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Report No. : |
303269 |
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Report Date : |
12.01.2015 |
IDENTIFICATION DETAILS
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Name : |
JENNEX TECHNOLOGY LTD. |
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Registered Office : |
Room 902, 9/F., Grandtech Centre, 8 On Ping Street, Shatin, New Territories |
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Country : |
Hong Kong |
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Date of Incorporation : |
01.03.2000 |
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Com. Reg. No.: |
30812275 |
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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 devices, instruments and metres, electronic equipment, computer peripherals. |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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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 |
JENNEX TECHNOLOGY LTD.
ADDRESS: Room 902, 9/F., Grandtech
Centre, 8 On Ping Street, Shatin, New Territories,
Hong Kong.
PHONE: 852-2944 0800
FAX: 852-2944 0997,
2687 5628
E-MAIL: yu@jennex.net
Managing Director: Mr.
Meng Guoqing
Incorporated on: 1st
March, 2000.
Organization: Private
Limited Company.
Capital: Nominal: HK$5,000,000.00
Issued: HK$5,000,000.00
Business Category: Importer, Exporter and Wholesaler.
Employees:
20.
Main Dealing Banker: Hang Seng Bank Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Head Office & Warehouse:-
Room 902, 9/F., Grandtech Centre, 8 On Ping
Street, Shatin, New Territories, Hong Kong.
Associated
Companies:-
Shenzhen Fusen Supply Chain Management Co.
Ltd.
2F., East Unit, Building 201, Tairan Area, Futian District, Shenzhen SEZ, China.
[Tel: 86-0755-8297
5842; Fax: 86-0755-8358
5299, 8342 3435]
Shenzhen Fusen Supply Chain Management Co.
Ltd., Guangzhou Branch, China.
Shenzhen Fusen Supply Chain Management Co.
Ltd., Shanghai Branch, China.
Shanghai Fusen Supply Chain Management Co.
Ltd., China.
30812275
0706053
Managing Director: Mr. Meng Guoqing
Contact Person: Ms. Chris Wong
Nominal Share Capital: HK$5,000,000.00
(Divided into 5,000,000 shares of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
(As
per registry dated 01-03-2014)
|
Name |
|
No. of shares |
|
MENG Guoqing |
|
4,000,000 |
|
ZHAO Mi |
|
1,000,000 |
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|
|
–––––––– |
|
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Total: |
5,000,000 ======= |
(As
per registry dated 01-03-2014)
|
Name (Nationality) |
Address |
|
MENG Guoqing |
18-701, Lian Hua Bei Village, Shenzhen,
China. |
|
ZHAO Mi |
18-701, Lian Hua Bei Village, Shenzhen,
China. |
(As
per registry dated 01-03-2014)
|
Name |
Address |
Co. No. |
|
Fansway Secretaries Ltd. |
Room 1009-1012, 10/F., K. Wah Centre, 191 Java
Road, North Point, Hong Kong. |
0048960 |
The subject was incorporated on 1st March,
2000 as a private limited liability company under the Hong Kong Companies
Ordinance.
Formerly the subject was located at Unit C,
2/F., Unison Industrial Centre, 32 Au Pui Wan Street, Shatin, New
Territories, Hong Kong, moved to the present address in October 2010.
Apart from these, neither material change
nor amendment has been ever traced and noted.
Activities: Importer,
Exporter and Wholesaler.
Lines: All
kinds of electronic devices, instruments and metres, electronic equipment, computer peripherals
Employees: 20.
Commodities Imported: Europe, US, Taiwan, South Korea, other Asian countries, etc.
Markets: China
and the other foreign markets.
Terms/Sales:
L/C or as per
contracted.
Terms/Buying: As
per contracted.
Federation of Hong Kong Industries,
Hong Kong.
[Membership No. D0083]
Nominal Share Capital: HK$5,000,000.00 (Divided into 5,000,000 shares
of HK$1.00 each)
Issued Share Capital: HK$5,000,000.00
Mortgage or Charge (since 2011): (See attachment)
Profit or Loss: Making a small profit every year.
Condition:
Keeping in an
active condition.
Facilities:
Making active
use of general banking facilities.
Payment:
Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Bankers:-
Hang Seng Bank
Ltd., Hong Kong.
Chong Hing Bank
Ltd., Hong Kong.
Nanyang Commercial
Bank Ltd., Hong Kong.
Fubon Bank (Hong
Kong) Ltd., Hong Kong.
Industrial &
Commercial Bank of China (Asia) Ltd., Hong Kong.
Bank SinoPac,
Hong Kong Branch.
Taishin
International Bank Co. Ltd., Hong Kong Branch.
China Everbright
Bank, Hong Kong Branch.
Standing:
Very Good.
Having issued 5 million ordinary shares of HK$1.00 each, Jennex
Technology Ltd. is jointly owned by Mr. Meng Guoqing, holding 80% interests;
and Ms. Zhao Mi, holding 20%. Meng
and Zhao are also directors of the subject.
Most of the time, they are residing in Shenzhen Special Economic Zone,
China, although they are Hong Kong ID holders.
The subject in fact is an associated company of Shenzhen Fusen Supply
Chain Management Co. Ltd. [Fusen] which is a Shenzhen-based firm.
The subject is trading in all kinds of metal part for electronic
products such as the followings: Zinc Strip, IML Decorated Front Panel,
Magnetic Chuck, Alloy Body, etc.
Established in 2002 and with a registered capital of RMB82 million Yuan,
Fusen is trading in the following commodities chiefly: Electronic devices,
instruments and metres, electronic equipment and components, computers and
computer peripherals, software, etc.
Commodities are sourced from Europe, the United States, Taiwan, South
Korea, other Asian countries, etc.
Markets are China and other foreign countries. Business is rather active.
