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Report No. : |
302858 |
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Report Date : |
16.01.2015 |
IDENTIFICATION DETAILS
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Name : |
COREACH TECHNOLOGY (HK) LTD. |
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Registered Office : |
SBC Corporate Services Ltd., Room B, 10/F., Tower A, Billion Centre, 1
Wang Kwong Road, Kowloon Bay, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
21.05.2008 |
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Com. Reg. No.: |
39332123 |
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Legal Form : |
Private Limited Liability Company |
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Line of Business : |
Subject is specialized in R&D, production and sales of LED
products such as LED backlights, LED green lighting products, smart TVs,
smart touch educational machines, peripherals. |
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No. of Employees : |
No Employees in Hong Kong 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. |
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 Hongkong |
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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 – September 30, 2014
|
Country Name |
Previous Rating (30.06.2014) |
Current Rating (30.09.2014) |
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Hongkong |
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 |
HONGKONG - 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 |
Your “Unit 2209, 22/F., Wu Chung House,
213 Queen’s Road East, Wanchai, Hong Kong.” is the other office of “SBC
Corporate Services Ltd.”
COREACH TECHNOLOGY
(HK) LTD.
Registered
Office:-
SBC Corporate Services Ltd.
Room B, 10/F., Tower A, Billion Centre, 1
Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong.
[Tel: 852-8206 3139, Fax: 852-3019 1939]
Associated
Companies:-
Anhui Coreach Electronic Technology Co. Ltd.
Tianmen Hu Industrial Park Plant No.
2#Workshop, Jinxiu Road, Economic-Technological Development Zone, Hefei City,
Anhui Province, China.
[Tel: 086-551-68103799
Fax: 086-551-68103780
E-mail: rena.yu@core-reach.com]
Coreach Technology (Shenzhen) Ltd.
Brand Operation Centre
24/F., Huichao Technology Building, Jinhai
Road, Xixiang, Bao’an District, Shenzhen Special Economic Zone, China.
[Tel: 86-755-23201635
Fax: 086-755-23201560
E-mail: info@coreach.com.cn]
39332123
1239729
21st May, 2008.
HK$2,000,000.00
(As
per registry dated 21-05-2014)
|
Name |
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No. of shares |
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PENG You |
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1,000,000 |
|
WANG Peng Sheng |
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1,000,000 |
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–––––––– |
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Total: |
2,000,000 ======= |
(As
per registry dated 16-10-2014)
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Name (Nationality) |
Address |
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WANG Peng Sheng |
Room 1106, Tower C, Tian An International
Building, Ren Min South Road, Luo Hu District, Shenzhen, China. |
|
PENG You |
Room 227, Block 8, No. 52 Fan Chang Road,
Yao Hai District, He Fei City, Anhui, China. |
(As
per registry dated 21-05-2014)
|
Name |
Address |
Co. No. |
|
SBC Corporate Services Ltd. |
Room B, 10/F., Tower A, Billion Centre,
1 Wang Kwong Road, Kowloon Bay, Kowloon, Hong Kong. |
0618863 |
Coreach Technology (HK) Ltd. was incorporated on 21st May, 2008 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 Room B, 10/F., Tower A, Billion Centre, 1 Wang Kwong
Road, Kowloon Bay, Kowloon, Hong Kong known as SBC Corporate Services Ltd.
[SBC] which is handling its correspondences and documents. SBC, having several branch offices in Hong
Kong, 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
2 million ordinary shares which are equally owned by Mr. Peng You and
Mr. Wang Peng Sheng, both of whom are China merchants. They are China ID holders and do not have the
right to reside in Hong Kong permanently.
They are also directors of the subject.
The subject has had the following two associated companies in China:-
· Coreach Technology (Shenzhen) Ltd. [Shenzhen Coreach]
· Anhui Coreach Electronic Technology Co. Ltd. [Anhui Coreach]
Anhui Coreach is specialized in R&D, production and sales of LED
products such as LED backlights, LED green lighting products, smart TVs, smart
touch educational machines, peripherals.
Anhui Coreach is engaged in the development, marketing LED products such
as LED bulbs, LED tubes and LED ceiling lights.
There are hardware and software senior R&D staff of nearly 100 in
the company.
Currently, Anhui Coreach is in cooperation with Samsung, LG Display,
Haier, Skyworth, BOE, CNC, TPV, TCL, SYQ, Polytron, BenQ, Kenmos, Coretronic,
Wistron, Videocon, Konka, Changhong, GoerTek, Echom, Tsinghua Tongfang, AUO,
etc. to develop new products.
Anhui Coreach got the ISO 9001 certificate
in 2012.
Established in 2011, Shenzhen Coreach is
also a brand operation centre.
According to the subject, apart from Anhui Coreach and Shenzhen Coreach
(which both are referred to Coreach), there is an office in Qingdao, Shandong
Province, China, a production base in Suzhou City, Jiangsu Province and an
R&D and manufacturing centre in Taipei, Taiwan.
According Coreach, since October 2014, it has been planning to be a
listed company and its application is underway.
The general manager of Anhui Coreach is Peng You.
The business of Shenzhen Coreach is handled by Mr. Wang Peng Sheng.
The subject and its two associated companies are engaged in the same
lines of business.
The subject’s business in Hong Kong is not active. History in Hong Kong is over six 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.61.76 |
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|
1 |
Rs.94.02 |
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Euro |
1 |
Rs.72.63 |
INFORMATION DETAILS
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Analysis Done by
: |
DIV |
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Report Prepared
by : |
NIT |
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.