|
Report No. : |
301791 |
|
Report Date : |
14.01.2015 |
IDENTIFICATION DETAILS
|
Name : |
SUMAVISION INTERNATIONAL GROUP CO. LTD. |
|
|
|
|
Registered Office : |
C/O Hongkong Gansheng Accounting Secretarial Co. Ltd. Room 2309, 23/F., Ho King Commercial Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, |
|
|
|
|
Country : |
Hong Kong |
|
|
|
|
Date of Incorporation : |
01.03.2012 |
|
|
|
|
Com. Reg. No.: |
59473179 |
|
|
|
|
Legal Form : |
Private Limited Company |
|
|
|
|
Line of Business : |
Importer and Exporter of Digital TV Head-end System and
IP-based Solution |
|
|
|
|
No. of Employees : |
No employees 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
|
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 Hong Kong |
|
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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
|
Hong Kong |
A1 |
A1 |
|
Risk Category |
ECGC
Classification |
|
Insignificant |
A1 |
|
Low |
A2 |
|
Moderate |
B1 |
|
High |
B2 |
|
Very High |
C1 |
|
Restricted |
C2 |
|
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 |
SUMAVISION INTERNATIONAL
GROUP CO. LTD.
ADDRESS: c/o Hongkong Gansheng Accounting Secretarial Co. Ltd.
Room 2309, 23/F., Ho King Commercial Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.
PHONE: Not available
Managing Director: Mr. Zheng Haitao
Incorporated on: 1st March, 2012.
Organization: Private Limited Company.
Capital: Nominal:US$10,000.00
Issued: US$10,000.00
Business Category: Importer and Exporter.
Group Turnover: RMB386,551,049.25 Yuan (Year ended 31-12-2013)
Company Turnover: RMB51,464,600.08 Yuan (Year ended 31-12-2013)
Employees: Nil.
Main Dealing Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Banking Relation : Satisfactory.
Registered Head
Office:-
c/o Hongkong Gansheng Accounting Secretarial Co. Ltd.
Room 2309, 23/F., Ho King Commercial Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong.
Holding Company:-
Sumavision Technologies Co. Ltd.
Sumavision Plaza, No. 15 Kaituo Road, 5 Shangdi Street, Haidian District, 100085, Beijing, China
[Phone: +86 10 82345859, +86 10 82345869, +86 10 82345870,
+86 10 82345950
Fax: +86 10 62978800
E-mail: worldmarket@sumavision.com]
Associated
Companies:-
Beijing Perfect Sky Construction Co. Ltd., China.
Beijing Sumavision Communication Technology Development Co. Ltd., China.
Beijing Sumavision Media Technology Co. Ltd., China.
Beijing Sumavision Software Technologies Co. Ltd., China.
Hunan Aidian Information Technology Ltd., China.
Perfect Sky Pictures Co. Ltd., China.
Sumavision Investment Management Co. Ltd., China.
Sumavision Payment Technology Co. Ltd., China.
Sumavision USA Corporation, US.
Topvision Technology Incies Co. Ltd., China.
etc.
59473179
1711892
Managing Director: Mr. Zheng Haitao
Nominal Share Capital: US$10,000.00 (Divided into 10,000 shares of US$1.00 each)
Issued Share Capital: US$10,000.00
SHAREHOLDERS: (As per registry dated 01-03-2014)
|
Name |
|
No. of shares |
|
Beijing Sumavision Scientific Technology Co. Ltd. Building Shumashixun, No. 15 Kaituo Road, Shangdixinsxichanyejidi, Haidian District, Beijing City, China. |
|
7,000 |
|
NIE Guoxian |
|
3,000 |
|
|
|
‑‑‑‑‑‑‑‑‑ |
|
|
Total: |
10,000 ===== |
DIRECTOR: (As per registry dated 01-03-2014)
|
Name (Nationality) |
Address |
|
ZHENG Haitao |
No. 20020401, Ren Cai Fu Wu Zhong Xin, No. 29, Su Zhou Street Yi, Hai Dian District, Beijing City, China. |
SECRETARY: (As per registry dated 01-03-2014)
|
Name |
Address |
Co. No. |
|
Hongkong Gansheng Accounting Secretarial Co. Ltd. |
Room 2309, 23/F., Ho King Commercial Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong. |
1363299 |
The subject was incorporated on 1st March, 2012 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 and Exporter.
Lines: Digital TV Head-end System and IP-based Solution.
Employees: Nil.
Commodities Imported: China, etc.
Markets: Asia, Europe, North America, Africa, etc.
Company Turnover: RMB49,812,159.08 Yuan (Year ended 31-12-2012)
RMB51,464,600.08 Yuan (Year ended 31-12-2013)
Group Turnover: RMB441,532,705.67 Yuan (Year ended 31-12-2011)
RMB524,819,668.60 Yuan (Year ended 31-12-2012)
RMB386,551,049.25 Yuan (Year ended 31-12-2013)
Terms/Sales: As per contracted.
