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Report No. : |
306160 |
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Report Date : |
10.02.2015 |
IDENTIFICATION DETAILS
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Name : |
CG MOBILE INTERNATIONAL LTD. |
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Registered Office : |
C/o SBC Corporate Services Ltd. Unit 2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai |
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Country : |
Hong Kong
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Date of Incorporation : |
05.07.2010 |
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Com. Reg. No.: |
52549935 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Not Available [We tried to confirm / obtain the detailed activity but the same is
not available from any sources] |
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No. of Employees : |
No Employee in Hong Kong 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
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MIRA’s Rating : |
Ca |
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RATING |
STATUS |
PROPOSED CREDIT LINE |
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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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Status : |
No Operating Office in Hong Kong |
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Payment Behaviour : |
Unknown |
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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
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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 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 |
CG MOBILE
INTERNATIONAL LTD.
Registered
Office:-
C/o SBC Corporate Services Ltd.
Unit 2209, 22/F., Wu Chung House, 213 Queen’s Road East, Wanchai, Hong
Kong.
Holding Company:-
CGmobile Ltd., China.
Associated
Companies:-
CGmobile (HK) Ltd., Hong Kong.
CGmobile Holdings Ltd., Hong Kong.
Shanghai Yunfeng Telecommunication Scientific Co. Ltd., China.
Shanghai Zhantang Telecommunication Co. Ltd., China.
52549935
1476022
5th July, 2010.
HK$10,000.00
(As per registry dated 05-07-2014)
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Name |
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No. of shares |
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CGmobile Ltd. Room 5C4, 5/F., Building 15, No. 481, Gui Ping Road, Shanghai, China. |
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10,000 ===== |
(As per registry dated 05-07-2014)
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Name (Nationality) |
Address |
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CAO Gang |
No. 408, 8/F., Ji Chang Dong Ping Li, Chaoyang District, Beijing,
China. |
(As per registry dated 05-07-2014)
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Name |
Address |
Co. No. |
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SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong Road, Kowloon
Bay, Kowloon, Hong Kong. |
0618863 |
CGmobile International Ltd. was incorporated on 5th July, 2010 as a
private limited liability company under the Hong Kong Companies Ordinance.
The subject does not have its own operating office. Its registered office is in a commercial
service firm located at ‘Unit 2209, 22/F., Wu Chung House, 213 Queen’s
Road East, Wanchai, Hong Kong’ known as ‘SBC Corporate Services Ltd.’ which is
handling its correspondences and documents.
This company is also the corporate secretary of the subject. It has more than one office in Hong Kong.
The subject has no employees in Hong Kong.
According to the Companies Registry of Hong Kong, the subject has issued
10,000 ordinary shares of HK$1.00 each which are wholly-owned by CGmobile Ltd.
[CGmobile/Group when including associates] which is a Shanghai-based company.
The director of the subject Mr. Cao Gang is a China merchant. He is a China passport holder and does not
have the right to reside in Hong Kong permanently. He is also the only director of the subject.
CGmobile is a listed company in China bearing stock code 430635.
CGmobile, founded in September 2007, is a global leading provider of
mobile terminal solutions. It is engaged
in the production of mobile terminal communication products, total solutions,
wireless data terminals, and wireless internet application R&D and
service. Its headquarters are located in
Shanghai and have branches in Beijing, Shenzhen Special Economic Zone, and
Xi’an of China.
As a high-tech company, CGmobile was listed in the OTC Board in
February, 2014. It has been conferred
the titles of “Outstanding Software Enterprise”, “Outstanding Technological
Innovation Enterprise”, “Chinese Overseas Students Pioneer Park Top Ten
Entrepreneurship Leader Award”, and “Double Top Hundred Shanghai City Private
Technology Enterprise” for many years.
For the year ended 31st December, 2013, the revenues of CGmobile
amounted to RMB1,126.6 million Yuan (2012: RMB541.2 million Yuan). Profit attributable to shareholders amounted
to RMB17.9 million Yuan (2012: RMB27.8 million Yuan).
For 6 months ended 30th June, 2014, the revenues of CGmobile amounted to
RMB311.7 million Yuan (same period of 2013: RMB905.4 million Yuan). Profit attributable to shareholders amounted
to RMB15.4 million Yuan (same period of 2013: RMB32.8 million Yuan).
As at 30th June, 2014, CGmobile had 285 employees.
The subject’s business in Hong Kong is not active. History in Hong Kong is over four years and
seven 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.
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
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Indian Rupees |
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US Dollar |
1 |
Rs.62.14 |
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1 |
Rs.94.79 |
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Euro |
1 |
Rs.70.38 |
INFORMATION DETAILS
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Analysis Done by
: |
RAS |
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Report Prepared
by : |
TPT |
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.