Fusen also offer clients with transportation, customs declaration,
storage and warehousing, and consultancy services. Fusen has claimed to be a “one-stop” service
provider. Currently, Fusen has set up
offices in Guangzhou and Shanghai, China.
From 2009 to 2012, Fusen had been approved by China Customs as an ‘AA
Grade Enterprise’.
Currently, Fusen is using the software known as ERP Management System
which is developed by SAP company.
Meng Guoqing is also the managing director of Fusen.
The new warehouse of Fusen is located at Warehouse B2-6, West Logistics
Centre, 88 Linhai Road, Qianwan Logistics Park, Nanshan District, Shenzhen
Special Economic Zone, China.
One of the significant companies of the Group is Shanghai Fusen Supply
Chain Management Co. Ltd. It is a
subsidiary of Shenzhen Fushen.
The annual sales turnover of Fusen is significant. The total turnover of the Group in 2013
amounted to RMB20 billion Yuan. Overall
business is profitable and active.
Fusen got the ISO 9001:2008 certification on 21st July, 2010.
In Hong Kong, the subject is able to offer clients with logistic
services. Its registered address is also
a warehouse. The main functions of the
subject are raw materials sourcing, products marketing and payments settling
for its clients both in Hong Kong and in China.
The subject is fully supported by Fusen.
History in Hong Kong is over fourteen years and eight months.
On the whole, in view of the background and parentage of the subject,
consider it good for normal business engagements.
(Since
2011)
|
Date |
Particulars |
Amount |
|
04-03-2011 |
Instrument: Charge on Deposit Property: All sums from time to time standing to the
credit of all deposit accounts of whatever nature and type, now or at any
time maintained by the Company with Chong Hing Bank Ltd. Mortgagee: Chong Hing Bank Ltd., Hong Kong. |
To secure general banking facilities |
|
23-03-2011 |
Instrument: Charge on Deposit Property: All the fixed deposit and/or all call
deposit Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong. |
To secure the payment of all moneys,
obligations and liabilities |
|
23-03-2011 |
Instrument: Charge on Deposit Property: Deposit Balance under the account No.
043-509-9-203604-6 Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong. |
To secure the payment of all moneys,
obligations and liabilities |
|
23-03-2011 |
Instrument: Charge on Deposit Property: Deposit Balance under the account No.
043-509-1-014908-5 Mortgagee: Nanyang Commercial Bank Ltd.,
Hong Kong. |
To secure the payment of all moneys,
obligations and liabilities |
|
31-05-2011 |
Instrument: Charge over Assets by Borrower Property: All the Company’s present and future
rights, title and interest in and to the Deposits and Securities Mortgagee: Fubon Bank (Hong Kong) Ltd.,
Hong Kong. |
All monies, obligations and liabilities |
|
18-07-2011 |
Instrument: Charge over Deposits/Securities (2-Parties) Property: The Chargor charges by way of first fixed
charge to the Bank all the right, title and interest of the Chargor in and to
the Charged Assets Mortgagee: Hang Seng Bank Ltd., Hong Kong. |
To secure owing all monies in any currency |
|
05-02-2013 |
Instrument: Trade Finance Security Assignment Property: The Borrower as beneficial owner and as
security for the payment of all secured liabilities:- (a) Assigns
and agrees to assign absolutely to the Bank all the present and future right,
title, interests and benefits of the Borrower in and to the following
assets:- 1) The export credits; 2) The export collection bills; 3) The sales contracts; 4) The invoice receivables; 5) The insurances; 6) The trade documents; and 7) All claims, remedies and proceeds in
connection with any of the foregoing (b) Charges
and agrees to charge to the Bank by way of first fixed charge all the present
and future rights, title, interests and benefits of the borrower in and to
the following assets:- 1) The goods together with their proceeds;
and 2) The charged account and all monies at
any time standing to the credit of the charged account including all interest
from time to time accrued or accruing on such monies; and 3) Pledges and agrees pledges and agrees
to pledge to the bank pledged goods and the trade documents which are now or
may in the future be in the possession of the bank Mortgagee: Industrial & Commercial Bank of
China (Asia) Ltd., Hong Kong. |
All obligations & liabilities |
|
23-07-2013 |
Instrument: Charge on Cash Deposit Property: All sums from time to time standing to the
credit of the account of the Depositor, Deposit Account Number:
(90-008-0063207-5) with Bank SinoPac Mortgagee: Bank SinoPac, Hong Kong Branch. |
All sums of money and liabilities |
|
19-08-2013 |
Instrument: Master Agreement Property: 1) Assets
subject to Pledge 2) Goods
subject to Hypothecation 3) Deposit 4) All
the company’s right, title, interest & benefit in and to documentary
credits 5) All
goods purchased by the company from time to time using credit facilities 6) The
Redelivered goods and any proceeds thereof on trust for the chargee. Mortgagee: Taishin International Bank Co. Ltd.,
Hong Kong Branch. |
All monies & liabilities |
|
26-09-2013 |
Instrument: Security Deed Property: All sums of money which may now or in the
future be deposited in the name of the Chargor in, and standing in the credit
balance of, any account at any branch of the China Everbright Bank together
with all interest accruing from time to time thereon and further includes all
action, claim and rights against the China Everbright Bank and any other
person in connection with the Charged Cash. Mortgagee: China Everbright Bank, Hong Kong
Branch. |
All obligations and liabilities |
FOREIGN EXCHANGE RATES
|
Currency |
Unit
|
Indian Rupees |
|
US Dollar |
1 |
Rs.62.40 |
|
|
1 |
Rs.94.17 |
|
Euro |
1 |
Rs.73.61 |
INFORMATION DETAILS
|
Report Prepared
by : |
TPT |
RATING EXPLANATIONS
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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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL)
or its officials.