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Report Date : |
19.06.2014 |
IDENTIFICATION DETAILS
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Name : |
COOLPAD OVERSEAS LTD. |
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Registered Office : |
c/o Carson Services Ltd. 18/F., Edinburgh Tower, The Landmark, 15 Queen’s Road
Central |
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Country : |
Hong Kong |
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Date of Incorporation : |
11.09.2008 |
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Com. Reg. No.: |
39783295 |
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Legal Form : |
Private Limited 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 : |
B |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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26-40 |
B |
Capability to overcome financial difficulties seems comparatively
below average. |
Small |
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Status : |
Small Company |
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Payment Behaviour : |
No Complaints |
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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 |
COOLPAD OVERSEAS
LTD
ADDRESS: c/o Carson Services Ltd.
18/F., Edinburgh
Tower, The Landmark, 15 Queen’s Road Central, Hong Kong.
PHONE: 852-2103 0808
FAX: 852-2810 1345
Managing Director: Mr. Jiang Chao
Incorporated on: 11th September, 2008.
Organization: Private Limited Company.
Capital: Nominal: US$5,000,000.00
Issued: US$1,550,000.00
Business Category: Mobile
Phone Trader.
Group Turnover: HK$19,623,652,000 (Year ended 31-12-2013)
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
COOLPAD OVERSEAS
LTD
Registered
Office:-
c/o Carson Services Ltd.
18/F., Edinburgh Tower, The Landmark, 15 Queen’s Road Central, Hong
Kong.
Holding Company:-
Julong Computer Telecommunication Scientific (Shenzhen) Co. Ltd., China.
Intermediate
Holding Company:-
Coolpad Group Ltd., Cayman Islands/Hong Kong.
Associated
Companies:-
Coolpad Group of Companies
China Wireless Technologies Ltd., Cayman Islands.
China Wireless Technologies Ltd., Hong Kong.
Coolpad France, France.
Coolpad Software Tech (Shenzhen) Co. Ltd., China.
Coolpad Technologies Inc., US.
Digital Tech Inc., British Virgin Islands/China.
Dongguan Yulong Telecommunication Tech Co. Ltd., China.
Shenzhen Coolpad Technologies Co. Ltd., China.
Shenzhen Handset Antenna Technology Co. Ltd., China.
Shenzhen Penghe Property Investment Co. Ltd., China.
Taiwan Coolpad Technology Ltd., Taiwan.
Xi’an Coolpad Software Tech Co. Ltd., China.
Xi’an Coolpad Telecommunications Equipment Co. Ltd., China.
Yulong Infotech Inc., British Virgin Islands/China.
Yulong Technologies (Hong Kong) Co. Ltd., Hong Kong.
etc.
39783295
1272513
Managing Director: Mr. Jiang Chao
Nominal Share Capital: US$5,000,000.00 (Divided into 5,000,000 shares of
US$1.00 each)
Issued Share Capital: US$1,550,000.00
(As per registry
dated 11-09-2013)
|
Name |
|
No. of shares |
|
Julong Computer Telecommunication Scientific (Shenzhen) Co. Ltd. 6/F., 1 Building, Cool pad Information Harbour, Hi-Tech Industrial
Park (North), Nan Shan District, Shenzhen, China. |
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930,000 |
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A1-Falak Import & Export L.L.C. P. O. Box 2069, Muscat, PC 112, Sultanate of Oman. |
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620,000 |
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–––––––– |
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Total: |
1,550,000 ======= |
(As per registry
dated 11-09-2013)
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Name (Nationality) |
Address |
|
Same Mohamed Ali AL AWAIT |
House Number 1407, Way 1718, Medina Sultan Qaboos, Muscat, Sultanate
of Oman. |
|
Mohamed Ali Mohamed AL WAHAIBI |
House Number 982, Way 2131, Basher, Muscat, Sultanate of Oman. |
|
JIANG Chao |
Room 601, Block 1, Xinyuan, Long Gang District, Shenzhen, China. |
(As per registry
dated 11-09-2013)
|
Name |
Address |
Co. No. |
|
Carson Services Ltd. |
18/F., Edinburgh Tower, The Landmark, 15 Queen’s Road Central,
Hong Kong. |
0582737 |
The subject was incorporated on 11th September, 2008 as a private
limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Mobile
phone trader.
Lines: All
kinds of mobile phones, etc.
Employees: Nil.
Commodities Imported: China.
Markets: Asian
countries, Middle East, Europe, etc.
Group Turnover: HK$ 2,604,865,000
(Year ended 31-12-2009)
HK$ 4,592,699,000
(Year ended 31-12-2010)
HK$ 7,340,495,000
(Year ended 31-12-2011)
HK$14,390,166,000 (Year ended 31-12-2012) [Re-stated]
HK$19,623,652,000 (Year ended 31-12-2013)
Terms/Sales: L/C or as per contracted.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: US$5,000,000.00 (Divided into 5,000,000 shares of
US$1.00 each)
Issued Share Capital: US$1,550,000.00
Group Profit/(Loss): HK$240,005,000 (Year ended 31-12-2009)
HK$480,265,000 (Year ended 31-12-2010)
HK$271,069,000 (Year ended 31-12-2011)
HK$324,303,000 (Year ended 31-12-2012)
HK$348,252,000 (Year ended 31-12-2013)
Profit or Loss: Group
business was profitable in the past five years.
Condition: Business
is not active in Hong Kong.
Facilities: Adequate
for current running.
