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Report No. : |
317578 |
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Report Date : |
21.04.2015 |
IDENTIFICATION DETAILS
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Name : |
SPIRENT COMMUNICATIONS (ASIA) LTD. |
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Registered Office : |
Suite 1905-07, 19/F., Olympia Plaza, 243-255 King’s Road, North Point |
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Country : |
Hong Kong |
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Date of Incorporation : |
16.01.2002 |
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Com. Reg. No.: |
32451534 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Service Provider of All kinds of telecommunication
equipment. |
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No. of Employees : |
20 |
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 – December 31, 2014
|
Country Name |
Previous Rating (30.09.2014) |
Current Rating (31.12.2014) |
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Hong Kong |
A1 |
A1 |
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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 40.7 million in 2013, 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 48.5% of the firms listed on the Hong Kong Stock Exchange and accounted for about 56.9% 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. As of year-end 2014, the Democracy protests that began in late September probably will have some adverse effects on economic growth, particularly retail sales.
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Source
: CIA |
SPIRENT
COMMUNICATIONS (ASIA) LTD.
Suite 1905-07, 19/F., Olympia Plaza,
243-255 King’s Road,
North Point, Hong Kong.
Phone: 852-2511 3822
Managing Director: Mr. Frank Vincent Pizzi
Incorporated on: 16th January, 2002.
Organization: Private Limited Company.
Issued Share Capital: HK$38,901,502.00
Business Category: Communicatgion Service Provider.
Group Revenue: US$457.2 million (Year ended 31-12-2014)
Employees: 20.
Main Dealing Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Suite 1905-07, 19/F., Olympia Plaza, 243-255 King’s Road, North Point, Hong Kong.
Holding Company:-
Spirent Holdings Ltd., United Kingdom.
Ultimate Holding Company:-
Spirent Communications PLC, United Kingdom.
32451534
0782705
Managing Director: Mr. Frank Vincent Pizzi
HK$38,901,502.00
(As per registry dated 16-01-2015)
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Name |
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No.
of shares |
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Spirent Holdings Ltd. Northwood Park,
Gatwick Road, Crawley, West Sussex RH10 9XN, United Kingdom. |
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38,901,501 |
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Stephen Chester CLARK III |
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1 |
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––––––––– |
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Total: |
38,901,502 ======== |
(As per registry dated 20-03-2015)
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Name (Nationality) |
Address |
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Frank Vincent
PIZZI |
65 North Woods Road,
Calverton, NY 11933-2311, United States of America. |
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Darran COX |
86 Woodland Avenue Hove BN3
6BN, United Kingdom. |
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Stephen
Chester CLARK III |
5 Oxford Road, Holmdel,
NJ07733, U.S.A. |
(As per registry dated 16-01-2015)
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Name |
Address |
Co.
No. |
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Alfred Yeung Nominee Co. Ltd. |
Room 1801-1805, 18/F., Hua Qin International Building, 340
Queen’s Road Central, Hong Kong. |
0231921 |
The subject was incorporated on 16th January, 2002 as a private limited liability company under the Hong Kong Companies Ordinance.
Apart from these, neither material change nor amendment has been ever traced and noted.
Activities: Communicatgion Service Provider.
Lines: All kinds of telecommunication equipment
Employees: 20.
Commodities Imported: Europe, US
Markets: Worldwide countries
Group Revenue: US$422.8 million (Year ended 31-12-2010)
US$470.5 million (Year ended 31-12-2011)
US$472.4 million (Year ended 31-12-2012)
US$413.5 million (Year ended 31-12-2013)
US$457.2 million (Year ended 31-12-2014)
Terms/Sales/Services: As per contracted.
Terms/Buying: Various terms.
Issued Share Capital: HK$38,901,502.00
Group Profit: US$ 79.2 million (Year ended 31-12-2010)
US$ 93.9 million (Year ended 31-12-2011)
US$126.5 million (Year ended 31-12-2012)
US$ 32.7 million (Year ended 31-12-2013)
US$ 20.6 million (Year ended 31-12-2014)
Profit or Loss: Making a small profit every year.
Condition: Keeping in a satisfactory manner.
Facilities: Making rather active use of general banking facilities.
Payment: Met trade commitments as required.
Commercial Morality: Satisfactory.
Banker: The Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Very Good.
Spirent Communications (Asia) Ltd. is a wholly-owned subsidiary of Spirent Holdings Ltd. which is a UK-based company. Its ultimate holding company Spirent Communications PLC [Spirent] is also a UK-based company.
Spirent develops innovative test solutions for the engineers working within the communications industry that allow them to evaluate the performance of the latest technologies, infrastructure and applications to be deployed worldwide. It also provides tools for service technicians and field test engineers to improve network quality and make troubleshooting of live networks efficient and effective.
Spirent employs over 1,727 talented people working in 33 locations in 17 countries. Its communications businesses serve 1,700 customers worldwide. However, its major markets are the United States, Asia and Europe.
Spirent’s Ordinary Shares are traded on the London Stock Exchange (ticker: SPT). The Company operates a Level 1 American Depositary Receipt (“ADR”) programme with each ADR representing four Spirent Communications PLC Ordinary Shares.
For the year ended 31st December, 2014, the Group revenue up 11% to US$457.2 million (2013: US$413.5 million), acquisitions contributed US$18.6 million, with growth in all operating divisions and in all geographic regions. Profit for the year was US$20.6 million, down by 37% as compared with US$32.7 million in FY 2013.
The profit of the Group has been decreasing since 2012. Over the past five years, in 2012 the Group’s profit was the best which amounted to US$126.5 million.
The following acquisitions were completed during 2014. There were no acquisitions in 2013.
1. DAX Technologies Corp., the United States.
2. Radvision TBU, Israel.
3. Mobilethink A/S, Denmark.
4. Testing Technologies IST GmbH, Germany.
5. NetGend LLC, United States.
Following the sharp slowdown in the US at some of its customers in the third quarter of 2014, the Group saw a marked uplift in business at the end of the year.
Whilst there continue to be near term uncertainties and volatility the Group expects to see an increased level of demand for its solutions and services as the year unfolds, which will result in a greater than usual second half weighting. This will be exacerbated by the later timing of the shipment of a major contract for hand-held test tools of US$16 million in the second half of 2015 compared to US$12 million shipped in the first quarter of 2014.
The Board of the Group remain confident that further progress will be achieved during 2015 and that the Group will benefit from continued investment to create long term strategic value. It has a number of major new solutions that will be delivered to the market in the second half of 2015 and it will continue to pursue areas of opportunity to expand the markets it is serving.
The subject is fully supported by the Group. History in Hong Kong is over thirteen years and three months.
On the whole, consider the subject good for normal business engagements.
FOREIGN EXCHANGE RATES
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.62.56 |
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|
1 |
Rs.93.56 |
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Euro |
1 |
Rs.67.49 |
INFORMATION DETAILS
|
Analysis Done by
: |
RAS |
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|
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Report Prepared
by : |
VNT |
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.