|
Report Date : |
14.05.2014 |
IDENTIFICATION DETAILS
|
Name : |
CHANGHONG (HONGKONG) TRADING LTD. |
|
|
|
|
Registered Office : |
Room 1412, 14/F., West Tower, Shun Tak Centre, 168-200 Connaught Road Central, Sheung Wan |
|
|
|
|
Country : |
Hong Kong
|
|
|
|
|
Date of Incorporation : |
24.05.2005 |
|
|
|
|
Com. Reg. No.: |
35656159 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of Air-conditioners, electronic products, other
electric appliances |
|
|
|
|
No. of Employees : |
16. (Including associates) |
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 – March 31, 2014
|
Country Name |
Previous Rating (31.12.2013) |
Current Rating (31.03.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low Risk |
A2 |
|
Moderately Low Risk |
B1 |
|
Moderate Risk |
B2 |
|
Moderately High Risk |
C1 |
|
High Risk |
C2 |
|
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 |
CHANGHONG
(HONGKONG) TRADING LTD.
ADDRESS: Room 1412, 14/F., West Tower, Shun Tak
Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong.
PHONE: 852-3690 2366
FAX: 852-3690 2108
E-MAIL: eileen.yang@changhong.com
Managing Director: Mr. Tang Yun
Incorporated on: 24th May, 2005.
Organization: Private Limited Company.
Capital: Nominal: HK$200,000,000.00
Issued: HK$200,000,000.00
Business Category: Electric
Product Trader.
Group Turnover: RMB58,875,274,661.52
Yuan (Year ended 31-12-2013)
Company Employees: 16.
(Including associates)
Group Employees : 61,942
(As at 13-12-2013)
Main Dealing Banker: Bank of
China (Hong Kong) Ltd., Hong Kong.
Banking Relation: Good.
CHANGHONG (HONGKONG)
TRADING LTD.
Registered Head
Office:-
Room 1412, 14/F., West Tower, Shun Tak Centre, 168-200 Connaught Road
Central, Sheung Wan, Hong Kong.
Holding Company:-
Sichuan Changhong Electric Co. Ltd. [Changhong], China.
Ultimate Holding
Company:-
Sichuan Changhong Electronic Holdings Co. Ltd., China.
Affiliated/Associated
Companies:-
Changhong Group of Companies
Apex Digital Inc., British Virgin Islands.
Apex Honour Resources Ltd., British Virgin Islands.
BVCH Optronics (Sichuan) Co. Ltd., China.
Changchun Changhong Electric Technologies Co. Ltd., China.
Changhong (Hong Kong) Enterprises Ltd., Hong Kong.
Changhong Deutschland Ltd., Germany.
Changhong Electric (Australia) Pty. Ltd., Australia.
Changhong Electric India Pvt. Ltd., India.
Changhong Electric Middle East FZE, UAE.
Changhong Europe Electric s.r.o., Czech Republic.
Changhong IT (Hong Kong) Information Products Co. Ltd., Hong Kong.
Changhong IT Information Products Co. Ltd., China.
Changhong Jiahua Holdings Ltd., Hong Kong.
Changhong Overseas Development Ltd., Hong Kong. (Same address)
Changhong Ruba Trading Co. (Pvt) Ltd., Pakistan.
Changhong Russia Electric Co. Ltd., Russia.
Electra Investments B.V., the Netherlands.
Fit Generation Holding Ltd., British Virgin Islands.
Guangdong Changhong Digital Technology Co. Ltd., China.
Guangdong Changhong Electronics Co. Ltd., China.
Guohong Communications Digital Group Co. Ltd., China.
Hefei Changhong Industry Co. Ltd., China.
Hefei Meiling Co. Ltd., China.
Huayi Compressor Co. Ltd., China.
Jiangsu Changhong TV Co. Ltd., China.
Mianyang Guohong Communication Digital Group Co. Ltd., China.
Orion OLED Co. Ltd., South Korea.
Orion PDP Co. Ltd., South Korea.
P.T. Changhong Electric Indonesia, Indonesia.
Sichuan CCO Display Technology Co. Ltd., China.
Sichuan Changhong Electric Power Co. Ltd., China.
Sichuan Changhong Network Technologies Co. Ltd., China.
Sichuan Changhong New Energy Technology Co. Ltd., China.
Sichuan Changhong Precision Electronics Technology Co. Ltd., China.
Sichuan Changhong-Sinew Technologies Co. Ltd., China.
Sichuan COC Display Devices Co. Ltd., China.
