms.
Nominal Share Capital: US$10,000,000.00 (Divided into 100,000,000 shares of US$0.10 each)
Issued Share Capital: US$10,000,000.00
Group Net Profit: RMB351,370,202.43 Yuan (Year ended 31-12-2009)
RMB479,555,528.80 Yuan (Year ended 31-12-2010)
RMB717,805,136.12 Yuan (Year ended 31-12-2011)
RMB614,216,893.17 Yuan (Year ended 31-12-2012)
RMB676,951,178.95 Yuan (Year ended 31-12-2013)
Indebtedness: US$ 65,000,000.00 (Total amount outstanding on all mortgages and charges as per last
Annual Return dated 25-09-2013)
Profit or Loss: Group business is profitable.
Condition: Business in Hong Kong is not active.
Facilities: Making fairly active use of general banking facilities.
Payment: Met as contracted.
Commercial Morality: Satisfactory.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
China
Construction Bank Hong Kong Ltd., Hong Kong.
Wing
Lung Bank Ltd., Hong Kong.
Standing: Small.
Having issued 100 million ordinary shares of US$0.10 each, Tongfang Global Ltd. is a wholly owned subsidiary of Tsinghua Tongfang Co. Ltd. [THTF] which is a China-based firm. THTF is the holding company of the THTF Group.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 3312, 33/F., Shui On Centre, 6‑8 Harbour Road, Wanchai, Hong Kong known as Norcola Co. Ltd. which is handling its correspondences and documents. This firm is also the corporate secretary of the subject. The subject has no employees in Hong Kong.
THTF is a renowned high-tech corporation listed on Shanghai Stock Exchange (Stock Code: 600100), Shanghai, China. The largest shareholder of THTF is Tsinghua University of Beijing. THTF is one of the top three PC manufacturers and top ten brands in “3C range” in China.
THTF is engaged in the development of IT, artificial environment, nuclear technology for civil use, energy and resources and biological medicine. Its aim is to establish the first-class high-tech enterprise in the world. THTF has set up a R&D Centre employing more than 2,000 experienced engineers and designers. It also has got the technical support from Tsinghua University. Its main production lines include PC, TV (LCD TV, PDP TV), and digital products (DVB-T).
Now, THTF has diversified into different economies. It has been constructed into ten core divisions: Computer, Digital City, The Internet of Things Application, Micro-electronics & Radio Frequency Technology, Multi-media, Semi-Conductor & Illuminating, Knowledge Network, Military Application, Digital TV, and Environment Technology Industry Divisions.
THTF has been listed as one of the “100 Top Scientific and Technological Enterprises of China”, “100 Top Chinese Enterprises in Electronic Information”, “500 Top World Brands”. It has always been considered as a “trustworthy enterprise”.
In recent years, THTF has set up factories in Nantong, Nanjing and Shandong Province, China.
As at end of 2013, THTF’s total assets amounted to RMB42.6 billion Yuan.
For the year ended 31st December, 2013, the sales of the Group amounted to RMB22,650.1 million, decreased by 0.9% as compared with that of RMB22,866.6 million in FY 2012; Group profit attributable to shareholders for the year was RMB677.0 million, grew by 10.2% as compared with that of RMB614.2 million in FY 2012.
The Group has taken measures to decrease its expenses effectively.
As at end of 2013, the Group had 17,850 employees.
The subject is fully supported by THTF.
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.
REMARKS:
Brief personal profile of the directors:-
Mr. LU Zhi Cheng (Group Chairman and President), 63 years old, Master, researcher; graduated from the Department of Heat Energy of Tsinghua University. He is the vice chairman of the 5th board of directors, chief executive officer and director of Tongfang Co. Ltd. Since 1989, he has been titled as general manager of Tsinghua Tongfang Artificial Environment Co. Ltd., board member, board vice chairman, and director of Tongfang Co. Ltd.
Mr. WANG Liang Hai (Group Vice President), 47 years old, Master; graduated from the Department of Heat Energy of Tsinghua University – Air Conditioning Major. He is the vice director of Tongfang Co. Ltd. Since 1997, he has been titled as general manager of Tongfang Control Engineering Company; assistant of Tongfang director; vice general manager of Digital TV Division and general manager of Consumer Electronics Division.
|
Date |
Particulars |
Amount |
|
26-10-2011 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as continuing security for the payment of all Secured Liabilities Mortgagee: China Merchants Bank Co. Ltd., Hong Kong Branch. |
All obligations and liabilities |
|
02-12-2011 |
Instrument: Security Over Deposits with the Bank (Limited Company – Under
Seal) Property: A deposit with chargee in the amount of €75,000.00 under Deposit A/C No. 808-880157 whatever currency it may subsequently be denominated in, any renewal of such deposit and the interest thereon together with any further monies in any deposit account with the chargee at any of its offices Mortgagee: The Hongkong & Shanghai Banking Corp. Ltd.,
Hong Kong. |
Amount secured – (i) all monies in any currency owing
by the Company to the chargee at any time, actually or contingently, in any
capacity, alone or jointly with any other person; (ii) interest on such
monies, to the date on which the chargee receives payment, at the rates
payable by the Company or which would have been payable but for any
circumstance which restricts payment and (iii) all expenses of the chargee in
perfecting or enforcing the charge |
|
10-02-2014 |
Instrument: Charge on Cash Deposit(s) to secure Liabilities of the
Depositor(s) Property: (1) By way of first fixed charge and
agreement to charge: The Deposit and all right, title and interest of the Company whatsoever, present and future, thereto and therein, together with any certificates of deposit or other instruments or securities evidencing title, or otherwise relating, thereto and any account to which the same is credited. (2) By way of set-off: Any sum standing to the credit of any one or more of the accounts of the Company with the Bank whosesoever situate. Mortgagee: DBS Bank (Hong Kong) Ltd., Hong Kong. |
All sums of money and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.18 |
|
UK Pound |
1 |
Rs.102.68 |
|
Euro |
1 |
Rs.81.03 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
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Report Prepared
by : |
MNL |
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 |
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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 |
|
<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.