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Report No. : |
333253 |
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Report Date : |
28.07.2015 |
IDENTIFICATION DETAILS
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Name : |
ACETEK ELECTRONICS COMPANY |
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Registered Office : |
C/o Jaguar Logistics Co. Ltd., Unit 1005, 10/F., Tower A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon |
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Country : |
Hongkong |
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Date of Incorporation : |
18.06.2000 |
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Com. Reg. No.: |
31060281-000-06 |
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Legal Form : |
Sole Proprietorship |
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Line of Business : |
The subject is
trading in the products of Haotong.
Haotong is engaged in designing and manufacturing the following
commodities: Network Telecommunication Products, CPUs, Single Chips, Network
Products. |
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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 – March 31, 2015
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Country Name |
Previous Rating (31.12.2014) |
Current Rating (31.03.2015) |
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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 12.5% of total system deposits in Hong
Kong by the end of 2014. 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 47.3 million
in 2014, 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 2014 mainland Chinese companies constituted about 50% of the
firms listed on the Hong Kong Stock Exchange and accounted for about 60.1% 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
4.4% in 2014. 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 2014, Hong Kong and China signed a new agreement on achieving basic
liberalization of trade in services in Guangdong Province under the Closer
Economic Partnership Agreement, adopted in 2003 to forge closer ties between
Hong Kong and the mainland. The new measures, effective from March 2015, cover
a negative list and a most-favored treatment provision, and will improve access
to the mainland's service sector for Hong Kong-based companies.
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Source
: CIA |
ACETEK
ELECTRONICS COMPANY
Registered Office:-
C/o Jaguar Logistics Co. Ltd.
Unit 1005, 10/F., Tower A, Hunghom Commercial Centre, 39
Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong.
[Tel: 852-2303 1282
Fax: 852-2303 1912]
Shenzhen Office:-
Acetek Electronics Co. Shenzhen Representative Office,
China.
Associated Company:-
Shenzhen Haotong Electronics Co. Ltd.
5/F., Block 2, Pengfengfa Industrial Park, 175 Gongye
East Road, Longhua Town, Shenzhen Special Economic Zone, China.
[Tel: 86-755-2774 5821;
Fax: 86-755-2774 6141]
31060281-000-06
18th June, 2000.
Sole Proprietorship.
Name: Mr. CHEN Kuo
Jen
Residential Address: 18-19,
70 Sub-Lane, 469 Lane, Liancheng Road, Zhonghe City, Taipei County, Taipei,
Taiwan.
The subject was
established on 18th June, 2000 as a sole proprietorship concern owned by Mr.
Chen Kuo Jen under the Hong Kong Business Registration Regulations.
At the very
beginning, the registered company of the subject was located at Unit 2107,
21/F., Miramar Tower, 132 Nathan Road, Tsimshatsui, Kowloon, Hong Kong, moved
to ‘Room 1212-13, 12/F., Bank of East Asia Centre, Phase 5, 418 Kwun Tong Road,
Kwun Tong, Kowloon, Hong Kong’ in July 2005, and further moved to the present
address in June 2008.
Apart from these,
neither material change nor amendment has been ever traced and noted.
Acetek Electronics
Co. was established on 18th June, 2000 as a sole proprietorship. The owner is Mr. Chen Kuo Jen who is a Taiwan
merchant. Being a Taiwan passport
holder, he is also manager of the subject.
The subject does not
have its own operating office. Its
registered office is in a logistic company located at ‘Unit 1005, 10/F., Tower
A, Hunghom Commercial Centre, 39 Ma Tau Wai Road, Hunghom, Kowloon, Hong Kong’
known as ‘Jaguar Logistics Co. Ltd.’ [Jaguar] which is handling its
correspondences and documents.
The subject has no
employees in Hong Kong. Jaguar is a
logistic company which is a business partner of the subject.
The subject has had
an associated company in Shenzhen Special Economic Zone, China known as
Shenzhen Haotong Electronics Co. Ltd. [Haotong].
The subject is
trading in the products of Haotong.
Haotong is engaged in designing and manufacturing the following
commodities: Network Telecommunication Products, CPUs, Single Chips, Network
Products, etc.
Products are marketed
in China, exported to Taiwan, South Korea, Southeast Asia, the Middle East,
Eastern Europe, North America, etc.
Haotong was set up in
July 1994. Annual sales turnover ranges
from RMB20 to 30 million Yuan. Currently
it has about 70 employees. The legal
representative is also Mr. Chen Kuo Jen.
According to Haotong,
its head office is in Taipei, Taiwan.
Branch company is in Bangkok, Thailand.
The subject in Hong
Kong has been banking with Bank of Taiwan, Hong Kong Branch.
The subject’s
business in Hong Kong is not active.
History in Hong Kong is over fifteen years and a month.
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
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Currency |
Unit
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Indian Rupees |
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US Dollar |
1 |
Rs.64.00 |
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1 |
Rs.99.43 |
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Euro |
1 |
Rs.70.61 |
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.