Sichuan TECO Changhong Precision Co. Ltd., China.
Sterope Investments B.V., the Netherlands.
Sufficient Value Group Ltd., British Virgin Islands.
35656159
0972481
Director & Vice Chairman: Mr.
Wu Jiang
Managing Director: Mr. Tang Yun
Marketing Manager: Ms. Yang Lu,
Eileen
Representative: Mr. Wu Xiangtao
Nominal Share Capital: HK$200,000,000.00
(Divided into 200,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$200,000,000.00
(As per registry dated 24-05-2013)
|
Name |
|
No. of shares |
|
Sichuan Changhong Electric Co. Ltd. 35 East Mian Xing Road, High-Tech Park, Mian Yang, Sichuan, China. |
|
200,000,000 ========= |
(As per registry dated 24-05-2013)
|
Name (Nationality) |
Address |
|
HU Jia |
No. 321, Block 76, No. 5 Yue Jin Lu, Fu Cheng Qu, Mian Yang Shi, Si
Chuan Sheng, China. |
|
WU Xiangtao |
No. 161, Block 13, 5 Sheng Huo Qu, No. 5 Yue Jin Lu, Fu Cheng Qu, Mian
Yang Shi, Si Chuan Sheng, China. |
|
WU Jiang |
1 Hao, North Xingye Road, Nantou Zhen, Zhongshan, Guangdong, China. |
|
TANG Yun |
Unit 3701, 37/F., West Tower, Shun Tak Centre, 168‑200 Connaught
Road Central, Hong Kong. |
|
CHEN Hua |
Purchase Department, 35# East Main Xing Road, Hi-Tech Park, Mian Yang,
Si chuan, China. |
(As per registry dated 24-05-2013)
|
Name |
Address |
Co. No. |
|
SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon
Bay, Kowloon, Hong Kong. |
0618863 |
The subject was incorporated on 24th May, 2005 as a private limited
liability company under the Hong Kong Companies Ordinance.
The subject was formerly located at Room 3701, 37/F., West Tower, Shun
Tak Centre, 168-200 Connaught Road Central, Sheung Wan, Hong Kong, moved to the
present address in 29th May, 2012.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer and Exporter.
Lines: Air-conditioners, electronic products, other
electric appliances
Employees: 16.
(Including associates)
Group Employees : 61,942
(As at 13-12-2013)
Materials/Commodities: Imports raw materials from European countries,
some Asian countries and finished products from China.
Markets: Europe, Australia, North America,
etc.
Group Turnover:- RMB31,457,999,219.13
Yuan (Year ended 31-12-2009)
RMB41,711,808,864.18 Yuan (Year ended 31-12-2010)
RMB52,003,328,326.13 Yuan (Year ended 31-12-2011)
RMB52,334,149,134.26 Yuan (Year ended 31-12-2012)
RMB58,875,274,661.52 Yuan (Year ended 31-12-2013)
Terms/Sales: L/C or as per contracted.
Terms/Buying: Various terms.
Nominal Share Capital: HK$200,000,000.00
(Divided into 200,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$200,000,000.00
Increase of Nominal Capital:-
|
From |
HK$10,000,000.00 |
to |
HK$200,000,000.00 |
on |
05-03-2012 |
Mortgage or Charge: (See attachment)
Group Net Profit Attributable to Shareholders:-
RMB292,253,972.55
Yuan (Year ended 31-12-2010)
RMB396,198,844.63 Yuan (Year ended 31-12-2011)
RMB325,328,360.29 Yuan (Year ended 31-12-2012)
RMB512,481,605.58 Yuan (Year ended 31-12-2013)
Profit or Loss: Group business is profitable.
Condition: Keeping in an active and good
condition.
Facilities: Making active use of general
banking facilities.
Payment: Met trade commitments as contracted.
Commercial Morality: Good.
Bankers:- Bank
of China (Hong Kong) Ltd., Hong Kong.
RB International Finance (Hong Kong)
Ltd., Hong Kong.
Industrial & Commercial Bank of China
(Asia) Ltd., Hong Kong.
Deutsche Bank AG, Hong Kong Branch.
Société Générale, Hong Kong Branch.
Standing: Very Good.
Changhong (Hongkong) Trading Ltd. is a wholly-owned subsidiary of
Sichuan Changhong Electric Co. Ltd. [Changhong] which is a China-based and
listed firm. The subject is responsible
for overseas marketing and re‑exporting the products of Changhong.
