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Report No. : |
333483 |
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Report Date : |
31.07.2015 |
IDENTIFICATION DETAILS
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Name : |
VSUN COMMUNICATION TECHNOLOGY LTD. |
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Registered Office : |
c/o Hong Kong Upright Accounting Ltd. Room B, 5/F., Unionway Commercial Centre, 283 Queen’s Road Central,
Sheung Wan |
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Country : |
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Date of Incorporation : |
16.05.2011 |
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Com. Reg. No.: |
58359011 |
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Legal Form : |
Private Limited Company |
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Line of Business : |
Importer, Exporter and Manufacturer of All kinds of mobile phones and related accessories, spare parts. |
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No. of Employee : |
No employees in NOTE: It is to be noted that the
company does not have its own operating office in |
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 Hong Kong |
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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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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 12.5% 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 |
VSUN COMMUNICATION TECHNOLOGY LTD.
ADDRESS: c/o Hong Kong Upright Accounting
Ltd.
Room B, 5/F., Unionway Commercial Centre,
283 Queen’s Road Central, Sheung Wan, Hong Kong.
PHONE: 852-2850 6565
FAX: 852-2851 0669
MANAGEMENT:
Managing Director: Mr. Zhang
Xueying
Incorporated on: 16th May, 2011.
Organization: Private Limited
Company.
Issued Share Capital: HK$10,000.00
Business Category: Importer,
Exporter and Manufacturer.
Employees: Nil.
Main Dealing Banker: The
Hongkong & Shanghai Banking Corp. Ltd., Hong Kong.
Banking Relation: Satisfactory.
Registered
Office:-
c/o Hong Kong Upright Accounting Ltd.
Room B, 5/F., Unionway Commercial Centre, 283 Queen’s Road Central,
Sheung Wan, Hong Kong.
Associated
Companies:-
Shenzhen Vsun Communication Technology Co. Ltd.
Rooms 1901/1903, Block A, Xiangnian Square, South Area,
6060 Qiaoxiang Road, Nanshan District, Shenzhen City, China.
[Tel: 86-755-6169 5888; Fax:
86-755-6153 6970]
Shenzhen Vsun Software Design Co. Ltd., China.
Shenzhen Xiu Pin E-Commerce Co. Ltd., China.
Shenzhen Zhang Li Information Technology Co. Ltd., China.
Vsun Electronics Trading LLC, UAE.
58359011
1601057
Managing Director: Mr. Zhang
Xueying
HK$10,000.00
(As per registry dated 16-05-2015)
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Name |
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No. of shares |
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ZHANG Xueying |
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5,000 |
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ZHONG Limin |
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5,000 |
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–––––– |
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Total: |
10,000 ===== |
(As per registry dated 16-05-2015)
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Name (Nationality) |
Address |
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ZHANG Xueying |
Room 1901, Block A, Xiangnian Square, South Area, 6060 Qiaoxiang
Road, Nanshan District, Shenzhen City, China. |
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ZHONG Limin |
Room 1901, Block A, Xiangnian Square, South Area, 6060 Qiaoxiang Road,
Nanshan District, Shenzhen City, China. |
(As per registry dated 16-05-2015)
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Name |
Address |
Co. No. |
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Tsun Sing Secretary Ltd. |
12/F., San Toi Building, 137-139 Connaught Road Central, Hong Kong. |
1641723 |
The subject was incorporated on 16th May, 2011 as a private limited
liability company under the Hong Kong Companies Ordinance.
At the very beginning, the subject was located at “Room A, 5/F.,
Unionway Commercial Centre, 283 Queen’s Road Central, Sheung Wan,
Hong Kong”, moved to Room B of the same building in June 2014.
Apart from these, neither material change nor amendment has been ever
traced and noted.
Activities: Importer, Exporter
and Manufacturer.
Lines: All kinds of mobile
phones and related accessories, spare parts
Trade Mark: “Vsun”.
Employees: Nil.
Commodities Imported: China
(main), other Asian countries
Markets: China, Japan,
India, other Asian countries
Terms/Sales: L/C,
T/T
Terms/Buying: L/C,
T/T
Issued Share Capital: HK$10,000.00
Profit or Loss: Keeping a balance
account in Hong Kong.
Condition: Business is not
active in Hong Kong.
Facilities: Adequate for
current running.
Payment: Met trade
commitments as contracted.
Commercial Morality: Satisfactory.
Banker: The Hongkong &
Shanghai Banking Corp. Ltd., Hong Kong.
Standing: Small.
