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Report Date : |
28.06.2014 |
IDENTIFICATION DETAILS
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Name : |
FOXDA ELECTRONICS (HK) CO. LTD. |
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Registered Office : |
c/o Spreader Secretarial Services Ltd. Room 803, 8/F., Leader Industrial Centre, 57-59 Au Pui Wan Street, Fotan, New Territories, |
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Country : |
Hong Kong |
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Date of Incorporation : |
29.09.2009 |
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Com. Reg. No.: |
51284613 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of Consumer electronics,
mobile phones, MP3, MP4, notebooks, DVD, radio |
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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 – March 31, 2014
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Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
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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 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
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Source
: CIA |
FOXDA ELECTRONICS
(HK) CO. LTD.
ADDRESS: c/o Spreader Secretarial Services Ltd.
Room 803, 8/F., Leader Industrial Centre, 57-59 Au Pui Wan Street, Fotan, New Territories, Hong Kong.
PHONE: Not available.
FAX: Not available.
Managing Director: Ms. Zheng Aibing
Incorporated on: 29th September, 2009.
Organization: Private Limited Company.
Capital: Nominal:US$100,000.00
Issued: US$100,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees: Nil.
Main Dealing Banker: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
c/o Spreader Secretarial Services Ltd.
Room 803, 8/F., Leader Industrial Centre, 57-59 Au Pui Wan Street, Fotan, New Territories, Hong Kong.
Holding Company:-
Foxda Technology Industrial (Shenzhen) Co. Ltd.
6/F., Fuxing Building, Binlang Dao, Futian Bonded Zone, Shenzhen Special Economic Zone, China.
Associated Companies:-
Altierre Corporation, US.
Archos, France.
Audiovox Corporation, US.
Foxda Group Ltd., Hong Kong.
Foxda Technology (HK) Co. Ltd., Hong Kong.
Shenzhen Foneric Software Technology Co. Ltd., China.
[Tel: 86-0755-6139 0435, Fax: 86-0755-6139 0339]
51284613
1377855
Managing Director: Ms. Zheng Aibing
Nominal Share Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share Capital: US$100,000.00
SHAREHOLDER: (As per registry dated 29-09-2013)
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Name |
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No. of shares |
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Foxda Technology Industrial (Shenzhen) Co. Ltd. 6/F., Fuxing Building, Binlang Dao, Futian Bonded Zone, Shenzhen Special Economic Zone, China. |
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100,000 ====== |
DIRECTOR: (As per registry dated 29-09-2013)
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Name (Nationality) |
Address |
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ZHENG Aibing |
6/F., Fuxing Building, Binlang Dao, Futian Bonded Zone, Shenzhen Special Economic Zone, China. |
SECRETARY: (As per registry dated 29-09-2013)
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Name |
Address |
Co. No. |
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Spreader Secretarial Services Ltd. |
Room 803, 8/F., Leader Industrial Centre, 57‑59 Au Pui Wan Street, Fotan, New Territories, Hong Kong. |
1646644 |
The subject was incorporated on 29th September, 2009 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: Importer, Exporter and Wholesaler.
Lines: Consumer electronics, mobile phones, MP3, MP4, notebooks, DVD, radio, etc.
Employees: Nil.
Commodities Imported: China, other Asian countries, etc.
Markets: Asian countries, Europe, US, etc.
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, T/T, D/P, etc.
Nominal Share Capital: US$100,000.00 (Divided into 100,000 shares of US$1.00 each)
Issued Share Capital: US$100,000.00
Mortgage or Charge: (See attachment)
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: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Having issued 100,000 ordinary shares of US$1.00 each, Foxda Electronics (HK) Co. Ltd. is wholly owned by Foxda Technology Industrial (Shenzhen) Co. Ltd. [FOXDA], a China-registered company.
The director of the subject Ms. Zheng Aibing is a China merchant. She is a China passport holder and does not have the right to reside in Hong Kong permanently. She is also the only director of the subject.