The subject is also known as Changhong Hongkong in abbreviation. It has increased its share capital to HK$200
million in March 2012.
The subject has had another associated firm known as Changhong Jiahua
Holdings Ltd. [Jiahua/formerly China Data Broadcasting Holdings Ltd.]. Jiahua is a listed firm in Hong Kong bearing
the stock code 8016.
At present, Changhong and its subsidiaries are holding 52.53% of
Jiahua’s interests.
Since Changhong is the largest shareholder of Jiahua, it has had the
right to control the Jiahua Group. Now,
Jiahua has become an arm for overseas development of Changhong.
Established in 1958, Changhong is a listed firm in China. It became a public traded company with shares
listed on the Shanghai Stock Exchange bearing stock code 600839 in March
1994. Changhong is located at Mianyang
City, Sichuan Province, China. Changhong
is now one of the largest Chinese consumer electronics providers specialized in
R&D, manufacturing and marketing consumer electronics products.
Today, Changhong has set up branches and joint ventures with 61,942
employees worldwide. It has established
overseas branches and representative offices in the United States, Europe,
Australia, Russia, Turkey, Thailand, India, Southeast Asia and the Middle East
and is continuing setting up branches and offices in the other markets. With a world-class manufacturing facility,
claimed by Changhong, it has got the ISO
9001 and ISO 14001 certifications.
Numerous products are in conformity with international standards such as
3C, UL, FCC, FDA, CE, SASO, GS, CB, etc.
Changhong has more than 20,000 Sales and Service outlets throughout the
world. Its products have found ready
markets in over 100 countries and regions.
Changhong for 15 consecutive years has been ranked the first in the
domestic market as one out of every four TVs in China is manufactured by
it. It has established many joint
laboratories with Toshiba, Sanyo, GE, Microsoft, TI, Samsung, LG, Philips,
etc. It also has established R&D
centres in Shanghai and Shenzhen Special Economic Zone in China, American
Silicon Valley, and Japan. Changhong’s
goal is to actively participate in the development of a global digital
industry.
With advantages of four R&D and manufacturing bases located in
Mianyang, Zhongshan, Nantong, and Changchun in China, Changhong has become an
industry leader and the largest supplier of consumer electronics in Asia.
In 2013, Changhong’s turnover amounted to RMB58,875.3 million Yuan, grew
by 12.5% as compared with RMB52,334.1 million Yuan in 2012; net profit
attributable to shareholders for the year was RMB512.5 million Yuan, grew by
57.5% as compared with RMB325.3 million Yuan in 2012.
In November 2011, the Group approved the subject issue debentures
amounted to RMB300 million Yuan in Hong Kong.
The pooled fund was used as the working capital of the subject. The terms of the debenture will be a period
of three years and with an annual interests rate of 4%. The Group will act as the guarantor. The issued of the debentures was completed on
30th November, 2011.
Changhong Group had about 61,942 employees as at end of 2013. The subject is fully supported by Changhong.
On the whole, consider the subject good for normal business engagements.
Brief personal profile
of the principal directors:-
Mr. TANG Yun, aged 48, is the Managing Director of the subject
and China Data. He is responsible for
the formulation of corporate strategy and business direction of the China Data
Group. He obtained a Master degree in
Applied Physics from University of Electronic Science and Technology of China
in the PRC and has more than 24 years of experience in engineering and
marketing.
Mr. WU Xiangtao, aged 40, joined the subject as Executive Director
and Deputy Managing Director in May 2008.
Mr. Wu has ceased to hold the senior management position but remains as
a Director. Mr. Wu is responsible for
the strategies of the Group’s trading business of consumer electronic
products. He holds a Master Degree in
Business Administration from Southwestern University of Finance and Economics
and a Bachelor Degree in International Trade and Economics from Shandong
University in the PRC and recently obtained a Master Degree in Business
Administration from University of Glasgow, United Kingdom.