Vsun Communication Technology Ltd. [VCTL] was formed in Hong Kong on
16th May, 2011. With a nominal and issued
share capital of HK$10,000.00, the company is equally owned by two PRC
merchants know as Ms. Zhang Xueying and Mr. Zhong Limin.
VCTL has no direct office in Hong Kong.
Its registered office is located at Room B, 5/F., Unionway Commercial
Centre, 283 Queen’s Road Central, Sheung Wan, Hong Kong. This is the operating office of a business
consultant firm known as Hong Kong Upright Accounting Ltd. The consultant company is providing VCTL with
company secretarial and correspondence services. VCTL has also no employees in Hong Kong.
Being a couple and China ID holders, the shareholders Ms. Zhang Xueying
and Mr. Zhong Limin are also the Directors of VCTL. Currently both are residing in Shenzhen
Special Economic Zone, China.
The two shareholders are also the CEOs of Shenzhen Vsun Communication
Technology Ltd. [SZVCTL] which is a Shenzhen-based firm.
The details of
SZVCTL are as follow:-
Name: SZVCTL
Address: Room 1901/1903,
Block A, Xiangnian Square, South Area, 6060 Qiaoxiang Road, Nanshan District,
Shenzhen Special Economic Zone, China.
Phone Number: 86-755-6169 5888
Fax Number: 86-755-6153 6970
Registered Capital: RMB30 million
Yuan
Nature of Business: Manufacturing
and marketing Mobile Phones.
The correspondence address of the directors of VCTL are the same address
as SZVCTL. Both companies belong to the
Vsun Group.
With a registered capital of RMB30 million Yuan, SZVCTL was established
in Shenzhen SEZ in May 2011. It is a
private high-tech enterprise engaged in the design, research and development,
manufacture and sale of mobile phones and related accessories and parts. Having an operation centre in Shenzhen SEZ
and a manufacturing base in Huizhou City, Guangdong Province, SZVCTL directly
or indirectly employs over 600 people in China
.
Since its establishment, it has become an ODM supplier serving customers
worldwide. It has also extended its
business into Wireless Terminal Internet Service. It is also engaged in international
distribution with its own brand “Vsun”.
Its “Vsun” mobile phones which are well received in the
markets. Models developed includes N616,
N618, N628B, N628C, N638B,
N629, N928B, N958B, N968B,
In 2014 and 2015, SZVCTL launched new model of mobile phones as the
following:-
2014: VSUN – H9, H3, HEXA, V9i, V3, V3B, V3C, V5, D3, D3B, L1, L2
2015: VSUN – H9 Furious, DNA, SMART, ALPHA, SOLO
Currently SZVCTL’s products have been marketed in China since March
2012. Its other prime markets are Japan,
India, the other Asian countries, South America, the Middle East, Africa,
In recent years, SZVCTL has been cooperating with M-Star to develop a
kind of new model mobile phone Vsun V88.
Vsun V88 mobile phones are chiefly marketed in China.
Besides, the subject also has been cooperating with MediaTek Inc., a
Taiwan‑bases company, to develop a new generation of smart-phone known as
Vsun i1. MediaTek has developed a
kind of new chip known as MT6577 which is a kind of platform for high-end
smart-phones.
Besides, SZVCTL has had associated companies engaged in the development
of software, information technology, e-commerce,. The main customers of SZVCTL are Lenovo,
Motorola, Micromax, Karbonn, Lava,
In recent years, SZVCTL has set up an associated company in Dubai, the
United Arab Emirates in order to penetrate the Middle East market. Vsun has launched 6 models of cool
smartphones and tablets in Saudi Arabia and Egypt.
Besides, in April 2015, Vsun Group was appointed by Panasonic as the
exclusive distributor in KSA, Dubai, the United Arab Emirates.
VCTL has registered with the Office of the Communications Authority
(OFCA), the Government of Hong Kong SAR, the People’s Republic of China as a
Radio Dealer (Unrestricted) Licensee. It
bears the licence No. of RU00146779-RU.
Nominally VCTL is a supporting office for SZVCTL. It is using the Hong Kong registered address
for international correspondences.
VCTL’s business in Hong Kong is not active. History in Hong Kong is just over four years
and two months.
On the whole, consider it good for normal business engagements on L/C
basis for the time being.
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.64.01 |
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1 |
Rs.99.83 |
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Euro |
1 |
Rs.70.07 |
INFORMATION DETAILS
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Analysis Done by
: |
TRI |
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Report Prepared
by : |
ANK |
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.