Ms. Zheng Aibing is also the legal representative of FOXDA.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at “Room 803, 8/F., Leader Industrial Centre, 57-59 Au Pui Wan Street, Fotan, New Territories, Hong Kong” known as “Spreader Secretarial Services Ltd.” [Spreader] which is handling its correspondences and documents. Spreader is also the corporate secretary of the subject.
The subject has no employees in Hong Kong.
The subject is trading in the same products as its parent.
Founded in February 2003, FOXDA provides EMS and ODM services to leading consumer electronics brands worldwide. Its wholly-owned industrial park, R&D and Sales subsidiaries together offer competitive advantages to its clients, in particular through vertically-integrated advanced designing capabilities. The total investment of FOXDA was about HK$118 million.
Located in Longgang Grand Industrial Area of Shenzhen, FOXDA industrial park covers 100,000 square meters and has been equipped with a full ranged mechanical processing centre, 6 advance SMT lines, 28 assembly and packaging lines.
FOXDA is specialized in the development, production, sales and service of a wide range of consumer electronics including DVD, mobile phones, tablets, portable HD camcorders, MP3, MP4, home theatres, notebooks, numerical radios, other numerical products, cameras, and portable music players. FOXDA now owns hundreds of national and international innovation, as well as utility model and design patents.
FOXDA now has about 2,000 employees. Its monthly production capacity is about 600,000 units of products.
FOXDA has got the following certification: ISO9001 certification, SA800 certification and ISO14000 certification.
The following companies are some of the customers of FOXDA:
VOXX, Archos, Creative, Drifc, speedo, Argos, Liquid image, Lumigon, Ulysse Nardin, bess, etc.
The products of FOXDA are marketed in China, exported to Japan, the other Asian countries, Europe, North America, etc. Business is normal.
The subject has been banking with Standard Chartered Bank (Hong Kong) Ltd., Hong Kong.
The subject is fully supported by FOXDA.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four 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.
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Date |
Particulars |
Amount |
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15-03-2013 |
Instrument: Security Agreement over Bank Account Property: By way of a first charge all of the Chargor’s rights in respect of any amount standing to the credit of the Account (as defined below) from time to time and the debt represented by it Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future obligations and liabilities |
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15-03-2013 |
Instrument: Security Agreement over Securities Property: 1. By way of first fixed charge: (a) All Specified Securities which are on the date of the Security Agreement the Chargor’s property, including all proceeds of sale derived from them (b) All Specified Securities in which the Chargor may in the future acquire an interest, including all proceeds of sale derived from them (c) All Related Rights of a capital nature on the date of the Security Agreement or in the future accruing or offered in respect of the Chargor’s Specified Securities (d) All Related Rights of an income nature on the date of the Security Agreement or in the future accruing or offered at any time in respect of the Chargor’s Specified Securities (e) Where Specified Securities are held in a Relevant System, all the Chargor’s rights against the Nominee, the operator of the Relevant System or any participant in respect of such Specified Securities 2. By way of assignment, all the Chargor’s rights, title and interest, present and future, in and to any Specified Securities and any Related Rights attaching thereto Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
To secure the payment and satisfaction of all present and future obligations and liabilities |
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15-04-2013 |
Instrument: Charge over Receivables Property: The Chargor, as beneficial owner and as continuing security for the payment and discharge of all Secured Obligations, charges by way of a floating charge all of its present and future rights, title and interest in and to all Receivables, all rights and remedies in connection with the Receivables and all proceeds and clams arising therefrom Mortgagee: Standard Chartered Bank (Hong Kong) Ltd., Hong Kong. |
All present and future obligations and liabilities |
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
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Indian Rupees |
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US Dollar |
1 |
Rs.60.10 |
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1 |
Rs.102.40 |
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Euro |
1 |
Rs.81.88 |
INFORMATION DETAILS
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Analysis Done by
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SUM |
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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 |
-- |
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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.