Terms/Buying: L/C, T/T, O/A, etc.
Nominal Share Capital: US$10,000.00 (Divided into 10,000 shares of US$1.00 each)
Issued Share Capital: US$10,000.00
Total Assets: RMB22,719,640.76 Yuan (Year ended 31-12-2012)
RMB73,862,890.72 Yuan (Year ended 31-12-2013)
Net Assets: RMB16,052,113.82 Yuan (Year ended 31-12-2012)
RMB40,331,704.73 Yuan (Year ended 31-12-2013)
Company Profit: RMB16,069,089.05 Yuan (Year ended 31-12-2012)
RMB25,166,101.30 Yuan (Year ended 31-12-2013)
Group Profit: RMB204,222,299.81 Yuan (Year ended 31-12-2011)
RMB267,695,130.07 Yuan (Year ended 31-12-2012)
RMB136,767,203.59 Yuan (Year ended 31-12-2013)
Profit or Loss: Group business is profitable.
Condition: Business is not active in Hong Kong.
Facilities: Adequate for current running.
Payment: Met as required.
Commercial Morality: Satisfactory.
Banker: Bank of China (Hong Kong) Ltd., Hong Kong.
Standing: Small.
Sumavision International Group Co. Ltd. was incorporated in March 2012 as a limited liability company.
The subject does not have its own operating office. Its registered office is in a commercial service firm located at Room 2309, 23/F., Ho King Commercial Centre, 2-16 Fa Yuen Street, Mongkok, Kowloon, Hong Kong known as Hongkong Gansheng Accounting Secretarial Co. 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 10,000 ordinary shares of HK$1.00 each of which 70% are owned by Sumavision Technologies Co. Ltd. [Sumavision/Group] which is a China-based company. The other 30% stake is held by Mr. Nie Guoxian, a China merchant residing in Nan Shan District, Shenzhen Special Economic Zone, China.
The director of the subject Zheng Haitao is a China merchant. He is a China ID holder and does not have the right to reside in Hong Kong permanently. He is also the only director of the subject.
Sumavision, bearing Stock Code 300079, is a listed company in Shenzhen Special Economic Zone, China.
Zheng Haitao is also the Chairman and General Manager of Sumavision.
Established in the year 2000, Sumavision has grown to be a leading digital video broadcasting corporation in the world. Sumavision is providing complete solutions for Digital TV Head-end System and IP-based Solution. Sumavision has always concentrated on R&D of the most advanced DTV technologies in the world. More than 10% of revenue is invested in R&D each year. All the products of Sumavision are self-developed, with 21 invention Patents and more than 50 Software Copyrights. Its products cover Digital TV Head-end, IPTV Hardware System, Digital TV Software System and Value-added Services. Digital TV Head-end and IPTV Hardware: MPEG-2/H.264 SD HD Encoder/Decoder, Re-multiplexer, Scrambler, QAM Modulator, E1/E3/DS3 Adapter, etc. Digital TV Head-end Software: CAS (Conditional Access System) -StreamGuard, EPG (Electronic Program Guide)-VisionSky. Value-added Services: Mosaic Video Guiding System, Multimedia Messaging System, etc.
The overseas sales amount keeps growing at the rate of 280% in the last two years. Products and systems of Sumavision have been exported to more than 50 countries and regions, including Germany, France, Iceland, Italy, Norway, Switzerland, Hungary, Slovakia, Croatia, Bulgaria and other European countries, the United States, Brazil, Argentina, Saint Lucia, Uruguay, Honduras and other American countries; India, Bangladesh, South Korea, Taiwan, Hong Kong and other Asia countries and region; Russia, Ukraine and other CIS countries; Algeria and other Africa counties.
So far, the sales amount from European and North American market is about one third of its total overseas sales amount.
For the year ended 31st December, 2013, the turnover of the subject amounted to RMB51.5 million Yuan (2012: RMB49.8 million Yuan); net profit was RMB25.2 million Yuan (2012: RMB16.1 million Yuan).
For the year ended 31st December, 2013, the turnover of the Group amounted to RMB386.6 million Yuan (2012: RMB524.8 million Yuan); net profit was RMB136.8 million Yuan (2012: RMB267.7 million Yuan).
For the year ended 31st December, 2013, the total employees of the Group was 1,253 persons.
The subject’s business in Hong Kong is not active. History in Hong Kong is over two years and ten months.
The subject is fully supported by the Group.
Since the history of the subject is short in Hong Kong, consider it good for business engagements in small credit amounts.
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.62.10 |
|
|
1 |
Rs.94.10 |
|
Euro |
1 |
Rs.73.42 |
INFORMATION DETAILS
|
Analysis Done by
: |
DIV |
|
|
|
|
Report Prepared
by : |
NIS |
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%)
This report is issued at your request without any
risk and responsibility on the part of MIRA INFORM PRIVATE LIMITED (MIPL) or
its officials.