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Report No. : |
308341 |
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Report Date : |
28.02.2015 |
IDENTIFICATION DETAILS
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Name : |
WIRE & PLUG
TECHNOLOGY LTD. |
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Registered Office : |
Room 1301-1302, 13/F., Chinachem Tsuen Wan Plaza, 455-457 Castle Peak Road, Tsuen Wan, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
30.04.1996 |
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Com. Reg. No.: |
19844287 |
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Legal Form : |
Private Limited Company. |
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Line of Business : |
Subject is importer, exporter and manufacturer of all kinds of
electric and electronic products, wires and plugs. |
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No. of Employees : |
15 |
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 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 |
WIRE &
PLUG TECHNOLOGY LTD.
Room 1301-1302, 13/F., Chinachem Tsuen Wan Plaza, 455-457 Castle Peak Road,
Tsuen Wan, New Territories, Hong Kong.
PHONE: 852-2456 9402
FAX: 852-2456 9158
E-MAIL: wireplug@wireplug.com.hk
Managing Director: Ms. Wong Ting
Na
Incorporated on: 30th April, 1996.
Organization: Private Limited Company.
Capital: Nominal: HK$4,000,000.00
Issued: HK$4,000,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: 15.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered Head Office:-
Room 1301-1302, 13/F., Chinachem Tsuen Wan Plaza, 455-457 Castle Peak
Road, Tsuen Wan, New Territories, Hong Kong.
Holding Company:-
Wirear International Group Ltd., Hong Kong. (Same address)
Associated Companies:-
Bowell Electronic Co. Ltd., Hong Kong.
Chinox Electronic Co. Ltd., Hong Kong.
(Same address)
Dongguan Wirear Wire & Plug Co. Ltd., China.
Westmont China Co. Ltd., Hong Kong.
Wirear Electronic (Jiaxing) Co. Ltd., China.
Zhenle Electronic (Dongguan) Co. Ltd., China.
19844287
0546663
Managing Director: Ms. Wong Ting
Na
Nominal Share Capital: HK$4,000,000.00 (Divided into 2,000,000 shares of
HK$2.00 each)
Issued Share Capital: HK$4,000,000.00
(As per registry
dated 30-04-2014)
|
Name |
|
No. of shares |
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Wirear International Group Ltd., Hong Kong. |
|
2,000,000 ======= |
(As per registry
dated 30-04-2014)
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Name (Nationality) |
Address |
|
WONG Ting Na |
Flat B, 8/F., Tower 2, Palm Beach, 28 Castle Peak Road, Tuen Mun, New
Territories, Hong Kong. |
|
KWOK Cheong Shing |
Flat B, 8/F., Tower 2, Palm Beach, 28 Castle Peak Road, Tuen Mun, New
Territories, Hong Kong |
WONG Ting Na (As per registry
dated 30-04-2014)
The subject was incorporated on 30th April, 1996 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: Importer,
Exporter and Manufacturer.
Lines: All
kinds of electric and electronic products, wires and plugs.
Employees: 15.
Commodities Imported: China, other
Asian countries, etc.
Markets: Japan,
China, other Asian countries, Europe, North America, etc.
Terms/Sales: L/C or as per contracted.
Terms/Buying:
L/C, T/T, D/P, etc.
Nominal Share Capital: HK$4,000,000.00 (Divided into 2,000,000 shares of
HK$2.00 each)
Issued Share Capital: HK$4,000,000.00
Mortgage or Charge:-
Date of Assignment of Life Insurance:
15-04-2013
Amount: (i) all and any
monies and liabilities in any currency; (ii) interest on such monies; (iii) all
monies paid by the Bank in respect of the Policy pursuant to the terms of this
Deed; and (iv) all expenses of the Bank in perfecting or enforcing this Deed on
a full indemnity basis.
Property: (i) All the
Assignor’s claims, options, privileges, right, title, interest and benefit in
and under the Insurance, and (ii) all the Assignor’s claims and rights against
the issuer of the policy upon the terms herein set out as a continuing security
for the due and punctual payment of the Secured Monies.
Insurance Policy Number:
00060153844
Name of Insurance Company:
Transamerica Life (Bermuda) Ltd.
Name of Insured: Kwok Cheong
Shing
Details of Assignor / Policy Owner:
Wire & Plug Technology Ltd.
Mortgagee: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
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: Good.
Having issued 2 million ordinary shares of HK$2.00 each, Wire & Plug
Technology Ltd. is a wholly-owned subsidiary of Wirear International Group
Ltd., a Hong Kong-registered company located at the same address.
The subject is one of the members of the Wirear Group.
The directors of the subject Ms. Wong Ting Na and Mr. Kwok Cheong Shing
are Hong Kong merchants. They are a
couple.
The subject is trading in the following products:-
Home Appliances;
Automotive Products;
Audio Products;
Computer Accessories;
Medical Handset Controllers;
Healthcare Furniture;
Telecommunication Products; &
Wire & Plugs, adapters, etc.
About 72% of the products are exported to Europe, 15% to the United
States, 5% to China, 3% to Japan, and 5% to the other countries.
The subject’s main associated factories in China are the followings:-
Dongguan Wirear Wire & Plug Co. Ltd.
Wirear Electronic (Jiaxing) Co. Ltd.
Zhenle Electronic (Dongguan) Co. Ltd.
In total the group has about 1,500 employees in China. Annual sales turnover ranges from US$25 to
US$30 million.
The overall business of the Group is satisfactory.
As the history of the subject is over 18 years and nine months in Hong
Kong, on the whole, consider it good for normal credit requirements.
FOREIGN EXCHANGE RATES
|
Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.61.79 |
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|
1 |
Rs.95.42 |
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Euro |
1 |
Rs.69.28 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
ASH |
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.