MIRA INFORM REPORT

 

 

Report Date :

26.11.2014

 

IDENTIFICATION DETAILS

 

Name :

MOJOWORX ASIA LTD.

 

 

Registered Office :

C/o First Secretaries Asia Ltd., Units 3905-3908, 39/F., Two Exchange Square, 8 Connaught Place, Central

 

 

Country :

Hongkong

 

 

Date of Incorporation :

10.03.2011

 

 

Com. Reg. No.:

58062684

 

 

Legal Form :

Private Limited Liability Company

 

 

LINE OF BUSINESS :

SUBJECT IS TRADING IN AUDIO VISUAL/ELECTRONIC PRODUCTS.

 

 

No. of Employees :

No employees in Hong Kong.

 

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.

 

 

RATING & COMMENTS

 

MIRA’s Rating :

Ca

 

RATING

STATUS

PROPOSED CREDIT LINE

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

 

 

Status :

No Operating Office in Hongkong

 

 

Payment Behaviour :

Unknown

 

 

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)

Hongkong

A1

A1

 

Risk Category

ECGC Classification

Insignificant

 

A1

Low

 

A2

Moderate

 

B1

High

 

B2

Very High

 

C1

Restricted

 

C2

Off-credit

 

D

 

 

HONGKONG - 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

 

 

 

 

Note

 

(Your enquiry given as: MOJWORX ASIA LTD. With former located at:

C/o Regus Centre Ltd.

32/F., Tower 1, Millennium City, 388 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong.)

 

 

Company Name

 

MOJOWORX  ASIA  LTD.

 

 

ADDRESS

 

Registered Office:-

c/o First Secretaries Asia Ltd.

Units 3905-3908, 39/F., Two Exchange Square, 8 Connaught Place, Central, Hong Kong.

 

Associated Companies:-

Mojoworx Asia Ltd., Singapore.

Mojoworx Ltd., Thailand.

 

 

BUSINESS REGISTRATION NUMBER

 

58062684

 

 

COMPANY FILE NUMBER

 

1571518

 

 

DATE OF INCORPORATION

 

10th March, 2011.

 

 

ISSUED SHARE CAPITAL

 

HK$1,000.00

 

 

SHAREHOLDERS

(As per registry dated 10-03-2014)

 

Name

 

No. of shares

Mario Ross COX

 

150

NG Hang Loong, Kenneth

 

850

 

 

––––

 

Total:

1,000

====

 

 

DIRECTOR

(As per registry dated 10-03-2014)

 

Name

(Nationality)

 

Address

NG Hang Loong Kenneth

17 South Buona Vista Road, 118149, Singapore.

 

 

SECRETARY

(As per registry dated 10-03-2014)

 

Name

Address

Co. No.

First Secretaries Asia Ltd.

Room 3908, 39/F., Two Exchange Square, 8 Connaught Place, Central, Hong Kong.

0316976

 

 

HISTORY

 

The subject was incorporated on 10th March, 2011 as a private limited liability company under the Hong Kong Companies Ordinance.

 

Formerly the subject’s registered address was located at 32/F., Tower 1, Millennium City, 388 Kwun Tong Road, Kwun Tong, Kowloon, Hong Kong where was the operating office of a commercial service provider Regus Centre Ltd. [Regus].  It moved to the present address in March 2011 as it has changed its commercial service provider since then.  Your given phone and fax number 852-2824 8853 and 852-3972 2211 belong to Regus.

 

Apart from these, neither material change nor amendment has been ever traced and noted.

 

 

GENERAL

 

Mojoworx Asia Ltd. was incorporated in March 2011 as a private limited liability company.

 

The subject does not have its own operating office.  Its registered office is in a commercial service firm located at Room 3908, 39/F., Two Exchange Square, 8 Connaught Place, Central, Hong Kong known as First Secretaries Asia Ltd. which is handling its correspondences and documents.  This secretarial company is also the corporate secretary of the subject.

 

The subject has no employees in Hong Kong.

 

According to the Companies Registry of Hong Kong, the subject has issued 1,000 ordinary shares of HK$1.00 each of which 15% are owned by Mr. Mario Ross Cox while 85% are owned by Mr. Ng Hang Loong, Kenneth.  The former is residing in Thailand while the latter is in Singapore.

 

Mr. Ng Hang Loong, Kenneth is a Malaysia passport holder and does not have the right to reside in Hong Kong permanently.  He is also the only director of the subject.

 

The subject is trading in audio visual/electronic products.  Commodities are sourced from China and the other Asian countries, prime markets are Singapore, Malaysia, India, the other Asian countries, etc.

 

The subject’s products bear the following brand names: LUXUL, RTI, mersive, metageek, PRO Controle, Just Add Power, Launch Port, Vision, Cool Components, Platinum Tools, etc.

 

The subject has been banking with Standard Chartered Bank (HK) Ltd.

 

The subject’s business in Hong Kong is not active.  History in Hong Kong is over three years and eight months.

 

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.

 

 

REMARKS

 

Brief Personnel Profile of the Shareholders:

 

Mr. Kenneth NG - Sales Manager / Company Director

Kenneth has been in the AV industry for 15 years after arriving from England in 1996 leaving the Mechanical Engineering industry.  He has also spent six years in the security industry regionally in the UK.

In 2005 Kenneth was approached by RTI Controls Australia to launch RTI into the Asian market.  He has taken over all sales in the subject and represent a number of significant brands.

Kenneth can be reached at the subject’s Singapore office.

 

Mr. Mario COX - Sales Engineer

Mario has over six years in the AV industry with experience in system design and project management as both an integrator and independent consultant.

Mario holds a bachelor’s degree in Public Relation from Georgia Southern University (USA) as well as a bachelors in Recording Arts from Middlesex University (UK).

Mario can be reached at the subject’s Thailand office.

 

 

 

 

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

 

Currency
Unit

Indian Rupees

US Dollar

1

Rs.61.92

UK Pound

1

Rs.97.12

Euro

1

Rs.76.93

 

INFORMATION DETAILS

 

Analysis Done by :

SUM

 

 

Report Prepared by :

NIT

 

               

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%)

 

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This report is issued at your request without any risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or its officials.