|
Report Date : |
26.03.2014 |
IDENTIFICATION DETAILS
|
Name : |
TOP
VICTORY INVESTMENTS LTD. |
|
|
|
|
Registered Office : |
Unit 1208-1216, 12/F., C-Bons International Centre, 108
Wai Yip Street, Kwun Tong, Kowloon |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
24.07.1987 |
|
|
|
|
Com. Reg. No.: |
11474222 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Manufacturer and Exporter of Computer monitors, LCD & flat TV products |
|
|
|
|
No. of Employees |
32,906 Group Employees |
RATING & COMMENTS
|
MIRA’s Rating : |
Ba |
|
RATING |
STATUS |
PROPOSED CREDIT LINE |
|
|
41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
|
Status : |
Satisfactory |
|
|
|
|
Payment Behaviour : |
No Complaints |
|
|
|
|
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) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
TOP VICTORY INVESTMENTS LTD.
(Your enquiry given as TOP VICTORY INVESTMENT LTD of the same address)
Unit 1208-1216, 12/F., C-Bons International Centre, 108 Wai Yip Street, Kwun Tong, Kowloon, Hong Kong.
PHONE: 852-2858 5736, 2559 6921
FAX: 852-2546 8884
E-MAIL: shanotyau@tpvtechnology.com
Chairman & Chief Executive Officer: Dr. Jason Hsuan
Incorporated on: 24th July, 1987.
Organization: Private Limited Company.
Capital: Nominal: HK$20,000.00
Issued: HK$11,000.00
Business Category: Computer monitor and flat TV Trader.
Group Revenue: US$11,972,698,000 (Year ended 31-12-2013)
Group Employees: 32,906. (As at 31-12-2013)
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Good.
Registered Head
Office:-
Unit 1208-1216, 12/F., C-Bons International Centre, 108 Wai
Yip Street, Kwun Tong, Kowloon, Hong Kong.
Holding Company:-
Top Victory International Ltd., British Virgin Islands.
Ultimate Holding
Company:-
TPV Technology Ltd., Bermuda/Hong Kong.
Associated/Affiliated
Companies:-
TPV Group of Companies
AOC Holdings Ltd., Hong Kong.
BriVictory Display Technology (Labuan) Corp., Malaysia.
BriVictory Display Technology (Poland) Sp. z.o.o., Poland.
CPT TPV Optical (Fujian) Co. Ltd., China.
Ebony Hong Kong Holding Ltd., Hong Kong.
Envision Industria de Productos Electronicos Ltda., Brazil.
Envision Peripherals Inc., US.
Evertop (Fujian) Optoelectronics Co. Ltd., China.
L&T Display Technology (Fujian) Ltd., China.
L&T Display Technology (Xiamen) Ltd., China.
MMD (Shanghai) Electronics Technology Co. Ltd., China.
MMD (Shanghai) Electronics Trading Co. Ltd., China.
MMD Hong Kong Holding Ltd., Hong Kong.
PTC Consumer Electronics Co. Ltd., China.
PTC Technology Co. Ltd., China.
Three Titans Technology (Xiamen) Co. Ltd., China.
Top Victory Electronics (Fujian) Co. Ltd., China.
Top Victory Electronics (Taiwan) Co. Ltd., Taiwan.
TP CIS Ltd., Russia.
TP Television Iberica Spain S.L., Spain.
TP Vision Belgium N.V., Belgium.
TP Vision Czech Republic s.r.o., Czech.
TP Vision Eurasia LLC, Russia.
TP Vision Finland Oy, Finland.
TP Vision France SAS, France.
TP Vision Germany GmbH, Germany.
TP Vision Holding B.V., The Netherlands.
TP Vision Hong Kong Ltd., Hong Kong.
TP Vision Hungary Ltd., Hungary.
TP Vision Industria Eletronica Ltda., Brazil.
TP Vision Italy S.r.l., Italy.
TP Vision Singapore Pte. Ltd., Singapore.
TP Vision Sweden AB, Sweden.
TP Vision Switzerland AG., Switzerland.
TPV Display Technology (China) Co. Ltd., China.
TPV Display Technology (Wuhan) Co. Ltd., China.
TPV Display Technology (Xiamen) Co. Ltd., China.
TPV Displays Polska Sp. z o.o., Poland.
TPV do Brazil Industria de Eletronicos Ltda., Brazil.
TPV Electronics (Fuzhou Bonded Zone) Trading Co. Ltd., China.
TPV International (USA) Inc., US.
TPV Technology (Beijing) Co. Ltd., China.
