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Report Date : |
21.05.2014 |
IDENTIFICATION DETAILS
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Name : |
SYNTECH (HK) TECHNOLOGY LTD. |
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Registered Office : |
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street, San Po
Kong, Kowloon |
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Country : |
Hong Kong |
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Date of Incorporation : |
15.12.2010 |
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Reg. No.: |
53481899 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of all kinds of Mobile Phones &
Accessories. |
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No. of Employees : |
08 |
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 : |
Business Keeps on Improving |
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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) |
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Hong Kong |
A2 |
A2 |
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Risk Category |
ECGC
Classification |
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Insignificant |
A1 |
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Low |
A2 |
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Moderate |
B1 |
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High |
B2 |
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Very High |
C1 |
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Restricted |
C2 |
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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 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 |
SYNTECH (HK)
TECHNOLOGY LTD.
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street, San Po
Kong, Kowloon, Hong Kong.
PHONE: 852-2793 4308, 2763 9217
FAX: 852-2793 4678
Managing Director: Mr. Liu Lirong
Incorporated on: 15th
December, 2010.
Organization: Private
Limited Company.
Capital: Nominal: HK$1,000,000.00
Issued: HK$1,000,000.00
Business Category: Mobile Phone Trader.
Employees:
8.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
SYNTECH (HK)
TECHNOLOGY LTD.
Registered Head
Office:-
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street,
San Po Kong, Kowloon, Hong Kong.
Associated
Companies:-
Dongguan Jinming Electronics Co. Ltd., China.
Dongguan Jinzhong Electronics Co. Ltd., China.
Gionee (Beijing) Communication Equipment Co. Ltd., China.
* Gionee (HK)
Communication Equipment Ltd., Hong Kong.
* Gionee (HK)
Communication Technology Ltd., Hong Kong.
Hunan Jinweikang Biology Technique Co. Ltd., China.
Shenhen Gionee TFT-LCD TV Co. Ltd., China.
Shenzhen Gionee Communication Equipment Co. Ltd., China.
Syntech Technology Pvt. Ltd., India.
(* Same address)
53481899
1540759
Managing Director: Mr. Liu Lirong
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
(As per registry dated 15-12-2013)
|
Name |
|
No. of shares |
|
LIU Lirong |
|
1,000,000 ======= |
(As per registry dated 15-12-2013)
|
Name (Nationality) |
Address |
|
LIU Lirong |
Unit 1, 12/F., Perfect Industrial Building, 31 Tai Yau Street, San Po Kong,
Kowloon, Hong Kong. |
(As per registry dated 15-12-2013)
|
Name |
Address |
|
NG Ching Yee |
Room 202P, 2/F., Lai Cheong Factory Building, 479‑479A Castle
Peak Road, Kowloon, Hong Kong. |
The subject was incorporated on 15th December, 2010 as a private limited
liability company under the Hong Kong Companies Ordinance.
Formerly the subject was located at Room 106, 1/F., Max Trade Centre,
23 Luk Hop Street, San Po Kong, Kowloon, Hong Kong, moved to the present
address with effect from 3rd October, 2011.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of mobile phones & accessories.
Employees: 8.
Commodities Imported: China, European countries, etc.
Markets: Hong
Kong, China, other Asian countries, Europe, Middle East, etc.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$1,000,000.00 (Divided into 1,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$1,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Made a small profit in 2012 & 2013.
Condition: Business
keeps on improving.
Facilities: Making
rather active use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing:
Small.
Having issued 1 million ordinary shares of HK$1.00 each, Syntech (HK) Technology Ltd. is wholly owned by Mr. Liu Lirong who is a China merchant. He is a China ID holder and does not have the right to reside in Hong Kong permanently. Liu is also the only director of the subject.
The subject is a
member of the Gionee Group. The
President of the Gionee Group is also Liu Lirong.
The subject has
registered with the Communications Authority (CA), the Government of Hong Kong
SAR, the People’s Republic of China as a Radio Dealer (Unrestricted)
Licensee. The subject bears the licence
No. of RU00144143-RU.