He has more than 17 years of experience in the consumer electronics
industry.
|
Date |
Particulars |
Amount |
|
21-07-2008 |
Instrument: Third Party Charge Over Cash Deposit Property: All amounts deposited and all other moneys from time to time standing
to credit of or earned on any current, deposit or other account held by the
Company Mortgagee: RZB Austria Finance (Hong Kong)
Ltd. [Now known as RB International
Finance (Hong Kong) Ltd.] |
All moneys and liabilities |
|
20-05-2011 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as security for the payment of
all Secured Liabilities:- a) assigns and agrees to
assign absolutely to the Bank all the present and future rights, title,
interests and benefits of the Borrower in and to the following assets: (i)
the Export Credits; (ii) the Export Collection Bills; (iii) the Sales
Contracts; (iv) the Export Invoice Receivables; (v) the Insurances; (vi) the
Trade Documents; and (vii) all claims, remedies and proceeds in connection
with any of the foregoing; b) charges and agrees to
charge to the Bank by way of first fixed charge all the present and future
rights, title, interests and benefits of the Borrower in and to the following
assets: (i) the Goods together with their proceeds; (ii) the Pledged Goods;
(iii) the Deposit; and (iv) to the extent any Security Assets is not
effectively assigned under sub-clause (a), such Security Asset; and c) pledges and agrees to
pledge to the Bank the Pledged Goods and the Trade Documents which are now or
may in the future be in the possession of the Bank Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations and liabilities |
|
23-08-2011 |
Instrument: An Agreement of Cash Pledge Property: 1) Pursuant to Clause 2
(Pledge) of the Agreement 2) Pursuant to Clause 3
(Pledged Account and Perfection of Pledge) of the Agreement 3) Pursuant to Clause 4
(General Undertakings) of the Agreement 4) Pursuant to Clause
6.2(i) (Enforcement) of the Agreement 5) Pursuant to Clause 6.4
(Enforcement) of the Agreement 6) Pursuant to Clause 11
(Savings) of the Agreement Mortgagee: Deutsche Bank (China) Co. Ltd.,
Guangzhou Branch on behalf of Deutsche Bank AG, Hong Kong Branch. |
All present and future moneys, debts, obligations, indebtedness and
liabilities |
|
23-08-2011 |
Instrument: Security Agreement Property: 1) Pursuant to Clause 2
(Charge) of the Agreement 2) Pursuant to Clause 3
(Negative Pledge) of the Agreement 3) Pursuant to Clause 5
(Effectiveness of Security) of the Agreement 4) Pursuant to Clause 8
(Right of Set-off and Application of Monies) of the Agreement Mortgagee: Deutsche Bank AG, Hong Kong
Branch. |
All the Chargor’s present and future moneys, debts, obligations,
indebtedness and liabilities to the Bank under any Finance Document |
|
05-03-2012 |
Instrument: Security Agreement Property: 1) Pursuant to Clause 2
(Charge) of the Agreement 2) Pursuant to Clause 3
(Negative Pledge) of the Agreement 3) Pursuant to Clause 5
(Effectiveness of Security) of the Agreement 4) Pursuant to Clause
7(A) (Further Assurance and Power of Attorney) of the Agreement 5) Pursuant to Clause
8(B) (Right of Set-off and Application of Monies) of the Agreement Mortgagee: Deutsche Bank AG, Singapore Branch. |
All present and future moneys, debts, obligations, indebtedness and
liabilities |
|
05-03-2012 |
Instrument: An Agreement of Cash Pledge Property: 1) Pursuant to Clause 2
(Pledge) of the Agreement 2) Pursuant to Clause 3
(Pledge Account and Perfection of Pledge) of the Agreement 3) Pursuant to Clause 4
(General Undertakings) of the Agreement 4) Pursuant to Clause
6.2(i)(Enforcement) of the Agreement Mortgagee: Deutsche Bank (China) Co. Ltd.,
Guangzhou Branch. |
All present and future moneys, debts, obligations, indebtedness and
liabilities |
|
29-08-2013 |
Instrument: HK Account Charge dated 29th August
2013 executed by the Chargor, the chargee and Societe Generale, Hong Kong
Branch as Account Bank Property: All the security created under the Deed: 1) Is created in favour
of the Chargee; 2) Is created over
present and future assets of the Chargor; and 3) Is security for the
payment of all the Secured Liabilities Mortgagee: Societe Generale |
Security for the payment of all secured liabilities |
|
03-04-2014 |
Instrument: Charge Over Securities and Deposits
with the Bank Property: All the right, title and interest of the Chargor in and to the
Securities, the Receivables and the Deposits as a continuing security for the
obligations of the chargor in respect of the Securdd Moneys Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
Deposit and all sums of money from time to time standing to the credit
of the chargor’s account s or placed by the chargor with the bank at any of
its offices or branches and interest thereon |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.59.88 |
|
UK Pound |
1 |
Rs.100.98 |
|
Euro |
1 |
Rs.82.40 |
INFORMATION DETAILS
|
Analysis Done by
: |
KAR |
|
|
|
|
Report Prepared
by : |
NNA |
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.