TPV Technology (Wuhan) Co. Ltd., China.
TPV-INVENTA Holding Ltd., Hong Kong.
TPV-INVENTA Technology (Fujian) Ltd., China.
TPV-INVENTA Technology Co. Ltd., Taiwan.
Trend Smart America Ltd., US.
Wuhan Admiral Technology Ltd., China.
Xiamen Admiral Electronics Technology Co. Ltd., China.
11474222
0193969
Chairman & Chief Executive Officer: Dr. Jason Hsuan
Nominal Share Capital: HK$20,000.00
(Divided into 10,000 “A” Ordinary shares and 10,000 Non-voting Deferred shares of HK$1.00 each)
Issued Share Capital: HK$11,000.00
(As per registry
dated 24-07-2013)
|
Name |
|
No.
of shares |
|
|
|
|
“A” |
Non-voting
Deferred |
|
Top Victory International
Ltd. P.O. Box 957,
Offshore Incorporations Centre, Road Town, Tortola, British Virgin Islands. |
|
999 |
- |
|
Jason HSUAN |
|
1 |
- |
|
Palmland Holdings Inc. 80
Broad Street, Monrovia, Liberia. |
|
- |
7,500 |
|
Pacific Industries &
Development Ltd. Arias Fabrega & Fabrega Trust Co. BVI Ltd., Wickhams Cay,
Road Town, Tortola, British Virgin Islands. |
|
- |
2,500 |
|
|
|
––––– |
–––––– |
|
|
Total: |
1,000 ==== |
10,000 ===== |
(As per registry
dated 25-10-2013)
|
Name (Nationality) |
Address |
|
Jason HSUAN |
Flat H, 34/F., Kennedy Town
Centre, 38 Kennedy Town Praya, Hong Kong. |
|
HOUNG Yu Te |
No. 10-3, Alley 3, Lane 251,
Section 3, Chung Hsiao East Road, Taipei, Taiwan. |
|
Sutanto DJUHAR |
Widya Chandra VIII, No. 15 KP.
Pecandran, Jakarta Selatan, Indonesia. |
|
TSENG
Tian-Lung |
5F., No. 355, Ziqiang Road,
Tamsui District, New Taipei City 251, Taiwan. |
(As per registry
dated 24-07-2013)
|
Name |
Address |
|
LEE Wa Ying, Phyllis |
Unit B, 15/F., Woodbury Court, Discovery Bay, Lantau
Island, Hong Kong. |
The subject was incorporated on 24th July, 1987 as a private limited liability company under the Hong Kong Companies Ordinance.
Room 1023, 10/F., Ocean Centre, Harbour City, 5 Canton Road, Tsimshatsui, Kowloon, Hong Kong, moved to the present address in December 2011.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Manufacturer and Exporter.
Lines: Computer monitors, LCD & flat TV products
Group Employees: 32,906. (As at 31-12-2013)
Raw Materials: China, etc.
Markets: China, other Asian countries, Africa, Australia, Europe, North America, Central & South
America, Middle East, etc.
Group Revenue: US$ 8,031,972,000 (Year ended 31-12-2009)
US$11,631,576,000 (Year ended 31-12-2010)
US$11,040,124,000 (Year ended 31-12-2011)
US$11,974,836,000 (Year ended 31-12-2012)
US$11,972,698,000 (Year ended 31-12-2013)
Terms/Sales: L/C, T/T, etc.
Terms/Buying: L/C, D/P, O/A, etc.
Nominal Share Capital: HK$20,000.00
(Divided into 10,000 “A” Ordinary shares and 10,000 Non-voting Deferred shares of HK$1.00 each)
Issued Share Capital: HK$11,000.00
Group Profit
Attributable to Equity Holders:-
· US$141,214,000 (Year ended 31-12-2009)
· US$169,349,000 (Year ended 31-12-2010)
· US$120,398,000 (Year ended 31-12-2011)
· US$112,408,000 (Year ended 31-12-2012)
· (US$ 47,246,000) (Year ended 31-12-2013)
Group Net Worth:
· US$1,505,583,000 (As at 31-12-2009)
· US$1,793,491,000 (As at 31-12-2010)
· US$1,830,675,000 (As at 31-12-2011)
· US$1,897,124,000 (As at 31-12-2012)
· US$1,698,030,000 (As at 31-12-2013)
Group Profit or Loss: Group made a loss in 2013.
Condition: Keeping in a normal manner.
Facilities: Making active use of general banking facilities.
Payment: Met on time.
Commercial Morality: Good.
