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Report Date : |
05.11.2014 |
IDENTIFICATION DETAILS
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Name : |
WEALTHY LINK (ASIA) LTD. |
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Registered Office : |
Units 1116-1122, 11/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.05.1997 |
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Com. Reg. No.: |
21002237 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Wholesaler of All kinds
of electronic products, telecommunication equipment, surveillance products. |
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No. of Employees : |
17 |
RATING & COMMENTS
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MIRA’s Rating : |
Ba |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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41-55 |
Ba |
Overall operation is considered normal. Capable to meet normal
commitments. |
Satisfactory |
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Status : |
Satisfactory |
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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 – June 1, 2014
|
Country Name |
Previous Rating (31.03.2014) |
Current Rating (01.06.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
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 |
WEALTHY
LINK (ASIA) LTD.
ADDRESS: Units 1116-1122, 11/F., Grandtech Centre,
8 On Ping Street, Shatin, New Territories, Hong Kong.
PHONE: 852-2624 8183
FAX: 852-2624 9261
E-MAIL: wealthylink2012@ymail.com
Managing Director: Mr.
Huang Yucun
Incorporated on: 30th
May, 1997.
Organization: Private
Limited Company.
Capital: Nominal: HK$10,000,000.00
Issued: HK$10,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
17.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
WEALTHY
LINK (ASIA) LTD.
ADDRESS:
Registered
Head Office:-
Units 1116-1122, 11/F., Grandtech Centre, 8
On Ping Street, Shatin, New Territories, Hong Kong.
Holding
Company:-
Laser Belt Ltd., British Virgin Islands.
Associated
Companies:-
Shenzhen SJET Technology Co. Ltd., China.
3D, Block A, Xuesong Building, Tairen Sixth
Road, Chegongmiao, Futian District, Shenzhen Special Economic Zone, China.
[Tel: 86-755-8376
1999
Fax: 86-755-8376
0000
E-mail: ssjet@ssjet.com.cn]
SJET Technology Co. Ltd. Hong Kong Branch,
Hong Kong.
SJET Technology Co. Ltd. Shanghai Branch,
China.
21002237
0610571
Managing Director: Mr. Huang Yucun
Contact Person: Ms. Van Chow
Nominal Share Capital: HK$10,000,000.00
(Divided into 10,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
(As per registry dated 23-07-2014)
|
Name |
|
No.
of shares |
|
Laser Belt Ltd. Sea Meadow House, Blackburne Highway, Road
Town, Tortola, British Virgin Islands. |
|
9,999,999 |
|
YU Yong |
|
1 |
|
|
|
‑‑‑‑‑–––––– |
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Total: |
10,000,000 ======== |
(As per registry dated 30-05-2014)
|
Name (Nationality) |
Address |
|
YU Yong |
Room 2509, Run Heng Building, Fu Tian Qu,
Shenzhen Shi, Guangdong Province, China. |
|
HUANG Yucun |
Room 13A, Block 8, Fu Lu Ju, Dong Hai
Garden, No. 2, Xiang Lin Road, Futian Qu, Shenzhen,
Guangdong Province, China. |
(As per registry dated 30-05-2014)
|
Name |
Address |
Co.
No. |
|
Right Point Accountancy & Secretaries
Ltd. |
Room 1506-1508, 15/F., Laws Commercial
Plaza, 788 Cheung Sha Wan Road, Kowloon, Hong Kong. |
0784052 |
The subject was incorporated on 30th May,
1997 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly the subject was located at Unit 20,
15/F., Grandtech Centre, 8 On Ping Street, Shatin,
New Territories, Hong Kong, moved to the present address in May 2012.
The subject increased its issued share
capital to HK$10,000,000.00 in May 2014.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of electronic products, telecommunication equipment, surveillance
products.
Employees: 17.
Commodities Imported: China, Europe, other Asian countries, etc.
Markets: China,
India, other Asian countries, Europe, North America, etc.
Terms/Sales:
L/C, T/T, etc.
Terms/Buying: L/C,
T/T, D/P, etc.