Payment: Met as required.
Commercial Morality: Good.
Banker: The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong.
Standing: Small.
Having issued 1,550,000 ordinary shares of US$1.00 each, Coolpad
Overseas Ltd. is jointly owned by Julong Computer Telecommunication Scientific
(Shenzhen) Co. Ltd. [Julong], holding 60% interests; A1-Falak Import & Export
L.L.C., an Oman-registered firm holding 40%.
Julong is a wholly-owned subsidiary of Coolpad Group Ltd. [Formerly
China Wireless Technologies Ltd./the Company/Group, when including subsidiaries
or associates].
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at 18/F., Edinburgh Tower, The Landmark, 15 Queen’s
Road Central, Hong Kong known as Carson Services 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.
The subject is a mobile phone trader.
It is trading in all kinds of Cool pad smart phones.
Coolpad Group was incorporated in the Cayman Islands as an exempted
company with limited liability on 11th June, 2002. Its shares were listed on the Stock Exchange
of Hong Kong Limited on 9th December, 2004 (Stock Code: 2369).
Julong is an indirect wholly owned subsidiary of Coolpad Group. It was founded by Mr. Go Dyeing (Coolpad
Group’s chairman, executive director and chief executive officer) in April
1993. Julong is a leading developer and
provider of integrated solutions for Cool pad smart phone sets, mobile data
platform system, and value-added business operations in China. Julong mainly provides its Cool pad products
for enterprises, government and mobile operators as well as individual
consumers in China.
In the last decade, capitalizing on the development of wireless
telecommunications technological know-how in wireless telecommunications across
multiple wireless telecommunications network standards including GSM, CDMA1X,
TD-SCADA, CDMA1X(EDO) and WADA networks, the Group has developed a large number
of proprietary technologies and patents in mobile operating systems, radio
frequency, protocols and wireless data decomposed transmission technology,
etc. The Group has developed advanced
research and development capabilities in mobile communications and gradually
becomes a leader of 3G smartphone in China’s telecommunications market.
In spite of being a leading smartphone developer in Mainland China’s
telecommunications market, the Group has succeeded in breaking into the global
telecommunications market in respect of Coolpad brand with the overseas
telecommunications operators. The Group
has established strong and close strategic cooperation relationships with
certain global telecommunications operators and is striving to further develop
its business in the global telecommunications markets.
For the year ended 31st December, 2013, the Group had a turnover of
approximately HK$19,623.7 million, which increased 36.4% from HK$14,390.2
million in 2012. The increase was mostly
due to the Group’s focus on the mid- and low-end smartphone market and was
largely ascribed to the solid 3G business increase in China. The Group’s gross profit margin for 2013 was
12.9%, which was 12.2% in 2012, up 0.7 percent points. The increase of gross profit margin was mainly
because of the economies of scale and the better cost control in 2013. The net profit of 2013 was approximately
HK$348.3 million, which increased 7.4% from HK$324.3 million in 2012.
In the year of 2013, the Group continued to focus on launching a full
range of Coolpad smartphones from high-end to mid- and low-end ones, offering
the users a better build quality and better radio performance.
Meanwhile, the Group also launched its first waterproof smart watch
(cWatchC1), being the accessories for Coolpad smartphone. Except for the common functions, C1 had the
features like telephone, SMS, calendar reminders, sports and health management,
and other notifications. In addition to
launch the smart watches, we also introduced other wearable devices which were
based on the personal health management, CoolHub. The CoolHub functioned as a Bluetooth speaker
and a micro SD card reader.
To expand the sales channel, the Group exported 4G smartphone through
partnerships with international carriers to Europe and the United States. After launching the first 4G FDD-LTE
smartphone in the United States in 2012, it continued to roll out the next
flagship 4G model in 2014. It also
entered into the Europe market finally in 2013, after a long term of
preparation and basic works. Coolpad
became more well-known overseas with affordable smartphones and decent
specifications.
The subject is fully supported by the Group.
The subject’s business in Hong Kong is not active. History in Hong Kong is over five years and
nine 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 or in
small credit amounts.
Brief personal profile of the director:
Mr. JIANG Chao, aged 43, is an executive Director, the chief
financial officer, vice president of the Group, and the company secretary of
the Company. Mr. Jiang is responsible
primarily for the finance and administrative functions of the Group. He is an associate member of the Association
of Chartered Certified Accountants and a certified public accountant in the
PRC. Mr. Jiang joined the Group in June
2002. Mr. Jiang has about 20 years
of experience in accounting and finance.
Prior to joining the Group, he had worked for the State Audit
Bureau. Mr. Jiang had also worked
for Qiaoxing Electronic Company Limited (the shares of which are listed on the
NASDAQ Stock Exchange, stock symbol: XING) and ZTE Corporation Limited (the
shares of which are listed on the Main Board of the Stock Exchange, Stock Code:
763), where he was responsible for financial and accounting functions. Mr. Jiang currently is the independent
non-executive director of Ming Fung Jewellery Group Limited (the shares of
which are listed on the Stock Exchange, Stock Code: 860). Mr. Jiang is a member of Futian Committee of
Chinese People’s Political Consultative Conference. He obtained a bachelor’s degree in economics
from Sun Yat-Sen University in 1991.
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. 60.12 |
|
|
1 |
Rs. 102.00 |
|
Euro |
1 |
Rs. 81.43 |
INFORMATION DETAILS
|
Analysis Done by
: |
KRN |
|
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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 |
|
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.