Bankers:-
· The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
· Agricultural Bank of China, Hong Kong Branch.
· Bank of America N.A., Hong Kong Branch.
· Bank of China (Hong Kong) Ltd., Hong Kong.
· Bank SinoPac, Hong Kong Branch.
· China Construction Bank Corporation, Hong Kong Branch.
· Industrial & Commercial Bank of China Ltd., Hong Kong Branch.
· ING Bank N.V., Hong Kong Branch.
· Taishin International Bank Co. Ltd., Taiwan.
Standing: Normal.
Top Victory Investments Ltd. is a wholly-owned subsidiary of Top Victory International Ltd. which is a BVI-registered firm. The subject’s ultimate holding company is TPV Technology Ltd. [TPV], a Bermuda-incorporated firm.
TPV is a non-Hong Kong company registered in Hong Kong on 29th October, 1999. It was incorporated in Bermuda. Its shares are primarily listed on The Stock Exchange of Hong Kong Ltd. bearing stock code 903 and secondarily listed on Singapore Exchange Ltd. on 8th October, 1999. TPV is the holding company of the TPV Group.
The Group designs, manufactures and sells computer monitors and flat television products. It manufactures mainly in the People’s Republic of China [PRC] and sells its products to Europe, North and South America, the PRC and other Asian countries. It focuses on display products, primarily cathode ray tube [CRT] monitors, thin film transistor-liquid crystal display [TFT-LCD] monitors, and plasma televisions. At present, TPV owns the following two brand names: “Envision” and “AOC”.
The Group is organised on a worldwide basis into four main operating segments. They are (i) Monitors; (ii) TVs; (iii) TP Vision — TVs; and (iv) Others. Others mainly comprise the sales of chassis, spare parts, CKD, SKD and all-in-one computers.
In 2013, the Group’s total revenue remained flat at US$12 billion (2012: US$12 billion), it recorded a loss of US$47 million during the 2013 fiscal year (2012: a profit of US$112 million). The Group’s blended gross profit (“GP”) margin was 7.2 percent, compared to 7.5 percent in 2012.
The Group shipped 14.5 million LCD TVs during 2013, slightly more than 14.2 million it shipped in 2012. Its revenue from these amounted to US$5 billion, also a similar amount to 2012. Feeble demand in the European market and a rapid slowdown of growth in South America hit the Group’s TV business particularly hard, both in terms of volumes and revenues, because they are the key markets for TP Vision.
Global demand for TVs fell short of expectation in 2013. Shipments for the year were 207 million units, only 2 percent more than the previous year. While shipments to the growth markets in Asia Pacific, South America, Eastern Europe, and the Middle East and Africa grew, various negative political and economic developments in those regions slowed down the growth momentum considerably. Meanwhile, demand in developed economies continued to decline, most noticeably in Western Europe, where TV shipments fell by more than 10 percent in year-on-year terms, the second consecutive year they have fallen. A range of factors undermined demand. These ranged from economic weakness and high-penetration rates for TVs in developed countries to a lack of new features to stimulate replacement demand. Meanwhile, global monitor shipments decreased by 5 percent, from 151 million units to 143 million, in tandem with the shrinking PC market.
As at 31st December 2013, the Group had a workforce of 32,906 worldwide, compared with 33,739 a year earlier.
The subject is fully supported by the TPV Group.
On the whole, consider the subject good for normal business engagements.
REMARKS:
Brief information of
the principal director:-
Dr. Jason HSUAN, aged 70, joined the Group in November 1990 and has been the Chairman and Chief Executive Officer of TPV since 1999. He is also the member of remuneration committee of TPV and a director of certain subsidiaries of TPV. Dr. Hsuan is responsible for the overall corporate policies and business development of TPV and its subsidiaries. Before joining TPV, he had over 19 years of managerial experience in well-known multi-national listed enterprises which include General Electric Company and PepsiCo Inc. Dr. Hsuan graduated from the Department of Electrical Engineering of National Cheng Kung University, Taiwan in 1968, and holds a Doctorate degree of Philosophy in Systems Engineering from the Polytechnic Institute of Brooklyn and a Master’s degree in Systems Engineering from Boston University. Dr. Hsuan was appointed as a non-executive director of Nanjing Panda Electronics Co. Ltd., a company listed on The Stock Exchange of Hong Kong Ltd. and Shanghai Stock Exchange, in December 2009.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.60.49 |
|
|
1 |
Rs.99.77 |
|
Euro |
1 |
Rs.83.67 |
INFORMATION DETAILS
|
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 |
|
|
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.