The subject has
had two main associated companies Gionee (HK) Communication Equipment Ltd. and
Gionee (HK) Communication Technology Ltd. located at its operating
address. Both firms are referred to
Gionee which are mobile phone traders.
Gionee is trading in mobile phones imported from Italy. It also trades in its own products bearing
the trade mark “Gionee”.
Gionee (HK)
Communication Technology Ltd. has registered with the Communications Authority
(CA), the Government of Hong Kong SAR, the People’s Republic of China as a
Radio Dealer (Unrestricted) Licensee. The
licence No. of this company is RU00106220-RU.
The factory of
Gionee in Shenzhen SEZ is known as Shenzhen Gionee Communication Equipment Co.
Ltd. [Shenzhen Gionee].
The subject is
also a mobile phone trader. Shenzhen
Gionee is engaged in mobile phone trading and manufacturing.
Founded on 6th
September, 2002 and with a registered capital of RMB200 million Yuan, Shenzhen
Gionee is specialized in R&D, manufacturing and domestic and overseas sales
of mobile phones. In May 2005, Shenzhen
Gionee obtained licenses for the production of GSM and CDMA mobile phones in
China. Its production capacity is about
7 million mobile phones per year.
The headquarters
of Shenzhen Gionee now has more than 1,500 employees with an average age of
less than 30.
R&D Centres
are set up in Shenzhen SEZ, Shanghai, Hangzhou and other places. In 2006, the first phase of the project had a
total investment of more than RMB1 billion Yuan and covers an area of 500 acres
of the Gionee Industrial Park. Annual
production capacity reaches 40 million units.
Once the entire industrial park is completed and put into production,
production capacity will reach 80 million units per year, making Gionee as
China’s largest mobile phone production site.
Gionee has 41
provincial general sales agents and 40 provincial service centres with over 500
franchised outlets. In 2007, it received
the “Guangdong Province Famous Trademark” honorary title. In 2011, Gionee has an overall market share
of 7.2%, and GSM market share of 11.2%.
These have puts Gionee in third place of the overall cellular market and
first place in terms of its domestic market.
Since 2011, Gionee
moved rapidly to expand its presence into India, Nigeria, Vietnam, Taiwan,
Myanmar, Thailand, the Philippines, and so on.
Gionee products are currently selling in India, Bangladesh, Pakistan,
Indonesia, Vietnam, Thailand, the Philippines, Malaysia, Russia, the Middle
East and Africa, with exports reaching 1 million phones per month for overseas
markets.
In recent years,
Gionee has been engaged in diversified economy such as LCD and TFT business, as
well as engaged in biotechnology. These
businesses are undertaken by separate entities.
The subject is
fully supported by the Gionee Group.
However, the Group has been facing acute competitions.
The history of the
subject in Hong Kong is just over three years.
On the whole,
since the history of the subject is short in Hong Kong, consider it good for
normal business engagements on L/C basis or in very small credit amounts for
the time being.
|
Date |
Particulars |
Amount |
|
05-10-2012 |
Instrument: Assignment of Receivables - General Property: The Customer assigns and agrees to assign, to the Chargee the
Receivables. Mortgagee: The Hongkong & Shanghai Banking
Corp. Ltd., Hong Kong. |
(i) all monies and liabilities; (ii) interest on such monies; (iii)
all expenses |
|
31-07-2013 |
Instrument: Security Over Deposits with the bank
(Limited Company - Under Seal) Property: A deposit with chargee in the amount of US$30,000,000 or its
equivalent in other foreign currencies under Deposit A/C No. 848-035440
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. |
All monies in any currency owing by the company |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.58.75 |
|
|
1 |
Rs.98.77 |
|
Euro |
1 |
Rs.80.53 |
INFORMATION DETAILS
|
Report Prepared
by : |
MNL |
RATING EXPLANATIONS
|
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 |
-- |
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.