Nominal Share Capital: HK$10,000,000.00 (Divided into 10,000,000
shares of HK$1.00 each)
Issued Share Capital: HK$10,000,000.00
Mortgage or Charge: (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in a
satisfactory condition.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Nanyang Commercial
Bank Ltd., Hong Kong.
The Bank of East
Asia Ltd., Hong Kong.
Standing:
Very Good.
Wealthy Link (Asia) Ltd. is a wholly-owned subsidiary
of Laser Belt Ltd. which is a BVI-registered firm. The directors of the subject are Mr. Huang
Yucun and Mr. Yu Yong. Both are China ID
card holders and currently residing in Shenzhen Special Economic Zone, China.
The subject has increased its issued share
capital to HK$10 million.
The subject has had an associated company
SJET Technology Co. Ltd. Hong Kong Branch located at the same address.
The subject is a professional supply chain
solution provider. Its main associated
company Shenzhen SJET Technology Co. Ltd. [SJET] is in Shenzhen SEZ, China.
Founded in 1995 with a registered capital of
RMB60 million Yuan, SJET supplies clients with all kinds of solutions
concerning electronics. It is a high and
new-tech enterprise in China.
SJET has had branches and offices in
Shanghai, Nanjing, Suzhou, Xi’an and the other large cities of China.
SJET integrates R&D, manufacturing,
product marketing and offering clients with after-sales services. It is chiefly engaged in the development of
intelligent systems. SJET offers clients
with the following solutions:-
Commercial Building Intelligent Solutions;
Informatization Solutions;
Public Building Intelligent Solutions;
Residential Housing Intelligent Solutions;
Transportation Building Intelligent
Solutions; &
Universal Industries Intelligent Solutions.
SJET is also trading in all kinds of
surveillance products such as spy security cameras, network cameras, CCTV
monitors, etc. Products are marketed in
China, exported to India, Japan, other Asian countries, Europe and
North America, etc.
Now, it has set up offices in Shanghai,
Beijing, Chengdu, etc. SJET has been
rated as one of the “Top 100 enterprises of Shenzhen in comprehensive strength”
and “AA grade enterprises in financial credit of Shenzhen” for many years. Besides, it has got a number of
certifications.
In 2006 and 2007, SJET was one of the top
ten enterprises in tax paying.
SJET has got ISO 9001:2008 certification.
The following firms are SJET’s key partners:
Gigabyte, Seagate. Intel, Xander, Siemens, LG, Synnex, Avnet, Gionee, Samsung,
Sharp, Hitachi, Innolux, CMO, AUO, THTF, Haier, Huawei, CVT, etc.
SJET has been engaged in a number of large
projects in China while some of them are Government bodies in Shenzhen Special
Economic Zone.
The Chairman of SJET is Huang Yucun who is
also the Managing Director of the subject.
The subject has been engaged in a number of
projects in Hong Kong.
The subject is engaged in the same lines of
business as SJET. It is fully supported
by SJET. The business of the subject and
SJET is rather active.
The history of the subject in Hong Kong is
over 17 years and five months.
On the whole, consider it good for normal
business engagements.
|
Date |
Description
of Instrument |
Mortgagee |
|
13-04-2010 |
Trade Finance Security Assignment |
The Bank of East Asia Ltd.,
Hong Kong. |
|
15-12-2010 |
Charge on Deposit |
Nanyang Commercial Bank Ltd.,
Hong Kong. |
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15-12-2010 |
Charge on Deposit |
Nanyang Commercial Bank Ltd.,
Hong Kong. |
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01-03-2011 |
Charge on Deposit |
Nanyang Commercial Bank Ltd.,
Hong Kong. |
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13-08-2012 |
Security Over Deposits with the Bank
Limited Company - Under Seal |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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26-06-2014 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
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26-06-2014 |
Assignment of Life Insurance |
The Hongkong & Shanghai Banking Corp.
Ltd., Hong Kong. |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.61.41 |
|
|
1 |
Rs.98.06 |
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Euro |
1 |
Rs.76.67 |
INFORMATION DETAILS
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Analysis Done by
: |
SUB |
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Report Prepared
by : |
SDA |
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.